Document:

Exhibit 4.2

 

EXERCISABLE ON OR AFTER [  ], 2019

AND UNTIL 5:00 P.M. (NEW YORK TIME) ON THE
EXPIRATION DATE

 

	CUSIP:	 	 	 
	No.	 	 	Warrants to Purchase [____________] Shares
	 	 	 	 

 

Warrant Certificate

 

SERIES A WARRANTS TO PURCHASE COMMON STOCK
OF NUTRIBAND INC.

 

This Warrant Certificate
certifies that [______________], or registered assigns, is the registered holder of Warrants (the “Warrants”)
to acquire from Nutriband Inc., a Nevada corporation (the “Company”), the aggregate number of fully paid and
non-assessable shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), specified
above for consideration equal to the Exercise Price (as defined in the Warrant Agreement (as defined below)) per share of Common
Stock. The Exercise Price and number of shares of Common Stock and/or type of securities or property issuable upon exercise of
the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. The Warrants
evidenced by this Warrant Certificate shall not be exercisable after and shall terminate and become void as of 5:00 P.M., New York
time, on [  ], 2022 (the “Expiration Date”).

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of warrants expiring on the Expiration Date entitling the Holder
hereof to receive shares of Common Stock, and is issued or to be issued pursuant to a Warrant Agency Agreement dated December [  ], 2019 (the “Warrant Agreement”), duly executed and delivered by the Company and American Stock Transfer &
Trust Company, LLC, as warrant agent (the “Warrant Agent,” which term includes any successor warrant agent under
the Warrant Agreement), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the
Warrant Agent, the Company and the Holders (“Holders” meaning, from time to time, the registered holders of
the warrants issued thereunder). To the extent any provisions of this Warrant Certificate conflicts with any provision of the Warrant
Agreement, the provisions of the Warrant Agreement shall apply. A copy of the Warrant Agreement may be obtained by the Holder hereof
upon written request to the Company at Nutriband Inc., 121 S. Orange Ave. Suite 1500, Orlando, Florida 32765, Attn: Chief Financial
Officer. Capitalized terms not defined herein have the meanings ascribed thereto in the Warrant Agreement.

 

The Warrants
evidenced by this Warrant Certificate may be exercised, in whole or in part, at any time on or after November [  ], 2019 and on
or before the Expiration Date, in the manner and subject to the terms of the Warrant Agreement including, but not limited to, Sections
4 and 8 thereof. Each exercise must be for a whole number of Warrant Shares.

 

The Warrant Agreement
provides that upon the occurrence of certain events the Exercise Price set forth in this Warrant Certificate may, subject to certain
conditions, be adjusted, and that upon the occurrence of certain events the number of shares of Common Stock and/or the type of
securities or other property issuable upon the exercise of the Warrants evidenced by this Warrant Certificate shall be adjusted.
The Warrant Agreement also provides for the automatic conversion of the Warrants under certain circumstances. No fractional share
of Common Stock will be issued upon the exercise of the Warrants evidenced by this Warrant Certificate, but the Company will at
its elcection either pay the cash value thereof determined as provided in the Warrant Agreement or round the fractional share to
the next whole share.

 

Warrant Certificates,
when surrendered at the office of the Warrant Agent by the registered Holder thereof in person or by such Holder’s legal
representative or attorney duly appointed and authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates
of like tenor evidencing in the aggregate the right to purchase a like number of Warrant Shares.

 

    - 1 -

     

    

 

Each taker and holder
of this Warrant Certificate, by taking or holding the same, consents and agrees that the holder of this Warrant Certificate when
duly endorsed in blank may be treated by the Company, the Warrant Agent and all other persons dealing with this Warrant Certificate
as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby or the person
entitled to the transfer hereof on the register of the Company maintained by the Warrant Agent, any notice to the contrary notwithstanding,
provided that until such transfer on such register, the Company and the Warrant Agent may treat the registered Holder hereof as
the owner for all purposes.

 

The Warrants evidenced
by this Warrant Certificate do not entitle any Holder to any of the rights of a stockholder of the Company.

 

This Warrant Certificate
and the Warrant Agreement are subject to amendment as provided in the Warrant Agreement.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent.

 

[The remainder of this page has been left
intentionally blank.]

 

    - 2 -

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Certificate to be executed as of the date set forth below.

 

	 	NUTRIBAND INC.
	 	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

	
        Countersigned:

        AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,

        as Warrant Agent
	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature page to Warrant Certificate]

 

    - 3 -

     

    

 

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer
of Warrant]

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto __________________________________________________ the right represented
by the within Warrant Certificate to purchase ______________ shares of common stock of Nutriband Inc. to which the within Warrant
Certificate relates and appoints ____________________________________ attorney to transfer said right on the books of Nutriband
Inc. with full power of substitution in the premises.

 

	Dated:	 	 

 

	 	 
	 	Printed Name of Holder
	 	 
	 	 
	 	Signature of Holder (signature must conform in all respects to name of holder as specified on the front page of the Warrant Certificate)
	 	 
	 	 
	 	Title of Signatory (if Holder is not a natural person)
	 	 
	 	Address of Transferee:
	 	 
	 	 
	 	 
	 	 

Signature Guaranteed By:

 

_______________________________________

 

The signature to this Form of Assignment
must correspond with the name as it appears on the face of the Warrant Certificate in every particular. Officers signing on behalf
of a corporation, partnership, trust or other entity must provide evidence of authority to assign the foregoing Warrant upon request
of the Company or Warrant Agent. The signature must be guaranteed by a U.S. chartered bank or by a medallion signature guarantee
from a member of a recognized Signature Medallion Guarantee Program.

 

    - 4 -

     

    

 

FORM OF ELECTION TO PURCHASE

 

To Nutriband Inc.:

 

In accordance with
[Warrant Certificate No. enclosed with this Form of Election to Purchase][the Global Warrant Certificate to be delivered in connection
with this Form of Election to Purchase in the manner contemplated by the Warrant Agreement (as defined below)], the undersigned
hereby irrevocably elects to exercise the Warrants evidenced by this Warrant Certificate with respect to Warrant Shares in accordance
with the terms of the Warrant Agency Agreement dated [ ], 2019, between Nutriband Inc., a Nevada corporation, and American Stock
Transfer & Trust Company, LLC, as warrant agent (the “Warrant Agreement”). Terms used and not defined herein
have the meanings specified in the Warrant Agreement.

 

The Holder hereby
agrees to pay the Aggregate Exercise Price, in lawful money of the United States, by certified check payable to the Warrant Agent,
as agent for the Company, or bank draft payable to the order of the Company or by wire transfer of immediately available funds
to an account designated in writing by the Company (or as otherwise agreed to by the Company) delivered to the Warrant Agent, together
with any applicable taxes payable by the undersigned pursuant to the terms of the Warrant Agreement.

 

Unless the Warrant
Shares will be delivered electronically via DWAC, the undersigned requests that certificates for the shares of Common Stock issuable
upon this exercise be issued in the name of:

 

	Name:	 	 
	Address:	 	 
	 	 	 

 

Social Security or Tax I.D. No.: _________________________

 

If the Warrant Shares
will be delivered electronically via DWAC, the undersigned requests that the Warrant Shares issuable upon this exercise be issued
to the following account:

 

	Name of DTC Participant:	 	 
	DTC Participant Number:	 	 
	Name of Account at DTC Participant to be credited with the Warrant Shares:	 	 
	
        Account Number at DTC Participant to be

        credited with the Warrant Shares:
	 	 

 

 

	This Election to Purchase is delivered by:	 
	 	 
	Signature (and title, if applicable) of Authorized Signatory of Holder	 
	 	 
	Name of Holder	 
	 	 
	Date	 
	 	 

 

    - 5 -

     

    

 

Warrant Shares Exercise Log

 

	Date	 	Number
of Warrant

                                                                                 Shares Available to be

                                                                                 Exercised
	 	Number of Warrant

                                                                                Shares Exercised
	 	Number of
 Warrant Shares

                                                                                Remaining to be

                                                                                Exercised

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

- 6 -emms-ex101_12.htm

 

Exhibit 10.1

THIS NOTE IS SUBJECT TO THE PROVISIONS OF A CONTRIBUTION AND DISTRIBUTION AGREEMENT, DATED THE DATE HEREOF, BY AND AMONG, MEDIACO HOLDINGS INC., THE HOLDER (as defined below) AND the OTHER PARTIES IDENTIFIED THEREIN.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE SECURITIES LAW. EXCEPT AS EXPRESSLY PROVIDED HEREIN, NEITHER THIS NOTE NOR ANY PORTION HEREOF OR INTEREST HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND THE COMPANY HAS RECEIVED EVIDENCE OF SUCH EXEMPTION REASONABLY SATISFACTORY TO THE COMPANY.

 

MEDIACO HOLDING INC.

unsecured CONVERTIBLE PROMISSORY NOTE

	
November 25, 2019
	
$5,000,000.00

 

Mediaco Holding Inc., an Indiana corporation (the “Company”), hereby promises to pay to Emmis Communications Corporation (the “Holder”), the principal amount of $5,000,000.00, together with interest thereon calculated from the date hereof in accordance with the provisions of this Unsecured Promissory Note (as amended, amended and restated, modified or supplemented, this “Note”).

This Note was issued pursuant to that certain Contribution and Distribution Agreement, dated as of the date hereof (as amended, amended and restated, modified or supplemented, the “Contribution Agreement”), by and among the Company, the Holder and the other parties identified therein. This Note is the “Seller Note” as defined in the Contribution Agreement.  All provisions of the Contribution Agreement are hereby incorporated herein by reference.  Except as defined in Section 7 hereof or unless otherwise indicated herein, capitalized terms used in this Note have the same meanings set forth in the Contribution Agreement.  

1.Interest.  

(a)Accrual; Payment.  Subject to Section 4(b)(ii) below, interest shall accrue on the principal sums outstanding at a rate per annum equal to the Base Rate, plus, (i) if the Company pays such interest in kind, 1.00% and, (ii) without regard to whether or not the Company pays such interest in kind (and in addition to any increase pursuant to clause (i) of this sentence), an increase of 1.00% following the second anniversary of the date hereof and additional increases of 1.00% following each anniversary of the date of this Note thereafter (the “Applicable Interest”).  The Applicable Interest shall become due and payable in accordance with Section 2.  Any accrued interest which for any reason has not theretofore been paid shall be paid in full on the Maturity Date.    

(b)Offset.  This Note and all amounts payable hereunder (including principal and interest) are subject to a right of offset with respect to amounts owed to the Company under the Contribution Agreement, which right of offset may be exercised solely to the extent provided in Section 8.1 of the Contribution Agreement (and subject to the limitations therein).

 

 

DB1/ 109877953.2

 

2.Payment of Principal and Interest on Note.  

(a)Scheduled Payments.  The Company shall pay the Applicable Interest in cash or in kind annually on the date of this Note; provided that the Applicable Interest paid in kind shall be added to the principal amount of this Note on such payment date.  The Company shall pay the entire principal amount of this Note, together with all accrued interest thereon, on the Maturity Date or such earlier date as required by the terms hereof.  

(b)Optional Prepayments.  The Company may, at any time and from time to time, no later than five (5) days after providing notice thereof to the Holder, without premium or penalty, prepay all or any portion of the outstanding principal amount of, or interest on, this Note; provided that such prepayment is not prohibited by Section 3 hereof or any applicable subordination agreement executed by the Holder. In connection with each prepayment of principal hereunder, the Company shall also pay all then accrued and unpaid interest hereunder, subject to Section 1(b) above.

(c)Mandatory Prepayments.  Upon the first to occur of (i) a Sale of the Company or (ii) a Change of Control, the Company shall pay the outstanding principal amount of this Note, together with all accrued and unpaid interest on the principal amount being repaid.

(d)Application of Payments.  Payments under this Note shall be applied (i) first, to the payment of then accrued interest hereunder until all such interest is paid and (ii) second, to the repayment of the principal outstanding hereunder. 

3.Subordination.  If at any time a Senior Lender requires this Note to be subordinated to such Senior Lender’s Company Senior Debt, Holder hereby agrees to subordinate this Note to such Senior Lender’s Company Senior Debt upon commercially reasonable terms and conditions and execute all documents, including any amendments to this Note, requested by such Senior Lender to evidence such subordination.  Such subordination agreement shall permit payments pursuant to Section 1 hereof.

4.Events of Default.  

(a)Definition.  For purposes of this Note, an “Event of Default” shall be deemed to have occurred if:

(i)subject to any applicable subordination agreement executed by the Holder and the Company Senior Debt, the Company fails to pay the full principal amount of this Note together with accrued and unpaid interest thereon on the date the same becomes due and payable hereunder, and such failure to pay is not cured within fifteen (15) days after the occurrence thereof; 

(ii)the Company fails to comply with any other provision of this Note and such failure is not cured within thirty (30) days after the occurrence thereof; or

(iii)an Insolvency Event occurs.

The foregoing shall constitute Events of Default whatever the reason or cause for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court of competent jurisdiction or any order, rule or regulation of any administrative or governmental body having jurisdiction therein.

 

	
DB1/ 109877953.2
	
2
	
 

 

 

(b)Consequences of Events of Default.  

(i)Subject to Section 3 above, any applicable subordination agreement executed by the Holder, and the Company Senior Debt, if an Event of Default other than of the type described in Section 4(a)(ii) has occurred, the Holder may declare the aggregate principal amount of this Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto, including without limitation all interest accrued pursuant to Section 4(b)(ii), below) to be immediately due and payable and the Company shall immediately thereafter pay to the Holder all amounts due and payable with respect to this Note.

(ii)Upon and during the continuance of an Event of Default, the Applicable Interest shall be equal to the Base Rate plus four percentage points (4.0%).

(iii)Subject to Section 3 above, any applicable subordination agreement executed by the Holder, and the Company Senior Debt, the Holder shall also have any other rights which the Holder may have pursuant to applicable law.

5.Covenants. While any amount is outstanding under this Note, the Company shall not (and shall not permit), without the prior written consent of Holders, directly or indirectly to do the following: pay any management or similar fees to the SG Affiliates.

6.Conversion. 

(a)Optional Conversion. On or after the date that is six (6) months after the date hereof, all or a portion of the outstanding principal and any accrued but unpaid interest hereunder (the “Conversion Amount”) shall be convertible, at the option of the Holder upon notice to the Company, into shares of the Class A Common Stock, par value $0.01 per share (the “Class A Stock”), of the Company, at a conversion price equal to the 30-Day VWAP of the Class A Stock determined as of the Conversion Date.  The “Conversion Date” shall be the fifth (5th) Business Day after the date on which the Holder gives notice of such conversion. 

(b)Conversion Procedure; Effect of Conversion.  If this Note is to be converted pursuant to Section 5(a), the Holder shall surrender this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the Holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) for cancellation.  Upon conversion of this Note in part, the Company shall reissue the Holder a replacement note in an amount equal to the aggregate of the outstanding amount and accrued but unpaid interest not included in the Conversion Amount.  Upon conversion of this Note in full and the payment of the amounts specified in this section, the Company shall be forever released from all of its obligations and liabilities under this Note, and this Note shall be deemed of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation.

7.Definitions.  For purposes of this Note, the following capitalized terms have the following meaning.

“30-Day VWAP” means the price equal to the average of the volume-weighted average prices of the Class A Stock on the Trading Market for the last thirty (30) Trading Days prior to the date of determination; provided, that if there is no Trading Market for any such day, then the price used for such day shall be the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the OTCQX, OTCQB, Pink or Grey markets (in that order) operated by OTCMarkets. 

 

	
DB1/ 109877953.2
	
3
	
 

 

 

“Base Rate” means the interest rate on the Company Senior Debt, or if no Company Senior Debt is outstanding, 6.00%.  

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized or required to close under the laws of, or are in fact closed in the State of New York.

“Capital Stock” means any and all shares, interests, participations, units or other equivalents (however designated) of capital stock of a corporation, membership interests in a limited liability company, partnership interests of a limited partnership, any and all equivalent ownership interests in a Person, and in each case any and all warrants, rights or options to purchase, and all conversion or exchange rights, voting rights, calls or rights of any character with respect to, any of the foregoing.

“Change of Control” means the occurrence of any of the following:

(a)the SG Affiliates (taken as a whole) at any time ceasing (i) to own and control, directly or indirectly, beneficially and of record, on a fully diluted basis, at least 51.0% on a fully diluted basis of the outstanding Voting Stock of the Company or (ii) to have or exercise the power to elect a majority of the board of directors or other managing body of the Company; 

(b)any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the Exchange Act) becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of a greater amount of Voting Stock of the Company than is owned and controlled, directly or indirectly, by the SG Affiliates (taken as a whole);

(c)the completion of a sale of any Capital Stock of the Company pursuant to a registration statement which has become effective under the Securities Act; or

(d)a “change of control” (or any comparable term or provision) (i) as defined in any Company Senior Debt document, or any term of similar effect under any document executed in connection with any other Company Senior Debt document or (ii) under or with respect to any documents or agreements governing the Capital Stock of the Company.

“Company Senior Debt” means all principal of, premium (if any), interest (including, without limitation, interest accruing or that would have accrued but for the filing of a bankruptcy, reorganization or other insolvency proceeding whether or not such interest constitutes an allowable claim in such proceeding) on, and any and all other fees, expense reimbursement obligations, and other amounts due pursuant to the terms of all agreements, documents and instruments providing for, creating, securing or evidencing or otherwise entered into in connection with (i) indebtedness for borrowed money of the Company (including, without limitation, guarantees and other contingent obligations with respect to indebtedness for borrowed money of its Subsidiaries) of the type typically held by commercial banks, investment banks, insurance companies and other recognized lending institutions, entities and funds or subsidiaries thereof, whether now outstanding or hereafter created, incurred, assumed or guaranteed which is not by its terms on parity with or subordinated to the Company’s obligations under this Note, (ii) obligations evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, of the type typically held by commercial banks, investment banks, insurance companies and other recognized lending institutions, entities and funds or subsidiaries thereof, whether now outstanding or hereafter created, incurred, assumed or guaranteed which is not by its terms on parity with or subordinated to the Company’s obligations under this Note, or (iii) capital leases and similar types of financing, together with renewals, extensions, refundings, refinancings, deferrals, restructurings, amendments and modifications of the items described in (i), (ii), or (iii) above; provided that Company Senior Debt shall not include any of the foregoing to the extent owing to an Affiliate of the Company. 

 

	
DB1/ 109877953.2
	
4
	
 

 

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Insolvency Event” means the occurrence of any of the following: (i) the Company makes a general assignment for the benefit of creditors; (ii) an order, judgment or decree is entered adjudicating the Company bankrupt or insolvent; (iii) any order for relief with respect to the Company is entered under any applicable bankruptcy law; (iv) the Company petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Company or of any substantial part of the assets of the Company, or commences any proceeding relating to the Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or (v) any such petition or application is filed, or any such proceeding is commenced, against the Company and not dismissed or stayed within 60 days.

“Maturity Date” means the fifth (5th) anniversary of the date hereof.

SG Affiliates

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust (including any beneficiary thereof), a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

“Sale of the Company” means the sale of the Company to a third party or group of third parties pursuant to which such party or parties acquire all or substantially all of the assets or business of the Company on a consolidated basis.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

“Senior Lender” means any holders of Company Senior Debt.

“SG Affiliates” means Standard General, L.P. and the funds for which is serves as an investment advisor and their respective Affiliates.

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association or other business entity.

“Trading Day” means (a) any day on which the Class A Stock is listed or quoted and traded on its Trading Market or (b) if the Class A Stock is not then listed or quoted and traded on any Trading Market, then a day on which trading occurs on the Nasdaq Global Select Market (or any successor thereto).

 

	
DB1/ 109877953.2
	
5
	
 

 

 

“Trading Market” means the following market(s) or exchange(s) on which the Class A Stock is primarily listed or quoted for trading on the date in question (as applicable): the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE American or the New York Stock Exchange (or any successors to any of the foregoing).

“Voting Stock” means, with respect to any Person, shares of such Person’s Capital Stock having the right to vote for the election of directors (or Persons acting in a comparable capacity) of such Person under ordinary circumstances.

8.Amendment and Waiver.  Subject to any applicable subordination agreement, this Note may be amended only with the written consent of the Company and the Holder.

9.Assignment and Transfer.  Except as set forth below, the Holder shall not sell, assign, transfer, pledge, hypothecate, mortgage, or otherwise encumber this Note; provided, however, that the Holder may assign or transfer all or any portion of this Note with the prior written consent of the Company, in its sole discretion (provided that any such assignee agrees to be bound by and subject to the terms and conditions of this Note and any applicable subordination agreement executed by the Holder). The Company shall not assign its interest in this Note, either voluntarily or by operation of law, without the prior written consent of the Holder; provided, that the Company shall be permitted to assign this Note to any Affiliate of equivalent or greater net worth as the Company at the time of such assignment.

10.Cancellation.  After all principal and then accrued interest at any time owed on this Note has been paid in full, this Note shall be surrendered to the Company for cancellation and shall not be reissued.

11.Payments.  All payments to be made to the Holder shall be made in U.S. Dollars by check or wire transfer of immediately available funds.

12.Place of Payment.  Payments of principal and interest shall be delivered to the Holder at such address as is specified by timely prior written notice by the Holder.

13.Governing Law.  All questions concerning the construction, validity, and interpretation of this Note will be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflicts of laws provision or rule (whether of the State of New York or any other jurisdiction) that would compel the application of the substantive laws of any jurisdiction other than the State of New York.

14.Business Days.  If any payment is due, or any time period for giving notice or taking action expires, on a day which is not a Business Day, the payment shall be due and payable on, and the time period shall automatically be extended to, the next day Business Day, and interest shall continue to accrue at the required rate hereunder until any such payment is made.

15.Notice.  The notice provisions set forth in Section 13.2 of the Contribution Agreement are incorporated by reference in this Note and made a part hereof as if they were set forth herein.

16.Acknowledgement. The Holder (a) is, by reason of its and its advisors’ business and financial experience, capable of evaluating the merits and risks of this Note and making an informed investment decision with respect hereto and with respect to the Company’s ability to repay the Note, in each case without reliance upon any Affiliate of the Company, (b) has had full access to such other information (including the opportunity to ask questions and receive answers) concerning the Company as the Holder has deemed appropriate, and has made its own investigation, without reliance upon the Company (other than as set forth in the Contribution Agreement and the documents referred to therein) or any of its Affiliates, into the business, prospects, operations, property, financial, and other condition and creditworthiness of the Company, and (c) is able to bear the economic and financial risk of the Note.

 

	
DB1/ 109877953.2
	
6
	
 

 

 

17.Usury Laws.  It is the intention of the Company and the Holder to conform strictly to all applicable usury laws now or hereafter in force, and any interest payable under this Note shall be subject to reduction to the amount not in excess of the maximum legal amount allowed under the applicable usury laws as now or hereafter construed by the courts having jurisdiction over such matters. The aggregate of all interest (whether designated as interest, service charges, points, or otherwise) contracted for, chargeable, or receivable under this Note shall under no circumstances exceed the maximum legal rate upon the unpaid principal balance of this Note remaining unpaid from time to time.  If such interest does exceed the maximum legal rate, it shall be deemed a mistake and such excess shall be canceled automatically and, if theretofore paid, rebated to the Company or credited on the principal amount of this Note, or if this Note has been repaid, then such excess shall be rebated to the Company. 

18.Waiver of Jury Trial.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES TO THIS NOTE HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

	
DB1/ 109877953.2
	
7
	
 

 

 

IN WITNESS WHEREOF, each of the Company and the Holder has executed and delivered this Unsecured Promissory Note on the date first above written.

 

		
	
MEDIACO HOLDING INC.

	
 

	
 

	
By:
	
/s/ J. Scott Enright

	
Name:
	
J. Scott Enright

	
Title: 
	
Executive Vice President,

	
 
	
General Counsel & Secretary

 

		
	
Accepted and Agreed:

	
 

	
EMMIS COMMUNICATIONS CORPORATION

	
 

	
 

	
By:
	
/s/ J. Scott Enright

	
Name:
	
J. Scott Enright

	
Title:
	
Executive Vice President,

	
 
	
General Counsel & Secretary

 

[Signature Page to Unsecured Promissory Note]

25108619.4

DB1/ 109877953.2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]