Document:

<PAGE>

         The security represented by this certificate was originally issued
         on January 27, 2000, and has not been registered under the Securities
         Act of 1933, as amended (the "Act"), and may not be transferred, sold
         or pledged without registration under the Act, unless otherwise exempt
         from such registration requirements.

                                   L90, INC.

                                 STOCK PURCHASE WARRANT
                                 ----------------------

Date of Issuance:  January 27, 2000                       Certificate No. W-WB1

          FOR VALUE RECEIVED, L90, INC., a Delaware corporation (the "Company"),
hereby grants to Entertaindom, Inc. or its permitted registered assigns (the
"Registered Holder") the right to purchase from the Company 50,000 shares of
Common Stock, at a price per share of $15.00 (as adjusted from time to time in
accordance herewith, the "Exercise Price").  Certain capitalized terms used
herein are defined in Section 3 hereof.  The amount and kind of securities
obtainable pursuant to the rights granted hereunder and the purchase price for
such securities are subject to adjustment pursuant to the provisions contained
in this Warrant.

          This Warrant is subject to the following provisions:

          Section 1.  Exercise of Warrant.
                      -------------------

          1A.     Exercise Period.  The Registered Holder may exercise, in whole
                  ---------------
or in part (but not as to a fractional share of Common Stock), the purchase
rights represented by this Warrant at any time and from time to time after
January 29, 2001 to and including February 5, 2001 (the "Exercise Period").  No
exercise of the purchase rights represented by this Warrant may be made by the
Registered Holder at any time prior to the Exercise Period or at any time after
the expiration of this Warrant.  This Warrant shall expire at 5:00 p.m. (pacific
standard time) on February 5, 2001.

          1B.     Exercise Procedure.
                  ------------------

          (i) This Warrant shall be deemed to have been exercised when the
Company has received all of the following items (the "Exercise Time"):

              (a)  a completed Exercise Agreement, as described in paragraph 1C
     below, executed by the Person exercising all or part of the purchase rights
     represented by this Warrant (the "Purchaser");

              (b)  this Warrant;

                                       1
<PAGE>

              (c) if this Warrant is not registered in the name of the
     Purchaser, an Assignment or Assignments in the form set forth in Exhibit II
                                                                      ----------
     hereto evidencing the assignment of this Warrant to the Purchaser, in which
     case the Registered Holder shall have complied with the provisions set
     forth in Section 6 hereof; and

              (d) either (1) a check payable to the Company in an amount equal
     to the product of the Exercise Price multiplied by the number of shares of
     Common Stock being purchased upon such exercise (the "Aggregate Exercise
     Price"), or (2) a written notice to the Company that the Purchaser is
     exercising the Warrant by authorizing the Company to withhold from issuance
     a number of shares of Common Stock issuable upon such exercise of the
     Warrant which when multiplied by the Market Price of the Common Stock is
     equal to the Aggregate Exercise Price (and such withheld shares shall no
     longer be issuable under this Warrant).

         (ii) Certificates for shares of Common Stock purchased upon exercise
of this Warrant shall be delivered by the Company to the Purchaser within ten
business days after the date of the Exercise Time.  Unless this Warrant has
expired or all of the purchase rights represented hereby have been exercised,
the Company shall prepare a new Warrant, substantially identical hereto,
representing the rights formerly represented by this Warrant which have not
expired or been exercised and shall, within such ten day period, deliver such
new Warrant to the Person designated for delivery in the Exercise Agreement.

         (iii)  The Common Stock issuable upon the exercise of this Warrant
shall be deemed to have been issued to the Purchaser at the Exercise Time, and
the Purchaser shall be deemed for all purposes to have become the record holder
of such Common Stock at the Exercise Time.

         (iv) The issuance of certificates for shares of Common Stock upon
exercise of this Warrant shall be made without charge to the Purchaser for any
issuance tax in respect thereof or other cost incurred by the Company in
connection with such exercise and the related issuance of shares of Common
Stock.  Each share of Common Stock issuable upon exercise of this Warrant shall,
upon payment of the Exercise Price therefor, be fully paid and nonassessable and
free from all liens and charges with respect to the issuance thereof.

         (v) The Company shall not close its books against the transfer of this
Warrant or of any share of Common Stock issued or issuable upon the exercise of
this Warrant in any manner which interferes with the timely exercise of this
Warrant.

         (vi) The Company shall at all times reserve and keep available out of
its authorized but unissued shares of Common Stock solely for the purpose of
issuance upon the exercise of the Warrant, such number of shares of Common Stock
issuable upon the exercise of the Warrant.

                                       2
<PAGE>

          1C.  Exercise Agreement.  Upon any exercise of this Warrant, the
               ------------------
Exercise Agreement shall be substantially in the form set forth in Exhibit I
                                                                   ---------
hereto, except that if the shares of Common Stock are not to be issued in the
name of the Person in whose name this Warrant is registered, the Exercise
Agreement shall also state the name of the Person to whom the certificates for
the shares of Common Stock are to be issued, and if the number of shares of
Common Stock to be issued does not include all the shares of Common Stock
purchasable hereunder, it shall also state the name of the Person to whom a new
Warrant for the unexercised portion of the rights hereunder is to be delivered.
Such Exercise Agreement shall be dated the actual date of execution thereof.

          1D.  Fractional Shares.  If a fractional share of Common Stock would,
               -----------------
but for the provisions of paragraph 1A, be issuable upon exercise of the rights
represented by this Warrant, the Company shall, within ten business days after
the date of the Exercise Time, deliver to the Purchaser a check payable to the
Purchaser in lieu of such fractional share in an amount equal to the difference
between the Market Price of such fractional share as of the Exercise Time and
the Exercise Price of such fractional share.

          Section 2.  Dilution Protection.
                      -------------------

          2A.  Record Date.  If the Company takes a record of the holders of
               -----------
Common Stock for the purpose of entitling them (i) to receive a dividend or
other distribution payable in Common Stock, options or in convertible securities
or (ii) to subscribe for or purchase Common Stock, options or convertible
securities, then such record date shall be deemed to be the date of the issue or
sale of the shares of Common Stock deemed to have been issued or sold upon the
declaration of such dividend or the making of such other distribution or the
date of the granting of such right of subscription or purchase, as the case may
be.

          2B.  Subdivision or Combination of Common Stock.  If the Company at
               ------------------------------------------
any time subdivides (by any stock split, stock dividend, recapitalization or
otherwise) one or more classes of its outstanding shares of Common Stock into a
greater number of shares, the Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced, and if the Company at any time
combines (by reverse stock split or otherwise) one or more classes of its
outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination shall be proportionately
increased.

          2C.  Reorganization, Reclassification, Consolidation, Merger or Sale.
               ---------------------------------------------------------------
Any recapitalization, reorganization, reclassification, consolidation, merger,
sale of all or substantially all of the Company's assets or other transaction,
in each case which is effected in such a way that the holders of Common Stock
are entitled to receive (either directly or upon subsequent liquidation) stock,
securities or assets with respect to or in exchange for Common Stock is referred
to herein as "Organic Change."  Prior to the consummation of any Organic Change,
the Company shall make appropriate provision to insure that the Registered
Holders of the Warrant shall thereafter have the right to acquire and receive,
in lieu of or addition to (as the case may be) the shares of Common Stock
immediately theretofore acquirable and receivable upon the exercise of such
holder's Warrant,

                                       3
<PAGE>

such shares of stock, securities or assets as may be issued or payable with
respect to or in exchange for the number of shares of Common Stock immediately
theretofore acquirable and receivable upon exercise of such holder's Warrant had
such Organic Change not taken place.

          2D.  Notices.
               -------

          (i) The Company shall give written notice to the Registered Holders at
least 20 days prior to the date on which the Company closes its books or takes a
record (A) with respect to any dividend or distribution upon the Common Stock or
(B) for determining rights to vote with respect to any Organic Change,
dissolution or liquidation.

          (ii) The Company shall give written notice to the Registered Holders
at least 20 days prior to the date on which any Organic Change, dissolution or
liquidation shall take place.

          Section 3.  Definitions.  The following terms have meanings set forth
                      -----------
below:

          "Affiliate" shall have the meaning set forth in Rule 405, promulgated
           ---------
under the Securities Act of 1933, as amended.

          "Common Stock" means the Company's Common Stock, par value $.001 per
           ------------
share.

          "Market Price" means as to any security the average of the closing
           ------------
prices of such security's sales on the principal domestic securities exchange on
which such security may at the time be listed, or, if there have been no sales
on any such exchange on any day, the average of the highest bid and lowest asked
prices on such exchanges at the end of such day, or, if on any day such security
is not so listed, the average of the representative bid and asked prices quoted
in the NASDAQ System as of 4:00 P.M., New York time, on such day, or, if on any
day such security is not quoted in the NASDAQ System, the average of the highest
bid and lowest asked prices on such day in the domestic over-the-counter market
as reported by the National Quotation Bureau, Incorporated, or any similar
successor organization, in each such case averaged over a period of 21 days
consisting of the day as of which "Market Price" is being determined and the 20
consecutive business days prior to such day; provided that if such security is
listed on any domestic securities exchange the term "business days" as used in
this sentence means business days on which such exchange is open for trading.
If at any time such security is not listed on any domestic securities exchange
or quoted in the NASDAQ System or the domestic over-the-counter market, the
"Market Price" shall be the fair value thereof determined jointly by the Company
and the Registered Holders of Warrants representing a majority of the Common
Stock purchasable upon exercise of all of the Warrants then outstanding;
provided that if such parties are unable to reach agreement within a reasonable
period of time, such fair value shall be determined by an appraiser jointly
selected by the Company and the Registered Holders of Warrants representing a
majority of the Common Stock purchasable upon exercise of all of the Warrants
then outstanding.  The determination of such appraiser shall be final and
binding on the Company and the Registered Holders of all of the Warrants then
outstanding, and the fees and expenses of such appraiser shall be paid by the
Company.

                                       4
<PAGE>

         "Person" means an individual, a partnership, a joint venture, a
          ------
corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

         Section 5  No Voting Rights; Limitations of Liability.  This Warrant
                     ------------------------------------------
shall not entitle the holder hereof to any voting rights or other rights as a
stockholder of the Company.  No provision hereof, in the absence of affirmative
action by the Registered Holder to purchase Common Stock, and no enumeration
herein of the rights or privileges of the Registered Holder shall give rise to
any liability of such holder for the Exercise Price of Common Stock acquirable
by exercise hereof or as a stockholder of the Company.

         Section 6  Transferability of Warrant.  Except for a transfer or
                     --------------------------
assignment of this Warrant, in whole or in part, by the Registered Holder to an
Affiliate of such Registered Holder, neither this Warrant nor any rights
hereunder are transferable.  In connection with any permitted transfer
hereunder, such Registered Holder shall surrender this Warrant with a properly
executed Assignment (in the form of Exhibit II hereof) at the principal office
                                    ----------
of the Company.

         Section 7  Replacement.  Upon receipt of evidence reasonably
                    -----------
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation of
any certificate evidencing this Warrant, and in the case of any such loss, theft
or destruction, upon receipt of indemnity reasonably satisfactory to the Company
(provided that if the holder is a financial institution or other institutional
investor its own agreement shall be satisfactory), or, in the case of any such
mutilation upon surrender of such certificate, the Company shall (at its
expense) execute and deliver in lieu of such certificate a new certificate of
like kind representing the same rights represented by such lost, stolen,
destroyed or mutilated certificate and dated the date of such lost, stolen,
destroyed or mutilated certificate.

         Section 9  Notices.  Except as otherwise expressly provided herein,
                    -------
all notices referred to in this Warrant shall be in writing and shall be
delivered personally, sent by reputable overnight courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and shall be deemed to have been given when so delivered, sent
or deposited in the U.S. Mail (i) to the Company, at its principal executive
offices and (ii) to the Registered Holder of this Warrant, at such holder's
address as it appears in the records of the Company (unless otherwise indicated
by any such holder).

         Section 10.  Amendment and Waiver.  Except as otherwise provided
                      --------------------
herein, the provisions of the Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Registered Holders of Warrants representing a majority of the shares of Common
Stock purchasable upon exercise of all of the Warrants then outstanding.

         Section 11.  Descriptive Headings; Governing Law.  The descriptive
                      -----------------------------------
headings of the several Sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant.  The corporation
laws of the State of Delaware shall govern all

                                       5
<PAGE>

issues concerning the relative rights of the Company and its stockholders. All
other questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by the internal law of the
State of Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the
State of Delaware.

                                 *      *      *      *

                                       6
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
and attested by its duly authorized officers under its corporate seal and to be
dated the Date of Issuance hereof.

                                L90, INC.

                                By : /s/ Tom Sebastian
                                    ----------------------------------
                                     Name:  Tom Sebastian
                                     Title: CFO

Attest:

By: /s/ Lucrezia Bickerton
   ---------------------------
    Name:  Lucrezia Bickerton
    Title: Assistant Secretary

                                       7
<PAGE>

                                                                       EXHIBIT I

                                 EXERCISE AGREEMENT
                                 ------------------

To:                                     Dated:

          The undersigned, pursuant to the provisions set forth in the attached
Warrant (Certificate No. W-____), hereby agrees to subscribe for the purchase of
______ shares of the Common Stock covered by such Warrant and makes payment
herewith in full therefor at the price per share provided by such Warrant.

Manner of Payment:                   Cash/Check
                       ----------

                                     Cashless Exercise
                       -----------

                                Signature:
                                          ---------------------

                                  Address:
                                          ----------------------
                                          ----------------------
                                          ----------------------

<PAGE>

                                                            EXHIBIT II

                                 ASSIGNMENT
                                 ----------

          FOR VALUE RECEIVED, _____________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant (Certificate No. W-_____) with respect to the number of shares of the
Common Stock covered thereby set forth below, unto:

Names of Assignee          Address                   No. of Shares
-----------------          -------                   -------------

Name of Assignor
----------------

Dated:
      ----------------------

Assignor:
         -------------------
          Name:

Assignee:
         -------------------
          Name:

Witness:
        --------------------
          Name:<PAGE>

                                                                   EXHIBIT 10.34

[LOGO OF ORACLE CREDIT CORPORATION]

                                                                Payment Schedule

Page 1 of 1                                            (Oracle Product)  No. 1
-----------                                                                 ---
<TABLE>
<S>          <C>                                            <C>     <C>
--------------------------------------------------------    ----------------------------------------------------------------
Customer:        L90 Inc.                                   Executed by Customer (authorized signature):
             ----------------------------------------
                                                            By:        /s/ Tom Sebastian
             ----------------------------------------               ------------------------------------------
Address:     2020 Santa Monica Blvd. Suite 400              Name:    Tom Sebastian
             ----------------------------------------               ------------------------------------------
             Santa Monica, CA   90404                       Title:   Chief Financial Officer
             ----------------------------------------               ------------------------------------------
Contact:     Tom Sebastian                                  Executed by Oracle Credit Corporation:
             ----------------------------------------
Phone:       310-315-1199                                   By:        /s/ Kate Faber
             ----------------------------------------               ------------------------------------------
Order:       NLOF           dated  11/22/99                 Name:    Kate Faber
             ----------------------------------------               ------------------------------------------
Agreement:                  dated                           Title:   Operations Manager
             ----------------------------------------               ------------------------------------------
PPA No.:     2289           dated  30-NOV-99
             ----------------------------------------
                                                            Payment Schedule Effective Date:  30-NOV-99
             ----------------------------------------                                       ------------------
--------------------------------------------------------    ----------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
System                                                       Payment Schedule:
------                                                       ----------------
                                                             Payment Amount             Due Date:
Software:                   $1,342,924.00                    12 Qtly @ $126,286.00   01-Jan-99 thru 01-Oct-02
               ---------------------------
Support:
               ---------------------------
Education:
               ---------------------------
Consulting:
               ---------------------------
Other:                                                       Twelve (12) quarterly payments due and payable as
               ---------------------------                   set forth above
System Price:               $1,342,924.00
               ===========================
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
Optional (if this box is checked):
--------
[ ] The Customer has ordered the System from an alliance member/agent of Oracle
Corporation, whose name and address are specified below. Customer shall provide
OCC with a copy of such Order. The System shall be directly licensed or provided
by the Supplier specified in the applicable Order and Agreement, each of which
shall be considered a separate contract. Customer has entered into the Order and
Agreement based upon its own judgment, and expressly disclaims any reliance upon
statements made by OCC about the System, if any. Customer's rights with respect
to the System are as set forth in the applicable Order and Agreement and
Customer shall have no right to make any claims under such Order and Agreement
against OCC or its Assignee. Neither Supplier nor any alliance member/agent is
authorized to waive or alter any term or condition of this Contract.
If within ten days of the Payment Schedule Effective Date, OCC is provided with
Customer invoices for the System specifying applicable Taxes, then OCC may add
the applicable Taxes in accordance with this Contract.

   Alliance Member/Agent:
                          ------------------------------------------------------
   Address:
                          ------------------------------------------------------
   Contact:                                      Phone:
                          ------------------------------------------------------

--------------------------------------------------------------------------------

This Payment Schedule is entered into by Customer and Oracle Credit Corporation
("OCC") for the acquisition of the System from Oracle Corporation, an alliance
member/agent of Oracle Corporation or any other party providing any portion of
the System ("Supplier"). This Payment Schedule incorporates by reference the
terms and conditions of the above-referenced Payment Plan Agreement ("PPA") to
create a separate Contract ("Contract").

A.  PAYMENTS:  This Contract shall replace Customer's payment obligation under
the Order and Agreement to Supplier, to the extent of the System Price listed
above, upon Customer's delivery of a fully executed Order, Agreement, PPA,
Payment Schedule, and any other documentation required by OCC, and execution of
the Contract by OCC.  Customer agrees that OCC may add the applicable Taxes due
on the System Price to each Payment Amount based on the applicable tax rate
invoiced by Supplier at shipment.  OCC may adjust subsequent Payment Amounts to
reflect any change or correction in Taxes due.  If the System Price includes
support fees for a support period that begins after the first support period,
such future support fees and the then relevant Taxes will be paid to Supplier as
invoiced in the applicable support period from the Payment Amounts received in
that period.  The balance of each Payment Amount, unless otherwise stated,
includes a proportional amount of the remaining components of the System Price
excluding such future support fees, if any.

B.  SYSTEM:  Software shall be accepted, and the services shall be deemed
ordered pursuant to the terms of the Agreement. Customer agrees that any
software acquired from Supplier to replace any part of the System shall be
subject to the terms of the Contract. Any claims related to the performance of
any component of the System shall be made pursuant to the Order and Agreement.
Neither OCC nor Assignee shall be responsible to Customer for any claim or
liability pertaining to any performance, actions, warranties or statements of
Supplier.

C.  ADMINISTRATIVE:  Customer agrees that OCC or its Assignee may treat executed
faxes or photocopies delivered to OCC as original documents; however, Customer
agrees to deliver original signed documents if requested. Customer agrees that
OCC may insert the appropriate administrative information to complete this form.
OCC will provide a copy of the final Contract upon request.

<PAGE>

ORACLE Credit Corporation
=====================================================
Customer:        L90 Inc.
                 ____________________________________

                 ____________________________________

Address:         2020 Santa Monica Blvd. Suite 400
                 ____________________________________

                 Santa Monica, CA 90404
                 ____________________________________

                 ____________________________________

Phone:           310-315-1199
                 ____________________________________

PPA No.:         2289
                 ____________________________________

Effective Date:  30-Nov-99
                 ____________________________________
=====================================================

The Payment Plan Agreement ("PPA") is entered into by Customer and Oracle Credit
Corporation ("OCC") to provide for the payment of the System Price specified in
a Payment Schedule on an installment basis. The System (as defined below) is
being acquired from Oracle Corporation, an alliance member/agent of Oracle
Corporation or any other party providing any portion of the System ("Supplier").
Each Payment Schedule shall specify the Software and other products and
services, which items together with any upgrade, transfer, substitution, or
replacement thereof, shall comprise the "System." Each Payment Schedule shall
incorporate the terms and conditions of the PPA to form a "Contract," and the
System specified therein shall be subject to the terms and conditions of such
Contract. The System shall be licensed or provided to Customer directly by
Supplier pursuant to the terms of the Order and Agreement specified in the
Contract. Except as provided under the Contract, Customer's rights and remedies
under the Order and Agreement, including Supplier's warranty and refund
provisions, shall not be affected.

1.  PAYMENT SCHEDULE: Customer agrees to pay OCC the Payment Amounts in
accordance with the Contract, with each payment due and payable on the
applicable Due Date. If full payment of each Payment Amount and other amounts
payable is not received by OCC within 10 days of each Due Date, Customer agrees
to pay to OCC interest on the overdue amount at the rate equal to the lesser of
one and one-half percent (1.5%) per month, or the maximum amount allowed by law.
Unless stated otherwise, Payment Amounts exclude any applicable sales, use,
property or any other tax allocable to the System, Agreement or Contract
("Taxes"). Any amounts or any Taxes payable under the Agreement which are not
added to the Payment Amounts due under the Contract are due and payable by
Customer, and Customer shall remain liable for any filing obligations.
Customer's obligation to remit Payment Amounts to OCC or its assignee in
accordance with the Contract is absolute, unconditional, noncancellable,
independent, and shall not be subject to any abatement, set-off, claim,
counterclaim, adjustment, reduction, or defense for any reason, including but
not limited to, any termination of any Agreement, or performance of the System.

2.  ASSIGNMENT: Customer hereby consents to OCC's assignment of all or a portion
of its rights and interests in and to the Contract to third-parties
("Assignee"). OCC shall provide Customer notice thereof. Customer and OCC agree
that Assignee shall not, because of such assignment, assume any of OCC's or
Supplier's obligations to Customer. Customer shall not assert against Assignee
any claim, defense, counterclaim or setoff that Customer may have against OCC or
Supplier. Customer waives all rights to make any claim against Assignee for any
loss or damage of the System or breach of any warranty, express or implied, as
to any matter whatsoever, including by not limited to the System and service
performance, functionality, features, merchantability or fitness for a
particular purpose, or any indirect, incidental or consequential damages or loss
of business. Customer shall pay Assignee all amounts due and payable under the
Contract, but shall pursue any claims under any Agreement solely against
Supplier. Except when a Default occurs, neither OCC nor Assignee will interfere
with Customer's quiet enjoyment or use of the System in accordance with the
Agreement's terms and conditions.

3.  DEFAULT; REMEDIES: Any of the following shall constitute a Default under the
Contract: (i) Customer fails to pay when due any sums due under

                                PAYMENT PLAN AGREEMENT
======================================================
Executed by Customer (authorized signature):

By:           /s/Tom Sebastian
              ________________________________________

Name:         Tom Sebastian
              ________________________________________

Title:        Chief Financial Officer
              ________________________________________

Executed by Oracle Credit Corporation:

By:           /s/Kate Faber
              ________________________________________

Name:         Kate Faber
              ________________________________________

Title:        Operations Manager
              ________________________________________
======================================================

an Contract; (ii) Customer breaches any representation or fails to perform any
obligation in any Contract; (iii) Customer materially breaches or terminates the
license relating to the Software; (iv) Customer defaults under a material
agreement with Assignee; or (v) Customer becomes insolvent or makes an
assignment for the benefit of creditors, or a trustee or receiver is appointed
for Customer or for a substantial part of its assets, or bankruptcy,
reorganization or insolvency proceedings shall be instituted by or against
Customer.

In the event of a Default that is not cured within thirty (30) days of its
occurrence, OCC may: (i) require all outstanding Payment Amounts and other sums
due and scheduled to become due (discounted at the lesser of the rate in the
Contract or five percent (5%) per annum simple interest) to become immediately
due and payable by Customer; (ii) pursue any rights provided under the
Agreement, as well as terminate all of Customer's rights to use the System and
related services, and Customer agrees to cease all use of the System; and (iii)
pursue any other rights or remedies available at law or in equity. In the event
OCC institutes any action for the enforcement of the collection of Payment
Amounts, there shall be due from Customer, in addition to the amounts due above,
all costs and expenses of such action, including reasonable attorney's fees. No
failure or delay on the part of OCC to exercise any right or remedy hereunder
shall operate as a waiver thereof, or as a waiver of any subsequent breach. All
remedies are cumulative and not exclusive. Customer acknowledges that upon a
default under the Contract, no party shall license, lease, transfer or use any
Software in mitigation of any damages resulting from Customer's default.

4.  CUSTOMER'S REPRESENTATIONS AND COVENANTS: Customer represents that,
throughout the term of the Contract, the Contract has been duly authorized and
constitutes a legal, valid, binding and enforceable agreement of Customer. Any
transfer or assignment of Customer's rights or obligations in the System, or
under the Agreement or the Contract shall require OCC's and Assignee's prior
written consent. A transfer shall include a change in majority ownership of
Customer. Customer agrees to promptly execute any ancillary documents and take
further actions as OCC or Assignee may reasonably request, including, but not
limited to, assignment notifications, acceptance certificates, certificates of
authorization, registrations, and filings. Customer agrees to provide copies of
Customer's balance sheet, income statement, and other financial reports as OCC
or Assignee may reasonably request.

5.  MISCELLANEOUS: The Contract shall constitute the entire agreement between
Customer and OCC regarding the subject matter herein and shall supersede any
inconsistent terms set forth in the Order, Agreement or any related agreements,
Customer purchase orders and all prior oral and written understandings. If any
provision of the Contract is invalid, such invalidity shall not affect the
enforceability of the remaining terms of the Contract. Customer's obligations
under the Contract shall commence on the Effective Date specified therein.
Except for payment terms specified in the Contract, Customer remains responsible
for all the obligations under each Agreement. Each Payment Schedule, and any
changes to a Contract or any related document, shall take effect when executed
by OCC. The Contract shall be governed by the laws of the State of California
and shall be deemed executed in Redwood Shores, CA as of the Contract Effective
Date.

<PAGE>

[CITY NATIONAL BANK LOGO]

CITY NATIONAL BANK                              SWIFT ADDRESS:CINAUS6L
INTERNATIONAL DEPARTMENT                        TELEX NO. 825717
606 SOUTH OLIVE STREET, SUITE 300               TEL NO. (213) 347-2300
LOS ANGELES, CALIFORNIA  90014                  FAX NO. (213) 347-2327

PAGE 1 OF 2

ISSUE DATE: 11/30/1999

IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 991124.OD.0899

BENEFICIARY:   LEASETEC CORPORATION
               1000 SO. MCCASLIN BLVD.
               SUPERIOR, CO  80027

APPLICANT:     L90, INC.
               2020 SANTA MONICA BLVD., SUITE 400
               SANTA MONICA, CA 90404

AMOUNT:        USD 1,208,632.00
ONE MILLION TWO HUNDRED EIGHT THOUSAND SIX HUNDRED THIRTY TWO
EXACTLY U.S. DOLLARS
EXPIRY DATE AND PLACE:  10/01/2000 ISSUING BANK, INT'L DEPT.

GENTLEMEN:

WE HEREBY ISSUE OUR IRREVOCABLE LETTER OF CREDIT NO. 991124.OD.0899 IN THE
FAVOR OF THE BENEFICIARY, AS INDICATED ABOVE, FOR THE ACCOUNT OF
APPLICANT, AS INDICATED ABOVE, FOR UP TO THE AGGREGATE AMOUNT OF USD1,208,632.00
(ONE MILLION TWO HUNDRED EIGHT THOUSAND SIX HUNDRED THIRTY TWO U.S. DOLLARS). WE
UNDERTAKE TO HONOR FROM TIME TO TIME YOUR DRAFTS AT SIGHT DRAWN ON CITY NATIONAL
BANK, INTERNATIONAL DEPARTMENT, LOS ANGELES, CALIFORNIA AND ACCOMPANIED BY THE
DOCUMENTS AS SPECIFIED BELOW:

1.  THIS ORIGINAL STANDBY LETTER OF CREDIT, AND AMENDMENT(S) IF ANY.

2.  A STATEMENT SIGNED AND DATED BY AN AUTHORIZED SIGNER OF BENEFICIARY STATING
ONE OF THE FOLLOWING:
I, [NAME OF SIGNER], AN AUTHORIZED SIGNER FOR [INSERT BENEFICIARY NAME], CERTIFY
THAT,
(1) L90, INC. IS IN DEFAULT UNDER THE CONTRACT DATED [INSERT DATE OF CONTRACT]
BETWEEN ORACLE CREDIT CORPORATION AND L90, INC., AS ASSIGNED TO LEASETEC
CORPORATION (THE "CONTRACT") AND THAT [INSERT BENEFICIARY NAME], HAS DETERMINED
THAT THE AMOUNT OF THE ACCOMPANYING DRAFT (I) IS DUE AND OWING BY L90, INC. TO
[INSERT BENEFICIARY NAME], OR (II) REPRESENTS AN AMOUNT WHICH [INSERT
BENEFICIARY NAME], IS PERMITTED TO DRAW UNDER CITY NATIONAL BANK LETTER OF
CREDIT NUMBER 991124.OD.0899 PURSUANT TO THE CONTRACT; OR,

(2) A PETITION HAS BEEN FILED BY OR AGAINST L90, INC. UNDER TITLE 11 OF THE
UNITED STATES CODE OR ANY SUCCESSOR OR SIMILAR LAW; OR (3) [INSERT BENEFICIARY
NAME] HAS BEEN NOTIFIED BY CITY NATIONAL BANK THAT THEIR LETTER OF CREDIT NO.
991124.OD.0899 WILL NOT BE RENEWED AT ITS CURRENT EXPIRY DATE AND [INSERT
BENEFICIARY NAME]
<PAGE>

[LOGO OF CITY NATIONAL BANK]

PAGE 2 OF 2
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 991124.OD.0899

HAS ELECTED TO DRAW AGAINST THE LETTER OF CREDIT PRIOR TO SAID EXPIRY DATE.
THEREFORE, WE ARE DRAWING THE AMOUNT OF [AMOUNT OF DRAWING] DRAW UNDER CITY
NATIONAL BANK OF CREDIT NUMBER 991124.OD.0899.

SPECIAL CONDITIONS:
1.   PARTIAL DRAWINGS ALLOWED.
2.   MULTIPLE DRAWINGS NOT ALLOWED.
3.   THIS LETTER OF CREDIT IS VALID UNTIL OCTOBER 1, 2000, PROVIDED HOWEVER THAT
THIS LETTER OF CREDIT WILL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR
SUCCESSIVE ONE (1) YEAR PERIODS FROM THE PRESENT OR ANY FUTURE EXPIRY DATE
HEREOF, UNLESS SIXTY (60) DAYS PRIOR TO ANY SUCH EXPIRY DATE WE ELECT NOT TO
RENEW THIS LETTER OF CREDIT AND GIVE YOU WRITTEN NOTICE BY REGISTERED MAIL
RETURN RECEIPT REQUESTED OR BY OVERNIGHT COURIER SERVICE TO MAIL RETURN RECEIPT
REQUESTED OR BY OVERNIGHT COURIER SERVICE TO THE BENEFICIARY ADDRESS AS STATED
IN THIS LETTER OF CREDIT OF SUCH ELECTION, WHICH NOTICE SHALL BE DEEMED GIVEN
WHEN RECEIVED BY YOU. UPON RECEIPT OF THAT NOTICE, YOU HAVE THE RIGHT TO DRAW
AGAINST THE AMOUNT REMAINING AVAILABLE UNDER THIS LETTER OF CREDIT BY
PRESENTATION OF YOUR CLEAN SIGHT DRAFT DRAWN UPON US AND ACCOMPANIED BY YOUR
STATEMENT SIGNED AS AFORESAID.
4. THIS LETTER OF CREDIT IS TRANSFERABLE. TRANSFER OF THIS LETTER OF CREDIT IS
SUBJECT TO OUR RECEIPT OF YOUR INSTRUCTIONS ACCEPTABLE TO US IN THE FORM
ATTACHED HERETO AS EXHIBIT A, ACCOMPANIED BY THE ORIGINAL OF THIS LETTER OF
CREDIT AND AMENDMENT(S), IF ANY, AND PAYMENT OF OUR USUAL TRANSFER FEES.

EACH DRAFT DRAWN HERE UNDER MUST STATE "DRAWN UNDER CREDIT NUMBER 991124.OD.0899
OF CITY NATIONAL BANK, LOS ANGELES, CALIFORNIA."

WE HEREBY AGREE WITH DRAWERS OF ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH
THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT THAT SUCH DRAFTS WILL BE DULY
HONORED BY US UPON PRESENTATION FOR PAYMENT AT THE OFFICE OF THE CITY NATIONAL
BANK, INTERNATIONAL DEPARTMENT, 606 SOUTH OLIVE STREET, SUITE 300, LOS ANGELES,
CALIFORNIA 90014 ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT.

EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS CREDIT IS SUBJECT TO THE
INTERNATIONAL STANDBY PRACTICES 1998 (ISP98), INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 590.

/S/ To Man Yuen                               /S/ Chan Yuk Wah Wong
---------------------                         ---------------------
AUTHORIZED SIGNATURE                          AUTHORIZED SIGNATURE
TO MAN YUEN                                   CHAN YUK WAH WONG
ASSISTANT VICE PRESIDENT                      INTERNATIONAL BANKING OFFICER

<PAGE>

THIS FORMS AN INTEGRAL PART OF STANDBY LETTER OF CREDIT NUMBER 991124.OD.0899.

           This Form To Be Used Where A Letter Of Credit Is Transferred
          In its Entirety And No Substitution Of Invoice Is Involved

                                   EXHIBIT A

                                                      DATE ____________________

City National Bank
International Department                    Re:  Credit         issued by
606 South Olive Street
Los Angeles, California 90014                       Your Advice No. ____________

Gentlemen:
          For value received, the undersigned beneficiary hereby irrevocably
transfers to:

                        _____________________________________
                               (Name of Transferee)

                        _____________________________________

                                     (Address)

all rights of the undersigned beneficiary to draw under the above Letter of
Credit in its entirety.

           By this transfer, all rights of the undersigned beneficiary in such
Letter of Credit are transferred to the transferee and the transferee shall have
the sole rights as beneficiary thereof, including sole rights relating to any
the amendments whether increases or extensions or other amendments and whether
now existing or hereafter made. All amendments are to be advised direct to the
transferee without necessity of any consent of or notice to the undersigned
beneficiary.

           The advice of such Letter of Credit is returned herewith together
with any and all amendments, and we ask you to endorse the transfer on the
reverse of the advice, and forward it direct to the transferee with your
customary notice of transfer.

           Enclosed is remittance of $_______________________ in payment of your
transfer commission and in addition thereto we agree to pay to you on demand any
expenses which may be incurred by you in connection with this transfer.

                                                Yours very truly,

SIGNATURE AUTHENTICATED

_______________________________                 _______________________________
           (Bank)                                 (signature of beneficiary)

_______________________________                 _______________________________
    (Authorized Signature)

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