Document:

Summary of Terms and Conditions

 Exhibit 10.1 
 WORLDSPACE, INC. 
 SUMMARY OF TERMS AND
CONDITIONS 
 PROPOSED $13,000,000 SECURED SUPER PRIORITY
PRIMING DEBTOR IN POSSESSION 
 FACILITY 
 OCTOBER 17, 2008 
  

			
	Borrower:	  	Collectively, WorldSpace, Inc. (“Worldspace”), AfriSpace Inc., WorldSpace Systems Corporation and any other filed subsidiaries of WorldSpace, Inc., jointly and severally,
each as a debtor and debtor in possession in a case filed under Chapter 11 of the Bankruptcy Code (collectively, the “Case”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy
Court”). All Borrowers and Guarantors which are debtors under the Case may also be referred to herein as “Debtors”.
		
	Guarantors:	  	AsiaSpace, Ltd. (“AsiaSpace”), WorldSpace Satellite Company (“WSC”), and all other subsidiaries of Worldspace that are not Borrowers as may be designated by
the Lenders, shall be joint and several guarantors of the obligations (the “Guarantors”).
		
	Credit Facility:	  	A senior term loan facility (the “Facility”) in the amount not to exceed $13,000,000 (the “DIP Loan”). The DIP Loan shall not exceed $13,000,000 and, prior
to entry of a Final Order (as defined below) and upon entry of an Interim Order (as defined below), the Interim Order Amount (as defined below), and prior to entry of an Interim Order, the Emergency Order Amount (as defined below), all such amounts
being calculated prior to the inclusion of any PIK Interest.
		
	Lenders:	  	Citadel Structured Products, Inc. (“Citadel”), Highbridge International LLC (“Highbridge”), OZ Master Fund, Ltd., and AG Offshore Convertibles, Ltd, all of
whom are, or are affiliated with, the holders of the Prepetition Notes (as defined below).
		
	Collateral Agent:	  	Bank of New York Mellon or such other entity mutually acceptable to the Borrower and the Lenders.
		
	Use of Proceeds:	  	After the entry of an Interim Order, proceeds of the Facility may be used, in each case in accordance with the Budget, (i) to pay specific asset preservation disbursements strictly limited to
the ROCs in Silver Spring and Melbourne, BOCs in London, Johannesburg and Singapore, TCR facilities in Bangalore, Mauritius and Melbourne,

			
		  	satellite storage, insurance for satellites and related facilities and other fees (including in-orbit support and license fees), (ii) to pay specific payroll disbursements for the CRO,
certain essential non-ROC employees, employees in Australia, Singapore, UK and South Africa, (iii) to pay certain agreed expenses for certain critical vendors, and (iv) to pay chapter 11 and restructuring related costs (including professional fees).
Other than as expressly set forth in the Budget, the Facility may not be used to support operations, expenses related to maintenance of licenses, pending applications for licenses and any intellectual property related to the receiver and repeater
technologies of the Debtors and the direct and indirect non-Debtor subsidiaries of Worldspace. Following entry of the Emergency Order and prior to entry of an Interim Order, proceeds of the Facility may be used to pay payroll (including past due
wages, which may, subject to Bankruptcy Court approval, exceed the statutory cap of $10,950 per critical employee) for critical employees, to pay applicable U.S. Trustee Fees, and, subject to and in accordance with an order of the Bankruptcy Court,
to pay wages of the CRO and Debtors’ attorneys in an amount not to exceed an agreed budgeted amount. Following entry of the Final Order, proceeds of the Facility may be used in accordance with the Budget, including to pay payroll (including
past due wages) for non-critical employees. As certain critical employees are employees of subsidiaries, intercompany loans to fund such permitted payments will be permitted, subject to the requirement that all such loans be evidenced by promissory
notes pledged to the Lenders as collateral for the obligations.
		
	Mandatory Prepayments:	  	Mandatory prepayments shall be required to be made from net proceeds of asset dispositions (after satisfaction of any prior debt secured by such assets), casualty and condemnation, equity
issuances and permitted indebtedness upon terms to be agreed and subject to certain exceptions.
		
	 Closing Date;
 Subsequent
Advances:
	  	The Closing of the portion of the Facility available upon the Emergency Order will occur as promptly as possible after the entry of the Emergency Order that has not been stayed, but in any
event not later than October 20, 2008, such advance to be made by Citadel and Highbridge pro rata in accordance with the respective prepetition outstanding obligations. Promptly following entry of the Interim Order, the Lenders will advance the
Interim Order Amount, in amounts necessary to result in the aggregate outstanding loans being advanced pro rata in accordance with the respective prepetition outstanding obligations of the Lenders. Promptly following the entry of the Final Order,
the Lenders will advance the remainder of the Facility pro rata (or, if the advances after giving effect to the Interim Order do not result in pro rata outstandings

  

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		  	among the Lenders, in amounts necessary to result in pro rata outstandings as provided above). All such advances will be deposited into the Controlled Account (as defined
below).
		
	Maturity:	  	That date which is the earliest of (a) (i) 40 days after the Petition Date (as defined below), if a Final Order has not been entered by such date, or (ii) 90 days after the Petition Date, (b)
the effective date of the Borrower’s plan of reorganization and (c) the date a sale of all or substantially all of the Borrower’s assets is consummated under Section 363 of the Bankruptcy Code. All amounts outstanding under the Facility,
including without limitation all premiums, interest, fees and expenses shall be due and payable in full at Maturity.
		
	Security:	  	Subject to the Carve Out (as defined below) and liens permitted under the Prepetition Notes to be senior in priority, the DIP Loans and all other obligations under the Facility will be
entitled to (a) super priority claim status pursuant to §364(c)(i) of the Bankruptcy Code and (b) will be secured by (i) a first priority perfected security interest pursuant to §364(c)(ii) and §364(d) of the Bankruptcy Code in all
presently owned and hereafter acquired assets of the Borrower including accounts, deposit accounts, investments, instruments, documents, inventory, general intangibles, intellectual property, FCC licenses and license rights, goods, equipment and
other fixed assets, real estate, and fixtures and proceeds and products of all of the foregoing (including insurance proceeds), (ii) proceeds of avoidance actions under section 547 of the Bankruptcy Code, (iii) proceeds of any avoidance actions
brought pursuant to section 549 of the Bankruptcy Code to recover any post-petition transfer of collateral, (iv) any rights under section 506(c) of the Bankruptcy Code and the proceeds thereof, and (v) any unencumbered assets of the Borrower.
Obligations outstanding under the debtors’ bridge notes and convertible notes and all documents related to the bridge notes and convertible notes, including, without limitation, any guaranty and security document, as amended and in effect, (the
“Prepetition Notes”) will be secured by a security interest in the above referenced collateral, junior only to the Facility. The Guarantors’ obligations under the Guaranty will be secured by perfected liens and security
interests in all assets of the Guarantors, subject only to existing liens and security interests having priority under applicable law and pari passu with all security interests granted to secure the Prepetition Notes.
		
		  	The term “Carve Out” shall mean (a) statutory fees payable to the U.S. Trustee pursuant to 28 U.S.C. § 1930(a)(6), (b) following entry of the Interim Order, allowed fees
and expenses of the Debtors’ professionals and any official unsecured creditors’ committee’s professionals, incurred pursuant to Sections 327 and 1103 of the

  

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		  	Bankruptcy Code (i) prior to a Default or an Event of Default (and including amounts incurred prior to a Default or Event of Default, but not approved for payment until after such
occurrence), not to exceed amounts for each such firm of professionals for each period as set forth in the Budget (with a variance not to exceed 10% per line item), and (ii) following a Default or an Event of Default, not to exceed $200,000;
(c) for the period following entry of the Emergency Order, but prior to the entry of the Interim Order, and so long as no Default or Event of Default has occurred, allowed fees and expenses of the Debtors’ professionals incurred pursuant to
Sections 327 and 1103 of the Bankruptcy Code, in an aggregate amount not to exceed $150,000.
		
	Cash Management:	  	The proceeds of the DIP Loan, together with all collections and proceeds from sales of collateral will be deposited into an account at an institution for which the Agent has in place a
control agreement satisfactory to the Lenders in their sole discretion (the “Controlled Account”). So long as no Default or Event of Default has occurred, the Borrower will be able to withdraw amounts from the Controlled Account,
subject to CRO approval, to make payments of a type and in an amount consistent with the Budget (defined below) and use of proceeds described herein. Notwithstanding the foregoing, the Borrower’s nondebtor affiliate in India may collect and
retain amounts from its customers in India, such amounts to be used solely in connection with the provision of services in India. The Borrower’s nondebtor affiliate in India may, with the Lenders’ express prior consent, incur debt or enter
into a financing arrangement.
		
		  	In connection with the foregoing, the Borrower shall seek the entry of appropriate first day orders, satisfactory to the Lenders, providing for the continuation of the Borrower’s
pre-petition cash management system and deposit and disbursement accounts and, opening any Controlled Account needed to effect the sweep outlined in the preceding paragraph. Upon notice to the Lenders, the Borrower may open or close any account that
is not a Controlled Account.
		
	Interest Rate:	  	The DIP Loan shall bear interest at the annual rate equal to one month US$ LIBOR plus the Applicable Margin. One month US$ LIBOR will be subject to a floor of 3.50% per annum and shall be
recalculated on each monthly anniversary of the initial funding of the Facility.
		
		  	Interest will accrue and be compounded monthly and added to the principal amount of the DIP Loan (“PIK Interest”) and will be paid in cash at maturity or earlier prepayment. All
interest and other fee calculations shall be based on a 360 day year and twelve 30 day months.

  

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	Applicable Margin:	  	12.0%.
		
	Default Pricing:	  	2.00% above the then applicable rate.
		
	Premium on Repayment:	  	Repayments of the DIP Loan shall be made at 102% of the principal amount repaid (whether voluntarily or mandatorily prepaid, repaid at maturity, following any Event of Default from proceeds
of enforcement or otherwise), plus all accrued interest, fees and other amounts due.
		
	Adequate Protection Payments and Liens:	  	As adequate protection for the use of the collateral of the lenders (the “Prepetition Lenders”) under the Prepetition Notes (in addition to replacement liens on post petition
collateral junior to the liens securing the DIP Loan), the Debtors will acknowledge the validity and amount of the Prepetition Lenders’ claims, the priority and perfection of prepetition liens, and such secured claims will increase during the
pendency of the Case by the accrual of interest at the default rate applicable to the Prepetition Notes and professional fees of the Prepetition Lenders associated with the Prepetition Notes. Additionally, the Prepetition Lenders will receive
replacement liens on postpetition assets of the type constituting prepetition collateral as adequate protection, junior to the liens securing the Facility as well as such additional junior liens on such other assets as may be approved by the
Bankruptcy Court.
		
	Documentation:	  	The credit agreement, guaranties and security documents will contain customary representations and warranties, funding and yield protection provisions, conditions precedent, covenants, events
of default and other provisions appropriate for transactions of this size, type and purpose and shall be acceptable to the Lenders and their counsel and the Borrower and Guarantors and their counsel.
		
	Financial Covenants:	  	Compliance with Budget. The Borrower will comply with the budget approved as the “Budget” within 10% individual line item cumulative and rolling variances.
		
	Other Covenants:	  	Other affirmative and negative covenants to include, but not be limited to:
		
		  	 (a)     Weekly CRO report (in form and substance satisfactory to the Lenders) that contains: (i) weekly comparison
of actual performance to Budget, with explanations for any variance by line item; (ii) cumulative comparison of actual performance to Budget, with explanations for any variance by line item; (iii) CRO certification that no proceeds of the DIP Loan
have been used for any item not set forth in the

  

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		  	 Budget (the “CRO Report”). Borrower will grant access and cooperate with the Lenders’ financial advisors and any other consultants engaged
from time to time at the direction of the Lenders.

		
		  	 (b)     In accordance with the Budget, maintenance of properties and insurance, payment of taxes, compliance with
laws, licenses, contracts, and permits; preparation of and compliance with Budget; ERISA covenants.

		
		  	 (c)     Limitations on indebtedness, guarantees, liens, investments, loans, mergers, permitted acquisitions, and
transactions with affiliates.

		
		  	 (d)     No dividends and distributions.

		
		  	 (e)     Limitations on asset sales, except those in the ordinary course of business, without the Lenders’
consent.

		
		  	 (f)      The Borrower shall have filed its schedules and statement of affairs with the Bankruptcy Court no later
than within 45 days after commencement of the Case.

		
		  	 (g)     The Borrower shall obtained an order of the Bankruptcy Court setting the last day to file claims in the Cases
no later than within 45 days after commencement of the Case.

		
		  	 (h)     The Borrower shall have filed a motion with the Bankruptcy Court seeking approval of the retention of Bob
Schmitz of QT Advisors as CRO no later than 3 days after commencement of the Case.

		
		  	 (i)      The Borrower shall have filed a motion with the Bankruptcy Court seeking approval of payment of
critical vendors acceptable to the Lenders no later than 3 business days after commencement of the Case.

		
		  	 (j)      The Borrower shall have made available to potential interested bidders no later than 10 business days
after the Petition Date a data room containing all material information relating to the Borrower, the Guarantors and their respective subsidiaries and affiliates, their respective businesses, operations, financing and contractual relationships and
such other matters as are reasonably requested to be provided by any such interested party.

		
		  	 (k)     The Borrower shall have prepared and made available to potential interested parties no later than 10 business
days after the Petition Date, an information memorandum

  

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		  	 regarding the Borrower, the Guarantors and their respective subsidiaries and affiliates, their businesses, historical operations, prospects and financial
information in form customary for proposed sale transactions of this type.

		
		  	 (l)      Cause AsiaSpace and WSC to cooperate with the Lenders or any stalking horse or other potential buyer
of the assets of the Borrower, on a filing as debtors under the Case, or if so requested, under applicable insolvency laws of Australia or BVI, as applicable, provided, that nothing herein shall obligate AsiaSpace or WSC to commence a bankruptcy
case or proceeding under any insolvency law.

		
		  	 (m)    The Borrower and the Lenders shall negotiate in good faith to finalize the documentation within 7 days of the
Petition Date.

		
		  	 (n)     The Borrower shall file the motion to approve the Interim Order within 2-business days following the
finalization of the documentation.

		
	Events of Default:	  	Usual and customary for facilities of this type, including but not limited to:
		
		  	 (a)     Failure to pay interest, principal, or fees when due; any representation or warranty found to be
materially incorrect; breach of any affirmative, negative or financial covenant; any post-petition judgment in excess of an amount to be agreed or which would operate to divest the Borrower of any assets; the Borrower being enjoined from conducting
business; disruption of business operations of the Borrower for more than a period to be agreed; material damage to or loss of assets; failure to comply with the Budget (defined below) within agreed variances; conversion of the Case to a case under
Chapter 7 of the Bankruptcy Code; the dismissal of the Case; the appointment in the Case of a Chapter 11 trustee or an examiner with expanded powers; the grant of any super priority administrative expense claim or any lien which is pari
passu with or senior to those of the Lenders; any payment of pre-petition debt (other than customary first day orders acceptable to the Lenders); the Bankruptcy Court’s entry of an order granting relief from the automatic stay to permit
foreclosure of security interests in assets of the Borrower of a value in excess of an amount to be agreed; or failure of the Bankruptcy Court to enter, within 40 days following the Petition Date, a final order (the

  

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		  	 “Final Order”) in form and substance satisfactory to the Lenders with respect to those matters covered by the Interim Order and permitting
extensions of credit under the DIP Loan not to exceed $13,000,000 in principal amount (inclusive of the Emergency Order Amount and Interim Order Amount); any reversal, revocation or modification without the consent of the Lenders of such order or
any other order of the Bankruptcy Court with respect to the Case and affecting the Facility;

		
		  	 (b)     Failure of the Debtors to file within 40 days after the Petition Date a motion for approval of bidding and
sale procedures for the sale of all or substantially all of the assets of the Borrower (including, without limitation, the preservation of the Lenders’ rights to credit bid under Section 363(k) of the Bankruptcy Code), including, if applicable,
approval of a stalking horse bidder, asset purchase agreement and required good faith deposit.

		
		  	 (c)     Failure of the Debtors to obtain within 60 days after Petition Date an order of the Bankruptcy Court,
which is in form and substance reasonably satisfactory to the Lenders, approving the bidding and sale procedures, including, if applicable, approval of a stalking horse bidder, asset purchase agreement and required good faith deposit from the
“stalking horse” bidder within three business days following entry of such order.

		
		  	 (d)     Failure of the Debtors to obtain within 90 days after the Petition Date an order of the Bankruptcy Court,
which is in form and substance reasonably satisfactory to the Lenders, approving either (i) the sale of all or substantially all of the assets of the Borrower or (ii) a sale of less than all or substantially all of the assets of the Borrower, the
net proceeds of which are sufficient to repay in full in cash all obligations under the Facility and the Prepetition Notes.

		
		  	 (e)     Failure of the Interim Order to be entered on or before 7 days after filing of the motion to approve the
Interim Order.

		
		  	 (f)      Documentation will also include Events of Default similar to those in the Prepetition
Notes.

		
	Remedies:	  	In addition to other customary remedies, upon the occurrence of an Event of Default and following the giving of five business days’ notice to the Borrower, the official committee(s) of
creditors of the

  

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		  	Borrower and the United States Trustee, the Lenders shall have relief from the automatic stay and may foreclose on all or any portion of the Collateral, collect accounts receivable and apply the
proceeds thereof to the obligations, occupy the Borrowers’ premises to complete inventories, fulfill orders and sell inventories, or otherwise exercise remedies against the Collateral permitted by applicable nonbankruptcy law. During such five
business-day notice period, the Borrower shall be entitled to an emergency hearing with the Bankruptcy Court for the sole purpose of contesting whether an Event of Default has occurred, and the Borrower will have no right to seek cash collateral.
Unless during such period the Bankruptcy Court determines that an Event of Default has not occurred, the automatic stay, as to the Lenders, shall be automatically terminated at the end of such notice period and without further notice or order. In
the event of an Event of Default under clauses (b), (c) or (d) above, an extension is not agreed by the Lenders, upon notice from the Agent, the Borrower will cooperate with the Lenders to effect an orderly liquidation of its
collateral.
		
	Conditions of Initial Extension of Credit:	  	The obligation to provide the initial extension of credit shall be subject to the satisfaction of conditions, including, without limitation, the following conditions (conditions applicable to
increases upon Interim Order or Final Order as indicated) provided; that only conditions (a), (b), evidence of corporate authorization under (f), Budget for the initial period under (h), (i), and (j) shall be conditions to provide credit
under the Emergency Order up to the Emergency Order Amount:
		
		  	 (a)     Commencement of the Case (the “Petition Date”) on or prior to October 16,
2008;

		
		  	 (b)     The Bankruptcy Court shall have entered an emergency interim order (the “Emergency Order”)
in form and substance satisfactory to the Lenders authorizing the transactions contemplated by the Facility, the granting of superpriority claim status and the liens contemplated hereby, extensions of credit under the DIP Loan in an amount not
greater than the sum of $2,000,000 (the “Emergency Order Amount”), and setting a time limit acceptable to the Lenders for challenges to the Prepetition Notes, which order shall not have been reversed, modified, amended or stayed.

  

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		  	 (c)     Prior to making the DIP loan available upon the Interim Order, the Bankruptcy Court shall have entered an
interim order (the “Interim Order”) in form and substance satisfactory to the Lenders confirming the authorization of the transactions contemplated by the Facility, the granting of superpriority claim status and the liens
contemplated hereby, and authorizing extensions of credit under the DIP Loan in an amount not greater than the sum of $6,500,000 million, which amount is inclusive of the Emergency Order Amount (the “Interim Order Amount”), which
order shall not have been reversed, modified, amended or stayed.

		
		  	 (d)     Prior to making the full amount of the DIP Loan available, the Bankruptcy Court shall have entered a final
order (the “Final Order”) in form and substance satisfactory to the Lenders confirming the authorization of the transactions contemplated by the Facility, the granting of superpriority claim status and the liens contemplated hereby,
authorizing extensions of credit under the DIP Loan in an amount not greater than $13,000,000 (inclusive of the Emergency Order Amount and Interim Order Amount) and making such good faith findings and covering such other matters as required by the
Lenders, which order shall not have been reversed, modified, amended or stayed.

		
		  	 (e)     Negotiation, execution and delivery of loan, guarantee and collateral security documentation satisfactory to
the Lenders containing representations and warranties, conditions, provisions for capital adequacy and additional costs, covenants, events of default and waivers customary in debtor in possession financing documents, including, without limitation,
those representations, warranties, covenants, events of default and waivers referred to above; completion of all filings and recordings necessary to provide the Agent for the benefit of the Lenders with perfected liens and security interests in the
collateral and of the priority contemplated herein. Full credit and security documentation (including perfection of non-Debtor collateral) shall be required prior to advancing the Interim Order Amount, with requirements at the time of the Emergency
Order to be agreed.

		
		  	 (f)      Receipt by the Lenders of satisfactory corporate resolutions, legal opinions and other evidence of
appropriate corporate authorization by Borrower and Guarantors of the proposed transactions;

  

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		  	 (g)     There shall have occurred no material adverse change in (i) the assets of the Borrower or Guarantors or
the value or marketability of the Collateral since the Petition Date (other than the commencement of the Cases), (ii) the ability of the Borrower or Guarantors to perform their obligations under the loan documents, or (iii) the ability of the
Lenders to enforce the loan documents and the obligations of the Borrower and Guarantors thereunder;

		
		  	 (h)     Receipt by the Lenders of proposed budget and weekly CRO Report. For the term of the Facility, the Lenders
shall have agreed with the Borrower on a weekly cash budget which shall include line item entries for professional fees and expenses by firm (as amended from time to time with the consent of the Lenders, the “Budget”) to which, with
variances to be agreed (to be applicable solely following entry of the Interim Order), but not to exceed 10% by line item, the Borrower will be required to comply for purposes of the Facility; and

		
		  	 (i)      Bob Schmitz of QT Advisors shall be in place as CRO and operating as of the first day of the Case,
provided, however, that an order approving the retention of Mr. Schmitz need not have been entered as of that date.

		
		  	 (j)      Receipt by the Lenders of written consent to and waiver of objection to the Facility and sale
process described herein from each of Yenura Pte. Limited and Noah Samara.

		
	Conditions of Each Extension of Credit:	  	The obligation to provide each extension of credit (including the initial extension of credit) shall be subject to the satisfaction of the following conditions:
		
		  	 (a)     No continuing default or continuing event of default shall exist after giving effect to the proposed
extension of credit;

		
		  	 (b)     Representations and warranties shall be true and correct in all material respects at the date of each
extension of credit except to the extent that such representations and warranties expressly relate to a prior date, in which case they shall be true and correct in all material respects as of such earlier date; and

  

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		  	 (c)     Receipt of a notice of borrowing from the Borrower (the request for and the acceptance of each borrowing
or letter of credit shall constitute a representation and warranty that the conditions to each extension of credit shall have been satisfied).

		
		  	The request by the Borrower of, and the acceptance by the Borrower of, each extension of credit shall be deemed to be a representation and warranty by the Borrower that the conditions
specified above have been satisfied.
		
	Assignments and Participations:	  	Each Lender will be permitted to grant participations of its loans and commitments so long as such participants are entitled to voting rights only on matters requiring consent of all Lenders
affected by a particular matter. Each Lender will be permitted to assign a portion of the DIP Loan to another institution(s) in minimum amounts of $1,000,000 (or if less, the full amount of such Lender’s DIP Loan).
		
	Indemnification:	  	The Borrower and Guarantors agree to jointly and severally indemnify the Agent and the Lenders and their respective shareholders, directors, agents, officers, subsidiaries and affiliates
harmless from and against any and all damages, losses, settlement payments, obligations, liabilities, claims, actions or causes of action, and reasonable costs and expenses incurred, suffered, sustained or required to be paid by an indemnified party
by reason of or resulting from the Facility, this term sheet, the transactions contemplated hereby or any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any of such indemnified persons is a party
thereto, except to the extent resulting from the gross negligence or willful misconduct of the indemnified party. In all such litigation, or the preparation therefor, the Agent and Lenders shall be entitled to select their own counsel and, in
addition to the foregoing indemnity, the Borrower and Guarantors agree to pay promptly the reasonable fees and expenses of such counsel.
		
	Expenses:	  	Legal, accounting, collateral examination, monitoring and appraisal fees, financial advisory fees, fees and expenses of other consultants, and other out of pocket expenses of the Agent and
the Lenders will be paid by the Borrower, whether or not the transactions contemplated hereby are consummated and will be included as a portion of the obligations secured by the collateral and entitled to the superpriority claims described herein.

		
	Governing Law:	  	The State of New York.

  

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	THE BORROWERS:
	
	WORLDSPACE, INC.
		
	By:	 	 /s/ Donald J. Frickel

	Name:	 	Donald J. Frickel
	Title:	 	Executive Vice President
	
	AFRISPACE INC.
		
	By:	 	 /s/ Sridhar Ganesan

	Name:	 	Sridhar Ganesan
	Title:	 	CFO
	
	WORLDSPACE SYSTEMS CORPORATION
		
	By:	 	 /s/ Noah A. Samara

	Name:	 	Noah A. Samara
	Title:	 	Chief Executive Officer

			
	THE GUARANTORS:
	
	ASIASPACE, LTD.
		
	By:	 	 /s/ Donald J. Frickel

	Name:	 	Donald J. Frickel
	Title:	 	Attorney in Trust
	
	WORLDSPACE SATELLITE COMPANY
		
	By:	 	 /s/ Noah A. Samara

	Name:	 	Noah A. Samara
	Title:	 	President

			
	THE LENDERS:
	
	CITADEL ENERGY HOLDINGS LLC
		
	BY:	 	 CITADEL LIMITED PARTNERSHIP,
 ITS
MANAGER

		
	By:	 	 /s/ Erica L. Tarpey

	Name:	 	Erica L. Tarpey
	Title:	 	Authorized Signatory
	
	HIGHBRIDGE INTERNATIONAL LLC
		
	BY:	 	HIGHBRIDGE CAPITAL MANAGEMENT, LLC,
		 	ITS TRADING MANAGER
		
	By:	 	 /s/ Adam J. Chill

	Name:	 	Adam J. Chill
	Title:	 	Managing Director
	
	OZ MASTER FUND, LTD.,
	OZ MANAGEMENT LP, ITS INVESTMENT MANAGER
		
	BY:	 	 OCH-ZIFF HOLDING CORPORATION,
 ITS GENERAL
PARTNER

		
	By:	 	 /s/ Joel Frank

	Name:	 	Joel Frank
	Title:	 	Chief Financial Officer
	
	AG OFFSHORE CONVERTIBLES, LTD.,
		
	BY:	 	ANGELO, GORDON & CO., L.P.,
		 	ITS INVESTMENT MANAGER
		
	By:	 	 /s/ Joseph R. Webselblatt

	Name:	 	Joseph R. Webselblatt
	Title:	 	Chief Financial Officer35's Operating Agreement

 Exhibit 4.1 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 35, LLC 
 THIS LIMITED LIABILITY COMPANY AGREEMENT OF 35, LLC (this “Agreement”) is
made as of September 3, 2008 by IndieShares Management, LLC (as the Manager (as defined below) and Common Member (as defined below)). Additional Members (as defined below) may be added to this Agreement by becoming a party to a Subscription
Agreement (as defined below), purchasing Class A Shares (as defined below), and upon 35 meeting the minimum raise requirement. The parties hereto agree as follows: 
  

	 	1.	DEFINITIONS. The following terms shall have the following meanings in this Agreement: 

  

	 	1.1.	The term “Affiliate” means, when used with reference to the Manager or 35: 

  

	 	(a)	the principals of companies affiliated with Manager or 35; 

  

	 	(b)	persons directly or indirectly controlling, controlled by or under common control with such companies, including LLCs; 

  

	 	(c)	any persons owning or controlling ten percent (10%) or more of the outstanding units of such company, including LLCs; and 

  

	 	(d)	any successor-in-interest following a merger or similar transfer when such successor-in-interest is owned by the same persons who own such company or LLC; and

  

	 	1.2.	The term “Agreement” means this Limited Liability Company Agreement of 35, LLC, as originally executed and as amended from time to time. 

  

	 	1.3.	The term “Articles” means the Certificate of Formation with the Washington State Secretary of State for the purpose of forming 35, in the form prescribed by the LLC Act
and the Washington Secretary of State. 

  

	 	1.4.	The term “Board Of Directors” means the board of directors of 35 (Jay T. Schwartz, Julie Chase, and George Brumder) who collectively own 100% of the outstanding units of
Manager. 

  

	 	1.5.	The term “Capital Contribution” means the total amount of cash and the fair market value of any other assets contributed (or deemed contributed to 35 by a Member, net of
liabilities assumed by 35 or to which the assets are subject, as further described in Paragraph 9. 

  

	 	1.6.	The term “Capital Account” means the account to be maintained by 35 for each Member in accordance with the provisions of this Agreement and the Code. It is intended that
the Capital Accounts of all Members shall be maintained in compliance with the applicable provisions of the Code. 

	 	1.7.	The term “Class A Shares” means the class of limited liability company units held by Members of 35 as further described in Paragraph 11. 

  

	 	1.8.	The term “Code” means the Internal Revenue Code of 1986, as amended (or any corresponding provision or provisions of any succeeding law). 

  

	 	1.9.	The term “Common Member” means that class of shareholder owning the Common Share. The Manager will be the sole Common Member. 

  

	 	1.10.	The term “Common Share” means the class of Share held by the Manager of 35 as further described in Paragraph 11. 

  

	 	1.11.	The term “Depreciation” means, for each taxable year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset
of 35 for such taxable year, or as otherwise determined using any reasonable method selected by the Manager. 

  

	 	1.12.	The term “Director” means the individual directors comprising the Board Of Directors. 

  

	 	1.13.	The term “Distributable Cash” means all cash funds derived from 35 attributable to the operations of 35, including proceeds of insurance to compensate for covered losses,
less the sum of: 

  

	 	(a)	debt service; 

  

	 	(b)	current operating expenditures; 

  

	 	(c)	capital improvements and replacements, as determined by Manager; and 

  

	 	(d)	a reasonable reserve for the operation of the business of 35, as determined by the Manager; 

 provided, however, that in no event shall Distributable Cash be less than each Member’s respective tax liability associated with a Net Profit
allocation in a given year. 
  

	 	1.14.	The term “Economic Interest” means a person’s right to share in the Net Profits, Net Losses or similar items, and to receive distributions of Distributable Cash from
35, but does not include any other rights of a Member. 

  

	 	1.15.	The term, “Film” means the motion picture “35”. 

  

	 	1.16.	The term “LLC Act” means the limited liability company laws of the state of Washington, specifically RCW 25.15, as now in effect and as hereafter amended or revised.

	 	1.17.	The term “Manager” means IndieShares Management, LLC. The Manager is also the sole Common Member. 

  

	 	1.18.	The term “Member” means a person who: 

  

	 	(a)	has been admitted to 35 as a Member after the purchase of Class A Shares, and in accordance with this Agreement; and 

  

	 	(b)	has not resigned, withdrawn, or been expelled as a Member. 

 The term “Member” does not include the Manager, except to the extent the Manager or its members purchase Class A Shares. 
  

	 	1.19.	The terms “Net Profits” and “Net Losses” mean, for each taxable year of 35, 35’s income, gain, loss, deductions, and credits, in the aggregate or separately
stated, as appropriate, determined in accordance with standard accounting principles. 

  

	 	1.20.	The term “Production Management Fee” means $300,000 out of the offering proceeds to be paid by 35 immediately to Manager upon the successful capitalization of 35. Since
the subject offering is “all or none”, Manager shall only be paid such fee if all of the Class A Shares are sold and the offering proceeds are released, upon receipt of a letter of permission from the Washington Department of
Financial Institutions, from 35’s impound account. 

  

	 	1.21.	The term “Subscription Agreement” means the agreement executed by Members pursuant to which they agree to make their Capital Contributions, acquire Class A Shares,
agree to be bound to this Agreement, and are admitted as Members of 35. 

  

	 	1.22.	The term “35” means 35, LLC, a Washington limited liability company. 

  

	 	2.	FORMATION. 

 The Manager formed 35 as a limited
liability company pursuant to the provisions of the LLC Act by filing the Certificate of Formation with the Washington State Secretary of State on May 7, 2008. The rights, duties, and liabilities of the Members and the Common Member shall be as
provided in the LLC Act, except as otherwise expressly stated in this Agreement. 
  

	 	3.	NAME. 

 The name of the company shall be 35, LLC
(“35”). 
  

	 	4.	COMMENCEMENT; ADMISSION OF MEMBERS; NO MEETINGS; OFFICERS. 

  

	 	4.1.	35 commenced its existence upon the filing of the Articles with the Washington State Secretary of State. 35 shall continue its existence until it is dissolved pursuant to the
provisions of the LLC Act and this Agreement. 

	 	4.2.	Each Member shall be admitted into 35 as a Member for tax, book, accounting, and other applicable purposes on the first business day following the day during which the Member’s
subscription for Class A Shares is accepted by the Manager, unless the Manager in its discretion selects a different admission policy that is reasonable and consistent with applicable law and regulation. As soon as practicable after the
execution of this Agreement with respect to each new Member, the Manager shall make available an electronic unit certificate to each Member representing the newly admitted Member’s Class A Shares acknowledging his status as a Member.

  

	 	4.3.	There is no regulatory requirement that 35 hold Member meetings and therefore Manager opts out of any such meetings and the Members hereby agree and acknowledge that 35 does not
need to hold any such Member meetings (including annual meetings). 

  

	 	4.4.	The Manager will be solely responsible for appointing officers of 35. Initially, 35 will not have any officers. 

  

	 	5.	STATUTORY AGENT FOR SERVICE OF PROCESS; PRINCIPAL OFFICE. 

  

	 	5.1.	The initial statutory agent for the service of process and the initial principal office shall be Corporation Service Company 6500 Harbour Heights Parkway, Suite 400, Mukilteo, WA
98275. The Manager may, from time to time, change the statutory agent or registered office through appropriate filings with the Washington State Secretary of State. In the event the statutory agent ceases to act as such for any reason or the
registered office shall change, the Manager shall promptly designate a replacement statutory agent or file a notice of change of address, as the case may be, in accordance with the LLC Act. 

  

	 	5.2.	The principal office of 35 shall be at 2311 N 45th Street Suite 310, Seattle, Washington 98103 or such other place as the Manager may from time to time designate.

  

	 	6.	TERM. 

 35 shall have perpetual existence, unless
it is dissolved in accordance with the provisions of this Agreement or the terms of the LLC Act. 
  

	 	7.	PURPOSES. 35 has been formed for the following purposes: 

  

	 	7.1.	To accomplish any lawful purpose whatsoever or which shall at any time appear conducive to or expedient for the protection or benefit of 35 and its assets, including but not limited
to the production of the Film. 

  

	 	7.2.	To exercise all other powers necessary to or reasonably connected with 35’s business which may be legally exercised by limited liability companies under the LLC Act.

	 	7.3.	To engage in all activities necessary, customary, convenient, or incident to any of the foregoing. . 

  

	 	8.	POWERS, RIGHTS AND DUTIES OF THE BOARD OF DIRECTORS AND MANAGER. 

  

	 	8.1.	The Company shall have a Board of Directors, which shall have the power to form the committees and perform the duties described in Section 8.3. Such committees shall have the
powers granted to them in their charters and such charters shall be approved by the Manager. The term “Board of Directors” is used for convenience only and is not intended by the parties to confer to the Board Of Directors any additional
power or authority other than that expressly and specifically conferred pursuant to and in accordance with the terms of this Agreement. The Board of Directors of 35 — Jay T. Schwartz, Julie Chase, and George Brumder — collectively own 100%
of the outstanding units of Manager. 

  

	 	8.2.	The Board of Directors is not compensated in exchange for their service on the Board Of Directors and will not be reimbursed for expenses in connection with attendance at Board of
Directors or any committee meetings. 

  

	 	8.3.	The Board of Directors plans to form an audit committee, a corporate governance committee, and a compensation committee and to adopt charters (approved by the Manager) relative to
these committees, and the Members hereby agree to such actions. Until such committees are formed, the Board of Directors will perform the duties of the audit committee, the corporate governance committee, and the compensation committee, which means
that members of the Board of Directors, who are the officers of Manager, will be involved in these matters. 

  

	 	8.4.	Subject to the provisions of Paragraph 8.6 and the other applicable provisions of this Agreement, the Manager shall have the full, exclusive and complete authority and discretion in
the management and control of the business of 35 for the purposes stated herein and shall have the right to make any and all decisions affecting the business of 35. Subject to the provisions of this Agreement, the Manager, including any of its
officers, on behalf of 35, shall have full and exclusive authority to execute and acknowledge any and all contracts, agreements, licenses and other documents, and to make withdrawals from 35’s checking, savings and similar accounts. Without
limiting the generality of the foregoing, the Manager shall have the following rights and powers which it may exercise at the cost, expense and risk of 35: 

  

	 	(a)	 To expend the capital and income of 35, if any, in the furtherance of 35’s business, including, but not limited to, financing, developing, 

	 	 
producing, licensing, selling, distributing and exhibiting the Film, which includes, but is not limited to, causing 35 to pay compensation to, and to
reimburse expenses incurred by, third parties providing services to 35; 

  

	 	(b)	To cause 35 to incur borrowings, whether secured or unsecured by 35’s assets, without the consent of the Members, and to execute and deliver all documents and instruments in
connection with the financing, development, production, editing, filming, licensing, distribution and exhibition of the Film; 

  

	 	(c)	To cause 35 to pledge and sell some or all of the assets of 35 on such terms and conditions as determined by the Manager without the consent of the Members, and to execute and
deliver assignments, licenses, and other transfers and conveyances in connection with 35’s properties and operations; 

  

	 	(d)	To execute and deliver promissory notes, checks, drafts, and other negotiable instruments on behalf of 35; 

  

	 	(e)	To hire or engage on behalf of 35 such employees, independent contractors and personnel as the Manager deems necessary or appropriate in order to conduct 35’s business and
participate in Film, including but not limited to Affiliates of 35; 

  

	 	(f)	To employ such attorneys, accountants and other persons, subject to the terms otherwise stated herein, as the Manager deems necessary or advisable to carry out the purposes of 35;

  

	 	(g)	To purchase from or through others, contracts of liability, casualty and other insurance which the Manager deems advisable, appropriate, convenient or beneficial to 35;

  

	 	(h)	To invest 35’s funds in government securities, certificates of deposit, banker’s acceptances or similar investments; 

  

	 	(i)	To enter into such agreements and contracts with such parties and to give such receipts, releases and discharges with respect to all of the foregoing and any matters incident
thereto as the Manager deems advisable, appropriate or convenient; 

  

	 	(j)	 To delegate or assign all or any of its duties, rights, or obligations hereunder, and in furtherance of any such delegation, to appoint, employ, or contract with
any person deemed in its discretion necessary or desirable for the transaction of the business of 35, including persons, firms or entities (i) which employ or are affiliated with or subject to the control of the Manager, and (ii) in which
it has a proprietary interest. Such persons may, under the supervision of 

	 	 
the Manager, (i) administer the day-to-day operations of 35, (ii) serve as 35’s advisors and consultants in connection with policy decisions
made by the Manager, (iii) act as consultants, accountants, correspondents, attorneys, brokers, escrow agents, or in any other capacity deemed by the Manager necessary or desirable, (iv) perform or assist in the performance of
administrative or managerial functions necessary for the management of 35, and (v) perform such other acts or services for 35 as the Manager in its sole and absolute discretion may approve; 

  

	 	(k)	To admit new Members into 35 on such terms and conditions as determined by the Manager in its sole discretion; and 

  

	 	(l)	To execute and deliver any and all other instruments to carry out the purposes hereof. 

  

	 	8.5.	Only Members will have voting rights, one vote per Class A Share. Set forth below in (a) through (d) of this Section 8.5 are the only matters which 35 or the
Manager are required to submit to a vote of the Class A Shares. All other actions and matters and are left to the Manager’s discretion. The following matters will require a simple majority in interest approval by the Class A Shares:

  

	 	(a)	Amendments to 35’s Certificate of Formation; 

  

	 	(b)	The approval of a merger of 35 into another entity; 

  

	 	(c)	Any additional sales of equity securities of in 35; 

  

	 	(d)	Selling all of 35’s assets (other than as a part of a film distribution arrangement). 

 In the event a Member vote is required, 35 will solicit electronic proxies from the Members. 
  

	 	8.6.	The Manager shall possess and may enjoy and exercise all of the rights and powers of members and managers as provided by the LLC Act, except to the extent any of such rights may be
limited or restricted by the express provisions of this Agreement. The Manager shall devote such time to 35 and its business as shall be necessary to conduct 35’s business, to operate and manage 35 in an efficient manner and to carry out the
Manager’s responsibilities as herein provided. The Manager shall have the right to elect or appoint officers of 35. 

  

	 	8.7.	No Member shall have any right, power or authority to: 

  

	 	(a)	Do any act in contravention of this Agreement without first obtaining the written consent thereto of the Manager. 

	 	(b)	Do any act which would (i) make it impossible to carry on the ordinary business of 35, or (ii) change the nature of 35’s business, without first obtaining the written
consent thereto of the Manager. 

  

	 	(c)	Confess a judgment against 35, without first obtaining the written consent thereto of the Manager. 

  

	 	(d)	Possess 35’s property, or assign 35’s right in such property, for other than a company purpose without first obtaining the written consent thereto of the Manager.

  

	 	(e)	Amend this Agreement without first obtaining the written consent thereto of the Manager. 

  

	 	8.8.	Any person not a party to this Agreement who shall deal with 35 shall be entitled to rely conclusively upon the power and authority of the Manager as set forth herein.

  

	 	8.9.	35 shall reimburse the Manager for all out-of-pocket expenses and all direct and indirect disbursements to third parties made and obligations incurred on behalf of 35 to third
parties, including items such as 35’s legal expenses and other costs and expenses incurred in the operation of 35’s business. None of 35’s Affiliates will earn compensation for their services to 35. Notwithstanding the foregoing,
Manager shall be paid, (i) the Production Management Fee, which equals $300,000 out of the offering proceeds to be paid by 35 immediately to Manager upon the successful capitalization of 35. Since the subject offering is “all or
none”, Manager shall only be paid such fee if all of the Class A Shares are sold and the offering proceeds are released, upon receipt of a letter of permission from the Washington Department of Financial Institutions, from 35’s
impound account. The Manager will earn the Production Management Fee by (1) managing the day-to-day activities related to production of the Film, such as (a) disbursement of production funds to third parties, (b) daily review of Film
project deliverables and milestones, (c) approving any changes to the shooting schedule or budget, (d) engaging and contracting with necessary third parties in addition to the production company (e.g., graphic artists or web developers),
(e) managing third parties to ensure company’s contractual requirements are met, and (f) negotiating contract amendments or resolving disputes with third parties; (2) corresponding with Members providing updates on the progress
of the Film project, (3) marketing of the Film for eventual sale or distribution; (4) drafting and negotiation of sale or distribution terms and conditions; (5) distribution of proceeds from sale or distribution Members. , and
(ii) Manager’s contingent compensation in the form of its share of the Net Profits. Affiliates shall not earn compensation for services in connection with 35’s business and Film. 

  

	 	8.10.	Any consent, approval or decision to be made by the Manager under this Agreement for 35 must be approved by a majority of the individual officers comprising the Manager.

	 	9.	CAPITAL CONTRIBUTIONS. 

  

	 	9.1.	The Common Member, also the Manager, may but shall not be obligated to contribute capital to 35 other than an initial Capital Contribution of $10.00 in cash made upon the formation
of 35. Any Capital Contributions made by the Common Member for the purchase of Class A Shares (not including the initial $10.00 cash Capital Contribution) and by the other Members pursuant to Section 9.2 hereof shall be referred to as the
“Capital Contributions.” 

  

	 	9.2.	The aggregate Capital Contribution that 35 will accept shall be determined by the Manager. The price per Class A Share is $10.00. Concurrently with the execution and delivery
to the Manager of the Subscription Agreement, each Member shall deliver in cash to the Manager the amount of his respective Capital Contribution, all as set forth on the Subscription Agreement for each such Member. 

  

	 	9.3.	Subject to the provisions of Paragraph 13.3 below, no Member shall be personally liable for any obligations or debts of 35 or any of its losses beyond the total amount the Member
has agreed to contribute to the capital of 35 and to the Member’s share, if any, of the undistributed Distributable Cash attributable to the Member. Except as provided in this Paragraph 9, and in Paragraph 13.3 below, no Member shall have any
obligation to make additional Capital Contributions to 35. 

  

	 	9.4.	Except as specifically provided in this Agreement, no Common Member or Member shall be entitled to interest on his Capital Contributions. 

  

	 	10.	ADVANCES. 

  

	 	10.1.	If any funds are required by 35 for the operation of its business in excess of the Capital Contributions made by the Members required pursuant to Section 9 above and loans
obtained from third parties, then any Member and Manager shall have the right, but not the obligation, upon the approval of the Manager, to advance such funds (the “Advances”) to 35. 

  

	 	10.2.	If Manager or any Member makes an Advance pursuant to Section 10.1 above, such Advance shall constitute an unsecured loan to 35. 

  

	 	10.3.	The terms and conditions of an Advance by Manager shall be determined by the Manager pursuant to its best business judgment. The Advance shall be evidenced by a promissory note and
shall be repaid to the Manager or Member making the Advance pursuant to Section 12 of this Agreement. 

  

	 	10.4.	If any Member or Manager lends money to 35 for any purpose, whether as an Advance or otherwise, in connection with such loan the Member or Manager shall be deemed an unsecured
creditor of 35, and not a Member, for the purpose of determining his right and priority to the payment of interest on and the repayment of the principal of such loan. 

	 	11.	OWNERSHIP; DISTRIBUTIONS BY THE COMPANY. 

  

	 	11.1.	The ownership of 35 shall be in the form of a Common Share and Class A Shares , each such class of shares having the rights and preferences as described herein. The total
shares that 35 shall be authorized to issue is 350,001, comprised of 1 Common Share and 350,000 Class A Shares. The holder of the Common Share shall be referred to herein as the Common Member, and such entity is also the Manager, and the
holders of Class A Shares shall be referred to herein as the Members. 35 may issue authorized shares at such times, in such amounts, and to such purchasers as determined by the Manager and as further described in a Subscription Agreement.

  

	 	11.2.	Subject to all of the provisions of this Agreement, Distributable Cash shall be distributed to the Common Member and Members at such times and in such amounts as are determined in
the sole and absolute discretion of the Manager. 

  

	 	11.3.	Distributable Cash and Net Profits, if any, shall be distributed as follows: 

  

	 	(a)	One hundred percent (100%) of the Distributable Cash to the Members, pro rata in accordance with their respective holdings, until the Members have received their Class A
Priority Return (as defined in Section 11(d) below), then 

  

	 	(b)	Fifty percent (50%) of the Net Profits, if any, to the Members pro rata in accordance with their respective holdings, and 

  

	 	(c)	Fifty percent (50%) of the Net Profits to the Common Member. 

  

	 	(d)	Class A Priority Return: For purposes of this Agreement, the term Class A Priority Return shall mean that amount equal to the aggregate capital contributions made by all
of the Members, plus five percent (5%). For example, if the Members have collectively contributed $3,500,000.00 of capital to 35, the first $3,675,000.00 of Distributable Cash would be allocated to the Members (pro-rata amongst the Class); once the
Class A Priority Return was met, every dollar of Net Profit would be allocated 50% to the Members and 50% to the Common Member. 

  

	 	11.4.	Regulatory Allocations. The allocations set forth in this Agreement are intended to comply with the economic arrangements of the Members. Nothing in this Agreement or specifically
in this Section 11 is intended to contravene the Code or the regulations thereto. The Manager is hereby authorized without notice to the Members to amend this Paragraph 11 to comply with the Code including the regulations promulgated
thereunder. 

	 	12.	RIGHTS AND OBLIGATIONS OF THE MEMBERS. 

  

	 	12.1.	Except as expressly provided in this Agreement to the contrary, the Members shall take no part in the operation, management or control of 35’s business.

  

	 	12.2.	The Members shall have no power to sign for or to bind 35 to any agreements or arrangements. All authority to act on behalf of 35 is vested in the Manager. Any Member who takes any
action to bind 35 in contravention of this Agreement shall indemnify 35 for any costs, expenses, claims or liabilities incurred by 35 as a result of the unauthorized action of such Member. Without limiting the foregoing, the exercise by a Member of
any rights granted by this Agreement, or serving as a third-party contractor, consultant or surety of 35, shall not be deemed to be taking part in the execution, management or control of 35’s business. 

  

	 	12.3.	Subject to the provisions of Paragraph 12.2 of this Agreement, Members shall not be personally liable for any obligations or debts of 35 or any of its losses beyond the total amount
the Members have agreed to contribute to the capital of 35 and to the Members’ share, if any, of the undistributed Distributable Cash attributable to the Members. 

  

	 	13.	ADDITIONAL MANAGERS; WITHDRAWAL; REMOVAL. 

  

	 	13.1.	Persons may be admitted to 35 as additional or substitute Managers with the consent of the Manager only, and without the consent of any Member. 

  

	 	13.2.	The Manager shall have the right to withdraw or resign from 35 upon 90 days prior written notice to the Members. 

  

	 	14.	INSURANCE. 

 35 may procure liability insurance (or
shall be designated as an additional insured, if appropriate) which will protect it from liability to others because of personal injury (including death) and property damage which may arise from operations under this Agreement, and such other
insurance as is customary, desirable or required for the conduct of 35’s business, as determined by the Manager in its sole discretion. 
  

	 	15.	FISCAL YEAR, BOOKS AND RECORDS AND BANK ACCOUNTS. 

  

	 	15.1.	35, for accounting and income tax purposes, shall operate on a fiscal year ending September 30 and shall utilize such accounting principles and income tax elections and
determinations as shall be determined by the Manager. The Manager shall serve as the “Tax Matters Partner” for 35. 

  

	 	15.2.	As required by the Securities Exchange Act of 1934, as amended, the books and records of, and other information pertaining to, 35 shall be made electronically available to any
Member at 35’s website. 

	 	15.3.	All funds of 35 shall be deposited in a separate bank account or accounts as shall be determined by the Manager and the Manager shall be entitled to sign on all such accounts.

  

	 	15.4.	The Manager shall maintain the books and records for 35. 

  

	 	16.	REPORTS BY 35. 

  

	 	16.1.	The Manager shall make electronically available to the Members all information required by federal and state regulations for preparation of the Members’ federal and state
income tax returns within sixty (60) days after the end of 35’s fiscal year. 

  

	 	16.2.	The Manager shall make electronically available to the Members a balance sheet and an income statement prepared by the Manager as soon as is reasonably practicable after the end of
each fiscal year of 35. 

  

	 	17.	RESTRICTIONS ON TRANSFER; ASSIGNEES. 

  

	 	17.1.	Except as provided in Section 17.3, below, and notwithstanding anything to the contrary contained in the LLC Act, the Members shall not sell, transfer, assign, pledge,
hypothecate, encumber, subject to a security interest or otherwise dispose (“Transfer”) of their Class A Shares, or any part thereof. 

  

	 	17.2.	Notwithstanding anything contained in Paragraph 17.1 to the contrary, a Member’s Class A Shares, or a portion thereof, may be Transferred to persons or entities entitled
thereto pursuant and limited to any operation of law; provided, however, the transferee in such case shall only become an Economic Interest holder with respect to such Class A Shares transferred, and shall in no event become a Member. It shall
be the sole responsibility of the Economic Interest holder to contact the Manager, via 35’s website, so that 35’s records may be updated accordingly. 

  

	 	17.3.	A Manager shall have a right to assign its interest in Net Profits, Net Losses and Distributable Cash without the consent of any Member. 

  

	 	18.	INDEMNIFICATION AND LIABILITY OF MANAGER. 

  

	 	18.1.	35, its receiver or its trustee, shall indemnify, save harmless and pay all judgments and claims against (a) the Manager from any liability or damage incurred by reason of any
act performed or omitted to be performed by it in connection with the business of 35, except as provided in Section 18.3 of this Agreement or (b) the Members for any act performed by them which is expressly permitted by this Agreement,
including attorneys’ fees and costs incurred by them in connection with the defense of any action based on any such act or omission, which attorneys’ fees and costs may be paid as incurred, including all such liabilities under federal and
state securities laws as permitted by law. All judgments against 35 and its Members on which any Member is entitled to indemnification must first be satisfied from 35 assets before the Member in question is responsible for such obligations.

	 	18.2.	In the event of any action by a Member against the Manager, including a company derivative suit, 35 will indemnify, save harmless and pay all expenses of the Manager, including
attorneys’ fees and costs incurred in the defense of such action. 

  

	 	18.3.	The Manager shall not be relieved from any liability for any acts or omissions resulting from a material breach of its obligations hereunder or from bad faith. Indemnification to
which the Manager is entitled under this Section 18 shall be recoverable out of the assets of 35 but not from the Members. 

  

	 	18.4.	The Manager shall not be liable to the Members or to 35 for any loss resulting from errors made by the Manager in the reasonable exercise of business judgment, unless such errors
result from a material breach of this Agreement or bad faith by the Manager. 

  

	 	19.	DISSOLUTION AND LIQUIDATION. 

  

	 	19.1.	35 shall be dissolved upon the earlier of: 

  

	 	(a)	Failing to meet 35’s minimum capital requirements by the close of the offering. This is an all or none offering, meaning that if all of the Class A Shares are not sold
within 90 days after commencement of the offering, sales of Class A Shares shall cease and all subscriptions funds will be promptly returned, less applicable payment processing charges; provided, however, that 35 may choose to extend the
offering for up to an additional 60 days (the “Offering Period”). For clarity, the Offering Period shall commence upon the sale of the Class A Shares, not upon the prospectus being declared effective. 

  

	 	(b)	The bankruptcy or dissolution of the Manager or any other event which, pursuant to the LLC Act and unless otherwise provided in this Agreement, results in the Manager ceasing to be
the Manager. 

  

	 	(c)	An election to dissolve 35 made in writing by the Manager. 

  

	 	(d)	The sale, exchange or other disposition of all or substantially all of the assets of 35; provided, however, that if 35 receives a purchase money note upon such sale, 35 shall
continue in existence until such note is satisfied, sold or otherwise conveyed. 

  

	 	(e)	The entry of a judgment of dissolution under the LLC Act. 

  

	 	(f)	Acquisition by a single person of all outstanding Shares in 35. 

  

	 	19.2.	 Upon the dissolution of 35, the Manager (which term, for the purpose of this 

	 	 
Section 19.2, shall include the trustees, receivers or other persons required by law to wind-up the affairs of 35) shall wind up the affairs of 35 as
provided in the LLC Act. 35 shall engage in no further business thereafter other than that necessary to wind up the business in accordance with the LLC Act and distribute the assets in accordance with this Agreement. The Members shall continue to
allocate Net Profits and Net Losses during the winding up period in the same manner as such amounts were divided before dissolution. The parties responsible for winding up shall be entitled to reasonable compensation for their services in connection
therewith, which compensation shall be considered an expense of 35. The Manager may, from time to time and at any time, have the assets or any one or more of them appraised at the expense of 35 for distribution in kind, subject to existing liens and
encumbrances. 

  

	 	19.3.	From and after the dissolution of 35, the proceeds from the liquidation of 35’s property and from the operation of 35’s business shall, in accordance with Section 11
of this Agreement, be applied and distributed in the following order; 

  

	 	(a)	First, to creditors, including (to the extent permitted by law) Members who are creditors, in satisfaction of liabilities of 35 other than liabilities for distributions to Members
under Section 11 of this Agreement. 

  

	 	(b)	Second, to Members that have not yet received their full allocation and distribution of their Class A Priority Return, to Members, pro-rata, up to, but not more than, that
amount necessary to satisfy the Class A Priority Return. 

  

	 	(c)	Third, any remaining assets shall be distributed to the Members and Manager as follows: fifty percent (50%) to the Members pro-rata in accordance with their respective
Class A Share holdings, and fifty percent (50%) to the Manager in its capacity as the Common Share Holder. 

  

	 	19.4.	In the event of a winding up and liquidation of 35, the Manager shall have the right, in its sole discretion and determination, to purchase any assets of 35 (including the Film, or
any part thereof, produced by 35 and any rights thereto or associated therewith), provided that the Manager pays 35 the fair market value of any such assets, as determined below and such sale is approved by a simple majority of the voting
Class A Shares. 

  

	 	19.5.	Fair market value will be determined on the basis of, and will be equal to, the amount which would be obtained between an informed and willing buyer under no compulsion to buy and
an informed and willing seller under no compulsion to sell. Manager will bid the Film assets to those who might desire to purchase the assets. This in no way means that there will be such interested parties. It is entirely possible that the
Film’s assets are worthless and that the fair market value of such assets is zero. 

	 	19.6.	Subject to this Section 19, the business and affairs of 35 shall be wound up in the manner provided in the LLC Act. 

  

	 	19.7.	As soon as practicable after the dissolution of 35, a final statement of its assets and liabilities shall be prepared by 35 and electronically made available to the Members.

  

	 	19.8.	As soon as possible after any of the events specified in this Section 19 affecting the dissolution of 35 occurs, the Manager shall file a written notice of winding up with the
Washington Secretary of State signed on behalf of 35 containing such information as is required by the LLC Act. 

  

	 	19.9.	Provided all of the known property and assets of 35 have been applied and distributed pursuant to the LLC Act and this Agreement, written articles of termination shall be signed on
behalf of 35 by the Manager. The Manager shall file the articles of termination with the Washington Secretary of State containing such information as is required by the LLC Act. 

  

	 	20.	INVESTMENT REPRESENTATIONS. 

 Each Member, by
executing a copy of this Agreement, hereby represents and warrants to each other Member and 35 as follows: 
  

	 	20.1.	The Class A Shares are being acquired for his own account for investment. 

  

	 	20.2.	The Member has been fully advised of the facts respecting the organization and business of 35 and has been given the opportunity to consult his legal counsel with respect to 35.

  

	 	21.	SPECIAL AND LIMITED POWER OF ATTORNEY. 

 Each
Member hereby grants to the Manager a special and limited power of attorney, as set forth below: 
  

	 	21.1.	The Manager acting alone shall at all times during the term of 35 have a special and limited power of attorney as the attorney-in-fact for each Member, with power and authority to
act in the name and on the behalf of each such Member to execute, acknowledge, and swear to in the execution, acknowledgment and filing of documents, which shall include by way of illustration but not of limitation the following:

  

	 	(a)	The Articles, this Agreement and any amendments to the foregoing which, under the laws of the State of Washington or the laws of any other state, are required to be executed or
filed or which the Manager shall deem it advisable to have executed or to file: 

  

	 	(b)	Any other instrument or document which may be required to be executed or filed by 35 under the laws of any state or by any governmental agency or which the Manager shall deem it
advisable to have executed or to file; and 

  

	 	(c)	Any instrument or document which may be required to effect the continuation of 35 or the dissolution and termination of 35 (provided such continuation, admission or dissolution and
termination are in accordance with the terms of the Articles and this Agreement), or to reflect any reductions in amount of contributions of Members. 

  

	 	21.2.	The special and limited power of attorney of the Manager: 

  

	 	(a)	Is a special power of attorney coupled with an interest, is irrevocable, shall survive the death of the granting Member, and is limited to those matters herein set forth;

  

	 	(b)	May be exercised by the Manager acting alone for each of the Members by the signature of the Manager acting as attorney-in-fact for all of the Members, together with a list of all
Members executing such instrument by their attorney-in-fact; and 

  

	 	(c)	Shall survive a Transfer by a Member of all or any portion of his Class A Shares. 

  

	 	22.	MISCELLANEOUS. 

  

	 	22.1.	Notices. Any notice, request, demand, instruction or other document to be given hereunder or pursuant hereto to any party shall be in writing and delivered by email. Notices
so emailed shall be deemed to have been given twenty four (24) hours after sending. The addresses and addressees, for the purpose of this Section 22.1, may be changed by giving written notice of such change in the manner herein provided
for giving notice. Unless and until such written notice is received, the last address and addressee stated by written notice, or as provided herein if no written notice of change has been sent or received, shall be deemed to continue in effect for
all purposes hereunder. 

  

	 	22.2.	Binding Effect. This Agreement shall be binding upon all of the Members and their executors, administrators, successors and permitted assignees. 

  

	 	22.3.	Regulations and Laws. Nothing contained in this Agreement shall be construed to require the commission of any act contrary to law. If there is a conflict between any
provision of this Agreement and any present or future statute, law, ordinance or regulation contrary to which the parties have no legal right to contract, the after shall prevail, but in such event the provisions of this Agreement affected shall be
curtailed and limited only to the extent necessary to bring it within the requirement of the law. This Agreement is made under and shall be construed pursuant to the laws of the State of Washington. 

	 	22.4.	Attorneys’ Fees. In the event of any action for breach of or to enforce or declare rights under any provision of this Agreement, the prevailing party shall be entitled
to reasonable attorneys’ fees and costs, to be paid by the losing party. 

  

	 	22.5.	Counterparts. This Agreement may be executed in several counterparts, including electronic forms, and all so executed shall constitute one agreement, binding upon all of the
parties hereto, notwithstanding that all of the parties are not signatories to the original or the same counterparts. 

  

	 	22.6.	No Other Agreement. The entire agreement of the parties with respect to 35 is contained and referred to herein. 

  

	 	22.7.	Headings. The Section headings of the various provisions hereof are intended solely for convenience of reference and shall not in any manner amplify, limit or modify, or
otherwise be used in the interpretation of, any of said provisions. 

  

	 	22.8.	Competitive Activities. Nothing herein contained shall preclude any Manager or Member from owning, purchasing, selling, or otherwise dealing in any manner with any property
or engaging in any business whatsoever without notice to any other Manager or Member, without participation of any other Manager or Member, and without liability to any other Manager or Member. It is understood that any Manager or Member may now or
hereafter engage in any business or possess any property of any type, whether or not such business or such property competes with the business or property of 35. Each Manager and Member hereby waives any right which he may have against others who
may capitalize on or take advantage of information learned as a result of an association with 35. 

  

	 	22.9.	Gender and Tense. As used in this Agreement, the masculine, feminine or neuter gender, and the singular or plural number, shall be deemed to include the others whenever the
context so indicates. 

  

	 	22.10.	Remedies. If any party to this Agreement shall fail to observe or perform any term, covenant, condition or other obligation on his part to be observed or performed pursuant
to this Agreement or in connection with this Agreement (the ‘Defaulting Party”), any other party to this Agreement, in addition to and not in lieu or in limitation of, any of his other remedies under this Agreement, under any statute or at
law, shall be entitled to apply to, and obtain from, any court of equity having jurisdiction over the Defaulting Party: 

  

	 	(a)	An injunction, temporary restraining order and any other prohibitory decree to prevent any further such failure to observe or perform on the part of the Defaulting Party; and

  

	 	(b)	A decree for specific performance of any such term, covenant, condition or other obligation. 

	 	22.11.	Waiver. The waiver by one party of the performance of any covenant, condition or promise shall not invalidate this Agreement nor shall it be considered a waiver by such party
of any other covenant, condition or promise hereunder. The waiver by any party of the time for performing any act shall not constitute a waiver of the time for performing any other act or an identical act required to be performed at a later time.
The exercise of any remedy shall not exclude other consistent remedies. 

  

	 	22.12.	No Third-Party Benefit. Nothing contained in this Agreement shall be deemed to confer any right or benefit on any person or entity who is not a party to this Agreement.

  

	 	22.13.	Section 754 Election. The Manager may, in its sole and absolute discretion, make the election provided for in Section 754 of the Code. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	“MANAGER”
	INDIESHARES MANAGEMENT, LLC
		
	By:	 	 /s/ JAY T. SCHWARTZ

	Name:	 	Jay T Schwartz, President
	Address for Manager:
	2311 N 45th Street
	Suite 310
	Seattle, Washington 98103

  

			
	“MEMBERS”
		
	By:	 	  

	IndieShares Management, LLC, as Attorney-in-Fact for all of the Members who have executed Subscription Agreements

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