Document:

Exhibit
10.1

     

    THIRD
AMENDED AND RESTATED FORBEARANCE AGREEMENT

     

    This THIRD AMENDED AND RESTATED
FORBEARANCE AGREEMENT is dated as of May 3, 2010 (the “Effective Date”), by
and among DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP and FORTRESS CREDIT
OPPORTUNITIES I LP (collectively, “Fortress”) and ETON
PARK FUND, L.P., and ETON PARK CLO MANAGEMENT 2 (collectively “Eton Park” and
together with Fortress, collectively “Lender”), and SUMMIT
HOTEL PROPERTIES, LLC a South Dakota limited liability company, as borrower
(“Borrower”),
each SHP Subsidiary signatory hereto, and The Summit Group, Inc. (“Guarantor” together
with Borrower and each SHP Subsidiary, collectively, the “Borrower Parties” and
each a “Borrower
Party”).

     

    RECITALS

     

    A.           Borrower
and Fortress Credit Corp. (“Initial Lender”)
entered into that certain Loan Agreement, dated as of March 5, 2007 (the “Loan Agreement”),
pursuant to which Initial Lender made a loan (the “Loan”) to Borrower in
the principal amount of up to Ninety-Nine Million, Seven Hundred Thousand and
00/100 Dollars ($99,700,000), following which, Initial Lender assigned its
interest as lender to Lender

     

    B.           The
Debt is due and payable in full as of the Scheduled Maturity Date of March 5,
2010 (the “Maturity
Event”).

     

    C.           Borrower,
the SHP Subsidiaries, The Summit Group, Inc. and Lender have executed a
non-binding letter dated February 24, 2010 outlining the proposed terms and
conditions for the potential modification and extension of the Loan and are
negotiating definitive documents evidencing such potential modification and
extension.

     

    D.           Borrower
and Fortress entered into, and Eton Park accepted and agreed to, that certain
Forbearance Agreement dated March 4, 2010, as amended by the Amended and Restate
Forbearance Agreement dated as of April 2, 2010, as further amended by the
Second Amended and Restated Forbearance Agreement dated as of April 19, 2010,
which is being further amended and restated by this Third Amended and Restated
Forbearance Agreement.

     

    E.           Lender
is willing to temporarily forbear from the exercise of Lender rights and
remedies under its Loan arising as a result of the Maturity Event for a period
of time, and on such terms and conditions, as set forth in this
Agreement.

     

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Lender and Borrower (collectively, the “Parties”)
hereby agree as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
1

     

    RECITALS
AND DEFINITIONS

     

    SECTION
1.1  Definitions; Controlling
Document.  The following terms shall have the following
meanings in this Agreement (such meanings to be equally applicable to both the
singular and plural forms of the terms defined).  Capitalized terms
not otherwise defined in this Agreement shall have the meaning ascribed to such
terms in the Loan Agreement applicable to the Loan with respect to which such
term is used.  In the event of an inconsistency or conflict between
the provisions of any Loan Agreement and this Agreement, this Agreement shall
control.

     

    “Agreement”
means this Amended and Restated Forbearance Agreement, as the same may be
amended, restated, supplemented or otherwise modified from time to
time.

     

    “Enforcement
Action” means any action or the exercise by a Lender of any right or
remedy, at law or in equity, as provided by contract or otherwise, to declare an
Event of Default related to the Maturity Event or realize upon the Collateral
(including, without limitation, an assignment in lieu of foreclosure or other
final negotiated settlement in lieu of any such enforcement action) or to
collect the Debt secured by the Collateral (including without limitation any
acceleration thereof).  

     

    “Forbearance
Termination Time” shall mean the time when the earliest of the following
occurs: ;

     

    a.           12:01
am on May 17, 2010;

     

    b.           the
occurrence of any Event of Default (including the failure by Borrower to make
the May 5, 2010 interest payment as described in Section 2.2(a) below) other
than the Maturity Event;

     

    c.           the
commencement of any Bankruptcy Proceeding with respect to any Borrower
Party;

     

    d.           any
representation or warranty made by any Borrower Party in this Agreement shall
prove to have been untrue, inaccurate or incomplete in any material respect on
or as of the date made or deemed made;

     

    e.           any
Borrower Party shall fail in any material respect to perform, as and when
required, any of its covenants or other obligations set forth in this
Agreement;

     

    
      
         

      

      
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    f.           any
Borrower Party shall take any action to challenge (including, without
limitation, asserting in writing any challenge to) the validity or
enforceability of this Agreement or any provision hereof; or

     

    g.           the
commencement of a suit or the assertion of a counterclaim, defense or right of
set off by any Borrower or any Affiliate of any Borrower against
Lender.

     

    ARTICLE
2

     

    ACKNOWLEDGMENT
OF DEBT, STATUS OF LOAN, RELEASE OF CLAIMS,

     

    SECTION
2.1  Reaffirmation of Loan
Documents.  Each Borrower Party hereby acknowledges and agrees
that all terms, conditions and provisions of each Loan Document continues in
full force and effect and remain unaffected and unchanged, and Borrower hereby
reaffirms the Debt and all other obligations of Borrower under each Loan
Document.  This Agreement is not intended to, and shall not be
construed to, create or constitute a modification or waiver of any Loan or any
Default, Event of Default, or breach under the Loan Agreement or any other Loan
Document or a release or relinquishment of, and shall not affect, the liens,
security interests and, except as expressly provided in this Agreement, any of
the rights under any Loan Document, all of which are hereby ratified, confirmed,
renewed and extended in all respects.

     

    SECTION
2.2  Acknowledgments of
Borrower.

     

    (a)           Aggregate Amount of Loan and
Interest Payment. Each Borrower Party hereby acknowledges that, as of May
5, 2010, the aggregate outstanding amount of the Loan, including all principal,
accrued and unpaid interest will be $85,184,552.71 and on May 5, 2010 an
interest payment in the amount of $548,778.29 is due and payable by wire
transfer of immediately available funds.

     

    (b)           Collateral.  Borrower
acknowledges and agrees that all of the Collateral under the Loan, all reserve
funds and escrowed funds pursuant to the Loan Documents (whether currently
existing or deposited in the future), secures and shall continue to secure the
Loan with valid first priority liens and security interests, to the extent
granted in the Loan Documents, and that Borrower has not taken any action that
would cause the interruption, cessation or other lapse of the aforesaid lien and
security interests in such Collateral or loss of priority of the Lender's lien
or security interest in such Collateral.

     

    (c)           This Agreement Not to
Supersede Loan Documents.  This Agreement does not amend or
modify in any way any of the Loan Documents.  The Loan Documents shall
continue to govern the Loan until such time as Lender and Borrower agree (if at
all) to enter into other agreements governing the Loan.  This
Agreement does not waive, alter or modify Lender’s rights under any Loan
Document or otherwise waive or excuse any Default or Events of Default under any
Loan Document.  Borrower acknowledges and agrees that, notwithstanding
the agreement of Lender to forbear from taking any Enforcement Action during the
Forbearance Period in respect of the Maturity Event, such forbearance shall not
constitute a waiver of the occurrence or the continuance of any Default or Event
of Default, and any such Default or Event of Default which has occurred shall
continue to exist after the Effective Date unless and until cured by Borrower or
waived by Lender.  This Agreement does not modify, alter or amend any
Loan or any relationship between or among Borrower and Lender.

     

    
      
         

      

      
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    ARTICLE
3

     

    REPRESENTATIONS
AND WARRANTIES

     

    To induce
Lender to enter into this Agreement, Borrower makes the following
representations and warranties:

     

    SECTION
3.1  Formation.

     

    (a)           Borrower
is a limited liability company, duly organized, validly existing, and in good
standing under the State of South Dakota, is qualified to do business in each
State in which it is required to be authorized to do business, and has all
requisite organizational power and authority to execute, deliver and perform its
obligations under this Agreement.  Borrower has delivered to Lender
all formation and organizational documents of such Borrower, and all such
formation and organizational documents remain in full force and effect and have
not been amended or modified since they were delivered to Lender.  No
consent of any Person is required under any contract, license, permit, approval
or law binding on Borrower in connection with the execution, delivery or
performance of this Agreement.

     

    (b)           Each
SHP Subsidiary is a limited liability company, duly organized, validly existing,
and in good standing under the State of Delaware or the State of South Dakota,
as applicable, is qualified to do business in each State in which it is required
to be authorized to do business, and has all requisite organizational power and
authority to execute, deliver and perform its obligations under this
Agreement.  Each SHP Subsidiary has delivered to Lender all formation
and organizational documents of such SHP Subsidiary, and all such formation and
organizational documents remain in full force and effect and have not been
amended or modified since they were delivered to Lender.  No consent
of any Person is required under any contract, license, permit, approval or law
binding on any SHP Subsidiary in connection with the execution, delivery or
performance of this Agreement.

     

    (c)           Guarantor
is a corporation, duly organized, validly existing, and in good standing under
the State of South Dakota, is qualified to do business in each State in which it
is required to be authorized to do business, and has all requisite
organizational power and authority to execute, deliver and perform its
obligations under this Agreement.  Guarantor has delivered to Lender
all formation and organizational documents of Guarantor, and all such formation
and organizational documents remain in full force and effect and have not been
amended or modified since they were delivered to Lender.  No consent
of any Person is required under any contract, license, permit, approval or law
binding on Guarantor in connection with the execution, delivery or performance
of this Agreement.

     

    
      
         

      

      
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    SECTION
3.2  Power
and Authority.  The execution, delivery and performance of this
Agreement by each Borrower Party is not in contravention of law, or any
indenture, agreement or undertaking to which any Borrower Party is a party or by
which any Borrower Party is bound.

     

    SECTION
3.3  Valid
and Binding Obligations.  The execution and delivery by each
Borrower Party of this Agreement and any other documents required hereunder have
been duly and properly made and authorized, and when executed and delivered by
each Borrower Party will constitute the legal, valid, and binding obligations of
each Borrower Party enforceable in accordance with their respective terms,
subject to applicable bankruptcy, insolvency and similar laws affecting rights
of creditors generally, and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in
equity.)

     

    SECTION
3.4  No
Defenses.  Each Borrower Party’s obligations to Lender under
the Loan Documents to which it is a party are valid and
enforceable.

     

    SECTION
3.5  No
Default Caused by Entry Into Agreement.  The execution and
delivery of this Agreement and the consummation of the transactions herein
contemplated will not violate any law, rule, regulation, order, writ, judgment,
injunction, decree or award binding on any Borrower Party, or conflict with or
constitute a default under or result in the creation or imposition of any lien
pursuant to the terms of any indenture, instrument or agreement to which any
Borrower is a signatory or by which any Borrower Party is otherwise
bound.

     

    SECTION
3.6    No
Litigation.  There are no material actions, suits or
proceedings at law or in equity by or before any Governmental Authority or
Person now pending, affecting or, to the knowledge of any Borrower Party,
threatened against any Collateral, any Borrower Party, except as previously
disclosed in writing to Lender.

     

    SECTION
3.7  No
Bankruptcy Filing.  No Borrower Party (a) is a debtor in any
outstanding action or proceeding pursuant to any bankruptcy law or has, upon the
Effective Date, any current intent either to file a petition under any
bankruptcy law or to liquidate any or all or any portion of its assets or
property or (b) is aware that any other person has any current intent to file
against any Borrower Party a petition under any bankruptcy law.

     

    
      
         

      

      
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    SECTION
3.8  No
Further Commitment for Additional Accommodations.  Each
Borrower Party expressly agrees and stipulates that, except as expressly
provided in this Agreement, no Lender has any obligation under any Loan Document
or any other agreement or by law, by equity or by any oral representation or
communication of any sort from Lender to refrain from exercising its rights
under any Loan Document, and each Borrower Party expressly agrees and stipulates
that Lender has no obligation under any Loan Document, this Agreement or any
other agreement or by law, by equity or by any oral representation or
communication of any sort to refrain from exercising its rights under this
Agreement, or to agree to any further forbearances or extensions of time to pay
the Debt, or provide any further accommodation to any Borrower Party under any
circumstances whatsoever.

     

    SECTION
3.9  Environmental
Matters.  No Borrower Party knows of any Hazardous Materials
affecting any of the Properties in any material way, and, to each Borrower
Party’s knowledge, each of the Properties is in material compliance with all
Environmental Laws.

     

    SECTION
3.10  Actions by Governmental
Authorities.  To the knowledge of each Borrower Party, there
have been no actions taken by any Governmental Authority which may materially
impair any Borrower Party’s ability to hold, operate or develop
any  individual Property.

     

    SECTION
3.11  Representations and
Warranties.  The representations and warranties of each
Borrower Party in each Loan Document to which it is a party are true and correct
in all material respects as if made on the Effective Date.

     

    ARTICLE
4

     

    CONDITIONS
TO TEMPORARY FORBEARANCE

     

    This
Agreement and the obligations of Lender to forbear as set forth in Article 5 shall be
subject to the satisfaction of the following conditions precedent:

     

    SECTION
4.1  Execution, Acknowledgment
and Reaffirmation.  Each Borrower Party shall execute and
deliver this Agreement to Lender and Lender shall execute and deliver this
Agreement to Borrower.

     

    SECTION
4.2  Correctness of
Warranties.  All representations and warranties contained
herein or otherwise made by a Borrower Party in connection herewith shall be
true, correct and complete in all material respects.

     

    
      
         

      

      
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    ARTICLE
5

     

    FORBEARANCE

     

    SECTION
5.1  Forbearance
Period.  Lender will forbear from taking any Enforcement Action
in connection with the Maturity Event from the date hereof until the Forbearance
Termination Time (the “Forbearance
Period”).

     

    SECTION
5.2  Fees
and Expenses.  All fees, costs, expenses, distributions and
advances incurred by Lender in connection with or furtherance of the
transactions contemplated under this Agreement, including, without limitation,
attorneys’ fees, expenses and distributions shall be paid promptly Borrower to
Lender.

     

    SECTION
5.3  Enforcement Actions After
Forbearance Period.  Each Borrower Party acknowledges and
agrees that the provisions of this Agreement shall be effective solely for the
purposes set forth herein, shall be limited precisely as written and shall not
be deemed to waive any Default or Event of Default (including the Maturity
Event) or otherwise prejudice any right or remedy which Lender may now have or
has in the future under or in connection with any Loan Document.  Each
Borrower Party further acknowledges and agrees that, upon the occurrence of the
Forbearance Termination Time, the agreement of Lender to forbear from taking any
Enforcement Action in respect of the Maturity Event shall cease and be of no
further force or effect, and Lender shall be entitled to immediately take such
Enforcement Actions under the Loan Agreement, the other Loan Documents or
applicable law in respect of the Maturity Event or any other Event of Default
then existing as such Lender may determine in its sole and absolute discretion,
all without further notice or demand.

     

    ARTICLE
6

     

    COVENANTS

     

    SECTION
6.1  Covenants.

     

    (a)           Delivery of Information;
Reporting.  Borrower Parties shall use best efforts to deliver
to the Lender any materials and information reasonably requested by the Lender
within a reasonable time after receipt by Borrower Parties of such request to
the extent such materials or information are in the actual possession of, or
readily available to, Borrower Parties.

     

    (b)           Interest
Rate.  Notwithstanding the agreement of Lender under this
Agreement to forebear from the exercise of the other rights and remedies such
Lender may have, interest on the outstanding principal amount of the Loan and
any unpaid interest thereon shall accrue at the rate of LIBOR plus 8.75% but
during the Forbearance Period, Lender shall accept payment of interest at the
rate of LIBOR plus 5.75%, and the difference between such amounts shall accrue
and be added to the outstanding principal balance of the Loan.  LIBOR
as used herein shall be the greater of (a) 2% or (b) the meaning given to LIBOR
in the Loan Agreement.  Notwithstanding the Interest Period and
Payment Date, each as defined in the Note, (i) interest has accrued and shall
continue to accrue at the above described rate for the interest period
commencing on March 6th, 2010 and ending on (and including) April 5, 2010, and
each interest period thereafter commencing on the 6th of each month and ending
on (and including) the 5th of each following month, and (ii) the next Payment
Date shall be May 5, 2010.  Interest shall be calculated on the basis
of a 360 day year.

     

    
      
         

      

      
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    (c)           Operate in Ordinary
Course.  Each Borrower Party shall operate its business in the
ordinary course consistent with prudent business practices for a company
similarly situated in the industry in which such Borrower Party conducts its
business.

     

    ARTICLE
7

     

    MISCELLANEOUS

     

    SECTION
7.1  Addresses for Notices,
Etc.  All demands, notices and communications hereunder shall
be in writing and shall be deemed to have been duly given if delivered in the
manner required by each Loan Agreement.

     

    SECTION
7.2  Survival of Representations
and Warranties.  All representations, warranties, covenants and
agreements contained herein or made in writing by any Borrower Party in
connection herewith shall survive the execution and delivery of this Agreement
and be true and correct until all of the obligations hereunder and under all
Loan Documents have been satisfied in full pursuant to this
Agreement.

     

    SECTION
7.3  Headings.  The
headings in this Agreement are intended to be for convenience of reference only,
and shall not define or limit the scope, extent or intent or otherwise affect
the meaning of any portion hereof.

     

    SECTION
7.4  Further
Assurances.  Each Borrower Party and Lender shall, from time to
time, execute such additional documents as may reasonably be requested by Lender
or any Borrower Party or its respective counsel and take such other actions, to
carry out and fulfill the intent and purpose of this Agreement.  Each
Borrower Party and Lender hereby agrees to execute, acknowledge and deliver such
documents as reasonably requested by Lender or any Borrower Party for such
purposes and otherwise to cooperate in Borrower’s or Lender’s efforts in this
regard.

     

    SECTION
7.5  Construction.  Regardless
of which Party drafted this Agreement or any particular clause of this
Agreement, any construction of this Agreement or of any Loan Document shall be
made without any reference whatsoever as to which Party drafted, or insisted
upon a clause in, this Agreement.

     

    
      
         

      

      
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    SECTION
7.6  Choice
of Law.  This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York without giving
effect to its conflict of laws principles.

     

    SECTION
7.7  Entire
Agreement.  The Loan Documents, this Agreement and the
documents executed pursuant hereto, embody the entire agreement and
understanding between Lender and each Borrower Party and supersede all prior
agreements and understandings between said parties relating to the subject
matter thereof.

     

    SECTION
7.8  Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original document enforceable against the Party signatory thereto, but all of
which shall constitute a single document.

     

    SECTION
7.9  No
Waiver of Remedies.  No delay or failure of Lender to exercise
any right under any Loan Document or this Agreement shall impair such right or
be construed to be a waiver of such right or of any default or an acquiescence
therein, and any single or partial exercise of any such right shall not preclude
other or further exercise thereof or the exercise of any other
right.  No waiver, amendment or other variation of the terms,
conditions or provisions of any Loan Document or this Agreement shall be valid
unless made in writing and signed the parties hereto, and then only to the
extent specifically set forth in such writing.  All remedies contained
in any Loan Document or in this Agreement or afforded by law or by equity shall
be cumulative and all shall be available to each applicable Lender until each
Loan has been paid in full.

     

    SECTION
7.10  Counsel; Voluntary
Agreement.  Counsel for each Party hereto have reviewed and
advised their clients with respect to the terms and conditions of this Agreement
and such Party’s respective rights and remedies.  Counsel for each
Borrower Party have thoroughly and carefully read this Agreement and each Party
has entered into this Agreement freely and voluntarily, without duress or
coercion of any kind, and as a well reasoned exercise of their respective
business judgments.

     

    SECTION
7.11  Effectiveness.  This
Agreement, together with all of its provisions, stipulations and representations
(a) shall be effective, with respect to each Party, as of the date it is
executed and delivered by each Party, (b) shall only apply to the Maturity Event
and (c) shall not apply to any other Default or Event of Default that currently
exists or that may hereinafter exist.

     

    SECTION
7.12  No
Third Party Beneficiaries.  This Agreement is solely between
the Parties hereto and no person not a party to this Agreement shall have any
rights or privileges hereunder.

     

    
      
         

      

      
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    SECTION
7.13  WAIVER
OF JURY TRIAL.  LENDER AND EACH BORROWER PARTY HEREBY AGREE NOT
TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY
RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR
HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT, THE LOAN DOCUMENTS, OR ANY CLAIM,
COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS
WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY LENDER
AND EACH BORROWER PARTY, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE.  LENDER AND EACH BORROWER PARTY ARE EACH HEREBY AUTHORIZED TO
FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS
WAIVER BY THE OTHER.  THIS PROVISION SHALL SURVIVE THE TERMINATION OF
THIS AGREEMENT.

     

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    IN
WITNESS WHEREOF, each of the Parties signing below has caused this Third Amended
and Restated Forbearance Agreement to be executed, sealed and delivered, as
applicable, on the day and year first above written.

     

    

    
      	 	
              LENDER:

            
	 	 
      
	 	
              FORTRESS
      CREDIT OPPORTUNITIES I LP 

              (as
      assignee of Fortress Credit Corp.)

            
	 	 
      
	 	
              By:
      Fortress Credit Opportunities GP LLC,

            
	 	
              its
      general partner

            
	 	 
      
	 	 
      
	 	
              By: /s/
      Constantine M. Dakolias

            
	 	
              Name:
      Constantine M. Dakolias

            
	 	
              Title:  
      President

            
	 	 
      
	 	
              DRAWBRIDGE
      SPECIAL OPPORTUNITIES FUND LP, as Assignor

            
	 	
              By:
      Drawbridge Special Opportunities GP LLC, its general
    partner

            
	 	 
      
	 	 
      
	 	
              By: /s/
      Constantine M. Dakolias

            
	 	
              Name:
      Constantine M. Dakolias

            
	 	
              Title:  
      President

            

    

    

     

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      	 	LENDER:
	 	 
	 	 
	 	
              ETON
      PARK FUND, L.P.

            
	 	 
	 	 
	 	
              By:

            	
              Eton
      Park Capital Management, L.P.

            
	 	 
      	
              its
      investment manager

            
	 	 	 
	 	 
      	
               
      

            
	 	 
      	
              By: /s/
      Marcy Engel

            
	 	 
      	
              Name:
      Marcy Engel

            
	 	 
      	
              Title:  
      Chief Operating Officer and

            
	 	 	
                    
                General
      Counsel

              

            
	 	 	 
	 	 
      	
               
      

            
	 	
              ETON
      PARK CLO MANAGEMENT 2

            
	 	 
	 	 
	 	
              By:

            	
              Eton
      Park Asset Management,

            
	 	 
      	      
              L.L.C,
      as collateral manager

            
	 	 	 
	 	 	 
	 	 
      	
              By: /s/
      Marcy Engel

            
	 	 
      	
              Name:
      Marcy Engel

            
	 	 
      	
              Title:  
      Managing Partner

            

    

     

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              BORROWER
      PARTIES:

            
	 	 
	 	      
              SUMMIT
      HOTEL PROPERTIES, LLC,  

            
	 	      
              a
      South Dakota limited liability company

            
	 	 
	
               

            	
                    
                By:     
      /s/
      Kerry W. Boekelheide

              

            
	 	      
              Name:
      Kerry W. Boekelheide

            
	 	      
              Title:   Chief
      Executive Officer and Manager

            
	 
      	 
      
	 	      
              SUMMIT
      HOSPITALITY I, LLC

            
	 
      	 
      
	 	
              By:      /s/
      Kerry W. Boekelheide

            
	 	      
              Name:
      Kerry W. Boekelheide

            
	 	
                    
                Title:  
      Chief Manager

              

            
	 	 
	 	      
              SUMMIT
      HOSPITALITY II, LLC

            
	 
      	 
      
	 	
              By:      /s/
      Kerry W. Boekelheide

            
	 	      
              Name:
      Kerry W. Boekelheide

            
	
               

            	
                    
                Title:  
      Chief Manager

              

            
	 	 
	 	      
              SUMMIT
      HOSPITALITY III, LLC

            
	 
      	 
      
	 	
              By:       /s/
      Kerry W. Boekelheide

            
	
               

            	
                    
                Name: 
      Kerry W. Boekelheide

              

            
	
               

            	
                    
                Title:   
      Chief Manager

              

            
	 	 
	 	      
              SUMMIT
      HOSPITALITY IV, LLC

            
	 
      	 
      
	 	
              By:      /s/
      Kerry W. Boekelheide

            
	
               

            	      
              Name:
      Kerry W. Boekelheide

            
	
               

            	
                    
                Title:  
      Chief Manager

              

            
	 	 
	 	      
              SUMMIT
      HOSPITALITY V, LLC

            
	 
      	 
      
	 	
              By:       /s/
      Kerry W. Boekelheide

            
	 	      
              Name: 
      Kerry W. Boekelheide

            
	
               

            	
                    
                Title:   
      Chief Manager

              

            

    

    

     

    [SIGNATURE
PAGES CONTINUE]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
               

            	GUARANTOR:
	 	 
	
               

            	      
              The
      Summit Group, Inc., a South Dakota corporation

            
	 	 
	 
      	 
      
	
               

            	
                    
                By:     
      /s/
      Kerry W. Boekelheide

              

            
	
               

            	
                    
                Name:
      Kerry W. Boekelheide

              

            
	
               

            	
                    
                Title:  
      ChairmanExhibit 10.1.1

    

      FIRST
AMENDMENT

      TO
CREDIT AGREEMENT

       

      THIS
FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is
entered into as of March 19, 2010, by and among the Lenders party hereto, WELLS
FARGO CAPITAL FINANCE, LLC, formerly known as Wells Fargo Foothill, LLC, a
Delaware limited liability company, as the agent for the Lenders (in such
capacity, "Agent"), MDC PARTNERS
INC., a Canadian corporation ("Parent"), MAXXCOM
INC., a Delaware
corporation ("Borrower"), and each
of the Subsidiaries of Parent identified on the signature pages hereof (together
with Parent and Borrower, the "Loan
Parties").

       

      WHEREAS,
Parent, Borrower, the other Loan Parties, Agent, and Lenders are parties to that
certain Credit Agreement dated as of October 23, 2009 (as amended, modified or
supplemented from time to time, the "Credit
Agreement");

       

      WHEREAS,
Borrower, Agent and Lenders have agreed to amend the Credit Agreement in certain
respects, subject to the terms and conditions contained herein.

       

      NOW
THEREFORE, in consideration of the premises and mutual agreements herein
contained, the parties hereto agree as follows:

       

      1.           Defined
Terms.  Unless otherwise defined herein, capitalized terms used
herein shall have the meanings ascribed to such terms in the Credit
Agreement.

       

      2.           Amendments to Credit
Agreement.  Subject to the satisfaction of the conditions set
forth in Section
4 below and in reliance upon the representations and warranties of
Borrower set forth in Section 5 below, the
Credit Agreement is amended as follows:

       

      (A)        Clause
(ii) of Section 2.4(e) of the Credit Agreement is hereby amended and restated in
its entirety as follows:

       

      "(ii)       In
the event any Loan Party desires to make any payment in respect of Earn-outs and
(x) a Default or Event of Default then exists or would otherwise arise as a
result thereof or (y) after giving effect to such Restricted Junior Payment,
Excess Availability would be less than $15,000,000, Borrower agrees to prepay
the Obligations in full and terminate the Revolver Commitments prior to making
such payment."

       

      (B)         Section
5.17(k) of the Credit Agreement is hereby amended and restated in its entirety
as follows:

       

      "(k)       In
the event any Loan Party desires to make any payment, or series of payments in a
fiscal quarter, in respect of Earn-outs that exceeds $5,000,000, Borrower shall
provide at least 15 days prior written notice thereof to Agent."

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (C)         Clause
(e) of Section 6.9 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

       

      "(e)       any
Loan Party may make payments in respect of Earn-outs, and"

       

      (D)        Clause
(b) of the defined term "Permitted Acquisition" in Schedule 1.1 of the
Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      "(b)       no
Indebtedness will be incurred, assumed, or would exist with respect to Parent or
any Subsidiary of Parent as a result of such Acquisition (other than (i)
Earn-outs pursuant to the terms of the definitive documentation for such
Acquisition and (ii) Acquired Indebtedness), and no Liens will be incurred,
assumed, or would exist with respect to the assets of Parent or any Subsidiary
of Parent as a result of such Acquisition other than Permitted
Liens,"

       

      (E)         Clause
(j) of the defined term "Permitted Disposition" in Schedule 1.1 of the
Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      "(j)        (i)
the sale or issuance of Stock (other than Prohibited Stock) of Parent or (ii)
the sale or issuance of Stock (other than Prohibited Stock) of any other Loan
Party to current or former employees, officers, and directors of Parent or any
of its Subsidiaries, their respective estates, spouses or former spouses; provided, that the
aggregate value of Stock sold or issued pursuant to this clause (ii) shall not
exceed $1,000,000 in any fiscal year,"

       

      3.           Ratification; Other
Agreements.  This Amendment, subject to satisfaction of the
conditions provided below, shall constitute an amendment to the Credit Agreement
and all of the Loan Documents as appropriate to express the agreements contained
herein.  In all other respects, the Credit Agreement and the Loan
Documents shall remain unchanged and in full force and effect in accordance with
their original terms.

       

      4.           Conditions to
Effectiveness.  This Amendment shall become effective as of the
date hereof and upon the satisfaction of the following conditions
precedent:

       

      (a)         Agent
shall have received a fully executed copy of this Amendment; and

       

      (b)         No
Default or Event of Default shall have occurred and be continuing on the date
hereof or as of the date of the effectiveness of this Amendment.

       

      5.           Representations and
Warranties.  In order to induce Agent and Lenders to enter into
this Amendment, each Loan Party hereby represents and warrants to Agent and
Lenders, after giving effect to this Amendment:

       

      (a)         All
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true and correct on and as of the date of this Amendment, in
each case as if then made, other than representations and warranties that
expressly relate solely to an earlier date (in which case such representations
and warranties were true and correct on and as of such earlier
date);

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)         No
Default or Event of Default has occurred and is continuing; and

       

      (c)         the
execution, delivery and performance of this Amendment has been duly authorized
by all requisite corporate action on the part of such Loan Party.

       

      6.           Miscellaneous.

       

      (a)      
   Expenses.  Borrower
agrees to pay on demand all costs and expenses of Agent (including the
reasonable fees and expenses of outside counsel for Agent) in connection with
the preparation, negotiation, execution, delivery and administration of this
Amendment and all other instruments or documents provided for herein or
delivered or to be delivered hereunder or in connection herewith.  All
obligations provided herein shall survive any termination of this Amendment and
the Credit Agreement as amended hereby.

       

      (b)         Governing
Law.  This Amendment shall be a contract made under and
governed by the internal laws of the State of New York.

       

      (c)         Counterparts.  This
Amendment may be executed in any number of counterparts, and by the parties
hereto on the same or separate counterparts, and each such counterpart, when
executed and delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same
Amendment.

       

      7.           Release.

       

      (a)   
      In consideration of the agreements of Agent
and Lenders contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, each Loan Party, on
behalf of itself and its successors, assigns, and other legal representatives,
hereby absolutely, unconditionally and irrevocably releases, remises and forever
discharges Agent and Lenders, and their successors and assigns, and their
present and former shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents and other
representatives (Agent, each Lender and all such other Persons being hereinafter
referred to collectively as the "Releasees" and
individually as a "Releasee"), of and
from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings,
damages and any and all other claims, counterclaims, defenses, rights of
set-off, demands and liabilities whatsoever (individually, a "Claim" and
collectively, "Claims") of every
name and nature, known or unknown, suspected or unsuspected, both at law and in
equity, which such Loan Party or any of its respective successors, assigns, or
other legal representatives may now or hereafter own, hold, have or claim to
have against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause or thing whatsoever which arises at any time on or
prior to the day and date of this Amendment, including, without limitation, for
or on account of, or in relation to, or in any way in connection with any of the
Credit Agreement, or any of the other Loan Documents or transactions thereunder
or related thereto.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)         Each
Loan Party understands, acknowledges and agrees that the release set forth above
may be pleaded as a full and complete defense and may be used as a basis for an
injunction against any action, suit or other proceeding which may be instituted,
prosecuted or attempted in breach of the provisions of such
release.

       

      (c)         Each
Loan Party agrees that no fact, event, circumstance, evidence or transaction
which could now be asserted or which may hereafter be discovered shall affect in
any manner the final, absolute and unconditional nature of the release set forth
above.

       

      [Signature
Page Follows]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized and delivered as of the date
first above written.

       

      
        
          
            
              	
                      MDC
      PARTNERS INC., a federal company

                    
	
                      organized
      under the laws of Canada

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name: Robert
      E. Dickson

                    
	
                      Title:   Managing
      Director

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name: Glenn
      Gibson

                    
	
                      Title:   Senior
      Vice President

                    

            

          

        

      

      

      
        
          
            	
                    MAXXCOM
      INC.,

                  
	
                    a
      Delaware corporation

                  
	 
      
	
                    By:

                  	
                    /s/
      

                  

          

        

      

      
        
          
            	
                    Name:  

                  	David
      B. Doft
	
                    Title:

                  	
                     
      Authorized Signatory

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                    /s/
      

                  

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                     
      Authorized Signatory

                  

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	 
      	
                ACCENT
      MARKETING SERVICES, L.L.C.,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                ADRENALINA
      LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                ATTENTION
      PARTNERS LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                BRUCE
      MAU DESIGN (USA) LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                COLLE
      & MCVOY LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                COLLE
      & MCVOY, INC.,

              
	 
      	
                a
      Minnesota corporation

              
	 
      	 
      
	 
      	
                COMPANY
      C COMMUNICATIONS, INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                COMPANY
      C COMMUNCATIONS LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                CPB
      ACQUISITION INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                CRISPIN
      PORTER & BOGUSKY LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                DOTGLU
      LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                FLETCHER
      MARTIN LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                HELLO
      ACQUISITION INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                HL
      GROUP PARTNERS LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                HW
      ACQUISITION LLC,

              
	 
      	
                a
      Delaware limited liability company

              

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	 
      	
                KBP
      HOLDINGS LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                KIRSHENBAUM
      BOND & PARTNERS LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                KIRSHENBAUM
      BOND & PARTNERS WEST LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                MARGEOTES
      FERTITTA POWELL LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                MAXXCOM
      (USA) FINANCE COMPANY,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                MAXXCOM
      (USA) HOLDINGS INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                MDC
      ACQUISITION INC.,

              
	 
      	
                a
      Delaware Corporation

              
	 
      	 
      
	 
      	
                MDC
      CORPORATE (US) INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                MDC
      TRAVEL, INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                MDC/KBP
      ACQUISITION INC.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                MF+P
      ACQUISITION CO.,

              
	 
      	
                a
      Delaware corporation

              
	 
      	 
      
	 
      	
                MONO
      ADVERTISING, LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                NORTHSTAR
      RESEARCH GP LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                NORTHSTAR
      RESEARCH HOLDINGS USA LP,

              
	 
      	
                a
      Delaware limited partnership

              
	 
      	 
      
	 
      	
                NORTHSTAR
      RESEARCH PARTNERS (USA) LLC,

              
	 
      	
                a
      Delaware limited liability company

              
	 
      	 
      
	 
      	
                REDSCOUT
      LLC,

              
	 
      	
                a
      Delaware limited liability company

              

      

       

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          	 	
                  SKINNY
      NYC LLC,

                
	 	
                  a
      Delaware limited liability company

                
	 	 
      
	 	
                  SOURCE
      MARKETING LLC,

                
	 	
                  a
      New York limited liability company

                
	 	 
      
	 	
                  TARGETCOM
      LLC,

                
	 	
                  a
      Delaware limited liability company

                
	 	 
      
	 	
                  TC
      ACQUISITION INC.,

                
	 	
                  a
      Delaware corporation

                
	 	 
      
	 	
                  TRACK
      21 LLC,

                
	 	
                  a
      Delaware limited liability company

                
	 	 
      
	 	
                  TRAFFIC
      GENERATORS, LLC,

                
	 	
                  a
      Georgia limited liability company

                
	 	 
      
	 	
                  TREND
      CORE, LLC,

                
	 	
                  a
      Delaware limited liability company

                
	 	 
      
	 	
                  VITROROBERTSON
      LLC,

                
	 	
                  a
      Delaware limited liability company

                
	 	 
      
	 	
                  YAMAMOTO
      MOSS MACKENZIE, INC.,

                
	 	
                  a
      Delaware corporation

                
	 	 
      
	 	
                  ZG
      ACQUISITION INC.,

                
	 	
                  a
      Delaware corporation

                
	 	 
      
	 	
                  ZIG
      (USA) LLC,

                
	 	
                  a
      Delaware limited liability company

                
	 	 
      
	 	
                  ZYMAN
      GROUP, LLC,

                
	 	
                  a
      Delaware limited liability
company

                

        

      

      

      
        
          
            	
                    By:

                  	
                    /s/
      

                  

          

        

      

      
        
          
            	
                    Name:  

                  	David
      B. Doft
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                    /s/
      

                  

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

       

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    HELLO
      DESIGN, LLC,

                  
	
                    a
      California limited liability company

                  
	 
      	 
      
	
                    By:

                  	
                    /s/
      

                  

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                    /s/
      

                  

          

        

      

      
        
          
            	
                    Name:  

                  	David
      Lai
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            
              
                	
                        ASHTON
      POTTER CANADA INC.,

                      
	
                        an
      Ontario corporation

                      
	 
      
	
                        By:

                      	
                        /s/
      

                      
	
                        Name:
      Mitchell Gendel

                      
	
                        Title:   Authorized
      Signatory

                      
	 
      
	
                        By:

                      	
                        /s/
      

                      
	
                        Name:
      David B. Doft

                      
	
                        Title:   Authorized
      Signatory

                      

              

            

          

        

      

      

      
        
          
            
              	
                      MAXXCOM
      INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        
          
            
              	
                      HENDERSON
      BAS, an Ontario general partnership,
by the members of its management
      committee

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      COMPUTER
      COMPOSITION OF CANADA INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      BRUCE
      MAU DESIGN INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              	
                      BRUCE
      MAU HOLDINGS LTD.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:    Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      ALLARD
      JOHNSON COMMUNICATIONS INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      TREE
      CITY INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              	
                      VERITAS
      COMMUNICATIONS INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      656712
      ONTARIO LIMITED,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      NORTHSTAR
      RESEARCH HOLDINGS CANADA

                      INC.,
      an Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              	
                      NORTHSTAR
      RESEARCH PARTNERS INC.,

                    
	
                      an
      Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      X
      CONNECTIONS INC., an Ontario corporation

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      STUDIO
      PICA INC., a federal company organized

                      under
      the laws of Canada

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      Mitchell Gendel

                    
	
                      Title:   Authorized
      Signatory

                    
	 
      
	
                      By:

                    	
                      /s/
      

                    
	
                      Name:
      David B. Doft

                    
	
                      Title:   Authorized
      Signatory

                    

            

          

        

      

      

      
        
          
            
              	
                      ZIG
      INC., an Ontario corporation

                    
	 
      
	
                      By:

                    	
                      
                        /s/
      

                      

                    

            

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            
              	
                      By:

                    	
                      
                        /s/
      

                      

                    

            

          

        

      

      
        
          
            	
                    Name:  

                  	David
      B. Doft
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    ACCUMARK
      COMMUNICATIONS INC.,

                  
	
                    an
      Ontario corporation

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                    
                      /s/
      

                    

                  

          

        

      

      
        
          
            	
                    Name:  

                  	David
      B. Doft
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    MAXXCOM
      (NOVA SCOTIA) CORP.,

                  
	
                    a
      Nova Scotia corporation

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                    
                      /s/
      

                    

                  

          

        

      

      
        
          
            	
                    Name:  

                  	David
      B. Doft
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    BRYAN
      MILLS IRADESSO CORP.,

                  
	
                    an
      Ontario corporation

                  
	 
      
	
                    By:

                  	
                    
                      /s/
      

                    

                  

          

        

      

      
        
          
            	
                    Name:  

                  	Mitchell
      Gendel
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                    
                      /s/
      

                    

                  

          

        

      

      
        
          
            	
                    Name:  

                  	David
      B. Doft
	
                    Title:

                  	
                    Authorized
      Signatory

                  

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              
                
                  
                    
                      	
                              COMMUNIFX
      PARTNERS LLC,

                            
	
                              a
      Delaware limited liability company

                            
	 
      
	
                              By:

                            	
                              
                                /s/
      

                              

                            
	
                              Name:

                            	David
      B. Doft
	
                              Title:

                            	
                              Authorized
      Signatory

                            
	 
      
	
                              By:

                            	
                              
                                /s/
      

                              

                            
	
                              Name:

                            	Mitchell
      Gendel
	
                              Title:

                            	
                              Authorized
      Signatory

                            

                    

                  

                

              

            

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          TEAM HOLDINGS
      LLC,

                                        
	
                                          a
      Delaware limited liability company

                                        
	 
      
	
                                          By:

                                        	
                                          /s/
      

                                        
	
                                          Name:

                                        	Mitchell
      Gendel
	
                                          Title:

                                        	
                                          Authorized
      Signatory

                                        
	 
      
	
                                          NEW TEAM
      LLC,

                                        
	
                                          a
      Delaware limited liability company

                                        
	 
      
	
                                          By:

                                        	
                                          /s/
      

                                        
	
                                          Name:

                                        	David
      B. Doft
	
                                          Title:

                                        	
                                          Authorized
      Signatory

                                        
	 
      
	
                                          OUTERACTIVE,
      LLC,

                                        
	
                                          a
      Delaware limited liability company

                                        
	 
      
	
                                          By:

                                        	
                                          /s/
      

                                        
	
                                          Name:

                                        	Mitchell
      Gendel
	
                                          Title:

                                        	
                                          Authorized
      Signatory

                                        
	 
      
	
                                          PULSE MARKETING,
      LLC,

                                        
	
                                          a
      Delaware limited liability company

                                        
	 
      
	
                                          By:

                                        	
                                          /s/
      

                                        
	
                                          Name:

                                        	David
      B. Doft
	
                                          Title:

                                        	
                                          Authorized
      Signatory

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      Signature
Pages to First Amendment to Credit Agreement

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          
            
              	
                      WELLS
      FARGO CAPITAL FINANCE, LLC,
formerly known as Wells Fargo Foothill,
      LLC,

                    
	
                      a
      Delaware limited liability company, as Agent and

                      as
      a Lender

                    
	 
      
	
                      By:

                    	/s/
      
	
                      Title:

                    	Senior
      Vice President

            

          

        

      

       
Signature Pages to
First Amendment to Credit Agreement

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