SEC Contract Filing

Filing Date: 2018-05-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tv492840_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.3</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>COMMERCIAL REVOLVING LINE OF CREDIT PROMISSORY
NOTE</U></B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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 <TD STYLE="width: 34%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Up to $2,500,000.00</FONT></TD>
 <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Stamford, Connecticut</FONT></TD>
 <TD STYLE="width: 33%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">April __, 2018</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>FOR VALUE RECEIVED</B>,
the undersigned, <B>CHICKEN SOUP FOR THE SOUL ENTERTAINMENT, INC.</B>, a Delaware corporation, having an address at 132 East Putnam
Avenue, Cos Cob, Connecticut 06807 (&ldquo;<U>CSSE</U>&rdquo;) and <B>SCREEN MEDIA VENTURES, LLC</B>, a Delaware limited liability
company, having an address at 800 Third Avenue, 3<SUP>rd</SUP> Floor, New York, New York 10022 (&ldquo;<U>SMV</U>&rdquo; and together
with CSSE, the &ldquo;<U>Maker</U>&rdquo;), jointly and severally, promises to pay to the order of <B>PATRIOT BANK, N.A.</B>, (the
&ldquo;<U>Lender</U>&rdquo;), at its office located at 900 Bedford Street, Stamford, Connecticut 06901, the principal sum of up
to <B>TWO MILLION FIVE HUNDRED THOUSAND and 00/100 DOLLARS ($2,500,000.00)</B> (the &ldquo;<U>LOC Loan</U>&rdquo;), or so much
thereof as may be advanced or re-advanced, from time to time, together with interest payable at the rate and in the manner provided
in Section&nbsp;1.1 of this Commercial Revolving Line of Credit Promissory Note (this &ldquo;<U>Note</U>&rdquo;), together with
all taxes assessed upon said sum (other than income or franchise taxes) against Holder of this Note (the &ldquo;<U>Holder</U>&rdquo;)
and any costs and expenses, including reasonable attorneys&rsquo; fees, incurred in the collection of this Note or in protecting
or sustaining the lien of the same.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.1</TD><TD STYLE="text-align: justify"><B><U>INTEREST RATE</U>.</B></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The outstanding principal
balance of this Note shall bear interest, payable monthly in arrears, on the outstanding principal balance thereof, at <B>one and
one-half percent (1.50%)</B> percent above Lender&rsquo;s Base Rate (as defined below) as established by Patriot Bank, N.A. per
annum (the &ldquo;<U>Interest Rate</U>&rdquo;); <U>provided</U>; <U>however</U>, the interest rate hereunder shall not be less
than <B>six and one quarter percent (6.25%)</B> (the &ldquo;<U>Floor Rate</U>&rdquo;) at any time. The term &ldquo;<U>Lender's
Base Rate</U>&rdquo; is the interest rate published in the Eastern Edition of <I>The Wall Street Journal</I> in the &ldquo;Money
Rates&rdquo; table as the &ldquo;Prime Rate&rdquo; in effect from time to time. If the said Prime Rate is published as a range,
with a high and a low interest rate, Lender's Base Rate shall be the highest rate on corporate loans posted by at least 75% of
the USA's 30&nbsp;largest banks known as <I>The Wall Street Journal</I> Prime Rate and is published in <I>The Wall Street Journal</I>.
The rate of interest under this Note will change as of the effective date of each change in such Prime Rate. If <I>The Wall Street
Journal</I> shall cease to publish the Prime Rate in the Money Rates table of its Eastern Edition, Lender shall choose an interest
rate that in the sole and absolute discretion of Lender most closely approximates said Prime Rate and Lender may notify Maker in
writing of such designation, which rate shall be Lender's Base Rate from and after the date on which <I>The Wall Street Journal</I>
shall have ceased to so publish the Prime Rate. Lender's Base Rate may not be the lowest or most favorable rate charged by Lender.
The Interest Rate on the LOC Loan shall change on the same date that the Prime Rate used by Lender changes. Interest shall be computed
on a daily basis and shall be calculated on the basis of a 360-day year, based on actual days elapsed in any payment period. As
of the date hereof, the Prime Rate is <B>four and three quarters percent (4.75%) </B> and the Interest Rate on the LOC Loan is
<B>six and one quarter percent (6.25%).</B></P>

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