Document:

Exhibit 10.B
​
EXECUTION VERSION
​
​
​
​
SIXTH AMENDMENT AND CONSENT TO
LOAN AND SECURITY AGREEMENT AND AMENDMENT TO FEE LETTER
​
​
THIS SIXTH AMENDMENT AND CONSENT TO LOAN AND SECURITY AGREEMENT
AND AMENDMENT TO FEE LETTER (this “Amendment”), dated as of May 27, 2022, is entered into by and among IMEDIA BRANDS, INC., a Minnesota corporation (“iMedia” or “Borrowing Agent”), VALUEVISION INTERACTIVE, INC., a Minnesota corporation (“Value Interactive”), VALUEVISION RETAIL, INC., a Delaware corporation (“Value Retail”), PW ACQUISITION COMPANY, LLC, a Minnesota limited liability company (“PW Acquisition”), FL ACQUISITION COMPANY, a Minnesota corporation (“FL Acquisition”), VALUEVISION MEDIA ACQUISITIONS, INC., a Delaware corporation (“Value Media”), TCO, LLC, a Delaware limited liability company (“TCO”), JWH ACQUISITION COMPANY, a Minnesota corporation (“JWH Acquisition”), NORWELL TELEVISION, LLC, a Delaware limited liability company (“Norwell”), 867 GRAND AVENUE LLC, a Minnesota limited liability company (“867 Grand Avenue”), PORTAL ACQUISITION COMPANY, a Minnesota corporation (“Portal” and together with iMedia, Value Interactive, Value Retail, PW Acquisition, FL Acquisition, Value Media, TCO, JWH Acquisition, Norwell, 867 Grand Avenue and any other Person who from time to time becomes a Borrower under the Loan Agreement, collectively, the “Borrowers”), VVI FULFILLMENT CENTER, INC., a Minnesota corporation (“VVI Fulfillment”), EP PROPERTIES, LLC, a Minnesota limited liability company (“EP Properties”), IMEDIA&123TV HOLDING GMBH (“iMedia&123tv Holding” and together with VVI Fulfillment, and EP Properties, collectively, the “Guarantors”), SIENA LENDING GROUP LLC, as a lender (“Siena” and together with any other financial institutions who become part to the Loan Agreement referred to below from time to time, each a “Lender” and collectively, the “Lenders”) and SIENA LENDING GROUP LLC, as administrative and collateral agent for the Lenders (in such capacity, the “Agent”). Terms used herein without definition shall have the meanings ascribed to them in the Loan Agreement defined below.
​
RECITALS
​
A.Agent, Lenders and Borrowers have previously entered into that certain Loan and Security Agreement dated as of July 30, 2021 (as amended, modified and supplemented from time to time, the “Loan Agreement”), pursuant to which Lenders have made certain loans and financial accommodations available to Borrowers.
​
B.Agent and Borrowers have previously entered into that certain Fee Letter dated as of July 30, 2021 (as amended, modified and supplemented from time to time, the “Fee Letter”).
​
C.Borrowers have notified Agent that iMedia intends to repay (the “Intercompany Repayment”) that certain short term loan (the “1.2.3.TV Short Term Loan”) advanced by 1-2-3.TV GmbH (“1.2.3.TV”) in the amount of $1,500,000 pursuant to that certain Short Term Loan Agreement dated as of February 23, 2022 between iMedia and 1.2.3.TV.
​
D.Borrowers have requested that Agent and Lenders consent to the Intercompany Repayment and amend the Loan Agreement and that Agent amend the Fee Letter, respectively, on the terms and conditions set forth herein.
​
E.Agent and Lenders are willing to consent to the Intercompany Repayment and amend the Loan Agreement and Agent is willing to amend the Fee Letter, in each case on the terms and conditions set forth herein.
​

1

​

F.Borrowers are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Agent’s or any Lender’s rights or remedies as set forth in the Loan Agreement or any other Loan Document or Agent’s rights under the Fee Letter are being waived or modified by the terms of this Amendment.
​
AGREEMENT
​
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
​
1.Amendments to Loan Agreement. Effective as of the Sixth Amendment Effective Date (except with respect to Sections 1(h) and (i) below, which shall be effective as of April 30, 2022):
​
(a)Clauses (e)(i)(A) and (e)(ii) of Section 5.25 of the Loan Agreement are amended and restated in their entirety as follows:
​
“(A) their respective Domestic Subsidiaries that are Loan Parties (other than VVI Fulfillment and EP Properties),”
“(ii) a Loan Party (other than a Borrower) may make loans to, and investments in, another Loan Party (other than iMedia&123tv Holding, VVI Fulfillment and EP Properties),”

(b)Section 10.8(a) of the Loan Agreement is amended by amending and restating in its entirety clause (b) of the proviso therein as follows:
​
“(b) assignments by any Lender shall be subject to Sections 10.8(b) through 10.8(f).”

(c)Section 10.8 of the Loan Agreement is amended by adding new subsections (e) and (f) thereto as follows:
​
“(e) Assignment to SPV. Notwithstanding any provision to the contrary, any Lender may assign to one or more related special purpose funding vehicles (each, an “SPV”), other than an Ineligible Assignee, all or any portion of its funded Loans (without, in the case of Revolving Loans, the corresponding Revolving Loan Commitment), without the consent of any Person or the payment of a fee, by execution of a written assignment agreement in a form agreed to by such Lender and such SPV, and may grant any such SPV the option, in such SPV’s sole discretion, to provide the Borrowers all or any part of any Loans that such Lender would otherwise be obligated to make pursuant to this Agreement. Such SPVs shall have all the rights which a Lender making or holding such Loans would have under this Agreement, but no obligations. The Lender making such assignment shall remain liable for all its original obligations under this Agreement, including its applicable Commitments (although the unused portion thereof shall be reduced by the principal amount of any Loans held by an SPV). Notwithstanding such assignment, the Agent and Borrowers may deliver notices to the Lender making such assignment (as agent for the SPV) and not separately to the SPV unless the Agent and Borrower Agent are requested in writing by the SPV (or its agent) to deliver such notices separately to it. For the avoidance of doubt, Agent shall direct all settlements and related payments pursuant to Section 10.20 of this Agreement to the Lender that assigned its Loan(s) to an SPV and nothing shall require Agent to settle with or make any payments to any SPV pursuant to this Agreement. The Borrowers shall, at the request of any such Lender, execute and deliver to such Person
​

2

​

as such Lender may designate, a note in the amount of such Lender's original note to evidence the Loans of such Lender and related SPV.
(f) Matters Specific to SLR. Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, (i) neither SLR nor any of its Affiliates shall be required to comply with Section 10.8 or 10.9 in connection with any transaction involving any other Affiliate of SLR or any of its lenders or funding or financing sources, other than any of the foregoing constituting Ineligible Assignees, and neither SLR nor any of its Affiliates shall have an obligation to disclose any such transaction to any Person (except to the extent necessary to enable compliance with Section 9 hereof) and (ii) there shall be no limitation or restriction on (A) the ability of SLR or its Affiliates to assign or otherwise transfer its rights and/or obligations under this Agreement or any other Loan Document, any Commitment, any Loan or any Obligation to any other Affiliate of SLR or any lender or financing or funding source of SLR or any of its Affiliates, other than any of the foregoing constituting Ineligible Assignees, or (B) any such lender’s or funding or financing source’s ability to assign or otherwise transfer its rights and/or obligations under this Agreement or any other Loan Document, any Loan or any Obligation, other than any to any party constituting an Ineligible Assignee; provided, however, that SLR shall continue to be liable as a “Lender” under this Agreement and the other Loan Documents unless such other Person complies with the provisions of Section 10.8(b) this Agreement to become a “Lender” (including, without limitation, any applicable consents of Agent and Borrowers required under Section 10.8(b)), and until such time Borrowers shall at all times have the right to rely upon any amendments, waivers or consents signed by Agent and Required Lenders as being binding upon any party obtaining any rights under this Section 10.8(f).”

(d)The Loan Agreement, including without limitation, Sections 10.21(a), (b), (d), (e) and (g) and the definition of “Required Lenders” is amended to delete all references therein to “Revolving Commitment” and replace in lieu thereof “Revolving Loan Commitment”.
​

		(e)	The Loan Agreement is amended to add a new Section 10.22 as follows:

​
		10.22	Erroneous Payments.

(a)Each Lender and any other party hereto hereby severally agrees that if (i) Agent notifies (which such notice shall be conclusive absent manifest error) such Lender (or the Lender which is an Affiliate of a Lender) or any other Person that has received funds from Agent or any of its Affiliates, either for its own account or on behalf of a Lender (each such recipient, a “Payment Recipient”) that Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this Section 10.22(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or
​

3

​

otherwise; individually and collectively, an “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.
​

(b)Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify Agent in writing of such occurrence.
​

(c)In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of Agent, and upon demand from Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than five (5) Business Days thereafter, return to Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to Agent at the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
​
(d)In the event that an Erroneous Payment (or portion thereof) is not recovered by Agent for any reason, after demand therefor by Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then at the sole discretion of Agent and upon Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Loans”) to Agent or, at the option of Agent, Agent’s applicable lending affiliate (such assignee, the “Agent Assignee”) in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Loans, the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by Agent Assignee as the assignee of such Erroneous Payment Deficiency Assignment. Without limitation of its rights hereunder, following the effectiveness of the Erroneous Payment Deficiency Assignment, Agent may make a cashless reassignment to the applicable assigning Lender of any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Lender and upon such reassignment all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor,
​

4

​

and (2) the provisions of this clause (d) shall govern in the event of any conflict with the terms and conditions of Section 10.8.
​
(e)Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, Agent (1) shall be subrogated to all the rights of such Payment Recipient and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by Agent to such Payment Recipient from any source, against any amount due to Agent under this Section 10.22 or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by Agent from the Borrower or any other Loan Party for the purpose of making for a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.
​
(f)Each party’s obligations under this Section 10.22 shall survive the resignation or replacement of Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.
​
(g)The provisions of this Section 10.22 to the contrary notwithstanding, (i) nothing in this Section 10.22 will constitute a waiver or release of any claim of any party hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment and (ii) there will only be deemed to be a recovery of the Erroneous Payment to the extent that Agent has received payment from the Payment Recipient in immediately available funds the Erroneous Payment Return, whether directly from the Payment Recipient, as a result of the exercise by Agent of its rights of subrogation or set off as set forth above in clause (e) or as a result of the receipt by Agent Assignee of a payment of the outstanding principal balance of the Loans assigned to Agent Assignee pursuant to an Erroneous Payment Deficiency Assignment, but excluding any other amounts in respect thereof (it being agreed that any payments of interest, fees, expenses or other amounts (other than principal) received by Agent Assignee in respect of the Loans assigned to Agent Assignee pursuant to an Erroneous Payment Deficiency Assignment shall be the sole property of Agent Assignee and shall not constitute a recovery of the Erroneous Payment).
​
(f)The following definitions set forth on Schedule B to the Loan Agreement are amended and restated in their entirety to read as follows:
​
““Ineligible Assignee” means (a) any natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), (b) any Loan Party or any of its Affiliates), (c) any Defaulting Lender or any Affiliate of any Defaulting Lender or any Person who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or an Affiliate thereof, or (d) so long as no Event of
​

5

​

Default has occurred and is continuing, any Person which is a direct competitor of the Loan Parties (excluding any such competitor which is either (x) a federal or state chartered bank, a United States branch of a foreign bank, or any insurance company, (y) any bona fide debt funds, and (z) any funds that are managed or controlled by such commercial or corporate banks, insurance companies or bona fide debt funds, in each case, if primarily engaged in the business of making commercial loans).”
​
““Settlement Date” means Tuesday of each week (or if any Tuesday is not a Business Day on which all Lenders are open for business, the immediately preceding Business Day on which all Lenders are open for business), provided that, Agent, in its discretion, may require that the Settlement Date occur more frequently (even daily) so long as any Settlement Date chosen by Agent is a Business Day on which each Lender is open for business.”

(g)Schedule B of the Loan Agreement is amended to add the following new definitions in the appropriate alphabetical order, as follows:
​
““Erroneous Payment” has the meaning specified therefor in Section 10.22 of this Agreement.”
““Erroneous Payment Deficiency Assignment” has the meaning specified therefor in Section 10.22 of this Agreement.”
““Erroneous Payment Impacted Loans” has the meaning specified therefor in Section 10.22 of this Agreement.”
““Erroneous Payment Return Deficiency” has the meaning specified therefor in Section 10.22 of this Agreement.”
““Payment Recipient” has the meaning specified therefor in Section 10.22 of this Agreement.”
““Sixth Amendment Effective Date” shall mean May 27, 2022.”
““SLR” shall mean Crystal Financial LLC d/b/a SLR Credit Solutions.”

(h)Subsection (a) set forth on Schedule E of the Loan Agreement is amended and restated in its entirety as follows:
​
“(a)   Minimum Liquidity.  Borrowers shall not permit Minimum Liquidity as of the end of any fiscal month to be less than $7,500,000; provided, that, commencing with the fiscal month ending July 30, 2022, if, as of any Testing Date (as defined below) as set forth in paragraph (b) of this Schedule E, Borrowers fail to maintain Senior Net Leverage Ratio for the trailing twelve month period ended on such Testing Date of less than 2.50:1.00, then for the entirety of the immediately subsequent fiscal quarter, Borrowers shall not permit Minimum Liquidity measured as of the last day of any fiscal month in such fiscal quarter, to be less than $15,000,000. If and when the Minimum Liquidity threshold has been automatically increased pursuant to the immediately foregoing sentence, the Minimum Liquidity threshold will remain at $15,000,000 until Borrowers deliver evidence satisfactory to Agent in its Permitted Discretion that Borrowers maintained a Senior Net Leverage Ratio of less than 2.50:1.00, for the most recent trailing twelve month period then ended as measured on the most recent Testing Date then ended, at which point, the Borrowers’ Minimum Liquidity threshold shall automatically revert to $7,500,000 for the entirety of the immediately subsequent fiscal quarter.”
​

6

​

(i)Subsection (b) set forth on Schedule E of the Loan Agreement is amended and restated in its entirety as follows:
​
“(b) Maximum Senior Net Leverage Ratio. Loan Parties shall maintain a Senior Net Leverage Ratio of not greater than the applicable ratio set forth in the table immediately below, and corresponding to the applicable time period, which shall be tested as of the last day of each fiscal quarter (the “Testing Date”) of Loan Parties:
​
	Trailing Twelve Month Period
	Senior Net Leverage Ratio

	Period ending on Testing Date April 30, 2022
	3.50:1.00

	Period ending on Testing Date July 30, 2022
	3.25:1.00

	Period ending on Testing Date October 29, 2022
	2.75:1.00

	Period ending on Testing Date January 28, 2023
	2.75:1.00

	Period ending on Testing Date April 29, 2023 and thereafter
	2.50:1.00

​
2.Consent to Intercompany Repayment. Notwithstanding anything to the contrary contained in the Loan Agreement, to the extent Agent’s or Lenders’ consent is necessary and/or required under the Loan Agreement, each of Agent and Lenders hereby consent to the Intercompany Repayment; provided, that, that iMedia shall make such Intercompany Repayment on or before May 31, 2022 and promptly provide Agent with evidence thereof.
​
		3.	Release; Covenant Not to Sue.

​

(a)Each Loan Party hereby absolutely and unconditionally releases and forever discharges Lender, and any and all of their respective participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing (each a “Released Party”), from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which any Loan Party has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown. It is the intention of each Loan Party in providing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified.
​

(b)Each Loan Party acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agree that this instrument shall be and remain effective in all respects notwithstanding any such differences or additional facts. Each Loan Party understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.
​

7

​

(c)Each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged by any Loan Party pursuant to the above release. If any Loan Party or any of its successors, assigns or other legal representatives violates the foregoing covenant, such Loan Party, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all attorneys’ fees and costs incurred by such Released Party as a result of such violation.
​

4.Amendment to Fee Letter. As of the effective date of this Amendment, and with respect solely to the Fee Letter, Agent and Borrowers hereby agree that all references therein to “LIBOR Rate” shall be deleted and replaced in lieu thereof with “Term SOFR.”
​

5.Covenant. In consideration of the agreements set forth herein, Borrowers hereby covenant and agree that on or before the date that is sixty (60) days after the date of this Amendment (or such later date as Agent may agree in writing in its sole discretion), Borrowers shall deliver to Agent irrevocable standing transfer instructions or similar document(s) (in either case in form and substance acceptable to Agent in its sole discretion), pursuant to which Borrowers irrevocably instruct each applicable bank listed below to transfer to iMedia’s collection account ending in x5863 at PNC Bank, National Association by wire transfer of immediately available funds, all available funds in excess of $25,000 on deposit in each of the deposit accounts listed below:
​
	Bank Where Deposit Account is Maintained
	Deposit Account ending in

	PNC Bank, National Association
	x6735

	MidWest One
	x0716

	Central Bank of Branson
	x1978

	Bank of America, N.A.
	x4271

​
6.Amendment Fee. In consideration of the agreements set forth herein, Borrowers hereby agree to jointly and severally pay to Agent for its benefit, an amendment fee in the amount of $50,000 (the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned as of and due and payable on the date of this Amendment.
​
7.Consent Fee. In consideration of the agreements set forth herein, Borrowers hereby agree to jointly and severally pay to Agent for its benefit, a consent fee in the amount of $300,000 (the “Consent Fee”), which fee is non-refundable when paid and is fully-earned as of and due and payable on the date of this Amendment.
​
8.Effectiveness of this Amendment. This Amendment, and the consent provided for herein, shall become effective upon the satisfaction, as determined by Agent, of the following conditions (the “Sixth Amendment Effective Date”):
​
(a)Amendment. Agent shall have received this Amendment fully executed by the other parties hereto;
​

8

​

(b)Amendment Fee. Agent shall have received the Amendment Fee, which may be paid as a charge to Borrowers’ Loan Account. Borrowers hereby authorize Agent to charge Borrower’s Loan Account in full payment of such Amendment Fee on the date of this Amendment;
​

(c)Consent Fee. Agent shall have received the Consent Fee, which may be paid as a charge to Borrowers’ Loan Account. Borrowers hereby authorize Agent to charge Borrower’s Loan Account in full payment of such Consent Fee on the date of this Amendment;
​
(d)Representations and Warranties. The representations and warranties set forth herein and in the Loan Agreement must true and correct in all material respects (without duplication of materiality qualifiers therein) as of the date hereof (or to the extent any representations or warranties are expressly made solely as of an earlier date, such representations and warranties shall be true and correct in all material respects (without duplication of materiality qualifiers therein) as of such earlier date); and
​

(e)Other Required Documentation. All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered or executed or recorded, as reasonably required by Agent in its Permitted discretion.
​
		9.	Representations and Warranties. Each Loan Party represents and warrants as follows:

​

(a)Authority. Such Loan Party has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder, under the Loan Agreement (as amended or modified hereby) and under the other Loan Documents to which it is a party. The execution, delivery and performance by such Loan Party of this Amendment have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions.
​
(b)Enforceability. This Amendment has been duly executed and delivered by each Loan Party. This Amendment, the Loan Agreement (as amended or modified hereby) and each other Loan Document is the legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, and is in full force and effect.
​
(c)Representations and Warranties. The representations and warranties contained in the Loan Agreement and each other Loan Document (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof.
​
(d)Due Execution. The execution, delivery and performance of this Amendment are within the power of each Loan Party, have been duly authorized by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene any law or any contractual restrictions binding on any Loan Party.
​
(e)No Default. No event has occurred and is continuing that constitutes a Default or an Event of Default.
​
(f)No Duress. This Amendment has been entered into without force or duress, of the free will of each Loan Party. Each Loan Party’s decision to enter into this Amendment is a fully informed decision and such Loan Party is aware of all legal and other ramifications of such decision.
​
(g)Counsel. Each Loan Party has read and understands this Amendment, has consulted with and been represented by legal counsel in connection herewith, and has been advised by its counsel of its rights and obligations hereunder and thereunder.
​

9

​

10.Choice of Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW). FURTHER, THE LAW OF THE STATE OF NEW YORK SHALL APPLY TO ALL DISPUTES OR CONTROVERSIES ARISING OUT OF OR CONNECTED TO OR WITH THIS AMENDMENT AND ALL SUCH RELATED LOAN DOCUMENTS WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW).
​

11.Counterparts; Facsimile Signatures. This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by e-mail, Docusign, facsimile or other similar form of electronic transmission shall be deemed to be an original signature hereto.
​
		12.	Reference to and Effect on the other Loan Documents.

​

(a)Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement and the Fee Letter, respectively to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement or the Fee Letter, respectively, and each reference in the other Loan Documents to “the Loan Agreement”, “the Fee Letter,” “thereof” or words of like import referring to the Loan Agreement or the Fee Letter, respectively, shall mean and be a reference to the Loan Agreement or the Fee Letter, respectively, as modified and amended hereby.
​
(b)Except as specifically amended above, the Loan Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Borrowers to Agent and Lenders.
​
(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Agent or any Lender under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents.
​
(d)To the extent that any terms and conditions in any of the other Loan Documents shall contradict or be in conflict with any terms or conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended hereby.
​
(e)To the extent that any terms and conditions in any of the other Loan Documents shall contradict or be in conflict with any terms or conditions of the Fee Letter, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Fee Letter as modified or amended hereby.
​

13.Ratification. Each Loan Party hereby restates, ratifies and reaffirms each and every term and condition set forth in the Loan Agreement, as amended hereby, and the other Loan Documents effective as of the date hereof.
​

10

​

14.Integration. This Amendment, together with the Loan Agreement and the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.
​

15.Severability. If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.
​

16. Guarantors’ Acknowledgment. With respect to the amendments to the Loan Agreement effected by this Amendment, each Guarantor hereby acknowledges and agrees to this Amendment and confirms and agrees that its Guaranty (as modified and supplemented in connection with this Amendment) is and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that, upon the effectiveness of, and on and after the date of this Amendment, each reference in such Guaranty to the Loan Agreement, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended or modified by this Amendment. Although Lender has informed the Guarantors of the matters set forth above, and each Guarantor has acknowledged the same, each Guarantor understands and agrees that Lender has no duty under the Loan Agreement, any Guaranty or any other agreement with any Guarantor to so notify any Guarantor or to seek such an acknowledgement, and nothing contained herein is intended to or shall create such a duty as to any transaction hereafter.
​
[remainder of page intentionally blank]
​

11

​

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.
​
​
BORROWERS:
​

IMEDIA BRANDS, INC.
​
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

VALUEVISION RETAIL, INC.
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

FL ACQUISITION COMPANY
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

PW ACQUISITION COMPANY, LLC
​
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

VALUEVISION MEDIA ACQUISITIONS, INC.
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

​

TCO, LLC
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

JWH ACQUISITION COMPANY
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​
​

NORWELL TELEVISION, LLC
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

867 GRAND AVENUE LLC
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​
​

VALUEVISION INTERACTIVE, INC.
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​
​

PORTAL ACQUISITION COMPANY
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​

​

​
​
	GUARANTORS:
​
VVI FULFILLMENT CENTER, INC.
​
By: ___________________________________
Name: Timothy Peterman Its: CEO

	​
EP PROPERTIES, LLC
​
By: ___________________________________
Name: Timothy Peterman Its: CEO
​
IMEDIA&123TV HOLDING GMBH
​
By: ___________________________________
Name: Timothy Peterman Its:Managing Director

​

​

​

​
​
​
​

[Signature Page to Sixth Amendment to Loan and Security Agreement]
​

SIENA LENDING GROUP LLC, as Agent
​
​

By:​ ​ Name: Renee Singer
Title: Authorized Signatory
​
​
By:​ ​ Name: Steven Sanicola
Title: Authorized Signatory
​
​
SIENA LENDING GROUP LLC, as Lender
​
​

By:​ ​ Name: Renee Singer
Title: Authorized Signatory
​
​
By:​ ​ Name: Steven Sanicola
Title: Authorized Signatory

[Signature Page to Sixth Amendment to Loan and Security Agreement]Form of Global Note for 5.000% Notes due 2027

 Exhibit 4.1 

FORM OF GLOBAL NOTE FOR 5.000% NOTES DUE 2027 

THIS SECURITY IS A SECURITY IN GLOBAL FORM AS REFERRED TO IN THE INDENTURE HEREINAFTER REFERENCED AND REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. IN THE EVENT THAT THIS GLOBAL SECURITY IS EXCHANGED IN
WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, ALL SUCH INDIVIDUAL SECURITIES IN THE FORM OF DEFINITIVE CERTIFICATES SHALL CONTAIN THE LEGENDS BELOW WITH RESPECT TO JAPANESE TAXATION. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OF THIS SECURITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS SECURITY WILL
BE SUBJECT TO JAPANESE WITHHOLDING TAX, UNLESS THE HOLDER ESTABLISHES THAT THIS SECURITY IS HELD BY OR FOR THE ACCOUNT OF A HOLDER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER (X) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE
CORPORATION, NOR (Y) AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE ISSUER, (II) A
JAPANESE FINANCIAL INSTITUTION DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (29) OF THE CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) UNDER ARTICLE 6,
PARAGRAPH (11) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION THAT COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III) AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION WHOSE RECEIPT OF INTEREST ON THE
SECURITIES WILL BE MADE THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DEFINED IN ARTICLE 2-2, PARAGRAPH (2) OF THE CABINET ORDER. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING
PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE ISSUER WILL BE SUBJECT TO
DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% OF THE AMOUNT OF SUCH INTEREST. 

 ORIX CORPORATION 

5.000% Notes due 2027 
 Principal
Amount: $[            ] 
 No. [    ] 

CUSIP: 686330 AQ4 
 ISIN: US686330AQ49 

Common Code: 252855165 
 ORIX Corporation, a joint
stock company organized under the laws of Japan (the “Issuer”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal amount set forth above on September 13, 2027 and to pay interest thereon from September 13, 2022 or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on
March 13 and September 13 in each year commencing March 13, 2023 at the rate per annum provided in the title hereof, until the principal hereof is paid or made available for payment, all subject to and in accordance with the
terms of the Indenture. 
 With respect to each interest payment date, as described above, interest shall be paid to the holders of record
as of the close of business on the fifteenth day before the interest payment date (whether or not a business day). Interest on this Security will accrue from the date of original issuance or, if interest has already been paid, from the date it was
most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

If any payment is due on this Security on a day that is not a business day, payment will be made on the day that is the next business day.
Payments postponed to the next business day in this situation will be treated under the Indenture as if they were made on the original due date. Postponement of this kind will not result in an Event of Default under the Securities or the Indenture,
and no interest will accrue on the postponed amount from the original due date to the next day that is a business day. 
 For the purposes
of the preceding paragraph, “business day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking or trust institutions in New York City or in Tokyo are authorized generally or obligated by law,
regulation or executive order to close. 
 The principal of, and interest and additional amounts on, this Security will be payable in U.S.
dollars. The Issuer will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to DTC. 

The Issuer will pay the holder hereof additional amounts with respect to withholding taxes as are provided for, and subject to the conditions
stated, on the reverse of this Security. 
 This Security is the direct, unsecured and unsubordinated general obligation of the Issuer and
has the same rank in liquidation as all of the other unsecured and unsubordinated debt of the Issuer. This Security is not redeemable prior to maturity, except as set forth on the reverse of this Security and will not be subject to any sinking fund.

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually
executed by or on behalf of the Trustee under the Indenture, this Security shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, ORIX CORPORATION has caused this Security to be duly executed. 

Date:                 

 

					
	ORIX CORPORATION
		
	By:	 	  

		 	Name:	 	[            ]
		 	Title:	 	[            ]

  
 [Global Security No.
[     ]] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

Date:                 

 

					
	 The Bank of New York Mellon, as Trustee

		
	By:	 	  

		 	Name:	 	[            ]
		 	Title:	 	[            ]

  
 [Certificate of
Authentication – Global Security No. [     ]] 

 REVERSE OF SECURITY 

This Security is one of the duly authorized issues of unsecured debentures, notes or other evidences of indebtedness of the Issuer
(hereinafter called the “Securities”), of the series hereinafter specified, all issued or to be issued under and pursuant to the indenture dated as of July 18, 2017, as may be supplemented or amended from time to time in accordance
with its terms (hereinafter called the “Indenture”), duly executed and delivered by the Issuer and The Bank of New York Mellon, as Trustee (the “Trustee”, which term includes any successor Trustee under the Indenture), to which
Indenture and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any paying
agent, the Issuer and the Holders of the Securities and of the terms upon which the Securities are issued and are to be authenticated and delivered. This Security is one of the series designated on the face hereof. By the terms of the Indenture,
additional Securities of this series and of other separate series, which may vary as to date, amount, seniority, stated maturity (if any), interest rate or method of calculating the interest rate and in other respects as therein provided, may be
issued in an unlimited amount. 
 Payments of principal and interest on the Securities will be made by the Issuer without withholding or
deduction for or on account of any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of Japan or any political subdivision or any authority thereof or therein having power to tax, unless
otherwise required by law. If any such withholding or deduction is required by Japanese law, the Issuer will pay to a Holder such additional amounts as may be necessary in order that the amount received by the Holder after deduction or withholding
for or on account of any such present or future tax, duty, assessment or other governmental charge will not be less than the amount that, in the absence of such deduction or withholding, would have been received by the Holder. However, no additional
amounts will be payable with respect to any Security under any of the following circumstances: 
  

	 	•	 	 the Holder or beneficial owner of the Security is an individual
non-resident of Japan or non-Japanese corporation and is liable for such Japanese taxes in respect of such Security by reason of its (a) having some connection with
Japan other than the mere holding of the Security or (b) being a person having a special relationship with the Issuer for Japanese tax purposes as described in Article 6, paragraph (4) of the Act on Special Measures Concerning Taxation;

  

	 	•	 	 the Holder or beneficial owner of the Security is for Japanese tax purposes treated as an individual resident of
Japan or a Japanese corporation (except for (a) a Japanese bank, Japanese insurance company, Japanese securities company or other Japanese financial institution falling under certain categories prescribed by Cabinet Order No. 43 of 1957,
as amended (the “Cabinet Order”) or a Japanese financial institution designated in Article 3-2-2, Paragraph (29) of the Cabinet Order that complies with
the requirement under Article 6, paragraph (11) of the Act on Special Measures Concerning Taxation, among others, (i) to provide certain information prescribed by the Act on Special Measures Concerning Taxation and the relevant cabinet
order and regulations thereunder to enable the participants in an international clearing organization to establish that such Holder or beneficial owner is exempt from the requirement for Japanese tax to be withheld or deducted or the interest
recipient information designated in Article 6, paragraph (10) of the Act on Special Measures Concerning Taxation (the “Interest Recipient Information”), or (ii) to submit a written application for tax exemption (Hikazei Tekiyo
Shinkokusho) and (b) an individual resident of Japan or a Japanese corporation that duly notifies (whether directly, through a participant in an international clearing organization or otherwise) the relevant paying agent of its status as
not being subject to Japanese taxes to be withheld or deducted by the Issuer by reason of receipt by it of interest on the relevant Security through a payment handling agent in Japan appointed by the Issuer); 

	 	•	 	 the tax, duty, assessment or other governmental charge is imposed or withheld because the Holder or beneficial
owner failed, upon the Issuer’s reasonable request, to make a declaration or satisfy any information requirements that the statutes, treaties, regulations or administrative practices of Japan require as a precondition to exemption from all or
part of such tax or governmental charge; 

  

	 	•	 	 the Holder or beneficial owner of the Security would otherwise be exempt from any such withholding or deduction
but for failure to comply with any applicable requirement to provide Interest Recipient Information or to submit a written application for tax exemption to the relevant paying agent, or whose Interest Recipient Information is not duly communicated
through the relevant participant and the relevant international clearing organization to such paying agent; 

  

	 	•	 	 the Security is presented for payment (where presentation is required) more than 30 days after the day on which
such payment on the Security became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder thereof would have been entitled to additional amounts on presenting the same for payment on the last day of
such period of 30 days; 

  

	 	•	 	 the withholding or deduction is imposed on a Holder or beneficial owner who could have avoided such withholding
or deduction by presenting its Security (where presentation is required) to another paying agent maintained by the Issuer; 

  

	 	•	 	 the Holder is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal of,
or any interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner, in each case, who
would not have been entitled to such additional amounts had it been the Holder of such Security; or 

  

	 	•	 	 any combination of the above. 

 No additional amounts will be payable for or on account of any deduction or withholding
imposed pursuant to Sections 1471-1474 of the U.S. Internal Revenue Code and the U.S. Treasury regulations thereunder, or FATCA, any intergovernmental agreement entered into with respect to FATCA, any law, regulation or other official guidance
enacted or published in any jurisdiction implementing, or relating to, FATCA or an intergovernmental agreement with respect to FATCA, or any agreement with the U.S. Internal Revenue Service regarding FATCA. 

The Issuer will (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Japanese
taxing authority in accordance with applicable law. The Issuer will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment or other governmental charge so remitted to the Japanese
taxing authority imposing such tax, duty, assessment or other governmental charge and will provide such certified copies to each Holder. The Issuer will attach to each certified copy a certificate stating (x) that the amount of withholding tax,
duty, assessment or other governmental charge evidenced by the certified copy was paid in connection with payments in respect of the principal amount of Securities then outstanding and (y) the amount of such withholding tax, duty, assessment or
other governmental charge paid per $1,000 principal amount of the Securities. Copies of such documentation will be available for inspection during ordinary business hours at the office of the Trustee by the Holders of the Securities upon request and
will be made available at the office of the paying agent. 
 The obligation to pay additional amounts with respect to any taxes, duties,
assessments and other governmental charges shall not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment,
fee or other governmental charge which is payable otherwise than by deduction or withholding from payments of principal or interest on the Securities; provided that the Issuer shall pay all stamp, court or documentary taxes or any excise or property
taxes, charges or similar levies and duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the execution of the Indenture or as a consequence of the
initial issuance, execution, delivery or registration of the Securities. 
 References to principal or interest in respect of the Securities
shall be deemed to include any additional amounts due which may be payable as set forth here and in the Indenture. 
 The Issuer has the
option to redeem any series of Securities prior to maturity if, as a result of change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in
application or official interpretation of such laws or regulations, which change or amendment becomes effective, or which change in application or interpretation is announced, on or after the issue date of the relevant series of Securities, the
Issuer would be required to pay additional amounts as described above, in which case the Issuer may redeem the Securities of such series in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Securities plus
accrued interest to the redemption date. Furthermore, the Issuer must give the Holders between 30 and 60 days’ notice before redeeming the Securities, and no such notice of redemption may be given earlier than 90 days prior to the earliest date
on which the Issuer would be required to make such payment of additional amounts if a payment in respect of the Securities were actually due on such date. Prior to giving any such notice of redemption, the Issuer shall deliver to the Trustee
(i) an Officer’s Certificate stating that the conditions precedent to the Issuer’s right to redeem the Securities have been fulfilled and (ii) an Opinion of Counsel, who shall be independent legal counsel to the Issuer reasonably
satisfactory to the Trustee, confirming that the Issuer has or will be required to pay additional amounts as a result of such change or amendment. The Trustee shall be entitled to accept such Officer’s Certificate and Opinion of Counsel as
sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be conclusive and binding on the Holders of the Securities. 

 So long as any of the Securities remain outstanding, the Issuer may not create or permit to
subsist any pledge, lien or other charge upon the whole or any part of its undertaking, assets or revenues present or future to secure, for the benefit of the holders thereof, any External Indebtedness, as defined below, without according or
procuring to be accorded to the debt obligations of the Issuer under the Securities and the Indenture the same security as is granted to such External Indebtedness or such other security or guarantee as shall be approved by Holders representing more
than 50% of the outstanding principal amount of the Securities. “External Indebtedness” means any of the indebtedness of the Issuer or any of its consolidated subsidiaries, with a stated maturity of more than one year from the creation
thereof, which is represented by bonds, debentures, notes or any other similar debt securities which are quoted, listed or ordinarily dealt in, or are intended to be quoted, listed or ordinarily dealt in, on a stock exchange or on any over-the-counter or any other similar securities market outside Japan and which are by their terms repayable or confer a right to receive repayment in any currency other than
yen or are denominated in yen, if a majority of the aggregate nominal amount thereof is initially distributed outside Japan by or with the Issuer’s authorization (or guarantees, indemnities or other like obligations (in each case granted or
undertaken for the benefit of the holders of such securities to secure the payment of such indebtedness) in respect of such indebtedness). 

The Issuer reserves the right, from time to time, without the consent of the Holders of the Securities of a particular series, to issue
additional Securities on terms and conditions identical to those of the Securities of such series (other than the issue date, the date upon which interest first accrues, and, in some cases, the first interest payment date), which additional
Securities may increase the aggregate principal amount of, and may be consolidated and form a single series with, the outstanding Securities of such series; provided that any additional Securities that are so consolidated must be fungible with the
outstanding Securities for U.S. federal income tax purposes. The Issuer may also issue other securities under the Indenture as part of a separate series that have different terms from the Securities. 

The Issuer may change the paying agent or registrar without prior notice to the Holders of the Securities, and the Issuer or any of its
subsidiaries may act as paying agent or registrar. 
 A Holder of Securities issued in definitive form may transfer or exchange Securities
in accordance with the Indenture. As described in the legend on the face of this global security, interest payments on such Securities issued in definitive form will be subject to Japanese income taxation unless the Holder establishes the matters
set forth therein. Such legend concerning Japanese taxation shall also be included on the face of any Securities issued in definitive form. The registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents, and to pay any taxes and fees required by law or permitted by the Indenture. The Issuer will treat the registered Holder of a Security as the owner of that Security for all purposes, except as described above. 

 If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of
the Securities at the time Outstanding of all series to be affected (voting as a class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable, upon
surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Issuer and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for
a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

 No service charge shall be made for any such registration of transfer or exchange, but the
Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Security shall be governed by and construed in accordance with the laws of the State of New York, except with respect to its
authorization and execution by the Issuer and other matters required to be governed by the laws of Japan. 
 All capitalized terms used but
not defined in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 TRUSTEE 

The Bank of New York Mellon 
 240
Greenwich Street 
 New York, NY 10286 

United States of America 
 Attn:
Global Corporate Trust — ORIX Corporation 
 Fax: +1 212 815 5915

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]