Document:

GUARANTY

 

Introductory Note.
This Guaranty may be used for one or more Guarantors or with respect to one or more Debtors. If there is only one Guarantor or
only one Debtor, then any reference herein to “the Guarantors”, “any Guarantor”, “each Guarantor”
or the like, or to “the Debtors”, “any Debtor”, “each Debtor” or the like, shall be understood
to refer to the Guarantor or to the Debtor, respectively. All capitalized terms in this Guaranty are defined in Section 19.

 

Preamble. Each of the undersigned
(each a “Guarantor” and collectively the “Guarantors”) expects to derive direct and/or indirect benefits
from the Bank’s giving or continuing financial accommodations to any of the Debtors. The Bank is unwilling to give or continue
financial accommodations to the Debtors without the guaranty of payment of each of the Guarantors as set forth in this Guaranty.
It is a condition precedent to the Bank’s giving or continuing these financial accommodations to any of the Debtors that
the Guarantors shall have executed and delivered this Guaranty to the Bank. In consideration of the premises and in consideration
of financial accommodations given or to be given or continued to any of the Debtors by the Bank, and in order to induce the Bank
to give or continue financial accommodations to any of the Debtors, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by each of the Guarantors, the Guarantors hereby jointly and severally represent
and warrant to, and covenant and agree with, the Bank as follows:

 

1.
Guaranty. The Guarantors hereby jointly and severally, irrevocably and unconditionally (a) guarantee to the
Bank the full and punctual payment when due (whether at stated maturity, by acceleration or otherwise) by the Debtors of all Obligations,
and (b) agree to pay to the Bank all Additional Liabilities immediately when due or on demand. This Guaranty is the unlimited or
limited (as set forth on the signature page below), primary obligation of the Guarantors. The Bank may enforce this Guaranty against
any Guarantor and/or any Credit Enhancement provided by any Guarantor without any prior or contemporaneous enforcement of any of
the Obligations against any other Obligated Party or Credit Enhancement.

 

2.
Guaranty Absolute. This Guaranty is a continuing, absolute and unconditional guaranty of payment and not of
collection, and shall remain in full force and effect until payment in full of all amounts payable under this Guaranty, notwithstanding
that at any time and from time to time (i) the Debtors may be free from any Obligations or (ii) the Obligations may exceed the
amount of the Liabilities of the Guarantors hereunder, and regardless of how long before or after the date hereof any of the Obligations
were or are incurred, and regardless of whether any financial accommodation resulting in an Obligation was or shall be given or
continued by the Bank in contemplation of this Guaranty. Each Guarantor waives all Defenses and Claims with respect to this Guaranty
and/or any Credit Enhancement provided by such Guarantor. All Obligations shall be conclusively presumed to have been created in
reliance hereon.

 

Without limiting any other provisions hereof,
none of the following (whether occurring prior to, simultaneously with or subsequent to the date hereof) shall give rise to a Defense
or Claim with respect to this Guaranty and/or any Credit Enhancement provided by any Guarantor, and each Guarantor waives all such
Defenses and Claims that might otherwise arise therefrom, and the joint and several liability of each Guarantor under this Guaranty
shall be absolute and unconditional irrespective of:

 

(a)
the death, incompetence or disability of any Obligated Party, or any law (including, to the fullest extent permitted by
law, any statute of limitations), regulation, order, stay, injunction or prohibition now or hereafter in effect in any jurisdiction
that would give rise to a Defense or Claim available to any Obligated Party, or any other fact or circumstance that may result
in or constitute a Defense or Claim available to any Obligated Party;

 

(b)
any lack of genuineness, validity, legality, regularity or enforceability of any of the Liabilities or of any Document (including
but not limited to any determination that any Obligated Party (i) was not a duly organized and validly existing Entity or (ii)
lacked the authorization or capacity to incur any of the Liabilities);

 

(c)
any payment made by, or amount received or collected by the Bank from, any other Person in respect of any of the Liabilities
or of any other Debt of any Debtor;

 

(d)
any revocation, early termination, rejection, disaffirmance, cessation, impairment or suspension for any cause whatsoever
of (i) any of the Liabilities or (ii) the validity, binding effect or enforceability of any of the Liabilities or of any Document,
except that any Guarantor may deliver to the Bank a written notice of revocation signed by such Guarantor, which may revoke such
Guarantor’s Liabilities (but not of any other Guarantor) under this Guaranty, provided that such notice shall not affect
such Guarantor’s Liabilities with respect to any Nonrevocable Obligations, and such Guarantor waives all rights to revoke
any Liabilities with respect to any Nonrevocable Obligations and shall remain fully liable with respect thereto;

 

(e)
any loss or non-perfection of, or any inability to foreclose or otherwise realize on, any Credit Enhancement;

 

    	 

    	 

    

 

(f)
if a Guarantor is a partnership or joint venture, the death, incompetence, retirement or withdrawal of one or more partners
or joint venturers, or the accession of one or more new partners or joint venturers, or the dissolution (by operation of law or
otherwise) of such Guarantor;

 

(g)
any Transfer or purported Transfer by any Guarantor of any of the Liabilities;

 

(h)
any action or omission referred to in Section 4 or Section 5;

 

(i)
any event or events, whether with or without the consent of, or notice to, any of the Guarantors (even if known to the Bank
or any of its Agents and not known to any of the Guarantors), which result or results in any change, whether or not material, in
(i) the business, assets, liability or financial condition of any of the Debtors, (ii) the identity of any of the Debtors (whether
by consolidation, merger, reorganization, change in form or structure, change in membership, change in control, change in management,
or otherwise), (iii) any relationship (whether business, financial, personal or otherwise) between any of the Debtors and any of
the Guarantors or (iv) the degree of risk assumed by any of the Guarantors hereunder.

 

3.
Payment. Any payment made under this Guaranty shall be paid to the Bank at its offices in New York City, or
at such other place as the Bank may designate in writing, in immediately available funds in the Currency in which the applicable
Liabilities are denominated.

 

4.
Waiver. Without limiting any other provisions of this Guaranty, each Guarantor hereby waives (a) notice of
acceptance of this Guaranty, (b) notice of any Obligation to which this Guaranty may apply, (c) notice or proof of reliance by
the Bank upon this Guaranty, (d) promptness, (e) diligence, (f) presentment, (g) demand for payment, (h) notice of dishonor or
nonpayment of, or with respect to, any of the Obligations, (i) notice of any legal action or proceeding or any demand or any other
action against, or any other notice to, any Obligated Party, and (j) any requirement that the Bank exhaust any right or take any
action against or with respect to any other Obligated Party or any Credit Enhancement.

 

5.
Permitted Bank Actions and Omissions. As to each Guarantor, the Bank and its Agents may, without giving rise
to any Defense or Claim, at any time upon or without any terms or conditions, in whole or in part, and without the consent of,
or notice to, any Obligated Party:

 

(a)
change the Currency, time, manner or place of payment or performance (whether before or after maturity) or extend, renew,
change, alter, amend, modify or waive any of the terms of any of the Liabilities or any Document;

 

(b)
increase or decrease any of the Liabilities, including but not limited to the amount of principal or the amount or rate
of any interest, fees, charges or other amount payable;

 

(c)
 (i) sell, exchange, realize upon, foreclose, release or surrender, or fail so to do with respect to, or (ii) impair or
fail to take any steps necessary to care for, preserve, protect, secure, insure or obtain, or (iii) impair or fail to take any
steps necessary to perfect (including any failure to make any filing or recording, or the making or any improper filing or recording
of) any security interest or other rights in; or (iv) otherwise deal or fail to deal with, any Credit Enhancement or Subrogation
Rights in any manner and in any order; or(iv) exercise or refrain from exercising any rights against any other Obligated Party
or any other Person or otherwise act or refrain from acting;

 

(d)
 (i) discharge, release, settle with or compromise with any other Obligated Party or other Person and/or (ii) consent to
or waive any breach of, any departure from, or any act, omission or default under, any Document; or (iii) fail to notify any of
the Guarantors or any other Person (even if known to the Bank or any of its Agents and not known to any of the Guarantors) of any
change, whether or not material, relating to any of the Debtors or of any other Person, including but not limited to any of the
matters set forth in Section 2(i).

 

6.
Bank Statements. Any statement, certificate, notice or the like submitted by the Bank to any of the Debtors
and/or to any of the Guarantors, setting forth the amount or amounts of any or all of the Obligations and/or Liabilities, shall
be prima face evidence thereof, and each Guarantor agrees to be bound thereby absent manifest error.

 

7.
Expenses; Currency; Interest. Each of the obligations set forth in this Section shall be a separate obligation
payable on demand, with respect to which the Guarantors shall be jointly and severally liable to the Bank as an alternative or
additional cause of action or claim.

 

(a)
The Guarantors shall indemnify and hold the Bank harmless against all Expenses.

 

(b)
If the Bank does not receive payment of any of the Liabilities in any amount of Currency when due, the Guarantors shall
pay the equivalent of such amount in the Currency (including but not limited to the lawful Currency of the United States) in which
such Liabilities were originally due, provided that the Bank may, at its option, accept payment of an equivalent amount
(computed at the Bank's selling rate for such Currency at the place where such amount is payable as at the time such payment is
made) in any other Currency. The receipt by the Bank of any amount in respect of any of the Liabilities in a Currency other than
that in which such amount was originally due, whether pursuant to a judgment or arbitration award or pursuant to the provisions
of this Guaranty or any Agreement or otherwise, shall not discharge the Guarantors with respect to any of such Liabilities except
to the extent that on the first day on which the Bank is open for business immediately following such receipt, the Bank shall be
able, in accordance with normal banking practice, to purchase the Currency in which such amount was due with the Currency received.
Notwithstanding any such judgment or arbitration award, the Guarantors shall in any event indemnify the Bank against all losses
sustained and all costs incurred by it in making any such purchase of Currency.

 

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(c)
Any amount payable hereunder shall bear interest from the date due until payment is received or recovered by the Bank in
the Currency in which such amount was due at the place at which it was payable, at the Applicable Interest Rate.

 

8.
Representations and Warranties. Each Guarantor represents and warrants to the Bank that each of the following
is true, accurate and complete as of the date of such Guarantor’s execution of this Guaranty, and acknowledges that the Bank’s
giving or continuing of financial accommodations to any of the Debtors is made in reliance thereon.

 

(a)
If such Guarantor is a natural person, he or she has the legal capacity to execute and deliver this Guaranty and is doing
so in his or her capacity as an individual and not in any representative capacity on behalf of any other Person, notwithstanding
any reference to any office, title or the like next to such Guarantor’s signature on this Guaranty.

 

(b)
If such Guarantor is an Entity, it is an Entity duly organized, legally existing and in good standing under the laws of
the jurisdiction in which it has been organized.

 

(c)
Such Guarantor has full right, power and authority to enter into, execute and deliver this Guaranty and to perform all matters
required to be performed by such Guarantor hereunder; the execution and delivery of this Guaranty by or on behalf of such Guarantor
to the Bank is fully and unconditionally authorized; such Guarantor has duly executed and delivered this Guaranty pursuant to lawful
authority; and this Guaranty constitutes such Guarantor’s legal, valid and binding obligation enforceable in accordance with
its terms.

 

(d)
Such Guarantor is duly licensed or qualified to do business in all states and jurisdictions where such licensing or qualification
is necessary unless the failure to so obtain such license or qualification could not reasonably be expected to have a material
adverse effect on such Guarantor’s financial condition or the ability of such Guarantor to perform its obligations under
this Guaranty.

 

(e)
The execution and delivery by such Guarantor of this Guaranty is not, and the performance by such Guarantor of any such
Guarantor’s obligations hereunder will not be, in contravention of, or cause any breach or default pursuant to, any provision
of law or any charter or by-law provision or any material covenant, indenture or Agreement of or affecting such Guarantor or any
of such Guarantor’s assets.

 

(f)
No consent of any Person and no consent, license, permit approval or authorization of, exemption by, notice or report to,
or registration, filing or declaration with, any governmental authority is required in connection with the execution, delivery,
performance, validity or enforceability of this Guaranty (including, without limitation, the payment to the Bank at the applicable
place in the applicable Currency).

 

(g)
No registration tax, stamp duty or similar tax or duty imposed by any governmental authority arises in connection with the
execution, delivery and performance of this Guaranty by such Guarantor.

 

(h)
No litigation, arbitration, investigation or proceeding of or before any court, arbitrator or administrative or governmental
authority is currently pending or, to the knowledge of such Guarantor, threatened (i) with respect to this Guaranty or any of the
transactions contemplated hereby, or (ii) against or affecting such Guarantor, or any of such Guarantor’s assets, or (iii)
which could affect the business operations, assets, liabilities or condition, financial or otherwise, of such Guarantor or such
Guarantor’s ability to enter into, execute or deliver this Guaranty or prejudice in a material manner such Guarantor’s
ability to fulfill such Guarantor’s obligations pursuant to this Guaranty.

 

(i)
The financial statements of such Guarantor which have been furnished to the Bank have been prepared in accordance with generally
accepted accounting principles consistently applied, and fairly present the correct financial condition of such Guarantor as of
their respective dates; and there has been no subsequent material adverse change in the business, operations, assets, liabilities
or condition, financial or otherwise, of such Guarantor.

 

(j)
There is no fact that such Guarantor has not disclosed to the Bank in writing that could materially and adversely affect
such Guarantor’s business, operations, assets, liabilities or condition, financial or otherwise, or such Guarantor’s
ability to perform under this Guaranty.

 

(k)
Such Guarantor is not, and upon such Guarantor’s execution and delivery of this Guaranty to the Bank such Guarantor
will not be, Insolvent; in exchange for executing and delivering this Guaranty to the Bank, such Guarantor has received or will
have received Reasonably Equivalent Value; such Guarantor’s execution and delivery of this Guaranty does not constitute a
Fraudulent Transfer; such Guarantor’s execution and delivery of this Guaranty is not made with intent to hinder, delay or
defraud any Creditor; and this Guaranty cannot be set aside, avoided or rendered unenforceable in whole or in part by virtue of
any Fraudulent Transfer Law.

 

(l)
Such Guarantor has not provided any Credit Support with respect to the Debt of any Person other than this Guaranty.

 

(m)
Such Guarantor believes that (i) the Guarantors do not have any Defense or Claim with respect to this Guaranty, any Credit
Enhancement or any of the Liabilities, and (ii) there do not exist any facts and circumstances that could result in or constitute
any such Defense or Claim.

 

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(n)
Such Guarantor has independently investigated, without reliance on the Bank, and is fully familiar with, (i) the identity,
status and financial condition of each Debtor, (ii) all relationships, if any (whether business, financial, personal or otherwise),
between and/or among any and all of the Debtors and any and all of the Guarantors, and (iii) the degree of risk assumed by such
Guarantor hereunder.

 

(o)
Such Guarantor has not relied upon and has not been induced to execute and deliver this Guaranty or to purchase any interest
in any of the Debtors or any other Person or to take or refrain from taking any other action as a result of any Agreement, representation,
warranty, statement, recommendation or information made or purportedly made by or on behalf of the Bank or any of its Agents, whether
express or implied, written or oral, direct or indirect, and whether prior to or simultaneously with the date hereof.

 

(p)
Neither the Bank nor any of its Agents has represented or indicated that the Bank will not enforce any provision of any
Document.

 

9.
Contribution; Subordination; Subrogation.

 

(a)
If and to the extent that any Guarantor (the “Paying Guarantor”) makes payment in respect of this Guaranty,
then in furtherance and not limitation of any rights that the Paying Guarantor may have in law or equity, each other Guarantor
shall have an obligation, upon demand by the Paying Guarantor, to pay to the Paying Guarantor an amount equal to the quotient of
(x) the amount so paid by the Paying Guarantor, divided by (y) the total number of Guarantors.

 

(b)
All direct or indirect claims and rights (whether for moneys advanced, services performed or assets sold and delivered or
on account of any Subrogation Rights, whether for an indeterminate amount, a sum certain or a contingent claim), now existing or
hereafter arising which any Guarantor may have against any other Obligated Party shall be subject and subordinate to the prior
payment in full to the Bank of all of the Liabilities. Each Guarantor hereby assigns and transfers to the Bank, effective upon
demand by the Bank for payment by such Guarantor of any amount hereunder, all such claims and rights and any proceeds thereof,
and agrees that the Bank may, in its discretion, make and present in any bankruptcy or other proceeding such proofs or claims with
respect thereto as the Bank may deem expedient or proper and may vote such proofs or claims in any such proceeding. Each Guarantor
shall deliver upon demand by the Bank such additional documents as the Bank may request to evidence such subordination, assignment
and transfer, including without limitation duly executed assignments. At any time when all the Liabilities shall not have been
paid in full, each Guarantor shall (i) as trustee for the Bank, enforce all claims and rights against any other Obligated Party
or any Credit Enhancement and collect all sums due from any other Obligated Party or any Credit Enhancement or with respect to
any of the Liabilities, (ii) hold any amounts received on account thereof in trust for the benefit of the Bank, and (iii) pay all
such amounts immediately to the Bank to be applied to the Liabilities, together with interest on all such amounts from the date
of such receipt until paid to the Bank at the Applicable Interest Rate, without reducing or affecting in any manner the liability
of such Guarantor under the other provisions of this Guaranty.

 

(c)
Until all of the Liabilities shall have been paid in full, each Guarantor shall have no Subrogation Rights, and waives any
right to enforce any right or remedy which the Bank has or may hereafter have against any other Obligated Party or in or against
any Credit Enhancement.

 

10.
Reinstatement. If (a) claim is ever made on the Bank for repayment or recovery of any amount received in payment
or on account of any of the Obligations, and (b) the Bank repays all or part of such amount by reason of (i) any judgment, decree,
order or award of any court, administrative body, arbitration panel or the like or (ii) any settlement or compromise of any such
claim effected by the Bank with any such claimant (including any Obligated Party), then any such judgment, decree, order, award,
settlement or compromise shall be binding upon all of the Guarantors, notwithstanding the release or cancellation of any Document,
and the Guarantors shall be and remain liable hereunder for the amount so repaid or recovered to the same extent as if such amount
had never originally been received by the Bank.

 

11.
Agreements, Representations, Amendments and Waivers. No Agreement or representation by the Bank, and no amendment
or waiver of any provision of this Guaranty nor consent to any departure therefrom by any of the Guarantors shall be effective
unless in writing and duly signed by at least two duly authorized officers of the Bank, and any such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Bank to
exercise, and no delay in exercising, any right under any Document or otherwise, shall operate as a waiver thereof; nor shall any
single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.
In the case of any Agreement (including but not limited to any Commitment) given or made by the Bank to any Person or Persons (which
may or may not include one or more of the Guarantors), (a) such Agreement shall not inure to the benefit of any of the Guarantors
to whom such Agreement was not given or made by the Bank (the “Other Guarantor” or “Other Guarantors”),
(b) none of the Other Guarantors shall be deemed to be a third party beneficiary thereof, (c) the Bank shall have absolutely no
responsibility or liability to any of the Other Guarantors with respect to any breach thereof or failure by the Bank to abide by,
or comply with, any such Agreement, and (d) each of the Other Guarantors waives and gives up any rights that each such Other Guarantor
may have, on account of any such Agreement or any such breach or failure, to assert any Defense or Claim against the Bank.

 

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12.
Cumulative Rights; Reservation of Rights; Arms’ Length Transaction. The rights and remedies herein provided
to the Bank are in addition to, and are not exclusive or in substitution for, any rights or remedies available to the Bank at law
or in equity or under any other Agreement or other document which any Person (including but not limited to any Guarantor) may have
executed or may hereafter execute in favor of or for the benefit of the Bank, all of which are cumulative and may be exercised
by the Bank in whole or in part from time to time. The Bank shall be deemed to have reserved its rights against each Guarantor
in connection with any settlement, compromise, discharge or release of any other Obligated Party or any Document. The joint and
several liabilities of the Guarantors hereunder shall not be reduced or limited by reason of any similar or dissimilar guaranty
or other Document executed in favor of the Bank by any Person, and this Guaranty shall be enforceable against each of the Guarantors
jointly and severally without regard thereto. This Guaranty represents an arms’ length transaction between the Guarantors
and the Bank. Each Guarantor agrees and consents that this Guaranty shall not be, and waives any right to require that this Guaranty
be, construed against the Bank on the ground that the Bank has prepared it.

 

13.
Covenants. Subject to any other written Agreement between the Bank and any Person relating to the same subject
matter, each Guarantor shall:

 

(a)
furnish to the Bank copies of such Guarantor’s financial statements and such other information relating to such Guarantor’s
business, operations, assets, liabilities and condition, financial or otherwise, promptly when, and in such form as, reasonably
required or requested by the Bank.

 

(b)
permit any of the Bank’s Agents to visit such Guarantor’s premises upon not less than two (2) Business Days’
prior notice during normal business hours and to examine and make photographs, copies and extracts of such Guarantor’s property
and of its books and records;

 

(c)
take or cause to be taken any and all action that may be necessary or appropriate (to the extent legally permissible) to
cause or permit the Debtors to perform all of the Obligations, and shall not take or cause to be taken any action that may prevent
or interfere with any Debtor’s performance thereof; and

 

(d)
not enter into any Agreement or purchase any interest in any of the Debtors or other Persons or take or refrain from taking
any other action as a result of or in reliance upon any Agreement, representation, warranty, statement, recommendation or information
made or purportedly made by or on behalf of the Bank or any of its Agents, whether express or implied, written or oral, direct
or indirect, or prior to, simultaneously with or subsequent to the date hereof.

 

14.
Transfers; Successors and Assigns.

 

(a)
No Guarantor shall effect or attempt a Transfer of any of the Liabilities without the Bank’s prior written consent.
Notwithstanding the foregoing, this Guaranty shall be binding upon each Guarantor and upon each Guarantor’s executors, administrators,
successors, assigns and Transferees (each of which shall be a “Guarantor” hereunder).

 

(b)
This Guaranty shall inure to the benefit of and be enforceable by the Bank and its successors, assigns and Transferees.
Without limiting the foregoing, the Bank may make a Transfer of any and all of the Liabilities and Documents to any other Person
without notice to or the consent of any of the Guarantors, and the Transferee shall thereupon become vested with all of the Bank’s
rights in respect thereof. The Bank is authorized to disclose to any prospective or actual Transferee any information that the
Bank may have or acquire about any Obligated Party and any information about any other Person submitted to the Bank by or on behalf
of any Obligated Party. Each Guarantor waives all defenses (except such defenses as may be asserted against a holder in due course
of a negotiable instrument) which each Guarantor may have or acquire against any Transferee who receives a Transfer of this Guaranty,
or any complete or partial interest in it, for value, in good faith and without notice that it is overdue or has been dishonored
or of any defense against or claim to it on the part of any Person.

 

15.
Intentionally Omitted.

 

16.
Notices. All notices and other communications provided for hereunder shall be in writing and, if to the Guarantors,
mailed or faxed or delivered to the address set forth on the signature page below, and if to the Bank, mailed or delivered to 1177
Avenue of the Americas, New York, New York 10036, to the attention of the Department, or as to each party at such other address
as shall be designated by such party in a written notice to the other party or parties, as the case may be. All such notices and
other communications to the Guarantors shall be effective when deposited in the mail, sent by fax or delivered, addressed as aforesaid,
and all such notices and other communications to the Bank shall be effective when actually received by the Department.

 

17.
Litigation. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of
New York applicable to agreements made and to be performed in the State of New York without regard to conflict or choice of law
rules. Any legal action or proceeding with respect to this Guaranty may be brought in any court of record of the State of New York,
County of New York, or of the United States of America for the Southern District of New York. By execution and delivery of this
Guaranty, the Guarantors hereby accept, consent and submit to, generally and unconditionally, the jurisdiction of the aforesaid
courts over the Guarantors and their property. Each Guarantor agrees not to, and hereby irrevocably waives the right to, commence
a legal action or proceeding against the Bank in any jurisdiction worldwide other than the aforesaid courts, unless the Bank specifically
consents thereto in writing. In connection with any action or proceeding between any of the Guarantors and the Bank, each Guarantor
agrees not to, and hereby irrevocably waives the right to, interpose (i) any objection, including, without limitation, any objection
to the laying of venue or based on the grounds of forum non conveniens, which such Guarantor may now or hereafter have to the bringing
of any such action or proceeding in such jurisdiction and/or (ii) any claim for consequential, special or punitive damages and/or
(iii) any setoff, counterclaim or cross-claim. The Guarantors irrevocably consent to the service of process on each Guarantor in
any such action or proceeding by the mailing of copies thereof by certified or registered mail, postage prepaid, to the Guarantors
at the address set forth on the signature page below. Nothing herein shall affect the right of the Bank to serve process in any
other manner permitted by law or to commence any legal action or proceeding or otherwise proceed against any of the Guarantors
in any jurisdiction worldwide.

 

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18.
Counterparts. This Guaranty may be signed in any number of counterparts. Any counterpart signed by any Guarantor
(a “Signing Guarantor”) shall constitute a full original Guaranty of such Guarantor for all purposes, regardless of
whether any counterpart is signed by any other Guarantor. Any reference herein to the execution of this Guaranty shall include
the execution of any counterpart. The obligations of any Signing Guarantor hereunder are not conditioned on any other Guarantor’s
execution of this Guaranty.

 

19.
Definitions. As used herein, the following terms have the meanings indicated:

 

Agent: any director, officer, employee,
agent or representative.

 

Additional Liabilities: The liabilities
under Sections 7 and 9.

 

Agreement: an agreement, commitment,
covenant, instrument, note, representation, understanding or warranty (including but not limited to any Commitment, Credit Support
or Document) given or made to or with any Person.

 

Applicable Interest Rate: the highest
lawful rate then permitted by applicable law in the State of New York, or if no such rate exists, the highest lawful rate permitted
under such other applicable law as the Bank may choose in its discretion.

 

Bank: Bank Hapoalim B.M.

 

Bankruptcy Code: the U.S. Bankruptcy
Code as in effect and as amended from time to time and any successor thereto.

 

Claim: any right of setoff, claim,
counterclaim or cross-claim of any Obligated Party against the Bank and/or any of its Agents.

 

Commitment: an Agreement, commitment
or obligation of the Bank, whether or not in writing, whether express or implied, and whether or not by operation of law, given
to any Person (including but not limited to any Obligated Party) to give or to continue any financial accommodations to any of
the Debtors or to change, alter, amend, modify, renew, extend the time of payment of, increase or decrease any of the Obligations.

 

Commodity Exchange Act: the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

Credit Enhancement: any Credit Support
with respect to any of the Obligations. Any reference herein to “any Credit Enhancement” shall be understood to include
but not be limited to this Guaranty.

 

Creditor: any Person to whom any
Guarantor owed or owes any Debt or otherwise was, became, is or becomes indebted, and any other creditor within the meaning under
or as defined in each respective Fraudulent Transfer Law.

 

Credit Support: any collateral,
security interest, mortgage, pledge, lien, security, margin, guaranty, insurance, letter of credit, indemnity, subordination, comfort
letter, risk participation, repurchase agreement, put, option, banker’s lien, setoff, right of offset or netting agreement,
or any Agreement pursuant to which a Person agrees to be contingently liable with respect to any Debt of any other Person or Persons,
or any other credit support with respect to any Debt of any Person or Persons.

 

Currency: the lawful currency of
any country or the eurocurrency.

 

Debt: an obligation of any sort
for the payment of money in any Currency in any jurisdiction worldwide, and however evidenced, whether (a) principal or otherwise,
(b) absolute or contingent, (c) secured or unsecured, (d) joint, several or independent, (e) now or hereafter existing, and (f)
created directly or acquired by Transfer or otherwise.

 

Debtor, Debtors: as specified
on the signature page below.

 

Defense: any fact or circumstance
(a) that may affect, suspend, impair, discharge, release, cancel, modify, limit or be a defense (including but not limited to any
suretyship defense) to any of the Liabilities of any Obligated Party or any Document or of any of the Bank’s rights or remedies
with respect thereto, or (b) that may bar enforcement thereof by the Bank.

 

Department: the department of the
Bank responsible for administering the Bank’s relationship with the Debtors with respect to the Obligations.

 

Document: an Agreement of any Obligated
Party relating to any of the Obligations and/or Liabilities. Any reference herein to “any Document” shall be understood
to include but not be limited to any Credit Enhancement.

 

    	6

    	 

    

 

Effective Revocation Time: the close
of business on the day that the Department receives written notice of revocation signed by any of the Guarantors.

 

Entity: any Person other than a
natural person.

 

Excluded Swap Obligations: with
respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the guaranty hereunder of such Guarantor
of such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation
or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of
such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act and the regulations thereunder at the time the guaranty of such Guarantor becomes effective with respect to such Swap
Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only
to the portion of such Swap Obligation that is attributable to swaps for which such guaranty hereunder or security interest is
or becomes illegal.

 

Expenses: (a) except as set forth
in clause (b), all reasonable documented costs and expenses (including but not limited to reasonable fees and disbursements of
counsel) incurred by the Bank in connection with this Guaranty or any of the Liabilities including, but not limited to, (i) any
amendment, modification, extension or waiver with respect to any of the Liabilities, and/or (ii) any deduction, withholding, registration
tax, stamp tax or similar tax or duty applicable to any payment of any of the Liabilities. and (b) all documented costs and expenses
(including but not limited to reasonable fees and disbursements of counsel) incurred by the Bank in connection with the enforcement
of this Guaranty or any of the Liabilities including but not limited to those for (i) any action taken, whether or not by litigation,
to collect, or to protect rights or interests with respect to, any of the Liabilities, or to preserve, protect, secure, insure,
obtain or perfect any Credit Enhancement, (ii) compliance with any legal process or any order or directive of any governmental
authority with respect to any Obligated Party, and (ii) any litigation, arbitration or administrative proceeding relating to any
Obligated Party.

 

Fraudulent Transfer: a “fraudulent
transfer”, “fraudulent conveyance” or similar term within the meaning under or as defined in each respective
Fraudulent Transfer Law.

 

Fraudulent Transfer Law: the Bankruptcy
Code, the New York Debtor and Creditor Law, or the law of any jurisdiction (domestic or foreign) as in effect and as amended from
time to time and all successors thereto relating to fraudulent transfers, fraudulent conveyances and/or similar matters.

 

Guarantor, Guarantors: as
specified on the signature page below, and as further defined in Section 14(a).

 

Guaranty: this Guaranty.

 

Insolvent as to a Person: (a) insolvent
or (b) engaged or about to be engaged in a business or a transaction for which any property remaining with the Person is an unreasonably
small capital, or (c) intending to incur or believing that the Person will incur debts that would be beyond the Person’s
ability to pay as such debts mature, all within the meaning under or as defined in each Fraudulent Transfer Law.

 

Liabilities: (a) all Obligations
and (b) all obligations (including those incurred hereunder) of all Obligated Parties incurred directly or indirectly in respect
of any of the Obligations and/or in respect of any Document provided that the term Liabilities shall not include Excluded
Swap Obligations.

 

Nonprincipal Obligations: all Obligations,
whether interest, fees, expenses or otherwise, other than principal.

 

Nonrevocable Obligation: any Obligation
(including any extension or rollover thereof and any Nonprincipal Obligations accruing thereon after the Effective Revocation Time)
that (i) is, or (ii) relates to a contingent liability of the Bank or to a Commitment that in either case was, outstanding on or
prior to the Effective Revocation Time.

 

Obligated Party: (a) each Debtor;
(b) each Guarantor; (c) any other Person directly or contingently liable for any of the Obligations, including but not limited
to any maker, co-maker, endorser, accommodation party, guarantor, surety or indemnitor with respect to any of the Obligations;
(d) any Person providing or issuing any Credit Enhancement with respect to any of the Obligations; or (e) if any Obligated Party
is a partnership or joint venture, any general partner or joint venturer therein. Without limiting the foregoing, any reference
herein to “any Obligated Party” shall include but not be limited to all of the Debtors and all of the Guarantors, and
as to each Guarantor any reference herein to “any other Obligated Party” shall include but not be limited to all of
the Debtors and all of the Guarantors other than such Guarantor.

 

Obligation: any Debt of any Debtor
and of any successor, assign or Transferee thereof (including any successor of a Debtor that is a partnership or joint venture),
whether (a) due or to become due to, or held or to be held by, the Bank, and (b) for the Bank’s own account or as agent for
another or others provided that the term Obligation shall not include Excluded Swap Obligations..

 

Person: any natural person, firm,
partnership, joint venture, company, corporation, limited liability company, unincorporated organization or association, trust,
estate, governmental authority or any other entity. Without limiting the foregoing, any reference herein to “any Person”
shall include but not be limited to any Obligated Party, and as to each Guarantor any reference herein to “any other Person”
shall include but not be limited to any other Obligated Party.

 

    	7

    	 

    

 

Reasonably Equivalent Value: “reasonably
equivalent value”, “fair consideration” or similar term within the meaning under or as defined in each respective
Fraudulent Transfer Law.

 

Subrogation Rights: all legal and
equitable rights and claims arising from the existence or performance of this Guaranty that any of the Guarantors may now or hereafter
have, including without limitation all rights of subrogation, indemnity, reimbursement, exoneration and/or contribution, and including
without limitation any such right or claim against or with respect to any property (including without limitation any Credit Enhancement)
of any Obligated Party.

 

Swap Obligation: with respect to
any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap”
within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

Transfer: any negotiation, assignment,
participation, conveyance, grant of security interest, lease, delegation, or any other direct or indirect transfer of complete
or partial, legal, beneficial, economic or other interest or obligation.

 

Transferee: any Person to whom a
Transfer is made.

 

    	8

    	 

    

 

SIGNATURE PAGE

 

Each of the Guarantors makes this Guaranty
in favor of the Bank, and each agrees to be bound jointly and severally by the terms and conditions of this Guaranty, both the
general terms and conditions set forth above and the specific terms and conditions set forth below.

 

a)           Debtor(s)
[print full name(s)]:

 

	              JR Licensing, LLC
	 

 

b)           Type
of Guaranty:

 

x  Unlimited

 

 ̈  Limited
as to the aggregate principal sum of $, plus a prorated amount of the Nonprincipal Obligations.

 

c)           OPPORTUNITY
TO CONSULT WITH COUNSEL. Each Guarantor acknowledges having had the opportunity to consult with legal counsel prior to executing
this Guaranty.

 

d)           JURY
TRIAL WAIVER. Both the Bank and the Guarantors waive and give up the right to a jury trial with respect to any dispute, action
or proceeding relating to this Guaranty or any of the Obligations or Liabilities; any legal action or proceeding relating to this
Guaranty or any of the Obligations or Liabilities shall take place without a jury.

 

Date: April 1, 2014

 

SIGNATURE PAGE TO

GUARANTY

 

    	 

    	 

    

 

SIGNATURE(S) AND IDENTIFICATION:

 

	 	IM BRANDS, LLC
	 	 	 
	 	By:	XCEL BRANDS, INC., Its Manager
	 	 	 
	 	By:	/s/ James Haran
	 	 	 

	 	Print Name:	James Haran 

	 	Title:	CFO

 

Guarantors’ address and fax number
for purposes of notice:

 

Address:

475 Tenth Avenue

New York, New York 10018

 

	Fax:	 	 
	 	 	 
	Email:	 	 

 

SIGNATURE PAGE TO

GUARANTYPROMISSORY NOTE

 

U.S.$9,000,000

Dated:April 1, 2014,

New York, New York

 

 1.       Obligation and Repayment: For value received, Borrower absolutely and unconditionally promises to pay to the order of the Bank, at the Office, without defense, setoff or counterclaim, the principal amount of NINE MILLION United States Dollars ($9,000,000.00), together with interest and any other sum(s) due and payable as specified below. The principal amount of this Note shall be due and payable in quarterly installments on the dates and in the respective amount shown below:

 

	Date of Payment	 	Amount of 

Principal Payment	 
	April 1, 2014, July 1, 2014, October 1, 2014 and January1, 2015	 	$	0	 
	April 1, 2015, July 1, 2015, October 1, 2015and January1, 2016	 	$	375,000	 
	April 1, 2016, July1, 2016, October 1 2016 and January1, 2017	 	$	625,000	 
	April 1, 2017, July 1, 2017, October 1, 2017 and January 1, 2018	 	$	750,000	 
	April 1, 2018, July 1, 2018, October 1, 2018 and January 1, 2019	 	$	500,000	 

 

2.          Interest:
Subject to paragraph A(2) of the Terms and Conditions, interest shall accrue on the principal amount of this Note outstanding from
time to time at the following rate described in the Rider referred to in Paragraph 3 below (the "Loan Rate"). Interest
shall be payable in accordance with the attached Rider.

 

3.          Riders:
In the event of any inconsistency between this Note and any Rider(s) to which this Note is subject, the provisions of such Rider(s)
shall prevail. This Note is subject to the Rider to Promissory Note, dated as of the date hereof.

 

4.          Address
and Identification of Borrower:

 

Address: 475 Tenth Avenue

New York, New York

Telephone: 347-532-5894

Fax: 347-436-9178

Social Security or Taxpayer ID number: 46-4757029

 

5.          Agreement
to All Terms and Conditions; Authorization to Complete Blanks: This Note is subject to all of the Terms and Conditions set
forth below. Each of the undersigned agrees to all of the provisions of this Note, including the Terms and Conditions and any Rider(s).

 

6.          No
Representations or Agreements by the Bank: Each of the undersigned acknowledges that the Bank has made no representation, covenant,
commitment or agreement to Borrower except pursuant to any written document executed by the Bank.

 

7.          No
Representation of Nonenforcement: Each of the undersigned acknowledges that no representative or agent of the Bank has represented
or indicated that the Bank will not enforce any provision of this Note, including the Terms and Conditions and any Rider(s), in
the event of litigation or otherwise.

 

[Remainder of this page
intentionally left blank; signature appears on the next page;

Terms and Conditions appear
following the signature page]

 

    	 

    	 

    

 

8.          Waiver
of Jury Trial: Borrower waives, and understands that the Bank waives, the right to a jury trial with respect to any dispute
arising hereunder or relating to any of the Liabilities; any judicial proceeding with respect to any such dispute shall take place
without a jury.

 

9.          Execution
of Promissory Note: Borrower understands that by signing this Note it is agreeing to all of the terms as contained in this
Note and all other Terms and Conditions and Rider(s) attached hereto and made a part hereof.

 

	JR LICENSING, LLC	 
	 	 	 
	By: 	XCEL BRANDS, INC.	 
	 	Its: Manager	 
	 	 	 
	By:	/s/ James Haran	 
	 	Name: James Haran	 
	 	Title:  CFO	 

 

[Terms
and Conditions appear commencing on the next page]

SIGNATURE PAGE TO PROMISSORY NOTE

 

    	 

    	 

    

 

TERMS AND CONDITIONS

 

Definitions are set forth in paragraph
N.

 

A.           Calculation
and Accrual of Interest: (1) Generally. Interest shall be calculated on a daily basis on outstanding balances at the
Applicable Rate, divided by 365, on a month consisting of actual days elapsed. During any time that the Applicable Rate would exceed
the applicable maximum lawful rate of interest, the Applicable Rate shall automatically be reduced to such maximum rate. Any interest
payment made in excess of such maximum rate shall be applied as, and deemed to be, in the Bank's sole discretion, a payment of
any of the Liabilities, in such manner as determined by the Bank. (2) Increased Rate. Interest shall accrue at the Increased
Rate upon and after (a) the occurrence of any Debtor Relief Action, (b) any demand of payment of this Note (if payable on demand)
or (c) the occurrence of any Event of Default (if this Note is payable other than on demand). (3) Accrual. To the extent
permitted by Law, interest shall accrue at the Applicable Rate on all unpaid Liabilities under this Note, including but not limited
to any unpaid interest and any unpaid obligation owed pursuant to paragraph B (Indemnification).

 

B.           Indemnification:
To the extent permitted by Law: (1) Taxes. All payments under this Note shall be made free and clear of, and without deduction
for, any Taxes. If Borrower shall be required to deduct any Taxes in respect of any sum payable under this Note, then (a) the sum
payable shall be increased so that the Bank shall receive an amount equal to the sum the Bank would have received had no deductions
been made, and (b) Borrower shall make such deductions and shall pay the amount deducted to the relevant Governmental Authority.
Borrower shall pay to the Bank on demand, and shall indemnify and hold the Bank harmless from, any and all Taxes paid by the Bank
and any and all liability (including penalties, interest and expenses) with respect thereto arising out of the Borrower’s
failure to comply with the provisions of this clause (1), whether or not such Taxes were correctly or legally asserted. Within
30 days after any Taxes are paid by Borrower, Borrower shall furnish evidence thereof to the Bank. The Bank shall provide Borrower
two copies of appropriate tax forms properly completed and duly executed by the Bank claiming complete exemption from, or a reduced
rate of, U.S. federal withholding tax on all payments by Borrower under this Agreement and the other Loan Documents. Such forms
shall be delivered by the Bank on or before the first date it is entitled to receive any payment under this Note or any other Loan
Document. In addition, the Bank shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered
by the Bank. The Bank shall promptly notify the Borrower at any time it determined that it is no longer in a position to provide
any previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities
for such purpose). (2) Regulatory Costs. In the event that in connection with the transaction(s) contemplated by this Note
and/or the Bank's funding of such transaction(s), the Bank is required to incur any Regulatory Costs in order to comply with any
Law issued after the date of this Note, then Borrower shall pay to the Bank on demand, and shall indemnify and hold the Bank harmless
from, any and all such Regulatory Costs. (3) Costs and Expenses. Borrower shall pay the Bank, and shall indemnify and hold
the Bank harmless from, any and all Costs and Expenses within ten (10) days after the Bank’s invoice to Borrower with respect
thereto. (4) Prepayment Costs. If Borrower makes any payment of Prepaid Principal (voluntarily or not), then Borrower shall
pay to the Bank an amount equal to the Applicable Percentage multiplied by the amount of Prepaid Principal; provided that no such
amount shall be payable on up to $3,000,000 of principal prepaid prior to the first anniversary of the date of this Note or on
any amount paid to the Bank as a result of the Cash Flow Recapture (as such term is defined in the Letter Agreement). (5) Bank
Certificate. The Bank's certificate as to any amounts owing under this paragraph shall be prima facie evidence of Borrower's
obligation.

 

C.           Set
Off: Every Account of Borrower with the Bank shall be subject to a lien and during the existence of any Event of Default to
being set off against the Liabilities. The Bank may at any time during the existence of any Event of Default at its option and
without notice, except as may be required by law, charge and/or appropriate and apply all or any part of any such Account toward
the payment of any of the Liabilities. The Bank agrees promptly to notify the Borrower after any such set off and application made
by the Bank, provided that the failure to give such notice shall not affect the validity of such set off and application.

 

    	1

    	 

    

 

D.           Events
of Default: Each of the following shall be an Event of Default hereunder: (1) Nonpayment. The nonpayment when due of
any principal amount of the Liabilities; (a) the non-payment within three (3) Business Days after the same shall become due of
any interest or any other part of the Liabilities; (b) the prohibition by any Law of payment of any part of any of the Liabilities;
(2) Bankruptcy; Adverse Proceedings. (a) The occurrence of any Debtor Relief Action; (b) the appointment of a receiver,
trustee, committee, custodian, personal representative or similar official for any Party or for any Material part of any Party’s
property; (c) any action taken by any Party to authorize or consent to any action set forth in subparagraph D(2)(a) or (b); (d)
the rendering against any Party of one or more judgments, orders, decrees and/or arbitration awards (whether for the payment of
money or injunctive or other relief) which in the aggregate are Material to such Party, if they continue in effect for 30 days
without being vacated, discharged, stayed, satisfied or performed and involve an aggregate liability of $750,000 or more (excluding
amounts covered by insurance to the extent the relevant third parties insurer has agreed in writing to cover such amount); (e)
the issuance or filing of any warrant, process, order of attachment, garnishment or other lien or levy against any Material part
of any Party’s property which shall not have been vacated, discharged, stayed or bonded pending appeal within thirty (30)
days; (f) the commencement of any proceeding under, or the use of any of the provisions of, any Law against any Material part of
any Party’s property which shall not have been vacated, discharged, stayed or bonded pending appeal within thirty (30) days,
including but not limited to any Law (i) relating to the enforcement of judgments or (ii) providing for forfeiture to, or condemnation,
appropriation, seizure or taking possession by, or on order of, any Governmental Authority; (g) the forfeiture to, or the condemnation,
appropriation, seizure, or taking possession by, or on order of, any Governmental Authority, of any Material part of any Party’s
property; (h) any Party being charged with a crime by indictment, information or the like. (3) Noncompliance. (a) any Party
fails to perform under Sections 4(e), (f), (t) and (u) of the Letter Agreement, Sections 5.4, 5.6 and 5.7 of the IP Security Agreement
and Section 10.1 of the Security Agreement and such failure is not cured within thirty (30) days of the earlier to occur of (i)
the date upon which Borrower or Guarantor becomes aware of such failure and (ii) the date upon which written notice thereof is
given to Borrower by Bank; (b) other than those items separately covered by a clause contained in this Section (D), any “Event
of Default” (as such term is defined in each Loan Document) by any Party with respect to any Loan Document; (c) the giving
to the Bank by or on behalf of any Party at any time of any materially incorrect or incomplete representation, warranty, statement
or information; (c) the failure of any Party to furnish to the Bank copies of its financial statements and such other information
respecting such Party’s business, properties, condition or operations, financial or otherwise, promptly when and in such
form as reasonably required or requested by the Bank; (d) any Party’s failure or refusal, upon reasonable notice from the
Bank (unless an Event of Default has occurred and is continuing, in which case no notice is necessary), to permit the Bank's representative(s)
to visit such Party’s premises during normal business hours and to examine and make photographs, copies and extracts of such
Party’s property and of its books and records subject to the limitations set forth in the Letter Agreement; (e) any Party’s
concealing, removing or permitting to be concealed or removed, any part of its property with the intent to hinder or defraud any
of its creditors; (f) any Party’s making or suffering any Transfer of any of its property, which Transfer is deemed fraudulent
under the law of any applicable jurisdiction; (g) any material provision of any Loan Document shall for any reason cease to be
valid and binding on or enforceable against any Party thereto or any such Party shall so state in writing or bring an action to
limit its obligations or liabilities thereunder; or any Loan Document that creates a security interest in the collateral purported
to be be covered thereby shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest
in the collateral purported to be covered thereby or such security interest shall for any reason cease to be a perfected and first
priority security interest subject only to Permitted Liens. (4) Adverse Changes. (a) The annual guaranteed minimum annual
royalty payments payable to Borrower under the QVC Agreement are at any time less than $6,000,000; (b) the dissolution or liquidation
of any Party; (c) any Party’s failure to be and remain in good standing and qualified to do business in each jurisdiction
Material to such Party; (d) any Party shall (i) default in making any payment of any principal of any indebtedness (excluding
the Liabilities) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any
interest on any such indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such
indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to
any such indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or
beneficiary of such indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice
if required, such indebtedness to become due prior to its stated maturity; provided, that a default, event or condition
described in clause (i), (ii) or (iii) of this clause (d) shall not at any time constitute an Event of Default unless,
at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (d)
shall have occurred and be continuing with respect to indebtedness the outstanding principal amount of which exceeds in the aggregate
$500,000; (e) Borrower becoming insolvent, as defined in the Uniform Commercial Code; (f) any Party’s Material failure to
pay any tax when due; (g) any loss, suspension, nonrenewal or invalidity of any Material permit, franchise or Trademark (as such
term is defined in the Letter Agreement) or the like of Borrower; (h) the occurrence of any event which gives any Person (other
than Bank) the right to assert a lien, levy or right of forfeiture against any Material part of any Party’s property; (i)
Borrower's failure to give the Bank notice, within 10 Business Days after Borrower had notice or knowledge, of the occurrence of
any event which, with the giving of notice and/or lapse of time, would constitute an Event of Default. (5) Business Changes.
(a) any change in Control of Borrower; (b) any merger or consolidation involving any Party not permitted under the terms of a Loan
Document; (c) any Party’s sale or other Transfer of substantially all of its property; (d) any Material change in the nature
or structure of any Party’s business; (e) Robert W. D’Loren shall no longer be the Chairman of the Board of Directors
of Borrower or Guarantor or have the duties of the Chairman of the Board of Directors of Borrower or Guarantor. (6) Material
License Termination or Default. The termination of, any amendment or other modification to, or any default under the QVC Agreement
but only to the extent such event could reasonably be expected to have a Material adverse effect on Borrower’s business or
financial condition and Borrower has not replaced such license within sixty (60) days of such termination with a license which
generates revenue at least equivalent to the QVC Agreement which was terminated. (7) IM Brands Default. The occurrence of
a default or event of default under the IM Brands Loan Documents.

 

    	2

    	 

    

 

 

E. Remedies: (1) Acceleration
at Bank's Option. Upon any failure to pay this Note in full on demand (if payable on demand) or (if this Note is payable other
than on demand) upon the occurrence of any Event of Default other than any Debtor Relief Action, then any and all Liabilities,
not then due, shall, at the Bank's option, become immediately due and payable, without notice, which Borrower waives. (2) Automatic
Acceleration. Upon the occurrence of any Debtor Relief Action, then, whether or not any of the Liabilities are payable upon
demand and notwithstanding paragraph F, any and all Liabilities not then due, shall automatically become immediately due and payable,
without notice or demand, which Borrower waives. (3) Additional Remedies. Bank shall have all rights and remedies available
to it under any applicable Loan Document or Law after any applicable notice or cure period.

 

F. Waiver of Protest, etc.: Notice,
presentment, protest, notice of dishonor and (except for such of the Liabilities as are payable on demand, but subject to subparagraph
E(2)) demand for payment are hereby waived as to all of the Liabilities.

 

    	3

    	 

    

 

G. Payment: (1) Manner. Any payment
by other than immediately available funds shall be subject to collection. Interest shall continue to accrue until the funds by
which payment is made are available to the Bank. If and to the extent any payment of any of the Liabilities is not made when due,
the Bank is authorized in its discretion to effect payment by charging any amount so due against any Account of Borrower with the
Bank without prior notice, except as may be required by law, whether or not such charge creates an overdraft and of which event
the Bank will provide notice following such charging of an Account. (2) Application. Any payment received by the Bank (including
a deemed payment under paragraph A, a set-off under paragraph C or a charge against an Account under this paragraph G) shall be
applied to pay any obligation of indemnification (including but not limited to under paragraph B) and to pay any other Liabilities
(including interest thereon and the principal thereof) in such order as the Bank shall elect in its discretion. Borrower will continue
to be liable for any deficiency. (3) Prepayment. Borrower shall be entitled to pay any outstanding principal amount or installment
under this Note on any Business Day prior to the applicable Due Date without the prior consent of the Bank, provided that (a) any
such payment shall be together with payment of all Liabilities then due and all interest accrued on the Prepaid Principal to the
date of such payment, and (b) any such payment shall be on not less than 5 Business Days' notice to the Bank and shall be accompanied
by any amount required pursuant to subparagraph B(4). Any such payment shall, unless otherwise consented to by the Bank, be applied
pro rata to the last outstanding principal amount(s) to become due under this Note in inverse order of maturity. (4) Non-Business
Days. If any payment of any of the Liabilities is due on any day that is not a Business Day, it shall be payable on the next
Business Day. The additional day(s) shall be included in the computation of interest. (5) Extension at Bank's Option. The
Bank shall have the option, which may be exercised one or more times by notice(s) to Borrower, to extend the date on which any
amount is payable hereunder to one or more subsequent date(s) set forth in such notice(s). (6) Late Payment. Without limiting
or waiving any rights or remedies of the Bank contained in the Note or under applicable law, and without implying that the Bank
has any obligation to declare or to notify the Borrower of the occurrence of any Event of Default, if the Bank has neither declared
nor notified the Borrower of the occurrence of an Event of Default, and if any amount of any required payment of principal, interest
fees and/or Late Charge (as defined below) under the Note is not paid in full within (7) seven days after the same is due, then
in addition to all interest, penalty interest or other fees due to the Bank pursuant to the Note, any rider to the Note or any
agreement or document related to this credit facility, the Borrower shall pay the Bank a late fee equal to $14.30 for each day
thereafter. Any amount due under this paragraph shall be referred to herein as a "Late Charge". The Borrower shall pay
any and all such Late Charges in addition to all payments of principal, interest and fees (if any) under the Note, provided, however,
that during any time that any of the above Late Charges would cause the total interest payable under the Note to exceed the applicable
maximum lawful rate of interest, then the sum of (a) all such Late Charges and (b) the amount of interest payable at the Applicable
Rate shall automatically be reduced to an amount that shall not exceed the amount of interest payable at such maximum rate.

 

H. Parties; Counterparts; No Transfer
by Borrower: If Borrower is more than one Person, all of them shall be jointly and severally liable under this Note. This Note
and any Rider hereto may be executed in counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute a single instrument. Any signature delivered by a party by facsimile or electronic transmission (including email
transmission of a PDF image) shall be deemed an original signature hereto. Without the Bank's written consent, Borrower shall have
no right to make any Transfer of any of the Liabilities; any such purported Transfer shall be void. Subject to the foregoing, the
provisions of this Note shall be binding on Borrower's successors and assigns.

 

I. Bank Transfers: (1) Transferability.
Without limiting the Bank's rights hereunder, and subject to the prior written consent of Borrower not to be unreasonably withheld
(which consent shall not be required after the occurrence and during the continuance of an Event of Default) the Bank may make
a Transfer of all or any part of (a) the Liabilities), (b) any obligation of any other Party in connection with any of the Liabilities,
(c) any Loan Document of any Party in connection with any of the Liabilities or any agreement related thereto, (d) any collateral,
mortgage, lien or security interest, however denominated, securing any of the Liabilities, and/or (e) the Bank's rights and, if
any, obligations with respect to any of the foregoing. (2) Extent of Transfer. In the event the Bank shall make any Transfer
(and has obtained the consent of Borrower to the extent required hereunder) of any of the foregoing items ("Transferred Items"),
then - to the extent provided by the Bank with respect to such Transfer - the Transferee shall have the rights, powers, privileges
and remedies of the Bank. The Bank shall thereafter, to the extent of such Transfer, be forever relieved and fully discharged from
all liability or responsibility, if any, that it may have to any Person with respect thereto, except for claims, if any, arising
prior to or upon such Transfer. The Bank shall retain all its rights and powers with respect to any Transferred Items to the extent
that it has not made a Transfer thereof. Without limiting the foregoing, to the extent of any such Transfer with respect to which
Borrower has provided its consent or such consent is not required, paragraph B (Indemnification) shall apply to any Taxes, Regulatory
Costs, and Costs and Expenses of, or incurred by, any Transferee, and paragraphs C (Set-Off) and G(1) (Payment-Manner) shall apply
to any Account of Borrower with any Transferee and if the required Borrower consent is not so obtained, then such Transferee shall
be entitled to reimbursement or compensation under the foregoing paragraphs only to the extent such amounts would have been payable
to Bank if the Transfer had not occurred. (3) Disclosures. The Bank is authorized to disclose to any prospective or actual
Transferee any information that the Bank may have or acquire about Borrower and any information about any other Person submitted
to the Bank by or on behalf of Borrower provided that such prospective or actual Transferee agrees to maintain the confidentiality
of such information consistent with the terms of the Loan Document. (4) Negotiability Defenses Waived. If this Note is not a negotiable
instrument, Borrower waives all defenses (except such defenses as may be asserted against a holder in due course of a negotiable
instrument) which Borrower may have or acquire against any Transferee who takes this Note, or any complete or partial interest
in it, for value, in good faith and without notice that it is overdue or has been dishonored or of any defense against or claim
to it on the part of any Person.

 

    	4

    	 

    

 

 

J. No Oral Changes; No Waiver by the
Bank; Partial Unenforceability: This Note may not be changed orally. Neither a waiver by the Bank of any of its options, powers
or rights in one or more instances, nor any delay on the part of the Bank in exercising any of them, nor any partial or single
exercise thereof, shall constitute a waiver thereof in any other instance. Any provision of this Note which is prohibited, unenforceable
or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability
or nonauthorization, without invalidating the remaining provisions of this Note in that or any other jurisdiction and without affecting
the validity, enforceability or legality of such provision in any other jurisdiction.

 

K. Disputes and Litigation: (1) Governing
Law. This Note and the rights and obligations of the Bank and Borrower hereunder shall be governed by the internal laws of
the State of New York without giving effect to conflict of laws principles. (2) Jurisdiction, Venue, and Service of Process.
Borrower and the Bank each submit to the nonexclusive jurisdiction of the federal and state courts in the State of New York in
New York County with respect to any dispute arising hereunder or relating to any of the Liabilities. Service of process may be
made on Borrower or the Bank by personal delivery at, or by mail addressed to, any address to which the Bank is authorized to address
notices to Borrower. (3) Waiver of Defenses, Setoffs, Counterclaims and Certain Damages. Borrower waives the right to assert
to the extent permitted by applicable law any defense (other than the defense of payment), setoff or counterclaim in any proceeding
relating in any way to this Note or any transaction contemplated hereby. The Bank shall not have any liability for negligence,
except solely to the extent required by law and not disclaimable, and except for its own gross negligence or willful misconduct.
In any event, the Bank shall not have any liability for any special, consequential or punitive damages. (4) Sovereign Immunity.
Borrower irrevocably waives, with respect to itself and its property, any sovereign immunity that it may have or hereafter acquire,
including but not limited to immunity from the jurisdiction of any court, from any legal process, from attachment prior to judgment,
from attachment in aid of execution, from execution or otherwise.

 

L. OFAC and Patriot Act: Borrower
shall: Comply with all Anti-Terrorism Laws; immediately to notify the Bank if it obtains knowledge that it or any of its Affiliates
has become or been listed as a Restricted Party or has been charged with or has engaged in any violation of any Anti-Terrorism
Law; not to receive any funds from a Restricted Party and, in any case, to exclude any funds derived from any Restricted Party
or from any person or entity involved in the violation of any Anti-Terrorism Law from being used to pay debt service or any other
amounts owing under the Note; not to transfer or permit the transfer of any legal or beneficial ownership interest of any kind
in Borrower to a Restricted Party or any person or entity involved in the violation of any Anti-Terrorism Law; not to acquire,
directly or indirectly, ownership interest of any kind in any Restricted Party or any person or entity involved in the violation
of any Anti-Terrorism Law, not to form any partnership or joint venture or conduct any business with any Restricted Party or any
person or entity involved in the violation of any Anti-Terrorism Law, and not to act, directly or indirectly, as the agent or representative
of any Restricted Party or any person or entity involved in the violation of any Anti-Terrorism Law; and to indemnify the Bank
for any costs incurred by any of them as a result of any violation of an Anti-Terrorism Law by Borrower.

 

    	5

    	 

    

 

 

M. Notice: Any notice in connection
with any of the Liabilities shall be in writing and may be delivered personally or by cable, telex, telecopy or other electronic
means of communication, or by certified mail, return receipt requested, addressed (a) to Borrower or Parent at 475 Tenth Avenue,
4th Floor, New York, New York 10018 or to such other address that the Bank has received written notice from Borrower
or Parent as being Borrower’s or Parent’s address, and (b) to the Bank at Bank Hapoalim B.M., 1177 Avenue of the Americas,
New York, New York 10036, Attention: Legal Department. Any such notice shall be addressed to such other address (es) as may be
designated in writing hereafter. All such notices shall be deemed given when delivered personally or electronically or when mailed,
except notice of change of address, which shall be deemed to have been given when received.

 

N. Definitions:
The following definitions apply in this Note: (1) Acceleration: any acceleration of payment or requirement of prepayment
of any Debt, or any Debts becoming due and payable prior to stated maturity. (2) Account: (a) the balance of any account
of Borrower with any Person, and/or (b) any property in the possession or custody of, or in transit to, any Person, whether for
safekeeping, collection, pledge or otherwise, as to which Borrower has any right, power or interest - in each case whether existing
now or hereafter, in any jurisdiction worldwide, and whether or not denominated in the same currency as any of the Liabilities.
(3) Applicable Percentage: (a) one percent (1.00%) in the case of a prepayment on or prior to March 15, 2015, (b) two percent
(2.00%) in the case of a prepayment on or after March 16, 2015 but on or before March 15, 2016, (c) one percent (1.00%) in the
case of a prepayment on or after March 16, 2016 but on or before March 15, 2017 and (d) zero percent (0.00%) on or after March
16, 2017. (4) Applicable Rate: whichever of the Loan Rate or Increased Rate is the applicable interest rate at any time.
(5) Anti-Terrorism Law: any U.S. State or Federal law relating to terrorism, money laundering or any related seizure, forfeiture
or confiscation of assets, including: (a) the Executive Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism; (b) the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the USA PATRIOT Act), Public Law 107-56; and (c) the
Money Laundering Control Act of 1986, Public Law 99-570 (6) Bank: Bank Hapoalim B.M. (6) Borrower: the Person(s)
executing this Note at paragraph 10 or any one or more of them. "Borrower" may refer to one or more Persons. (7) Business
Day: any day on which both (a) banks are regularly open for business in New York City and (b) the Office is open for ordinary
business. In the Bank's discretion, the Office may be closed on any Saturday, Sunday, legal holiday or other day on which it is
lawfully permitted to close. (8) Control: the power, alone or in conjunction with others, directly or indirectly, through
voting securities, by contract or otherwise, to direct or cause the direction of a Person's management and policies. (9) Costs
and Expenses: any and all reasonable costs and expenses (including but not limited to reasonable attorneys' fees and disbursements)
incurred in connection with the Loan Documents and/or the Liabilities, including but not limited to those for (a) any action taken,
whether or not by litigation, to collect, or to protect rights or interests with respect to, or to preserve any collateral securing,
any of the Liabilities, (b) compliance with any legal process or any order or directive of any Governmental Authority with respect
to any Party, (c) any litigation or administrative proceeding relating to any Party, and/or (d) any amendment, modification, extension
or waiver with respect to any of the Liabilities. (10) Debt: any Party's obligation of any sort (in whole or in part) for
the payment of money to any Person, whether (a) absolute or contingent, (b) secured or unsecured, (c) joint, several or independent,
(d) now or hereafter existing, or (e) due or to become due. (11) Debtor Relief Action: the commencement by any Party or
(unless dismissed or terminated within 60 days) against any Party of any proceeding under any law of any jurisdiction (domestic
or foreign) relating to bankruptcy, reorganization, insolvency, arrangement, composition, receivership, liquidation, dissolution,
moratorium or other relief of financially distressed debtors, or the appointment of a receiver, trustee, committee, custodian,
personal representative or similar official for Borrower or for any Material part of Borrower's property, or the making by any
Party of an assignment for the benefit of creditors. (12) Default: any breach, default or event of default under, or any
failure to comply with, any provision of any Loan Document after giving effect to any applicable notice, grace or cure period.
(13) Event of Default: any event set forth in paragraph D. (14) Executive Order: Executive Order No. 13224
of September 23, 2001 - Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism; (15) Governmental Authority: any domestic or foreign, national or local, (a) government, (b) governmental, quasi-governmental
or regulatory agency or authority, (c) court or (d) central bank or other monetary authority. (16) Guarantor: collectively,
Xcel Brands, Inc., a Delaware corporation and IM Brands. (16A) IM Brands: IM Brands, LLC, a Delaware limited liability company.
(16B) IM Brands Guaranty: the guaranty executed by the Borrower in favor of the Bank pursuant to which the Borrower guarantees
to the Bank the IM Brands Liabilities. (16C) IM Brands Liabilities: any and all of the Debt of IM Brands to, or held or
to be held by, the Bank, including, without limitation the IM Brands Loan Documents.  (16D) IM Brands Loan Documents:  collectively,
all documents executed and delivered in connection with the loans made by the Bank to IM Brands. (17) Increased Rate: the
Loan Rate plus 2% per year. (18) IP Security Agreement: the Intellectual Property Security Agreement, dated as of the date
hereof and as may be amended, restated, supplemented or otherwise modified from time to time, between the Borrower and the Bank.
(19) Law: any treaty, law, regulation, rule, judgment, order, decree, guideline, interpretation or request (whether or not
having the force of law) issued by any Governmental Authority. (20) Letter Agreement: the letter agreement, dated as of
the date hereof and as may be amended, restated, supplemented or otherwise modified from time to time, between the Borrower and
the Bank. (21) Liabilities: (a) any and all of the Debt evidenced by this Note, and any and all other Debt of Borrower to,
or held or to be held by, the Bank under the Loan Documents, (b) any and all obligations of any other Party with respect to any
of such Debt and (c) any and all Debt under the IM Brands Guaranty. (22) License: shall have the meaning assigned to such
term in the IP Security Agreement. (23) Loan Documents: means, collectively, the Letter Agreement, this Note, the Security
Agreement and all documents executed and delivered in connection with the foregoing. (24) Loan Rate: the interest rate determined
under paragraph 2. (25) Material: material to the business or financial condition of any Party on a consolidated or consolidating
basis. (26) Material Royalty Default: An Event of Default pursuant to paragraph D(7) hereof. (27)  Office:
the Bank's office at 1177 Avenue of the Americas, New York, New York 10036, or such other place within the United States as the
Bank may specify by notice. (28) Party: (a) Borrower; (b) any maker, co-maker or endorser of any Loan Document evidencing-,
or any guarantor, surety, accommodation party or indemnitor with respect to-, or any Person that provides any collateral as security
for, or any Person that issues a subordination, comfort letter, standby letter of credit, repurchase agreement, put agreement,
option, other agreement or other credit support with respect to, any of the Liabilities; and (c) if any Party is a partnership
or joint venture, any general partner or joint venturer in such Party. (29) Payment Date: any Business Day on which any
part of the principal or any installment of this Note becomes due and payable under paragraph 1 (and not on account of an Acceleration).
(30) Person: any person, partnership, joint venture, company, corporation, unincorporated organization or association, trust,
estate, Governmental Authority, or any other entity. (31) Prepaid Principal: any amount of principal or any installment
of this Note which Borrower pays prior to the applicable Payment Date for such amount. (32) Intentionally Omitted. (33)
Prime Rate: the Bank's New York Branches' stated Prime Rate as reflected in its books and records as such Prime Rate may change
from time to time. The Bank's determination of its Prime Rate shall be conclusive and final. The Prime Rate is a reference rate
and not necessarily the lowest interest rate charged by the Bank. (34) QVC Agreement: that certain License Agreement dated
as of April 1, 2014 by among QVC, Inc., a Delaware corporation, Borrower, Xcel Brands, Inc., a Delaware corporation, JSB Marketing
Corp., a New York corporation, and, with respect to certain provisions, Judith Ripka Berk, as amended, supplemented or otherwise
modified from time to time. (35) Regulatory Costs: any and all costs and expenses of complying with any Law adopted or taking
effect after the date hereof, including but not limited to with respect to (a) any reserves or special deposits maintained for
or with, or pledges to, or assessments, insurance premiums or special charges paid to, any Governmental Authority, or (b) any capital,
capital equivalency ledger account, ratio of assets to liabilities, risk-based capital assessment or any other capital substitute,
risk-based or otherwise. (36) Restricted Party: (a) any individual or entity: listed in the Annex to the Executive Order
or is otherwise subject to the provisions of the Executive Order; (b) listed on the "Specially Designated Nationals and Blocked
Persons" list maintained by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, as
updated or amended from time to time, or any similar list issued by OFAC; or (c) whose property has been blocked, or is subject
to seizure, forfeiture or confiscation, by any order relating to terrorism or money laundering issued by the President, Attorney
General, Secretary of State, Secretary of Defense, Secretary of the Treasury or any other U.S. State or Federal governmental official
or entity. (37) Taxes: any and all present and future taxes, levies, imposts, deductions, charges and withholdings in any
jurisdiction worldwide, and all liabilities with respect thereto, which are imposed by a Governmental Authority with respect to
this Note or to any amount payable under this Note, excluding taxes determined on the basis of the net income of a Person or of
any of its offices. (38) Transfer: any negotiation, assignment, participation, conveyance, grant of a security interest,
lease, delegation, or any other direct or indirect transfer of a complete or partial, legal, beneficial, economic or other interest
or obligation. (39) Transferee: any Person to whom a Transfer is made. (40) Transferred Items: items defined in paragraph
I. (41) Variable Prime Rate: any Applicable Rate which is determined based upon the Prime Rate. Any such rate shall change
automatically when and as the Prime Rate changes,

 

    	6

    	 

    

 

 

 

RIDER TO PROMISSORY
NOTE

LOAN(S) DENOMINATED IN U.S. OR OTHER
CURRENCY

LIBOR-BASED OR PRIME RATE

 

This Rider is referred to in paragraph 3 of, and constitutes
a part of the Promissory Note of Borrower to the Bank dated as of April 1, 2014 in the amount
of up to $9,000,000.00 (as amended, modified, supplemented and restated from time to time, the “Note”).

	 

 

Specific Terms

 

Libor Margin: plus 3.50% per year; Prime Margin: plus
0.50% per year

 

	(b)  Interest Period:  1, 2 or 3 months	 
	 	 
	(c)  Minimum Draw Amount:      $	[ x ] None
	 	 
	(d)  Minimum Multiple Amount:  $	[ x ] None

	 

 

[Remainder of this page intentionally left
blank;

signature page appears on the next page;

Riders continue after the signature page]

 

    	 

    	 

    

 

Borrower agrees to the above Specific Terms and to all of the
Terms and Conditions set forth below.

 

JR LICENSING, LLC

 

	By:	XCEL BRANDS, INC.	 
	 	Its: Manager	 
	 	 	 
	By:	/s/ James Haran	 
	 	Name: James Haran	 
	 	Title:  CFO	 

 

 

[Riders
continue on the following page]

 

    	 

    	 

    

 

Terms and Conditions

 

Certain capitalized terms are defined in paragraph 4.

 

1.          Advances.
Borrower may receive a Loan in any principal amount upon Borrower’s request to the Bank and the Bank’s agreement thereto,
subject to all of the following conditions:

 

		(a)	Agreement of the Bank and Borrower. Subject to subparagraphs 1(b), 1(c) and 2(b), the Bank and Borrower shall have agreed,
not later than the Determination Time, with respect to the Loan’s (i) principal amount, (ii) LIBOR-Based Rate and (iii) Interest
Period; provided, however, that if the Bank determines that by such Determination Time, Borrower has failed or declined to agree
on the LIBOR-Based Rate and/or Interest Period with respect to such Outstanding Principal Amount, then interest on such Outstanding
Principal Amount shall accrue at the LIBOR-Based Rate without the agreement of Borrower, and the Interest Period shall be of the
same duration as the Interest Period just ended with respect to such Outstanding Principal Amount or, if there was no such prior
Interest Period, one month.

 

		(b)	Applicable limitations. (i) The applicable Payment Date shall not be later than the Due Date; (ii) the total of the
Outstanding Principal Amounts of all Loans shall not exceed the principal amount set forth in the Note; (iii) the principal amount
of any single Loan request shall be not less than any Minimum Draw Amount set forth under Specific Terms; and (iv) the principal
amount of any single Loan request shall be an integral multiple of any Minimum Multiple Amount set forth under Specific Terms.

 

		(c)	Borrower’s request and agreement. Borrower’s request for a Loan and Borrower’s agreement to the terms
thereof shall be communicated to the Bank in any form that is acceptable in each instance to the Bank in its sole discretion, which
may include telephone, telex, fax, email or a writing executed by Borrower. Borrower shall have provided the Bank with documentation,
satisfactory in form and substance to the Bank in its sole discretion, confirming the authority of the person(s) agreeing to such
terms on behalf of Borrower.

 

2.          Payment
of Principal and Interest. Subject to the other provisions of the Note:

 

(a)           Obligation,
Time and Manner of Payment. Subject to the other provisions of the Note and this Rider, the Outstanding Principal Amount shall
be due and payable at the applicable Payment Date. Unless specified otherwise in the Note or in a Rider thereto, every payment
to be made by or on behalf of the Borrower under the Note shall be made in U.S. Dollars, and the designation of U.S. Dollars as
the currency of payment is of the essence. Every payment or delivery under the Note by or on behalf of Borrower of any money denominated
in any Currency shall be made at the Office and/or to such account or accounts as the Bank may designate from time to time by notice
to Borrower, in immediately available and freely transferable funds in the Currency in which the applicable obligation is denominated
and in Currency that is unrestricted, unblocked and free of exchange controls, without set off, counterclaim, withholding or deduction
of any kind whatsoever. Except as otherwise provided herein, any payment due under the Note on a day that is not a Business Day
shall be payable on the next succeeding Business Day.

 

    	 

    	 

    

 

(b)           Loan
Rate. Interest on any Outstanding Principal Amount shall accrue, at the option of the Borrower (with written notice of such
option being given to the Bank), at either (i) the Prime-Based Rate; or (ii) the LIBOR-Based Rate; provided, however, that if the
Bank determines (i) that by the Determination Time (A) by reason of circumstances affecting the London Interbank Market generally,
adequate and fair means do not exist for ascertaining an applicable LIBOR rate or it is impractical for the Bank to fund or continue
to fund the Outstanding Principal Amount during the applicable Interest Period, or (B) quotes for funds in the relevant Currency
in sufficient amounts comparable to the relevant Outstanding Principal Amount and for the duration of the applicable Interest Period
would not be available to the Bank in the London Interbank Market, or (C) quotes for funds in the relevant Currency in the London
Interbank Market will not accurately reflect the cost to the Bank of making a Loan or of funding the relevant Outstanding Principal
Amount during the applicable Interest Period, or (ii) that at any time the making or funding of loans, or charging of interest
at rates, based on LIBOR shall be unlawful or unenforceable for any reason, then as long as such circumstance(s) shall continue,
interest on the relevant Outstanding Principal Amount shall accrue at the Alternate Rate.

 

(c)           Payment
and Calculation of Interest. Interest shall be payable (i) at each Payment Date or (whenever the Applicable Rate is a Variable
Prime-Based Rate) monthly, (ii) at the Due Date and (iii) at any time that any Outstanding Principal Amount or part thereof is
paid. Interest shall be calculated as set forth in the Note.

 

(d)           Currency
of Payment. All loans and repayments of principal, interest or any other costs and charges shall be made in U.S. dollars.

 

3.           Bank’s
Conclusive Determinations and Schedule. The Bank’s determination with respect to any matter hereunder shall be conclusive,
final and binding on Borrower, absent manifest error. The Bank shall from time to time record the date and amount of each Loan,
the Applicable Rate, each date on which any part of principal, interest or any other amount shall be due and payable, and the amount
and date of each payment of principal, interest or any other amount, on a schedule, which in the Bank’s discretion may be
computer-generated and/or may be taken from the Bank’s general books and records, and which schedule is incorporated in,
and is a part of, the Note and this Rider (the “Schedule”). The Schedule shall be conclusive, final and binding upon
Borrower, absent manifest error, provided, however, that the failure of the Bank to record any of the foregoing shall not limit
or otherwise affect the obligation of Borrower to pay all amounts owed to the Bank under the Note. Without limiting the foregoing,
Borrower acknowledges that the Interest Period and the Applicable Rate with respect to any Outstanding Principal Amount are subject
to the Bank’s consent ordinarily negotiated between Borrower and the Bank by telephone, and Borrower agrees that in the event
of any dispute as to any of the terms of any Loan, the determination of the Bank and its respective entry with respect thereto
on its books and records and/or on the Schedule shall be conclusive, final and binding on Borrower, absent manifest error.

 

    	4

    	 

    

 

4.          Definitions.
Each capitalized term not defined herein shall have the meaning ascribed thereto in the Note. The following definitions apply in
this Rider and in the Note, and shall prevail over any different definitions in the Note.

 

(a)          Alternate
Rate: an annual Variable Prime-Based Rate equal to the Prime Rate plus the Prime Margin.

 

(b)          Applicable
Rate: whichever of the Loan Rate or Increased Rate is the applicable interest rate at any time with respect to any Outstanding
Principal Amount.

 

(c)          Currency:
money denominated in the lawful currency of any country (including but not limited to the lawful currency of the United States)
or any unit of account or single or unified currency of the European Community.

 

(d)          Determination
Time: 12:00 noon (or any later time determined by the Bank in its sole discretion), New York City time, of a Working Day that
is two Working Days prior to the date of the Loan.

 

(e)          Due
Date: the date set forth in paragraph 1 of the Note or, if the Bank has extended such date pursuant to paragraph G(5) of the
Note or by an agreement with Borrower, such extended date.

 

(f)          Interest
Period: any term of 1, 2 or 3 months, or such other term as may be acceptable to the Bank in its discretion, as set forth above
under Specific Terms or if not so set forth, as selected or agreed to by the Bank in its discretion. A term shall not be considered
an “Interest Period” during any period that the Applicable Rate is a Variable Prime-Based Rate. Each Interest Period
shall commence immediately at the end of the preceding Interest Period, if any. If there had been no immediately preceding Interest
Period with respect to any Outstanding Principal Amount, the Interest Period shall commence on the first Business Day on which
(i) such amount shall be outstanding and (ii) the Applicable Rate is not a Variable Prime-Based Rate. If any Interest Period would
otherwise come to an end on a day that is not a Working Day, its termination shall be postponed to the next day that is a Working
Day unless it would thereby terminate in the next calendar month. In such case, such Interest Period shall terminate on the immediately
preceding Working Day.

 

(g)          LIBOR
for each Interest Period: the rate per annum (carried out to the fifth decimal) equal to the rate determined by the Bank to be
the offered rate on a page or service (whether provided by Bridge Telerate, Reuters, Bloomberg or any other service) that displays
an average ICE Benchmark Administration Ltd.(or any other Person which takes over the administration of such rate) rate for deposits
in U.S. dollars (for delivery on the first Working Day of such Interest Period) with a term equivalent to such Interest Period,
determined as of approximately 11:00 a.m. (London time) two (2) Working Days prior to the first Working Day of such Interest Period.
At the Borrower’s request, the Bank will provide the Borrower with identifying information with respect to the page or service
so used by the Bank. If the Bank determines that the rate referenced in the first sentence of this paragraph is not available,
then “LIBOR” will mean, as applicable to any Interest Period, the rate determined (i) on the basis of the offered rates
for deposits in U.S. dollars with a term equivalent to such Interest Period, which are offered by four major banks selected by
the Bank in the London interbank market at approximately 11:00 a.m. London time, on the Working Day that is two (2) Working Days
prior to the first Working Day of such Interest Period; or (ii) by applying such other recognized source of London Eurocurrency
deposit rates as the Bank may determine from time to time. If the Bank determines in its sole discretion that LIBOR cannot be determined
or does not represent its effective cost of maintaining a Loan, then interest shall accrue at the effective cost to the Bank to
maintain the Loan (as determined by the Bank in its sole discretion).

 

    	5

    	 

    

 

(h)          LIBOR-Based
Rate: an annual rate equal to LIBOR plus the Libor Margin, as determined by the Bank.

 

(i)          Libor
Margin: as set forth under Specific Terms.

 

(j)          Loan:
(i) any loan advanced by the Bank to Borrower under the Note, (ii) any rollover by the Bank of any such loan that is otherwise
due and payable, or (iii) any conversion of the Applicable Rate for any Outstanding Principal Amount from a rate that is a Variable
Prime-Based Rate to one that is not, or vice versa.

 

(k)          Loan
Rate: the interest rate determined under subparagraph 1(a) and/or 2(b).

 

(l)          Note:
the note of which this Rider is a part (including any and all riders and amendments to the Note).

 

(m)          Outstanding
Principal Amount: the outstanding principal amount of each Loan.

 

(n)          Payment
Date: the last Business Day of the applicable Interest Period or, if the applicable Loan Rate is a Variable Prime-Based Rate,
the Due Date.

 

(o)          Prime-Based
Rate: an annual rate equal to the Prime Rate plus the Prime Margin, as determined by the Bank.

 

(p)          Prime
Margin: as set forth under Specific Terms.

 

(q)          Prime
Rate: that rate of interest announce by the Bank, from time to time, as its Prime Rate. The Prime Rate is not necessarily the
lowest rate of interest charged by the Bank to any particular class of customers.

 

(r)          Working
Day: a Business Day on which banks are regularly open for business in London.

 

    	6

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