SEC Contract Filing

Filing Date: 2023-04-12

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>9
<FILENAME>tm2312429d1_ex10-6.htm
<DESCRIPTION>EXHIBIT 10.6
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit&nbsp;10.6</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORBEARANCE AGREEMENT, TENTH AMENDMENT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LOAN AND SECURITY AGREEMENT AND AMENDMENT TO
FEE LETTER</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS FORBEARANCE AGREEMENT,
TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT AND AMENDMENT TO FEE LETTER (this &ldquo;<B><I>Amendment</I></B>&rdquo;), dated as of April&nbsp;10,
2023, is entered into by and among IMEDIA BRANDS,&nbsp;INC., a Minnesota corporation (&ldquo;<B><I>iMedia</I></B>&rdquo; or &ldquo;<B><I>Borrowing
Agent</I></B>&rdquo;), VALUEVISION INTERACTIVE,&nbsp;INC., a Minnesota corporation (&ldquo;<B><I>Value Interactive</I></B>&rdquo;), VALUEVISION
RETAIL,&nbsp;INC., a Delaware corporation (&ldquo;<B><I>Value Retail</I></B>&rdquo;), PW ACQUISITION COMPANY, LLC, a Minnesota limited
liability company (&ldquo;<B><I>PW Acquisition</I></B>&rdquo;), FL ACQUISITION COMPANY, a Minnesota corporation (&ldquo;<B><I>FL Acquisition</I></B>&rdquo;),
VALUEVISION MEDIA ACQUISITIONS,&nbsp;INC., a Delaware corporation (&ldquo;<B><I>Value Media</I></B>&rdquo;), JWH ACQUISITION COMPANY,
a Minnesota corporation (&ldquo;<B><I>JWH Acquisition</I></B>&rdquo;), NORWELL TELEVISION, LLC, a Delaware limited liability company (&ldquo;<B><I>Norwell</I></B>&rdquo;),
867 GRAND AVENUE LLC, a Minnesota limited liability company (&ldquo;<B><I>867 Grand Avenue</I></B>&rdquo;), PORTAL ACQUISITION COMPANY,
a Minnesota corporation (&ldquo;<B><I>Portal</I></B>&rdquo; and together with iMedia, Value Interactive, Value Retail, PW Acquisition,
FL Acquisition, Value Media, JWH Acquisition, Norwell, 867 Grand Avenue and any other Person who from time to time becomes a Borrower
under the Loan Agreement, collectively, the &ldquo;<B><I>Borrowers</I></B>&rdquo;), VVI FULFILLMENT CENTER,&nbsp;INC., a Minnesota corporation
(&ldquo;<B><I>VVI Fulfillment</I></B>&rdquo;), EP PROPERTIES, LLC, a Minnesota limited liability company (&ldquo;<B><I>EP Properties</I></B>&rdquo;),&nbsp;IMEDIA&amp;123TV
HOLDING GMBH (&ldquo;<B><I>iMedia&amp;123tv Holding</I></B>&rdquo; and together with VVI Fulfillment, and EP Properties, collectively,
the &ldquo;<B><I>Guarantors</I></B>&rdquo;), <B>SIENA LENDING GROUP LLC</B>, as a lender (&ldquo;<B><I>Siena</I></B>&rdquo; and together
with any other financial institutions who become part to the Loan Agreement referred to below from time to time, each a &ldquo;<B><I>Lender</I></B>&rdquo;
and collectively, the &ldquo;<B><I>Lenders</I></B>&rdquo;) and <B>SIENA LENDING GROUP LLC</B>, as administrative and collateral agent
for the Lenders (in such capacity, the &ldquo;<B><I>Agent</I></B>&rdquo;). Terms used herein without definition shall have the meanings
ascribed to them in the Loan Agreement defined below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Agent,
Lenders and Borrowers have previously entered into (i)&nbsp;that certain Loan and Security Agreement dated as of July&nbsp;30, 2021 (as
amended, modified and supplemented from time to time, the &ldquo;<B><I>Loan Agreement</I></B>&rdquo;), pursuant to which Lenders have
made certain loans and financial accommodations available to Borrowers, and (ii)&nbsp;that certain Forbearance Agreement and Eighth Amendment
to Loan and Security Agreement dated as of December&nbsp;20, 2022 (as amended by that certain Ninth Amendment to Loan and Security Agreement
and First Amendment to Forbearance Agreement dated as of February&nbsp;1, 2023 among Borrowers, Guarantors, Agent and Lenders, the &ldquo;<B><I>First
Forbearance Agreement</I></B>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Specified Defaults (as defined in the First Forbearance Agreement) have occurred and are continuing. The Forbearance Period (as defined
in the First Forbearance Agreement) expired on February&nbsp;28, 2023.</FONT></P>

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