Document:

Exhibit 10.1

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

 

4.250% SENIOR NOTES DUE 2034

 

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

 

August 16, 2021

 

Morgan Stanley & Co. LLC

As representative (“Representative”) of the Purchasers

 

c/o Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

 

Ladies and Gentlemen:

 

CCO Holdings, LLC, a Delaware limited liability company
(the “Company”), and CCO Holdings Capital Corp., a Delaware corporation (together with the Company, the “Issuers”),
propose, subject to the terms and conditions stated herein, to issue and sell to the Purchasers (as defined herein) upon the terms set
forth in the Purchase Agreement (as defined herein) $2,000,000,000 aggregate principal amount of their 4.250% Senior Notes due 2034 (the
 “Notes”) on August 2, 2021. In satisfaction of a condition to the obligations of the Purchasers under the Purchase
Agreement, the Issuers agree with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities
(as defined herein) as follows:

 

SECTION 1.          Certain
Definitions. For purposes of this Exchange and Registration Rights Agreement, the following terms shall have the following respective
meanings:

 

“Agreement” shall mean this Exchange
and Registration Rights Agreement.

 

“Base Indenture” shall mean the
Indenture, dated as of May 23, 2019, among the Issuers and the Trustee.

 

“Base Interest” shall mean the
interest that would otherwise accrue on the Notes under the terms thereof and the Indenture, without giving effect to the provisions of
this Agreement.

 

“broker-dealer” shall mean any
broker or dealer registered with the Commission under the Exchange Act.

 

“CCH II” means CCH II, LLC, a
Delaware limited liability company.

 

     

     

    

 

“Charter” shall mean Charter Communications
Inc., a Delaware corporation.

 

“Charter Holdings” shall mean
Charter Communications Holdings, LLC, a Delaware limited liability company.

 

“Closing Date” shall mean August 16,
2021.

 

“Commission” shall mean the United
States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act,
whichever is the relevant statute for the particular purpose.

 

“Company” shall have the meaning
assigned thereto in the introductory paragraph hereto.

 

“Conduct Rules” shall have the
meaning assigned thereto in Section 3(e)(xix) hereof.

 

“Effective Time,” in the case
of (i) an Exchange Offer Registration, shall mean the time and date as of which the Commission declares the Exchange Offer Registration
Statement effective or as of which the Exchange Offer Registration Statement otherwise becomes effective and (ii) a Shelf Registration,
shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration
Statement otherwise becomes effective.

 

“Electing Holder” shall mean any
holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(e)(ii) or
3(e)(iii) hereof.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same
shall be amended from time to time.

 

“Exchange Date” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Notes” shall mean the
senior notes issued by the Issuers under the Indenture substantially identical in all material respects to the Notes (and entitled to
the benefits of the Indenture which shall be qualified under the Trust Indenture Act), except that they have been registered pursuant
to an effective registration statement under the Securities Act and do not contain provisions for the additional interest contemplated
in Section 2(c) hereof, to be issued to holders in exchange for Registrable Securities.

 

“Exchange Offer” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Exchange Offer Registration”
shall have the meaning assigned thereto in Section 3(c) hereof.

 

“Exchange Offer Registration Statement”
shall have the meaning assigned thereto in Section 2(a) hereof.

 

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“Exchanging Dealer” shall have
the meaning assigned thereto in Section 6(a) hereof.

 

“FINRA” shall have the meaning
assigned thereto in Section 3(e)(xix) hereof.

 

“holder” shall mean, unless the
context otherwise indicates, each of the Purchasers and other persons who acquire Registrable Securities from time to time (including,
without limitation, any successors or assigns), in each case for so long as such person is a registered holder of any Registrable Securities.

 

“Indenture” shall mean the Base
Indenture, as supplemented by the Seventh Supplemental Indenture (as defined below), as the same shall be amended or supplemented from
time to time.

 

“Issuers” shall have the meaning
assigned thereto in the introductory paragraph hereto.

 

“Losses” shall have the meaning
assigned thereto in Section 6(d) hereof.

 

“Notes” shall have the meaning
assigned thereto in the introductory paragraph hereto and shall include any Notes issued in exchange therefor or in lieu thereof pursuant
to the Indenture.

 

“Notice and Questionnaire” shall
mean a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of Exhibit A hereto.

 

“Parent Companies” shall mean,
collectively, (i) Charter, (ii) Charter Holdings, (iii) Charter Communications Holding Company, LLC, a Delaware limited
liability company, and (iv) CCH II.

 

“person” shall mean a corporation,
association, partnership, organization, limited liability company, business, individual, government or political subdivision thereof or
governmental agency.

 

“Purchase Agreement” shall mean
the Purchase Agreement, dated August 2, 2021, among the Representative and the Issuers, relating to the Notes.

 

“Purchasers” shall mean the Purchasers
named in Schedule I to the Purchase Agreement.

 

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“Registrable Securities” shall
mean the Notes (and to the extent set forth in clause (i) of this definition and in Section 2(d) hereof, certain Exchange
Notes); provided, however, that a Note or Exchange Note shall cease to be a Registrable Security when (i) in the circumstances
contemplated by Section 2(a) hereof, such Note has been exchanged for an Exchange Note in an Exchange Offer as contemplated
in Section 2(a) hereof (provided that any Exchange Note that, pursuant to the penultimate sentence of Section 2(a),
is included in a prospectus for use in connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect
to Sections 5, 6 and 9 hereof until resale of such Registrable Security has been effected within the 180-day period referred to in Section 2(a)(y));
(ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Note or
Exchange Note under the Securities Act has been declared or becomes effective and such Note or Exchange Note has been sold or otherwise
transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such
Note or Exchange Note is sold pursuant to Rule 144 under circumstances in which any legend borne by such Note or Exchange Note relating
to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Issuers pursuant to the Indenture;
(iv) such Note or Exchange Note is eligible to be sold pursuant to Rule 144 by a Person that is not an “affiliate”
(within the meaning of Rule 405); or (v) such Note or Exchange Note shall cease to be outstanding.

 

“Registration Default” shall have
the meaning assigned thereto in Section 2(c) hereof.

 

“Registration Default Period”
shall have the meaning assigned thereto in Section 2(c) thereof.

 

“Registration Expenses” shall
have the meaning assigned thereto in Section 4 hereof.

 

“Representative” shall have the
meaning assigned thereto in the addressee block hereto.

 

“Resale Period” shall have the
meaning assigned thereto in Section 2(a) hereof.

 

“Restricted Holder” shall mean
(i) a holder that is an affiliate of the Issuers within the meaning of Rule 405, (ii) a holder who acquires Exchange Notes
outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person
to participate in the Exchange Offer for the purpose of distributing Exchange Notes and (iv) a holder that is a broker-dealer, but
only with respect to Exchange Notes received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities
acquired by the broker-dealer directly from the Issuers.

 

“Rule 144,” “Rule 405”
and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor
provision), as the same shall be amended from time to time.

 

“Securities Act” shall mean the
Securities Act of 1933, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be
amended from time to time.

 

“Seventh Supplemental Indenture”
shall mean the seventh supplemental indenture to the Base Indenture, dated as of August 16, 2021, by and among the Issuers and the
Trustee, relating to the Notes.

 

“Shelf Filing Deadline” shall
have the meaning assigned thereto in Section 2(b) hereof.

 

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“Shelf Registration” shall have
the meaning assigned thereto in Section 2(b) hereof.

 

“Shelf Registration Statement”
shall have the meaning assigned thereto in Section 2(b) hereof.

 

“Special Interest” shall have
the meaning assigned thereto in Section 2(c) hereof.

 

“Transfer Restricted Notes” shall
have the meaning assigned thereto in Section 2(c) hereof.

 

“Trust Indenture Act” shall mean
the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same
shall be amended from time to time.

 

“Trustee” shall mean The Bank
of New York Mellon Trust Company, N.A., as trustee under the Indenture.

 

Unless the context otherwise requires, any reference
herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement, and
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Section or other subdivision. Any reference herein to “Notes” or “Exchange
Notes” refers also to any guarantees thereof by any guarantors required to guarantee such notes pursuant to the Indenture.

 

SECTION 2.          Registration
Under the Securities Act.

 

(a)            Except
as set forth in Section 2(b) below, the Issuers agree to file under the Securities Act, as soon as practicable, a registration
statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement,”
and such offer, the “Exchange Offer”) any and all Registrable Securities for a like aggregate principal amount of Exchange
Notes. The Issuers agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become or be declared
effective under the Securities Act as soon as practicable after the Closing Date. The Exchange Offer will be registered under the Securities
Act on the appropriate form and will comply with the Exchange Act. The Issuers further agree to use their reasonable best efforts to complete
the Exchange Offer not later than 450 days following the Closing Date (or if such 450th day is not a business day, the next
succeeding business day) (the “Exchange Date”) and to exchange Exchange Notes for all Registrable Securities that have
been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Issuers shall keep the Exchange Offer
open for a period of not less than the minimum period required under applicable United States federal and state securities laws to complete
the Exchange Offer; provided, however, that in no event shall such period be less than 20 business days after the date notice
of the Exchange Offer is mailed to holders. The Exchange Offer will be deemed to have been completed only if the Exchange Notes received
by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable
by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue
sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall be deemed to
have been completed upon the earlier to occur of (i) the Issuers having exchanged the Exchange Notes for all outstanding Registrable
Securities pursuant to the Exchange Offer and (ii) the Issuers having exchanged, pursuant to the Exchange Offer, Exchange Notes for
all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer. The Issuers
agree (x) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Notes
that is a broker-dealer and identifies itself as such by written notice to the Issuers prior to the effectiveness of the Exchange Offer
Registration Statement and (y) to keep such Exchange Offer Registration Statement effective for a period (the “Resale Period”)
beginning when Exchange Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after
the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such
Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth
in Sections 6(a), (c), (d) and (e) hereof.

 

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(b)            If
(i) on or prior to the time the Exchange Offer is completed existing law or Commission policy or interpretations are changed such
that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities
are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the Exchange
Offer has not been completed by the Exchange Date, (iii) any Purchaser so requests with respect to Registrable Securities that are
not eligible to be exchanged for Exchange Notes in the Exchange Offer and that are held by it following the consummation of the Exchange
Offer, or (iv) the Exchange Offer is not available to any holder (other than a Purchaser) which notifies the Issuers in writing,
then, in each case, the Issuers shall, in lieu of (or, in the case of clause (iii) or (iv), in addition to) conducting the Exchange
Offer contemplated by Section 2(a), file a “shelf” registration statement in accordance with the remainder of this Section 2(b) below,
under the Securities Act with respect to the Notes that could not be exchanged for any reason set forth in clauses (i) through (iv) above.
The Issuers shall, on or prior to 30 business days after the time such obligation to file arises, file a “shelf” registration
statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all the Registrable Securities,
pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration”
and such registration statement, the “Shelf Registration Statement”). The Issuers agree to use their reasonable best
efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission on or prior to the later
of 450 days (or if such 450th day is not a business day, the next succeeding business day) following the Closing Date and the 90th day
(or if such 90th day is not a business day, the next succeeding business day) after the date such filing obligations arises (the “Shelf
Filing Deadline”) and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of
(i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding;
provided, however, that no holder (other than a Purchaser) shall be entitled to be named as a selling securityholder in
the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder
is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder
of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the
prospectus forming a part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify
such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause
(y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuers in accordance
with Section 3(e)(iii) hereof. The Issuers further agree to supplement or make amendments to the Shelf Registration Statement,
as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf
Registration Statement or by the Securities Act for shelf registration, and the Issuers agree to furnish to each Electing Holder copies
of any such supplement or amendment prior to its being used or promptly following its filing with the Commission.

 

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(c)            In
the event that (i) the Shelf Registration Statement has not become effective or been declared effective by the Commission on or prior
to the Shelf Filing Deadline, (ii) the Exchange Offer has not been completed on or prior to the Exchange Date, (iii) the Exchange
Offer Registration Statement required by Section 2(a) hereof is filed and becomes or is declared effective but thereafter shall
either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the
Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded
immediately by an additional registration statement filed and declared effective, in each case prior to the completion of the Exchange
Offer or (iv) the Shelf Registration Statement required by Section 2(b) hereof is filed and becomes or is declared effective
but shall thereafter either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of
the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being
succeeded immediately by an additional registration statement filed and declared effective (each such event referred to in clauses (i) through
(iv), a “Registration Default” and each period during which a Registration Default has occurred and is continuing,
a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions
of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the
aggregate principal amount of the outstanding Transfer Restricted Notes (as defined below) affected by such Registration Default at a
per annum rate of 0.25% for the first 90 days of the Registration Default Period and at a per annum rate of 0.50% thereafter for the remaining
portion of the Registration Default Period, commencing on (A) the 90th day after the filing of such Shelf Registration Statement
was required, in the case of clause (i) above (but in no event prior to the 450th day after the Closing Date), (B) the
450th day after the Closing Date, in the case of clause (ii) above, (C) the day such Exchange Offer Registration
Statement ceases to be effective, in the case of clause (iii) above and (D) the day such Shelf Registration Statement ceases
to be effective, in the case of clause (iv) above. Following the cure of all Registration Defaults relating to particular Transfer
Restricted Notes (which shall be the Effective Time of the Shelf Registration Statement in the case of clause (i) above, the date
of the completion of the Exchange Offer, in the case of clause (ii) above, the date that the Exchange Offer Registration Statement
again becomes effective, in the case of clause (iii) above, and the date that the Shelf Registration Statement again becomes effective,
in the case of clause (iv) above), the interest rate borne by the relevant Transfer Restricted Notes will be reduced to the original
interest rate borne by such Transfer Restricted Notes; provided, however, that, if after any such reduction in interest
rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Notes shall again be increased
pursuant to the foregoing provisions. All accrued Special Interest shall be paid in cash by the Issuers on each Interest Payment Date
(as defined in the Indenture). For purposes of this Agreement, “Transfer Restricted Notes” shall mean, with respect
to any Registration Default, any Notes or Exchange Notes which have not ceased being Registrable Securities pursuant to the definition
thereof in Section 1 of this Agreement. Notwithstanding anything contained herein, Special Interest shall be the sole and exclusive
remedy with respect to a Registration Default.

 

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(d)            If
any Purchaser determines that it is not eligible to participate in the Exchange Offer with respect to the exchange of Registrable Securities
constituting any portion of an unsold allotment, at the request of such Purchaser, then, subject to any prohibitions or restrictions imposed
by any applicable law or regulations, the Issuers shall use their commercially reasonable efforts to issue and deliver to such Purchaser,
in exchange for such Registrable Securities, a like principal amount of Exchange Notes. Such issuance shall not be deemed to be part of
the Exchange Offer. The Issuers shall use their commercially reasonable efforts to cause the CUSIP Service Bureau to issue the same CUSIP
number for Exchange Notes described in this Section 2(d) as for Exchange Notes issued pursuant to the Exchange Offer. Any such
Exchange Notes shall, at the time of issuance, and subject to the limitations set forth in Section 1 hereof, constitute Registrable
Securities for purposes of this Agreement (other than Section 2(a) hereof).

 

(e)            The
Issuers shall use their reasonable best efforts to take all actions necessary or advisable to be taken by them to ensure that the transactions
contemplated herein are effected as so contemplated in Section 2(a) or 2(b) hereof.

 

(f)            Any
reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated,
therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time
shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time.

 

SECTION 3.          Registration
Procedures. If the Issuers file a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions
shall apply:

 

(a)            At
or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case may be, the Issuers shall cause the Indenture
to be qualified under the Trust Indenture Act of 1939.

 

(b)            In
the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuers shall appoint a new
trustee thereunder pursuant to the applicable provisions of the Indenture.

 

(c)            In
connection with the Issuers’ obligations with respect to the registration of Exchange Notes as contemplated by Section 2(a) (the
 “Exchange Offer Registration”), if applicable, the Issuers shall, as soon as practicable (or as otherwise specified):

 

(i)            prepare
and file with the Commission an Exchange Offer Registration Statement on any form which may be utilized by the Issuers and which shall
permit the Exchange Offer and resales of Exchange Notes by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a);

 

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(ii)           as
soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange Offer Registration Statement
and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Offer Registration Statement
for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and regulations
of the Commission and the instructions applicable to the form of such Exchange Offer Registration Statement, and promptly provide each
broker-dealer holding Exchange Notes with such number of copies of the prospectus included therein (as then amended or supplemented),
in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act, as such broker-dealer
reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Notes;

 

(iii)          prepare
and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered
to purchasers of such Exchange Notes during the Resale Period, such prospectus conforms in all material respects to the applicable requirements
of the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

 

(iv)          use
their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Offer Registration Statement
or any post-effective amendment thereto as soon as practicable;

 

(v)           use
their reasonable best efforts to (A) register or qualify the Exchange Notes under the securities laws or blue sky laws of such jurisdictions
as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations or
qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions
until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable
each broker-dealer holding Exchange Notes to consummate the disposition thereof in such jurisdictions; provided, however,
that neither of the Issuers shall be required for any such purpose to (1) qualify as a foreign corporation or limited liability company,
as the case may be, in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(v),
(2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation
or by-laws (or other organizational document) or any agreement between it and holders of its ownership interests;

 

(vi)          use
their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local,
which may be required to effect the Exchange Offer Registration, the Exchange Offer and the offering and sale of Exchange Notes by broker-dealers
during the Resale Period;

 

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(vii)        provide
a CUSIP number for all Exchange Notes, not later than the applicable Effective Time;

 

(viii)       comply
with all applicable rules and regulations of the Commission, and make generally available to their securityholders as soon as practicable
but no later than eighteen months after the effective date of such Exchange Offer Registration Statement, an earnings statement of the
Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158
thereunder);

 

(ix)          mail
to each holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter
of instruction and related documents;

 

(x)           utilize
the services of a depositary for the Exchange Offer, which may be the Trustee, any new trustee under the Indenture, or an affiliate of
any of them;

 

(xi)          permit
holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last business day on which the Exchange
Offer is open;

 

(xii)         prior
to the Effective Time, provide a supplemental letter to the Commission (i) stating that the Issuers are conducting the Exchange Offer
in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), Morgan Stanley and
Co., Inc. (pub. avail. June 5, 1991); and (ii) including a representation that the Issuers have not entered into any arrangement
or understanding with any person to distribute the Exchange Notes to be received in the Exchange Offer and that, to the best of the Issuers’
information and belief, each holder participating in the Exchange Offer is acquiring the Exchange Notes in the ordinary course of business
and has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes; and

 

(xiii)        provide
the Representative, in advance of filing thereof with the Commission, a draft of such Exchange Offer Registration Statement substantially
in the form to be filed with the Commission, each prospectus included therein or filed with the Commission and each amendment or supplement
thereto (including any documents incorporated by reference therein after the initial filing), and shall use their commercially reasonable
efforts to reflect in each such document, when so filed with the Commission, such comments as are reasonably proposed.

 

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(d)            As
soon as practicable after the close of the Exchange Offer, the Issuers shall:

 

(i)            accept
for exchange all Registrable Securities tendered and not validly withdrawn pursuant to the Exchange Offer;

 

(ii)           deliver
to the Trustee for cancellation all Notes so accepted for exchange; and

 

(iii)          cause
the Trustee promptly to authenticate and deliver to each holder a principal amount of Exchange Notes equal to the principal amount of
the Registrable Securities of such Holder so accepted for exchange.

 

(e)            In
connection with the Issuers’ obligations with respect to the Shelf Registration, if applicable, the Issuers shall, as soon as practicable
(or as otherwise specified):

 

(i)            prepare
and file with the Commission within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which
may be utilized by the Issuers and which shall register all the Registrable Securities for resale by the holders thereof in accordance
with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders and
use their reasonable best efforts to cause such Shelf Registration Statement to become or be declared effective within the time periods
specified in Section 2(b);

 

(ii)           not
less than 30 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the holders
of Registrable Securities; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement as
of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities
at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Issuers by the deadline for response
set forth therein; provided, however, that holders of Registrable Securities shall have at least 28 calendar days from the
date on which the Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire to
the Issuers;

 

(iii)          after
the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that is not then an Electing
Holder, promptly send a Notice and Questionnaire to such holder; provided that the Issuers shall not be required to take any action
to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus forming
a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to
the Issuers;

 

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(iv)          as
soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the
prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the
period specified in Section 2(b) and as may be required by the applicable rules and regulations of the Commission and the
instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement
or amendment simultaneously with or prior to its being used or filed with the Commission;

 

(v)           comply
with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities covered by such Shelf Registration
Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement;

 

(vi)          provide
(A) the Electing Holders, (B) the underwriters (which term, for purposes of this Agreement, shall include a person deemed to
be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement
agent therefor, (D) counsel for any such underwriter or agent, (E) not more than one counsel for all the Electing Holders and
(F) the Representative, in advance of filing thereof with the Commission, a draft of such Shelf Registration Statement, each prospectus
included therein or filed with the Commission and each amendment or supplement thereto (including any documents incorporated by reference
therein after the initial filing), in each case in substantially the form to be filed with the Commission, and shall use their commercially
reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as are reasonably proposed;

 

(vii)         for
a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section 2(b),
make available at reasonable times at each Issuer’s principal place of business, or such other reasonable place for inspection
by the persons referred to in Section 3(e)(vi) who shall certify to the Issuers that they have a current intention to sell
the Registrable Securities pursuant to the Shelf Registration, such financial and other relevant information and books and records of
the Issuers, each of their subsidiaries and, as relevant, Parent Companies, and cause each of their officers, employees, counsel and
independent certified public accountants to supply all relevant information and to respond to such inquiries, as shall be reasonably
necessary, in the judgment of the respective counsel referred to in such Section, to conduct a reasonable investigation within the meaning
of Section 11 of the Securities Act; provided, however, that each such party shall be required to maintain in confidence
and not to disclose to any other person any information or records reasonably designated by the Issuers as being confidential, until
such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement
or otherwise, except as a result of a breach of this or any other obligation of confidentiality to the Issuers), or (B) such person
shall be required so to disclose such information pursuant to a subpoena or order of any court or other governmental agency or body having
jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Issuers prompt
prior written notice of such requirement), or (C) such information is required to be set forth in such Shelf Registration Statement
or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus
in order that such Shelf Registration Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements
of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material
fact or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing, provided further, however, that notwithstanding anything to the
contrary in this clause (vii), any such person (and each employee, representative, or other agent of such person) may disclose to any
and all persons, without limitation, the U.S. tax treatment and any facts that may be relevant to the tax structure of the matters covered
by and relating to this Agreement (including opinions or other tax analysis that are provided to such party relating to such tax treatment
and tax structure); provided, however, that no person (and no employee, representative, or other agent of any person) shall
disclose any other information that is not relevant to understanding the tax treatment and tax structure of the matters covered by and
relating to this Agreement (including the identity of any party and any information that could lead another to determine the identity
of any party), or any other information to the extent that such non-disclosure is reasonably necessary in order to comply with applicable
securities law;

 

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(viii)        promptly
notify each of the Representative, the Electing Holders, any sales or placement agent therefor and any underwriter thereof (which notification
may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in
writing, (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or supplement
or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when
the same has become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator
of any state with respect thereto, or any request by the Commission for amendments or supplements to such Shelf Registration Statement
or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness
of such Shelf Registration Statement or the initiation or, to the knowledge of the Issuers, threatening of any proceedings for that purpose,
(D) if at any time the representations and warranties of the Issuers contemplated by Section 3(e)(xvii) or Section 5
hereof cease to be true and correct in all material respects, (E) of the receipt by the Issuers of any notification with respect
to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or, to the knowledge
of the Issuers, threatening of any proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered
under the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment
does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act, or contains
an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing;

 

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(ix)           use
their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement
or any post-effective amendment thereto as soon as practicable;

 

(x)            if
requested by any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in a
prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the
Commission, and as such managing underwriter or underwriters, such agent or such Electing Holder specifies should be included therein
relating to the terms of the sale of such Registrable Securities, including, without limitation, information (i) with respect to
the principal amount of Registrable Securities being sold by such Electing Holder or agent or to any underwriters, the name and description
of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities, and any discount, commission or other
compensation payable in respect thereof and the purchase price being paid therefor by such underwriters and (ii) with respect to
any other material terms of the offering of the Registrable Securities to be sold by such Electing Holder or agent or to such underwriters;
and make all required filings of such prospectus supplement or post-effective amendment upon notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment;

 

(xi)            furnish
to each Electing Holder, each placement or sales agent, if any, therefor, each underwriter, if any, thereof and the respective counsel
referred to in Section 3(e)(vi) hereof an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf
Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing
Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf
Registration Statement (excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by
such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf Registration Statement (including,
without limitation, each preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable
requirements of the Securities Act and the Trust Indenture Act, and such other documents, as such Electing Holder, agent, if any, and
underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by
such Electing Holder, offered or sold by such agent or underwritten by such underwriter and to permit such Electing Holder, agent and
underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Issuers hereby consent to the use of such
prospectus (including, without limitation, such preliminary and summary prospectus) and any amendment or supplement thereto by each such
Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Issuers,
in connection with the offering and sale of the Registrable Securities covered by the prospectus (including, without limitation, such
preliminary and summary prospectus) or any supplement or amendment thereto;

 

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(xii)          use
their reasonable best efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement
under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor
and underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with
such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration
is required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Electing Holder,
agent or underwriter to complete its distribution of the Registrable Securities pursuant to such Shelf Registration Statement and (C) take
any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter,
if any, to consummate the disposition in such jurisdictions of such Registrable Securities; provided, however, that neither
of the Issuers shall be required for any such purpose to (1) qualify as a foreign corporation or limited liability company, as the
case may be, in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii),
(2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation
or by-laws (or other organizational document) or any agreement between it and holders of its ownership interests;

 

(xiii)         use
their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local,
which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling holder
or holders to offer, or to consummate the disposition of, their Registrable Securities;

 

(xiv)         unless
any Registrable Securities shall be in book-entry only form, cooperate with the Electing Holders and the managing underwriters, if any,
to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates,
if so required by any securities exchange upon which any Registrable Securities are listed, shall be penned, lithographed or engraved,
or produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends;
and, in the case of an underwritten offering, enable such Registrable Securities to be in such denominations and registered in such names
as the managing underwriters may request at least two business days prior to any sale of the Registrable Securities;

 

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(xv)          provide
a CUSIP number for all Registrable Securities, not later than the applicable Effective Time;

 

(xvi)         enter
into one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting agreements or
similar agreements, as appropriate, including customary provisions relating to indemnification and contribution (but no less favorable
than those set forth in Section 6 with respect to all parties indemnified under Section 6), unless such provisions are acceptable
to Electing Holders of at least 50% in aggregate principal amount of the Registrable Securities and any managing underwriters, and take
such other actions in connection therewith as any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities
at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities;

 

(xvii)        whether
or not an agreement of the type referred to in Section 3(e)(xvi) hereof is entered into, and whether or not any portion of
the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any
other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent, if any, therefor
and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt securities
pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf Registration; (B) obtain
an opinion of counsel to the Issuers in customary form, subject to customary limitations, assumptions and exclusions, and covering such
matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or as any Electing Holders of at least
20% in aggregate principal amount of the Registrable Securities at the time outstanding may reasonably request, addressed to such Electing
Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the date
of the Effective Time of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an underwritten offering
of a part or all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto) (it
being agreed that the matters to be covered by such opinion shall include the matters set forth in paragraphs (b) and (c) of
Section 8 of the Purchase Agreement to the extent applicable to an offering of this type); (C) obtain a “cold comfort”
letter or letters from the independent certified public accountants of the Issuers addressed to the selling Electing Holders, the placement
or sales agent, if any, therefor or the underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement
and (ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period
subsequent to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates
an underwritten offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period
subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under the underwriting agreement
relating thereto), such letter or letters to be in customary form and covering such matters of the type customarily covered by letters
of such type; (D) deliver such documents and certificates, including, without limitation, officers’ certificates, as may be
reasonably requested by any Electing Holders of at least 20% in aggregate principal amount of the Registrable Securities at the time
outstanding or the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy
of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof and
the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other similar agreement
entered into by the Issuers pursuant to Section 3(e)(xvi); and (E) undertake such obligations relating to expense reimbursement,
indemnification and contribution as are provided in Section 6 hereof;

 

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(xviii)       notify
in writing each holder of Registrable Securities of any proposal by the Issuers to amend or waive any provision of this Agreement pursuant
to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the substance
of the amendment or waiver proposed or effected, as the case may be;

 

(xix)         in
the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate as a member
of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the
 “Conduct Rules”) of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or any successor
thereto, as amended from time to time) thereof, whether as a holder of such Registrable Securities or as an underwriter, a placement
or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements of
such Conduct Rules, including, without limitation, by (A) if such Conduct Rules shall so require, engaging a “qualified
independent underwriter” (as defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement
relating to such Registrable Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering
contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend
the yield of such Registrable Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification
of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested by such underwriter), and (C) providing
such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Conduct
Rules; and

 

(xx)          comply
with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as practicable
but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earnings statement
of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company,
Rule 158 thereunder).

 

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(f)            In
the event that the Issuers would be required, pursuant to Section 3(e)(viii)(F) hereof, to notify the Electing Holders, the
placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Issuers shall prepare and furnish to each
of the Electing Holders, to each placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of copies
of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus conforms
in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act, and shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuers
pursuant to Section 3(e)(viii)(F) hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities
pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received
copies of such amended or supplemented prospectus, and if so directed by the Issuers, such Electing Holder shall deliver to the Issuers
(at the Issuers’ expense) all copies, other than permanent file copies, then in such Electing Holder’s possession of the
prospectus covering such Registrable Securities at the time of receipt of such notice.

 

(g)            In
the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice and Questionnaire,
the Issuers may require such Electing Holder to furnish to the Issuers such additional information regarding such Electing Holder and
such Electing Holder’s intended method of distribution of Registrable Securities as may be required in order to comply with the
Securities Act. Each such Electing Holder agrees to notify the Issuers as promptly as practicable of any inaccuracy or change in information
previously furnished by such Electing Holder to the Issuers or of the occurrence of any event in either case as a result of which any
prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing
Holder or such Electing Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact
regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly
to furnish to the Issuers any additional information required to correct and update any previously furnished information or required
so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing.

 

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SECTION 4.     Registration
Expenses. The Issuers agree, subject to the last sentence of this Section 4, to bear and to pay or cause to be paid promptly
all expenses incident to the Issuers’ performance of or compliance with this Agreement, including, without limitation, (a) all
Commission and any FINRA registration, filing and review fees and expenses including, without limitation, fees and disbursements of counsel
for the placement or sales agent or underwriters in connection with such registration, filing and review, (b) all fees and expenses
in connection with the qualification of the Notes for offering and sale under the securities laws and blue sky laws referred to in Section 3(e)(xii) hereof
and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing
Holders may designate, including, without limitation, any fees and disbursements of counsel for the Electing Holders or underwriters
in connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution
and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution
pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Notes for delivery and the expenses of
printing or producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment
memoranda and all other documents in connection with the offering, sale or delivery of Notes to be disposed of (including, without limitation,
certificates representing the Notes), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery
of Notes and the preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture,
any agent of the Trustee and any reasonable fees and expenses for counsel for the Trustee and of any collateral agent or custodian, (f) internal
expenses (including, without limitation, all salaries and expenses of each Issuer’s officers and employees performing legal or
accounting duties), (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Issuers
(including, without limitation, the expenses of any opinions or “cold comfort” letters required by or incidental to such
performance and compliance), (h) reasonable fees, disbursements and expenses of one counsel for the Electing Holders retained in
connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the
Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Issuers), (i) any fees charged
by securities rating services engaged by the Issuers for rating the Notes, and (j) reasonable fees, expenses and disbursements of
any other persons, including, without limitation, special experts, retained by the Issuers in connection with such registration (collectively,
the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder
of Registrable Securities or any placement or sales agent therefor or underwriter thereof, the Issuers shall reimburse such person for
the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding
the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting
discounts and commissions attributable to the sale of such Registrable Securities and the fees and disbursements of any counsel or other
advisors or experts retained by such holders (severally or jointly), other than the counsel and experts specifically referred to above.

 

SECTION 5.     Representations,
Warranties and Covenants. Except with respect to clauses (a) and (b) below, the Issuers represent and warrant to, and agree
with, each Purchaser and each of the holders from time to time of Registrable Securities the information set forth in this Section 5.

 

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With respect to clauses (a) and (b) below,
the Issuers covenant that:

 

(a)            Each
registration statement covering Registrable Securities and each prospectus (including, without limitation, any preliminary or summary
prospectus) contained therein or furnished pursuant to Section 3(e) or Section 3(c) hereof and any further amendments
or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case
may be, and, in the case of an underwritten offering of Registrable Securities, at the time of the closing under the underwriting agreement
relating thereto, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and will
not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading; and at all times subsequent to the Effective Time when a prospectus would be required to be delivered
under the Securities Act, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant
to Section 3(e)(viii)(F) or Section 3(c)(iii) hereof until (ii) such time as the Issuers furnish an amended
or supplemented prospectus pursuant to Section 3(f) or Section 3(c)(iii) hereof, each such registration statement,
and each prospectus (including, without limitation, any preliminary or summary prospectus) contained therein or furnished pursuant to
Section 3(e) or Section 3(c) hereof, as then amended or supplemented, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing; provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon
and in conformity with information furnished in writing to the Issuers by a holder of Registrable Securities expressly for use therein.

 

(b)            Any
documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became effective
or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of
a material fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon
and in conformity with information furnished in writing to the Issuers by a holder of Registrable Securities expressly for use therein.

 

(c)            This
Agreement has been duly authorized, executed and delivered by the Issuers.

 

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SECTION 6.     Indemnification.

 

(a)            The
Issuers, jointly and severally, agree to indemnify and hold harmless each holder of Registrable Securities or Exchange Notes, as the
case may be, covered by any Exchange Offer Registration Statement or Shelf Registration Statement (including each Purchaser and, with
respect to any prospectus delivery as contemplated in Section 3(c)(ii) or (iii) hereof, each holder (which may include
any Purchaser) that is a broker-dealer and elects to exchange for Exchange Notes any Registrable Securities that it acquired for its
own account as a result of market-making activities or other trading activities (but not directly from the Issuers or any affiliate of
the Issuers) for Exchange Notes) (each an “Exchanging Dealer”), the affiliates, directors, officers, employees and
agents of each such holder and each person who controls any such holder within the meaning of either the Securities Act or the Exchange
Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under
the Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Exchange Offer Registration Statement or Shelf Registration Statement as originally
filed or in any amendment thereof, or in any preliminary prospectus or the prospectus included in any registration statement, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Issuers will not be liable in any case to the extent
that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Issuers by or
on behalf of any such holder specifically for inclusion therein. This indemnity agreement will be in addition to any liability which
the Issuers may otherwise have.

 

The Issuers, jointly and severally, also agree to
indemnify or contribute as provided in Section 6(d) to Losses of any underwriter of Registrable Securities or Exchange Notes,
as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees or agents and each person who
controls such underwriter within the meaning of either the Securities Act or the Exchange Act, on substantially the same basis as that
of the indemnification of the Purchasers and the selling holders provided in this Section 6(a) and shall, if requested by any
holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 3(e)(xvi) hereof.

 

(b)            Each
holder of Registrable Securities or Exchange Notes covered by an Exchange Offer Registration Statement or Shelf Registration Statement
(including each Purchaser and, with respect to any prospectus delivery as contemplated in Section 3(c)(ii) or Section 3(f)(iv) hereof,
each Exchanging Dealer) severally agrees to indemnify and hold harmless the Issuers, and each of their affiliates, directors, employees,
members, managers and agents and each Person who controls the Issuers within the meaning of either the Securities Act or the Exchange
Act, to the same extent as the foregoing indemnity from the Issuers to each such holder, but only with reference to written information
relating to such holder furnished to the Issuers by or on behalf of such holder specifically for inclusion in the documents referred
to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any such holder may otherwise have.

 

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(c)            Promptly
after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such indemnified party will,
if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party in
writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability
under paragraph (a) or (b) above unless and to the extent such action and such failure results in the forfeiture by the indemnifying
party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to
any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party
shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified,
to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified
party, be counsel to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party
to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not be liable to such indemnified
party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in
connection with the defense thereof other than reasonable costs of investigation. Notwithstanding the indemnifying party’s rights
in the prior sentence, the indemnified party shall have the right to employ its own counsel (and one local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants
in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional
to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. No indemnifying party
shall, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out
of the same general circumstances or allegations, be liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all indemnified parties. An indemnifying party shall not be liable under this Section 6 to any
indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such
indemnifying party, which consent shall not be unreasonably withheld.

 

    -22-

    

    

 

(d)            In
the event that the indemnity provided in paragraph (a) or (b) of this Section 6 is unavailable to or insufficient to hold
harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute to the aggregate losses, claims,
damages and liabilities (including, without limitation, legal or other expenses reasonably incurred in connection with investigating
or defending same) (collectively “Losses”) to which such indemnifying party may be subject in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party on the one hand and by the indemnified party on the other
from the offering of the Notes. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable
law or if the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall
contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other in connection with
the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as
any other relevant equitable considerations. Benefits received by the Issuers shall be deemed to be equal to the sum of (x) the
total net proceeds from the initial placement of the Notes (before deducting expenses) reflected in the Purchase Agreement and (y) the
total amount of Special Interest which the Issuers were not required to pay as a result of registering the securities covered by the
Exchange Offer Registration Statement or Shelf Registration Statement which resulted in such Losses. Benefits received by the Purchasers
shall be deemed to be equal to the total purchase discounts and commissions as reflected in the Purchase Agreement, and benefits received
by any other holders shall be deemed to be equal to the proceeds received from the sale of the Registrable Securities or Exchange Notes,
as applicable. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions,
as set forth in the prospectus forming a part of the Exchange Offer Registration Statement or Shelf Registration Statement which resulted
in such Losses. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party
on the one hand or the indemnified party on the other and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant
to this subsection (d) were determined by pro rata allocation (even if the holders or any agents or underwriters or all of them
were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages
or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this subsection (d), no holder shall be required to contribute any amount in excess of the amount by
which the dollar amount of the proceeds received by such holder from the sale of Registrable Securities (after deducting any fees, discounts
and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any amount
in excess of the amount by which the total price of the Registrable Securities underwritten by it and distributed to the public exceeds
the amount of any damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission. The holders’ and any underwriters’ obligations in this subsection (d) to contribute
are several in proportion to the principal amount of Registrable Securities registered or underwritten, as the case may be, by them,
and not joint. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 6, each person who controls any holder, agent or underwriter within the meaning
of either the Securities Act or the Exchange Act and each director, officer, employee and agent of a holder, agent or underwriter shall
have the same rights to contribution as such holder, agent or underwriter, and each person who controls the Issuers within the meaning
of either the Securities Act or the Exchange Act and each officer and director of the Issuers shall have the same rights to contribution
as the Issuers, subject in each case to the applicable terms and conditions of this paragraph (d).

 

    -23-

    

    

 

(e)            The
provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf of any holder
or the Issuers or any of the officers, directors or controlling persons referred to in this Section hereof, and will survive the
sale by a holder of securities covered by an Exchange Offer Registration Statement or Shelf Registration Statement.

 

SECTION 7.     Underwritten
Offerings.

 

(a)            Selection
of Underwriters. If any of the Registrable Securities covered by the Shelf Registration are to be sold pursuant to an underwritten
offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate
principal amount of the Registrable Securities to be included in such offering, provided that such designated managing underwriter
or underwriters is or are reasonably acceptable to the Issuers.

 

(b)            Participation
by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder may participate in
any underwritten offering hereunder unless such holder (i) agrees to sell such holder’s Registrable Securities on the basis
provided in any underwriting arrangements with respect to such Registrable Securities approved by the persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting arrangements.

 

(c)            Minimum
Requirements. With respect to the Notes, the Issuers shall not have any obligations with respect to any underwriters or underwritten
offering except a single underwritten offering of $270 million or more of Registrable Securities.

 

SECTION 8.     Rule 144.

 

(a)            Each
of the Issuers covenants to the holders of Registrable Securities that to the extent it shall be required to do so under the Exchange
Act, it shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including, without limitation,
the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall
take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time
to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption
provided by Rule 144, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request
of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, the Issuers shall deliver
to such holder a written statement as to whether they have complied with such requirements.

 

    -24-

    

    

 

 

(b)         At
any time while any of the Notes are “restricted securities” within the meaning of Rule 144, if the Company is no longer
subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act (as opposed to just having the obligations
suspended), the Company or a Parent (as defined in the Indenture) shall prepare and furnish to any Holder, any beneficial owner of the
Notes and any prospective purchaser of Notes designated by a Holder or a beneficial owner of the Notes, promptly upon request, the information
required pursuant to Rule 144A(d)(4) (or any successor thereto) under the Securities Act in connection with the offer, sale
or transfer of Notes. Such information may be provided by a Parent in filings with the Commission which filing shall satisfy the obligations
set forth in this clause (b). The requirements set forth in this clause (b) will not be applicable after the one year anniversary
of the issuance of any Notes.

 

SECTION 9.         Miscellaneous.

 

(a)         No
Inconsistent Agreements. The Issuers represent, warrant, covenant and agree that they have not granted, and shall not grant, registration
rights with respect to Registrable Securities or any other Notes which would be inconsistent with the terms contained in this Agreement.

 

(b)         Specific
Performance. Except with respect to a Registration Default, the parties hereto acknowledge that there would be no adequate remedy
at law if the Issuers fail to perform any of their obligations hereunder and that the Purchasers and the holders from time to time of
the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders,
in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of
the obligations of the Issuers under this Agreement in accordance with the terms and conditions of this Agreement, in any court of the
United States or any State thereof having jurisdiction.

 

(c)         Notices.
All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been
duly given (i) when delivered by hand, if delivered personally or by courier, (ii) when sent by facsimile (with written confirmation
of receipt), provided that a copy is mailed by registered or certified mail, return receipt requested or (iii) three days
after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: if to the Issuers,
c/o Charter Communications, Inc., 400 Washington Blvd., Stamford, Connecticut 06902, Attention: General Counsel, Electronic Mail:
rick.dykhouse@charter.com; Facsimile No.: (212) 446-4900, with a copy to: Kirkland & Ellis LLP, 601 Lexington Avenue,
New York, NY 10022, Facsimile: (212) 466-4900, Attention: Christian O. Nagler, Esq. and if to a holder, to the address of such holder
set forth in the security register or other records of the Issuers, or to such other address as the Issuers or any such holder may have
furnished to the other in writing in accordance herewith, with a copy in like manner c/o Morgan Stanley & Co. LLC at 1585 Broadway,
New York, New York 10036, Attention: High Yield Syndicate Desk, with a copy to the Legal Department. Notices of change of address shall
be effective only upon receipt.

 

    -25-

    

    

 

(d)         Parties
in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
by the parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the
parties hereto and such holders. In the event that any person shall acquire Registrable Securities, in any manner, whether by gift, bequest,
purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary
hereof for all purposes and such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding
such Registrable Securities such transferee shall be entitled to receive the benefits, and be conclusively deemed to have agreed to be
bound by all the applicable terms and provisions, of this Agreement. If the Issuers shall so request, any such successor, assign or transferee
shall agree in writing to acquire and hold the Registrable Securities subject to all the applicable terms hereof.

 

(e)         Survival.
The respective indemnities, agreements, representations, warranties and each other provision set forth in this Agreement or made pursuant
hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf
of any holder of Registrable Securities, any director, officer or partner of such holder, any agent or underwriter or any director, officer
or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities
pursuant to the Purchase Agreement and the transfer and registration of Registrable Securities by such holder and the consummation of
an Exchange Offer.

 

(f)          GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(g)         Headings.
The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience only, do not constitute
a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

 

(h)         Entire
Agreement; Amendments. This Agreement and the other writings referred to herein (including, without limitation, the Indenture and
the form of Notes) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect
to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject
matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only by a written instrument duly executed by the Issuers and the holders of at least
a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities
at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or
not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such
holder.

 

(i)          Inspection.
For so long as this Agreement shall be in effect, this Agreement and a complete list of the names and addresses of all the holders of
Registrable Securities shall be made available for inspection and copying, upon reasonable prior notice, on any business day during normal
business hours by any holder of Registrable Securities for proper purposes only (which shall include any purpose related to the rights
of the holders of Registrable Securities under the Notes, the Indenture and this Agreement) at the offices of the Issuers at the address
thereof set forth in Section 9(c) above and at the office of the Trustee under the Indenture.

 

    -26-

    

    

 

(j)          Counterparts.
This Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such respective
counterparts shall together constitute one and the same instrument.

 

(k)         Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent permitted by law.

 

(l)          Securities
Held by the Issuers, etc. Whenever the consent or approval of holders of a specified percentage of principal amount of Registrable
Securities or Exchange Notes is required hereunder, Registrable Securities or Exchange Notes, as applicable, held by the Issuers or their
affiliates (controlled by the Issuers and other than subsequent holders of Registrable Securities or Exchange Notes if such subsequent
holders are deemed to be affiliates solely by reason of their holdings of such Registrable Securities or Exchange Notes) shall not be
counted in determining whether such consent or approval was given by the holders of such required percentage.

 

(m)         Additional
Notes. Notwithstanding anything contained herein, any registration statement and exchange offer herein contemplated may include other
securities issued by the Issuers and guaranteed by the applicable guarantors, if any.

 

(n)         Termination.
The obligations of the Issuers under this Agreement to register or qualify the Registrable Securities or otherwise make any offer shall
terminate when there are no Registrable Securities outstanding.

 

[Signature Pages Follow]

 

    -27-

    

    

 

If the foregoing is in accordance with your understanding,
please sign and return to us counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this Agreement
and such acceptance hereof shall constitute a binding agreement among the parties hereto. It is understood that your acceptance of this
Agreement on behalf of each of the Purchasers is pursuant to the authority set forth in a form of agreement among Purchasers, the form
of which shall be submitted to the Issuers for examination upon request, but without warranty on your part as to the authority of the
signers thereof.

 

	 	Very truly yours,
	 	 	 	 
	 	CCO HOLDINGS, LLC, as an Issuer
	 	 	 	 
	 	By:	/s/ Scott A. Schwartz
	 	 	Name:	Scott A. Schwartz
	 	 	Title: 	Group Vice President, Corporate Finance and Treasurer
	 	 	 	 
	 	CCOH HOLDINGS CAPITAL CORP., as an Issuer
	 	 	 	 
	 	By:	/s/ Scott A. Schwartz
	 	 	Name: 	Scott A. Schwartz
	 	 	Title:	Group Vice President, Corporate Finance and Treasurer

 

Charter - Registration Rights Agreement

 

    

     

    

 

	 	Accepted as of the date hereof:

 

Acting on behalf of itself and

the several Purchasers

 

MORGAN
STANLEY & CO. LLC

 

	By:	/s/ Constantine N. Darras	 
	 	Name: Constantine N. Darras	 
	 	Title: Authorized Signatory	 

 

Charter - Registration Rights Agreement

 

    

     

    

 

EXHIBIT A

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

 

INSTRUCTION TO DTC PARTICIPANTS

 

(Date of Mailing)

 

URGENT — IMMEDIATE ATTENTION REQUESTED

 

DEADLINE FOR RESPONSE: [DATE]1

 

The Depository Trust Company (“DTC”)
has identified you as a DTC Participant through which beneficial interests in the CCO Holdings, LLC (the “Company”)
and CCO Holdings Capital Corp. (together with the Company, the “Issuers”) 4.250% Senior Notes due 2034 (the “Notes”)
are held.

 

The Issuers are in the process of registering the
Notes under the Securities Act of 1933, as amended, for resale by the beneficial owners thereof. In order to have their Notes included
in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder
Questionnaire.

 

It is important that beneficial owners of the Notes
receive a copy of the enclosed materials as soon as possible as their rights to have the Notes included in the registration statement
depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to
each beneficial owner that holds interests in the Notes through you. If you require more copies of the enclosed materials or have any
questions pertaining to this matter, please contact the Issuers c/o Charter Communications, Inc., 400 Washington Blvd., Stamford,
Connecticut 06902, Attention: General Counsel, Electronic Mail: rick.dykhouse@charter.com; Facsimile No.: (212) 446-4900, with a copy
to: Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10022, Facsimile: (212) 466-4900, Attention: Christian O. Nagler, Esq.

 

 

1       Not
less than 28 calendar days from date of mailing.

 

    A-1

     

    

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

 

Notice of Registration Statement

and

Selling Securityholder Questionnaire

 

(Date)

 

Reference is hereby made to the Exchange and Registration
Rights Agreement (the “Exchange and Registration Rights Agreement”) among CCO Holdings, LLC (the “Company”),
CCO Holdings Capital Corp. (together with the Company, the “Issuers”), and the Purchasers named therein. Pursuant to
the Exchange and Registration Rights Agreement, the Issuers have filed with the United States Securities and Exchange Commission (the
 “Commission”) a registration statement on Form S-1 (the “Shelf Registration Statement”) for
the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of
the Issuers’ 4.250% Senior Notes due 2034 (the “Notes”). A copy of the Exchange and Registration Rights Agreement
is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration
Rights Agreement.

 

Each beneficial owner of Registrable Securities is
entitled to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Registrable
Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire
(“Notice and Questionnaire”) must be completed, executed and delivered to the Issuers’ counsel at the address
set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities who do not complete, execute
and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration
Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities.

 

Certain legal consequences arise from being named
as a selling securityholder in the Shelf Registration Statement and related prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Shelf Registration Statement and related prospectus.

 

    A-2

     

    

 

ELECTION

 

The undersigned holder (the “Selling Securityholder”)
of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned by
it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect
to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder
were an original party thereto.

 

Upon any sale of Registrable Securities pursuant
to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Issuers and the Trustee the Notice
of Transfer Pursuant to Registration Statement set forth in Exhibit B to the Exchange and Registration Rights Agreement.

 

The Selling Securityholder hereby provides the following
information to the Issuers and represents and warrants that such information is accurate and complete:

 

QUESTIONNAIRE

 

 (1)            (a)         Full Legal Name of Selling Securityholder:

 

(b)         Full
Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item (3) below:

 

(c)         Full
Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed in Item
(3) below are Held:

 

(2)           Address for Notices to Selling
Securityholder:

_______________________________

_______________________________

_______________________________

Telephone:               _______________________________

Fax:                            _______________________________

Contact Person:     _______________________________

 

		(3)	Beneficial Ownership of Notes:

 

Except as set forth below in this Item
(3), the undersigned does not beneficially own any Notes.

 

		(a)	Principal amount of Registrable Securities beneficially owned:
	 	 	 

 

			CUSIP No(s). of such Registrable Securities:	 

 

		(b)	Principal amount of Notes other than Registrable Securities
beneficially owned:
	 	 	 

 

			CUSIP No(s). of such other Notes:	 

 

    A-3

     

    

 

		(c)	Principal amount of Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:	 

 

 

			CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:	 

 

		(4)	Beneficial Ownership of Other Securities of the Issuers:

 

Except as set forth below in this Item
(4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the Issuers other than
the Notes listed above in Item (3).

 

State any exceptions here:

 

		(5)	Relationships with the Issuers:

 

Except as set forth below, neither the
Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with the Issuers (or their respective predecessors or affiliates) during the past three
years.

 

State any exceptions here:

 

		(6)	Plan of Distribution:

 

Except as set forth below, the undersigned
Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): Such
Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters,
broker-dealers or agents. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices
at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions
(which may involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registrable
Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise
than on such exchanges or services or in the over-the-counter market, or (iv) through the writing of options. In connection with
sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume. The Selling
Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan
or pledge Registrable Securities to broker-dealers that in turn may sell such Registrable Securities.

 

    A-4

     

    

 

State any exceptions here:

 

By signing below, the Selling Securityholder acknowledges
that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act including, without
limitation, Regulation M.

 

In the event that the Selling Securityholder transfers
all or any portion of the Registrable Securities listed in Item (3) above after the date on which such information is provided to
the Issuers, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations
under this Notice and Questionnaire and the Exchange and Registration Rights Agreement.

 

By signing below, the Selling Securityholder consents
to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will
be relied upon by the Issuers in connection with the preparation of the Shelf Registration Statement and related Prospectus.

 

In accordance with the Selling Securityholder’s
obligation under Section 3(e) of the Exchange and Registration Rights Agreement to provide such information as may be required
by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Issuers of any inaccuracies
or changes in the information provided herein which may occur subsequent to the date hereof at any time while the Shelf Registration Statement
remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows:

 

(i)         To
the Issuers:

_________________________

_________________________

_________________________

_________________________

_________________________

 

(ii)         With
a copy to:

_________________________

_________________________

_________________________

_________________________

_________________________

 

Once this Notice and Questionnaire is executed by
the Selling Securityholder and received by the Issuers’ counsel, the terms of this Notice and Questionnaire, and the representations
and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors,
heirs, personal representatives, and assigns of the Issuers and the Selling Securityholder (with respect to the Registrable Securities
beneficially owned by such Selling Securityholder and listed in Item (3) above). This Agreement shall be governed in all respects
by the laws of the State of New York without giving effect to any provisions relating to conflicts of laws.

 

    A-5

     

    

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

Dated: ____________________

 

 

 

Selling Securityholder

(Print/type full legal name of beneficial owner of Registrable Securities)

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR
RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE ISSUERS’ COUNSEL AT:

 

_________________________

_________________________

_________________________

_________________________

_________________________

 

    A-6

     

    

 

EXHIBIT B

 

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

 

CCO HOLDINGS, LLC

CCO HOLDINGS CAPITAL CORP.

c/o Charter Communications, Inc.

400 Washington Blvd.

Stamford, Connecticut 06902

Attention: General Counsel

Electronic
Mail: rick.dykhouse@charter.com

 

With a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Facsimile No.: (212) 446-4900

Attention: Christian O. Nagler, Esq.

 

The Bank of New York Mellon Trust Company, N.A.

2 N. LaSalle Street Suite 700

Chicago, IL 60602

Attn: Corporate Trust Administration

Attention: Trust Officer

 

		Re:	CCO Holdings, LLC and CCO Holdings Capital Corp. (the “Issuers”) 4.250% Senior Notes due 2034 (the “Notes”)

 

Please be advised that ________________ has transferred
$___________ aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form S-1
(File No. 333-____) filed by the Issuers.

 

We hereby certify that the prospectus delivery requirements,
if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named
as a “Selling Holder” in the prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of
the Notes transferred are the Notes listed in such prospectus opposite such owner’s name.

 

Dated:

 

	 	Very truly yours,
	 	 
	 	(Name)

 

    B-1

     

    

 

	 	By:	 
	 	(Authorized Signature)

 

    B-2Exhibit
10.1

 

Execution
Version

 

THIRD
AMENDMENT TO AMENDED AND RESTATED

SENIOR
SECURED CREDIT AGREEMENT

 

This
THIRD AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT (this “Amendment”) is made as of August
12, 2021, by and among CL MEDIA HOLDINGS LLC, a Delaware limited liability company (“Borrower”), BRIGHT
MOUNTAIN MEDIA, INC., a Florida corporation (“Parent”), BRIGHT MOUNTAIN, LLC, a Florida limited liability
company (“BM LLC”), MEDIAHOUSE, INC., a Florida corporation (“Media House” and, together
with BM LLC, the “Guarantors”), the Lenders party hereto, and CENTRE LANE PARTNERS MASTER CREDIT FUND II, L.P.,
as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the
“Collateral Agent”) and is made with reference to the Credit Agreement referred to below.

 

PRELIMINARY
STATEMENTS

 

WHEREAS,
the Borrower, Parent, the Guarantors, the Lenders from time to time party thereto, Administrative Agent and Collateral Agent are parties
to that certain Amended and Restated Senior Secured Credit Agreement, dated June 5, 2020 (as may be amended, amended and restated, supplemented
or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders made certain
loans and other financial accommodations to the Borrower;

 

WHEREAS,
an Event of Default exists under the Credit Agreement as a result of the Borrower’s failure to pay the amortization payment due
July 31, 2021 pursuant to Section 2.04(b) of the Credit Agreement (such Event of Default, the “Specified Event of Default”);

 

WHEREAS,
Borrower has requested that certain amendments be made to the Credit Agreement, which the Lenders party hereto, the Administrative Agent
and the Collateral Agent are willing to make pursuant to the terms and conditions set forth herein;

 

WHEREAS,
the amendments and modifications to the Credit Agreement shall include, among other things, the addition of (a) $500,000 of term loan
credit commitments (such commitments, the “2021 Additional Term Loan Commitments”, and the term loans made in respect
thereof, the “2021 Additional Term Loans”).

 

NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION
1. Definitions. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement,
after giving effect to this Amendment (the “Amended Credit Agreement”).

 

SECTION
2. Amendments. Effective as of the Third Amendment Effective Date (as defined below), (i) the Credit Agreement is hereby amended
by inserting the double-underlined text (example: double-underlined text)
and deleting the stricken text (example: stricken text) set forth on the selected pages of the Credit Agreement
attached hereto as Annex A and (ii) Schedule 2.01(a) is hereby amended and restated in its entirety in the attached as Annex
B.

 

    	 

    	 

    

 

SECTION
3. Waiver. Subject to the satisfaction of the conditions precedent set forth herein, and in reliance on the representations and
warranties set forth herein, the Lenders hereto hereby agree to waive the Specified Event of Default. This limited waiver shall not be
deemed to constitute a consent to or waiver of any other term, provision or condition of the Credit Agreement or any other Loan Document,
or to prejudice any right or remedy that Administrative Agent, Collateral Agent or Lenders may now have or may have in the future under
or in connection with the Credit Agreement or any other Loan Document.

 

SECTION
4. Conditions to Effectiveness. This Amendment shall become effective only upon the satisfaction of all of the following conditions
precedent (the date on which all such conditions have been satisfied being referred to herein as the “Third Amendment Effective
Date”):

 

(a)
Administrative Agent, Collateral Agent, Borrower, Parent, Guarantors and Lenders shall have executed this Amendment, and each such Borrower,
Parent, Guarantor and each Lender shall have delivered its executed counterpart to this Amendment to Administrative Agent;

 

(b)
Administrative Agent shall have received a certificate attesting to the Solvency of the Loan Parties (taken as a whole) on the Third
Amendment Effective Date from the chief financial officer of the Parent in substantially the form of Exhibit I to the Credit Agreement;

 

(c)
Administrative Agent shall have received a certificate of a duly authorized officer of the Borrower certifying that:

 

(i)
immediately after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing or would result
from the transactions contemplated by this Amendment; and

 

(ii)
each of the representations and warranties contained or incorporated by reference in Section 6 of this Amendment shall be true
and correct in all material respects (or, in the case of any such representation and warranty already qualified by materiality, true
and correct in all respects) on and as of the Third Amendment Effective Date with the same effect as though such representations and
warranties had been made on and as of such date, except to the extent that such representations and warranties expressly relate solely
to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (or,
in the case of any such representation and warranty already qualified by materiality, true and correct in all respects) on and as of
such earlier date);

 

(d)
the Administrative Agent shall have received a letter from Parent that consents to, and directs, the transfer of 2,000,000 shares of
Parent’s common stock into a brokerage account controlled by Centre Lane Partners Master Credit Fund II, L.P. or one of its affiliates;
and

 

(e)
Borrower shall have paid all fees and expenses of the Lenders and the Administrative Agent (including legal fees up to $10,000)

 

    	2

     

    

 

SECTION
5. Indemnification.

 

Each
Loan Party hereby confirms that the indemnification provisions set forth in Section 10.05 of the Credit Agreement shall apply to this
Amendment and to such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements
(as more fully set forth therein) which may arise herefrom or in connection herewith or otherwise relating to this Amendment, the Amended
Credit Agreement or the transactions contemplated hereby or thereby.

 

SECTION
6. Consent and Reaffirmation of the Loan Parties.

 

(a)
Each Loan Party hereby acknowledges that it (i) has reviewed the terms and provisions of this Amendment, (ii) consents to the amendments
to the Credit Agreement effected pursuant to this Amendment and consents to the terms, conditions and other provisions of this Amendment
and the Amended Credit Agreement, and (iii) consents to each of the transactions contemplated hereby and by the Amended Credit Agreement.
Each Loan Party hereby confirms and agrees that, notwithstanding the effectiveness of this Amendment, each of the Credit Agreement and
each Loan Document to which such Loan Party is a party or otherwise bound, and the obligations of such Loan Party contained in the Credit
Agreement and each such Loan Document, are and shall continue to be in full force and effect and are hereby ratified and confirmed in
all respects, in each case as amended by this Amendment.

 

(b)
Without limiting the generality of the foregoing, each Loan Party hereby confirms, ratifies and reaffirms its payment obligations, guarantees,
pledges, grants of Liens and security interests and other obligations, as applicable, under and subject to the terms of the Amended Credit
Agreement and each of the Loan Documents to which it is a party, and acknowledges and agrees that all such payment obligations, guarantees,
pledges, grants of Liens and security interests and other obligations shall be valid and enforceable and shall not be impaired or limited
by the execution or effectiveness of this Amendment or any of the transactions contemplated hereby.

 

SECTION
7. Representations and Warranties. In order to induce Administrative Agent and the Lenders to enter into this Amendment, and to
amend the Credit Agreement in the manner provided herein, each Loan Party hereby represents and warrants to Administrative Agent and
the Lenders that, as of the Third Amendment Effective Date:

 

(a)
(i) each Loan Party has the right and power and is duly authorized and empowered to enter into, execute and deliver this Amendment and
perform its obligations under this Amendment and the Amended Credit Agreement, (ii) each Loan Party has taken all necessary organizational
action to authorize the execution, delivery and performance of this Amendment and the performance of the Amended Credit Agreement, and
(iii) this Amendment has been duly authorized, executed and delivered by each Loan Party;

 

(b)
this Amendment constitutes a legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party in accordance
with its terms, except as such enforceability may be limited by (i) applicable solvency, bankruptcy, reorganization, moratorium or other
similar laws affecting creditors’ right generally and (ii) applicable equitable principles (whether considered in a proceeding
at law or in equity);

 

    	3

     

    

 

(c)
each Loan Party’s execution, delivery and performance of this Amendment and each Loan Party’s performance of the Amended
Credit Agreement do not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in
any breach or contravention of, or the creation of any Lien (other than Liens created under the Loan Documents) under, or require any
payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of
such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award
to which such Person or its property is subject; or (c) violate any Law, except in the cases of clauses (b) and (c) above where such
conflicts or violations, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect;

 

(d)
immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing or would result therefrom;
and

 

(e)
each of the representations and warranties contained in the Amended Credit Agreement and in the Loan Documents is true and correct in
all material respects (or, in the case of any such representation and warranty already qualified by materiality, true and correct in
all respects) on and as of the Third Amendment Effective Date with the same effect as though such representations and warranties had
been made on and as of such date, except to the extent that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties were true and correct in all material respects (or, in the case of any such representation
and warranty already qualified by materiality, true and correct in all respects) on and as of such earlier date).

 

SECTION
8. Reference to and Effect on the Credit Agreement.

 

(a)
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of any
Loan Document, or otherwise affect the rights and remedies of Administrative Agent, Collateral Agent or any Lender thereunder, and shall
not alter, modify, amend or in any way affect any of the Obligations or any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other provision of the Credit Agreement or of any Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a consent
to, or a waiver, amendment, modification or other change of, any of the Obligations or any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any Loan Document in similar or different circumstances.

 

(b)
On the Third Amendment Effective Date, the Credit Agreement shall be amended as provided herein. The parties hereto acknowledge and agree
that: (i) this Amendment and any other document or instrument executed and delivered in connection herewith do not constitute a novation
or termination of the Obligations as in effect prior to the Third Amendment Effective Date; (ii) the Obligations are in all respects
continuing with only the terms thereof being modified to the extent provided in this Amendment; and (iii) the guarantees and the Liens
and security interests as granted or purported to be granted under or pursuant to the Credit Agreement and the Loan Documents securing
payment of the Obligations are in all such respects continuing in full force and effect and secure the payment of the Obligations as
provided therein.

 

    	4

     

    

 

(c)
This Amendment shall constitute an “Loan Document” for all purposes under the Amended Credit Agreement and the Loan Documents.

 

SECTION
9. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

SECTION
10. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which, when so executed and delivered, shall be deemed an original, but all of which counterparts together shall constitute but
one agreement. Delivery by facsimile or electronic transmission of a portable document file (also known as a .pdf file) of an executed
counterpart signature page shall be effective as a manually executed counterpart signature hereof.

 

SECTION
11. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the Lenders, the parties hereto and
their respective successors and assigns.

 

SECTION
12. Governing Law; Miscellaneous. This Amendment, and the rights and obligations of the parties under this Amendment, shall be
governed by, and construed and interpreted in accordance with, the law of the State of New York. The provisions of Sections 10.14 and
10.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis, and shall apply with like effect to this
Amendment as if fully set forth herein.

 

SECTION
13. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

[Remainder
of this page intentionally left blank.]

 

    	5

     

    

 

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

 

	BORROWER:	CL MEDIA HOLDINGS LLC

 

	 	By:	
	 	Name:	
	 	Its:	

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

	Parent:	BRIGHT MOUNTAIN MEDIA, INC.

 

	 	By:	
	 	Name:	
	 	Its:	

 

	GUARANTORS:	BRIGHT MOUNTAIN, LLC

 

	 	By:	
	 	Name:	
	 	Its:	

 

	 	MEDIAHOUSE, INC.

 

	 	By:	
	 	Name:	
	 	Its:	

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

	ADMINISTRATIVE AGENT &

                                                                 COLLATERAL AGENT: 
	CENTRE LANE PARTNERS MASTER

                                                                 CREDIT FUND II, L.P.,

	 	as Administrative Agent and Collateral Agent

 

	 	By:	
	 	Name:	
	 	Title:	

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

	LENDER:	CENTRE LANE PARTNERS MASTER CREDIT
FUND II, L.P.

 

	 	By:	
	 	Name:	
	 	Title:	

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

Annex
A

 

Annex
A to Third Amendment

 

$16,416,905

 

Amended
and Restated Senior Secured Credit Agreement

 

Dated
as of June 5, 2020

 

Among

 

CL
Media Holdings LLC,

as
Borrower,

 

The
Lenders Party Hereto,

 

and

 

Centre
Lane Partners Master Credit Fund II, L.P.,

as
Administrative Agent and Collateral Agent

 

    	 

    	 

    

 

Table
of Contents

 

	Section	Heading	Page
	 	 	 
	Article
    I	Definitions
    and Accounting Terms	2
	 	 	 
	Section
    1.01.	Defined
    Terms	2
	Section
    1.02.	Other
    Interpretive Provisions	28
	Section
    1.03.	Accounting
    Terms	29
	Section
    1.04.	Rounding	29
	Section
    1.05.	References
    to Agreements, Laws, Etc.	29
	Section
    1.06.	Times
    of Day	29
	Section
    1.07.	Timing
    of Payment or Performance	29
	Section
    1.08.	Currency
    Equivalents Generally	29
	 	 	 
	Article
    II	The
    Commitments and Credit Extensions	29
	 	 	 
	Section
    2.01.	The
    Loans	29
	Section
    2.02.	[Reserved]	29
	Section
    2.03.	Prepayments	30
	Section
    2.04.	Repayment
    of Loans	32
	Section
    2.05.	Interest	33
	Section
    2.06.	Fees	33
	Section
    2.07.	Computation
    of Interest and Fees	33
	Section
    2.08.	Evidence
    of Indebtedness	34
	Section
    2.09.	Payments
    Generally	34
	Section
    2.10.	Sharing
    of Payments	36
	Section
    2.11.	[Reserved]	36
	Section
    2.12.	Removal
    or Replacement of a Lender	37
	 	 	 
	Article
    III	Taxes,
    Increased Costs Protection and Illegality	37
	 	 	 
	Section
    3.01.	Taxes	37
	Section
    3.02.	Illegality	41
	Section
    3.03.	Increased
    Cost and Reduced Return; Capital Adequacy	41
	Section
    3.04.	Matters
    Applicable to All Requests for Compensation	42
	Section
    3.05.	Survival	43
	 	 	 
	Article
    IV	Conditions
    Precedent	43
	 	 	 
	Section
    4.01.	Conditions
    to the Effective Date	43
	 	 	 
	Article
    V	Representations
    and Warranties	44
	 	 	 
	Section
    5.01.	Existence,
    Qualification and Power; Compliance with Laws	45
	Section
    5.02.	Authorization;
    No Contravention	46
	Section
    5.03.	Governmental
    Authorization; Other Consents	46
	Section
    5.04.	Binding
    Effect	46
	Section
    5.05.	No
    Material Adverse Effect	47

 

    	-i-

     

    

 

	Section
    5.06.	Litigation	47
	Section
    5.07.	Ownership
    of Property; Liens	47
	Section
    5.08.	Perfection
    of Security Interests	47
	Section
    5.09.	Reserved	48
	Section
    5.10.	Taxes	47
	Section
    5.11.	Compliance
    with ERISA	47
	Section
    5.12.	Labor
    Matters	47
	Section
    5.13.	Insurance	49
	Section
    5.14.	Subsidiaries;
    Equity Interests	49
	Section
    5.15.	Margin
    Regulations; Investment Company Act; PATRIOT Act	49
	Section
    5.16.	Disclosure	50
	Section
    5.17.	Intellectual
    Property	50
	Section
    5.18.	Solvency	50
	Section
    5.19.	Material
    Agreements	50
	 	 	 
	Article
    VI	Affirmative
    Covenants	51
	 	 	 
	Section
    6.01.	Financial
    Statements	51
	Section
    6.02.	Certificates;
    Reports; Other Information	52
	Section
    6.03.	Notice
    Requirements; Other Information	53
	Section
    6.04.	Environmental
    Matters	55
	Section
    6.05.	Maintenance
    of Existence	56
	Section
    6.06.	Maintenance
    of Properties	56
	Section
    6.07.	Maintenance
    of Insurance	56
	Section
    6.08.	Compliance
    with Laws	57
	Section
    6.09.	Books
    and Records	57
	Section
    6.10.	Inspection
    Rights/Lender Meetings	57
	Section
    6.11.	Covenant
    to Guaranty Obligations and Give Security	57
	Section
    6.12.	Use
    of Proceeds	59
	Section
    6.13.	Further
    Assurances	58
	Section
    6.14.	Taxes	60
	Section
    6.15.	End
    of Fiscal Years; Fiscal Quarters	60
	Section
    6.16.	ERISA	61
	Section
    6.17.	SBA
    PPP Loan	61
	Section
    6.18.	Post-Closing
    Obligations	61
	 	 	 
	Article
    VII	Negative
    Covenants	62
	 	 	 
	Section
    7.01.	Liens	62
	Section
    7.02.	Investments	64
	Section
    7.03.	Indebtedness	66
	Section
    7.04.	Fundamental
    Changes	68
	Section
    7.05.	Dispositions	68
	Section
    7.06.	Restricted
    Payments	69
	Section
    7.07.	Change
    in Nature of Business	69
	Section
    7.08.	Transactions
    with Affiliates	69

 

    	-ii-

     

    

 

	Section
    7.09.	Prepayments
    of Certain Indebtedness; Modifications of Certain Indebtedness; Payments of Interest on Convertible Notes and Indebtedness	70
	Section
    7.10.	Negative
    Pledge	70
	Section
    7.11.	Amendments
    to Organization Documents	70
	Section
    7.12.	Sale
    Leasebacks	71
	Section
    7.13.	[Reserved]	71
	Section
    7.14.	Accounting
    Changes	71
	Section
    7.15.	OFAC	71
	 	 	 
	Article
    VIII	Events
    of Default and Remedies	71
	 	 	 
	Section
    8.01.	Events
    of Default	71
	Section
    8.02.	Remedies
    Upon Event of Default	74
	Section
    8.03.	Application
    of Funds	75
	 	 	 
	Article
    IX	Administrative
    Agent and Other Agents	75
	 	 	 
	Section
    9.01.	Appointment
    and Authorization of Agents	75
	Section
    9.02.	Delegation
    of Duties	77
	Section
    9.03.	Liability
    of Agents	77
	Section
    9.04.	Reliance
    by Agents	77
	Section
    9.05.	Notice
    of Default	78
	Section
    9.06.	Credit
    Decision; Disclosure of Information by Agents	78
	Section
    9.07.	Indemnification
    of Agents	79
	Section
    9.08.	Agents
    in their Individual Capacities	79
	Section
    9.09.	Successor
    Agents	80
	Section
    9.10.	Administrative
    Agent May File Proofs of Claim	80
	Section
    9.11.	Release
    of Collateral and Guaranty	81

 

	Article
    X	Miscellaneous	82
	 	 	 
	Section
    10.01.	Amendments,
    Etc.	82
	Section
    10.02.	Notices
    and Other Communications	84
	Section
    10.03.	No
    Waiver; Cumulative Remedies	85
	Section
    10.04.	Costs
    and Expenses	85
	Section
    10.05.	Indemnification
    by Borrower	86
	Section
    10.06.	Payments
    Set Aside	87
	Section
    10.07.	Successors
    and Assigns	87
	Section
    10.08.	Confidentiality	91
	Section
    10.09.	Setoff	92
	Section
    10.11.	Integration	92
	Section
    10.12.	Survival
    of Representations and Warranties	92
	Section
    10.13.	Severability	93
	Section
    10.14.	Governing
    Law	93
	Section
    10.15.	Waiver
    of Right To Trial By Jury	93
	Section
    10.16.	Binding
    Effect	93
	Section
    10.17.	Lender
    Action	94

 

    	-iii-

     

    

 

	Section
    10.18.	PATRIOT
    Act	94
	Section
    10.19.	No
    Advisory or Fiduciary Responsibility	94
	Section
    10.20.	No
    Novation	94

 

	Schedules	 	 
	 	 	 
	Schedule
    1	—	Guarantors
	Schedule
    2.01(a)	—	Commitments
	Schedule
    5.02	—	Authorizations;
    No Contravention
	Schedule
    5.03	—	Governmental
    Authorization; Other Consents
	Schedule
    5.07(b)	—	Real
    Property
	Schedule
    5.08	—	Collateral
    Filings and Perfection Matters
	Schedule
    5.10	—	Taxes
	Schedule
    5.14	—	Subsidiaries
    and Other Equity Investments
	Schedule
    5.17	—	Intellectual
    Property
	Schedule
    5.19	—	Material
    Agreements
	Schedule
    7.01(b)	—	Existing
    Liens
	Schedule
    7.02(e)	—	Existing
    Investments
	Schedule
    7.03(b)	—	Surviving
    Indebtedness
	Schedule
    7.12	—	Existing
    Sale Leasebacks
	Schedule
    10.02	—	Administrative
    Agent’s Office, Certain Addresses for Notices
	 	 	 
	Exhibits	 	 
	 	 	 
	Exhibit
    A	—	Form
    of Prepayment Notice
	Exhibit
    B	—	Form
    of Note
	Exhibit
    C	—	[Reserved]
	Exhibit
    D	—	Form
    of Assignment and Assumption
	Exhibit
    E	—	Form
    of Guaranty
	Exhibit
    F	—	Form
    of Security Agreement
	Exhibit
    G	—	Form
    of Securities Pledge Agreement
	Exhibit
    H	—	Form
    of Intellectual Property Security Agreement
	Exhibit
    I	—	Form
    of Solvency Certificate

 

    	-iv-

     

    

 

Amended
and Restated Senior Secured Credit Agreement

 

This
Amended and Restated Senior Secured Credit Agreement (this “Agreement”)
is entered into as of June 5, 2020 among CL Media Holdings LLC, a Delaware limited liability
company (“Borrower”), each financial institution from time to time party hereto as lender (each, a “Lender”
and collectively, the “Lenders”), and Centre Lane Partners Master Credit
Fund II, L.P., as administrative agent for the Lenders (in such capacity, and together with its successors and assigns, the “Administrative
Agent”) and as collateral agent for the Lenders (in such capacity, and together with its successors and assigns, the “Collateral
Agent”).

 

Recitals

 

Whereas,
Borrower, the Lenders and the Administrative Agent have
previously entered into that certain Senior Secured Credit Agreement, dated as of January 31, 2019 (as amended prior to the date hereof,
the “Existing Credit Agreement”), pursuant to which the Lenders extended certain term loans to the Borrower under
the terms of the Existing Credit Agreement;

 

Whereas,
Borrower, the Lenders and the Administrative Agent desire to continue certain outstanding term loans and to amend and restate the Existing
Credit Agreement on the terms and conditions set forth herein;

 

Whereas,
capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in Article I hereof;

 

Whereas,
Borrower has agreed to secure all of its Obligations by granting to Collateral Agent, for the benefit of Secured Parties, a Lien on substantially
all of its assets, including a first priority pledge of all of the Equity Interests of each of its Subsidiaries; and

 

WHEREAS,
the Guarantors have agreed to guarantee the obligations of Borrower hereunder and to secure their respective Obligations by granting
to Collateral Agent, for the benefit of Secured Parties, a Lien on substantially all of their respective assets, including a first priority
pledge of all of the Equity Interests of each of their respective Subsidiaries (including Borrower).

 

Now,
Therefore, in consideration of the premises and the
mutual covenants and agreements herein contained and of the Loans and extensions of credit herein provided, the parties hereto agree
as follows:

 

    	 

    	 

    

 

Article
I

 

Definitions
and Accounting Terms

 

Section
1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“2021
Preferred Stock” has the meaning set forth in the preliminary statements to the First Amendment.

 

“2021
Preferred Stock Issuance” has the meaning set forth in the preliminary statements to the First Amendment.

 

“2021
Loans” means the 2021 Term Loans and 2021 Additional Term Loans.

 

“2021
Additional Term Loans” has the meaning set forth in the preliminary statements of the Third Amendment.

 

“2021
Additional Term Loan Commitments” has the meaning set forth in the preliminary statements of the Third Amendment.

 

“2021
Term Loans” has the meaning set forth in the preliminary statements of the Second Amendment.

 

“2021
Term Loan Commitments” has the meaning set forth in the preliminary statements of the Second Amendment.

 

“2021
Term Loan Maturity Date” means December 31, 2021.

 

“Acceptable
Preferred Stock Issuance Terms” means the required terms of the 2021 Preferred Stock Issuance as set forth below:

 

(i)
Parent shall receive consideration in the form of cash to be paid on the closing date of the 2021 Preferred Stock Issuance in an aggregate
amount not less than $6,000,000;

 

(ii)
the 2021 Preferred Stock, or any instrument in respect thereof, shall not provide for the payment of cash dividends in excess of 10.00%,
which may not be paid more frequently than once per Fiscal Quarter;

 

(iii)
the 2021 Preferred Stock shall be convertible to common equity of the Parent at $0.75 per share;

 

(iv)
the form and substance of the principal documentation for the 2021 Preferred Stock Issuance shall be acceptable to the Administrative
Agent in its sole discretion; and

 

(v)
the proceeds from the 2021 Preferred Stock Issuance shall be used solely for liquidity and working capital purposes of the Loan Parties.

 

“Accounting
Changes” means changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion
by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency
with similar functions).

 

    	-2-

     

    

 

“Acquisition”
means any acquisition by Borrower or any of the Guarantors, whether by purchase, merger or otherwise, of all or substantially all
of the assets of, all of the Equity Interests of, or a business line or unit or a division of, any Person.

 

“Administrative
Agent” has the meaning specified in the first paragraph of this Agreement or any successor administrative agent appointed in
accordance with Section 9.09.

 

“Administrative
Agent’s Office” means, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule
10.02, or such other address or account as the Administrative Agent may from time to time notify Borrower and the Lenders.

 

“Affiliate”
means, in respect of any Person:

 

(a)
any Person which, directly or indirectly, controls, is controlled by or is under common control with such Person; and for the
purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” or
“under common control with”) means the power to direct or cause the direction of the management and policies of any
Person, whether through the ownership of voting Equity Interests or by contract or otherwise; or

 

(b)
any Person, 10% or more of any class of shares (or in the case of a Person that is not a corporation, 10% or more of the partnership
or other Equity Interests) of which is beneficially owned or held by such Person or a Subsidiary of such Person.

 

“Agent-Related
Persons” means the Agents, together with their respective Affiliates, and the officers, directors, employees, partners, agents
and attorneys-in-fact of such Persons and Affiliates.

 

“Agents”
means, collectively, the Administrative Agent and the Collateral Agent.

 

“Aggregate
Commitments” means the Commitments of all the Lenders as in effect from time to time. As of the Effective Date, the amount
of the Aggregate Commitments is $16,416,905.

 

“Agreement”
has the meaning specified in the introductory paragraph hereto.

 

“Applicable
Lending Office” means for any Lender, such Lender’s office, branch or affiliate as notified to the Administrative Agent
and Borrower or as otherwise specified in the Assignment and Assumption pursuant to which such Lender became a party hereto, any of which
offices may, subject to Section 3.02 and Section 3.03(d), be changed by such Lender upon ten (10) days’ prior written notice to
the Administrative Agent and Borrower; provided that for the purposes of the definition of “Excluded Taxes” and Section
3.01, any such change shall be deemed an assignment made pursuant to an Assignment and Assumption.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or Affiliate
of an entity that administers or manages a Lender.

 

    	-3-

     

    

 

“Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit D.

 

“Attorney
Costs” means and includes all reasonable and documented fees, out-of-pocket expenses and actual disbursements of any law firm
or other external legal counsel.

 

“Attributable
Indebtedness” means, at any date, without duplication, (a) in respect of any Capital Lease Obligation (other than a lease resulting
from a Sale Leaseback) of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation of any Person, the capitalized or principal amount
of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date
in accordance with GAAP if such lease or other agreement were accounted for as a Capital Lease, (c) in respect of any Sale Leaseback,
the lesser of (i) the present value, discounted in accordance with GAAP at the interest rate implicit in the related lease, of the obligations
of the lessee for net rental payments over the remaining term of such lease (including any period for which such lease has been extended
or may, at the option of the lessor be extended) and (ii) the fair market value of the assets subject to such transaction, and (d) all
Synthetic Debt of such Person.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor
statute.

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrowing”
means a borrowing consisting of Loans made by the Lenders pursuant to Section 2.01.

 

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

 

“Capital
Expenditures” means, for any period and with respect to any Person, any and all expenditures made by such Person or any of
its Subsidiaries in such period for assets added to or reflected in its property, plant and equipment accounts or other similar capital
asset accounts or comparable items or any other capital expenditures that are, or should be, set forth as “additions to plant,
property and equipment” on the consolidated financial statements of such Person and its Subsidiaries prepared in accordance with
GAAP, whether such asset is purchased for cash or financed as an account payable or by the incurrence of Indebtedness, accrued as a liability
or otherwise.

 

“Capital
Lease” means, with respect to any Person, any leasing or similar arrangement conveying the right to use any personal property
by that Person as lessee that, in conformity with GAAP, is required to be accounted for as a capital lease on the balance sheet of such
Person; provided that with respect to leases that are accounted for by any Person as operating leases as of the Effective Date
or are entered into after the Effective Date, and would have been accounted for as operating leases if such lease had been in effect
on the Effective Date such leases may, in the sole discretion of Parent, be accounted for as operating leases and not as Capital Leases.

 

    	-4-

     

    

 

“Capital
Lease Obligation” means, with respect to any Person, all monetary or financial obligations of such Person and its Subsidiaries
under any Capital Leases, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP
and the stated maturity thereof shall be the date of the last payment of any amount due under such lease prior to the first date on which
such lease may be terminated by the lessee without payment of a penalty; provided that any obligations that were not required
to be included on the balance sheet of such Person as capital lease obligations when incurred but are subsequently re-characterized as
capital lease obligations due to a change in accounting rules after the Closing Date shall for all purposes hereunder not be treated
as a Capital Lease Obligation.

 

“CARES
Act” means the Coronavirus Aid, Relief, and Economic Security Act and applicable rules and regulations, as amended from time
to time. For the avoidance of doubt, references to specific sections of the CARES Act shall also include applicable rules and regulations,
as amended from time to time.

 

“CARES
Allowable Uses” means “allowable uses” of proceeds of an SBA PPP Loan as described in Section 1102 of the CARES
Act.

 

“Cash
Equivalents” means any of the following, to the extent owned by the Loan Parties free and clear of all Liens, other than Liens
that are Permitted Liens under Sections 7.01(a) or (j), and having a maturity of not greater than 365 days from the date of acquisition
thereof: (a) readily marketable direct obligations of the government of the United States or any agency or instrumentality thereof or
obligations unconditionally guaranteed by the full faith and credit of the government of the United States, (b) insured certificates
of deposit of or time deposits with any domestic commercial bank having capital and surplus in excess of $500,000,000, (c) repurchase
obligations of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than thirty
(30) days, with respect to securities issued or fully guaranteed or insured by the government of the United States, (d) securities with
maturities of 365 days or less from the date of acquisition that are issued or fully guaranteed by any state, district or territory of
the United States, by any political subdivision or taxing authority of any such state, district or territory or by any foreign government,
the securities of which state, district or territory, taxing authority or foreign government (as the case may be) are rated at least
A by S&P or A by Moody’s, (e) securities with maturities of six (6) months or less from the date of acquisition backed by standby
letters of credit issued by any commercial bank satisfying the requirements of clause (b) of this definition, (f) money market mutual
or similar funds that invest substantially all of their assets in one or more type of securities satisfying the requirements of clauses
(a) through (e) of this definition, or (g) Investments, classified in accordance with GAAP as current assets of the Loan Parties, in
money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by financial
institutions having capital of at least $500,000,000, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a) and (b) of this definition.

 

    	-5-

     

    

 

“Casualty
Event” means any casualty, loss, damage, destruction or other similar loss with respect to real or personal property or improvements.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

“Change
in Law” means (a) the adoption of any law, treaty, order, policy, rule or regulation after the date of this Agreement, (b)
any change in any law, treaty, order, policy, rule or regulation or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) the making or issuance of any guideline, request or directive issued or made after
the date hereof by any central bank or other Governmental Authority (whether or not having the force of law); provided that notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
requirements or directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines,
requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be
deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.

 

“Change
of Control” means (i) any Person or “group” (within the meaning of Rules 13d 3 and 13d 5 under the Exchange Act),
other than W. Kip Speyer, (a) shall have acquired beneficial ownership of 40% or more on a fully diluted basis of the voting and/or economic
interest in the Equity Interests of Parent or (b) shall have obtained the power (whether or not exercised) to elect at least a majority
of all of the members of the board of directors (or similar governing body) of Parent; (ii) at least a majority of all of the seats (other
than vacant seats) on the board of directors (or similar governing body) of Parent cease to be occupied by Persons who either (a) were
members of the board of directors of Parent on the Effective Date or nominated by a shareholder or group of shareholders having a right
to nominate or appoint a member of the board of directors of Parent based on agreements between such shareholder or group of shareholders
and Parent in effect on the Effective Date, or (b) were nominated for election by the board of directors of Parent, a majority of whom
were directors on the Effective Date or whose election or nomination for election was previously approved by a majority of such directors;
(iii) except as otherwise permitted in this Agreement, Parent ceases to beneficially own and control, directly or indirectly, 100% on
a fully diluted basis of the economic and voting interests in the Equity Interests of each other Loan Party (other than Borrower); or
(iv) Parent ceases to beneficially own and control, directly or indirectly, 100% on a fully diluted basis of the economic and voting
interests in the Equity Interests of Borrower.

 

“CL
Media Acquisition Agreement” means that certain Membership Interest Purchase Agreement, dated as of the Effective Date, by
Parent, as buyer, Borrower, as company, and Centre Lane Partners Master Credit Fund II, L.P., as member, together with all exhibits and
schedules thereto, as the same may be amended, supplemented or modified from time to time.

 

    	-6-

     

    

 

“Closing
Date” means January 31, 2019.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
means all the “Collateral” as defined in any Collateral Document and all other property or assets that are required under
the terms of the Loan Documents to be subject to Liens in favor of the Administrative Agent and/or the Collateral Agent for the benefit
of the Secured Parties and shall include the Mortgaged Properties, if any.

 

“Collateral
Agent” has the meaning specified in the first paragraph of this Agreement or any successor collateral agent appointed in accordance
with Section 9.09.

 

“Collateral
and Guaranty Requirement” means, at any time, the requirement that:

 

(a)
the Collateral Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant to Section
4.01 of the Existing Credit Agreement, or pursuant to Section 6.11 or Section 6.13 at such time, in each case duly executed by each
Loan Party party thereto;

 

(b)
all Obligations shall have been unconditionally guaranteed (the “Guaranty”) jointly and severally on a senior
basis by Parent and each Subsidiary of Parent (other than Borrower), including, as of the Effective Date, those that are listed on
Schedule 1 hereto (each, a “Guarantor”);

 

(c)
the Obligations and the Guaranty shall have been secured by a first priority security interest in all the Equity Interests of the
Loan Parties (other than Parent) and the Collateral Agent shall have received all certificates or other instruments (if any)
representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in
blank;

 

(d)
the Obligations and the Guaranty shall have been secured by a first-priority security interest in all Indebtedness of any Loan Party
that is owing to any other Loan Party, which shall be evidenced by a promissory note or an instrument and shall have been pledged
pursuant to the applicable Collateral Document, and the Collateral Agent shall have received all such promissory notes or
certificated instruments, together with note powers or other instruments of transfer with respect thereto endorsed in
blank;

 

    	-7-

     

    

 

(e)
except to the extent otherwise provided hereunder or under any Collateral Document, the Obligations and the Guaranty shall have been
secured by a perfected first priority security interest (subject to Liens permitted under Section 7.01) in, and mortgages on,
substantially all tangible and intangible assets of the Loan Parties (including but not limited to accounts receivable, deposit
accounts, inventory, machinery and equipment, investment property, cash, Intellectual Property, other general intangibles, owned
real property, intercompany Indebtedness and proceeds of the foregoing); provided, however, that (v) no security interest in
real property other than Material Real Property shall be required, (w) no security interest in motor vehicles and other assets
subject to certificates of title shall be required, (x) subject to Section 6.13, no security interests shall be required in assets
(including in respect of interests in partnerships, joint ventures and other non-Wholly-owned entities) to the extent (and for the
duration) that the granting of a security interest in such asset would be prohibited by applicable law or agreements containing
enforceable anti-assignment clauses not overridden by the Uniform Commercial Code or other applicable law shall be required, (y) any
security interest in Intellectual Property shall exclude any intent-to-use trademark application prior to the filing of a
“Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and
solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of
such intent-to-use trademark application under applicable federal law and (z) no security interest shall be required in property
subject to Liens described in Section 7.01(h) to the extent (and for the duration) that the granting of a security interest in such
asset would be prohibited under the agreement evidencing or otherwise governing the related Indebtedness and not overridden by the
Uniform Commercial Code or other applicable law (the assets described in the foregoing clauses (v) through (z), collectively, “Excluded
Property”).

 

(f)
none of the Collateral shall be subject to any Liens other than Liens permitted by Section 7.01; and

 

(g)
the Collateral Agent shall have received the Mortgages with respect to each Material Real Property required to be delivered pursuant
to this Collateral and Guaranty Requirement, or pursuant to Section 6.11 at such time as set forth in such section (the “Mortgaged
Properties”), together with:

 

(i)
evidence that counterparts of the Mortgages with respect to the Mortgaged Properties have been duly executed, acknowledged and
delivered and are in form suitable for filing or recording in all filing or recording offices as necessary to create a valid first
and subsisting Lien on the property described therein in favor of the Collateral Agent for the benefit of the Secured Parties
(subject only to Liens of the nature referred to in Section 5.07(b)) along with evidence reasonably satisfactory to the Collateral
Agent that all filing and recording taxes and fees payable with respect to the Mortgages have been paid or received by the issuer of
the Mortgage Policies (or, in the event that the Collateral Agent waives a Mortgage Policy for any Mortgaged Property, an escrow
agent reasonably satisfactory to the Collateral Agent);

 

(ii)
fully paid American Land Title Association Lender’s Extended Coverage (or other reasonably satisfactory coverage if such
coverage is not available in the applicable jurisdiction) title insurance policies (the “Mortgage Policies”) in
form and substance reasonably satisfactory to the Collateral Agent, together with such endorsements that are reasonably required by
the Collateral Agent and which lenders typically receive in the jurisdiction where the Mortgaged Property is located, in an amount
reasonably acceptable to the Collateral Agent, issued by title insurers reasonably acceptable to the Collateral Agent, in a
customary form in the jurisdiction where the Mortgaged Property is located (provided that if a survey is not available
pursuant to paragraph (iii) below, such Mortgage Policies may include the standard survey exception and the Collateral Agent shall
not require any endorsement that will require delivery of a survey), and insuring the Mortgages to be valid first and subsisting
Liens on the real property described therein except Liens of the nature referred to in Section 5.07(b);

 

    	-8-

     

    

 

(iii)
American Land Title Association/American Congress on Surveying and Mapping form surveys, for which all necessary fees (where
applicable) have been paid, dated no more than ninety (90) days before the date of delivery of such surveys (or such date as the
Collateral Agent agrees in its reasonable discretion), certified to the Collateral Agent and the issuer of the Mortgage Policies in
a manner reasonably satisfactory to the Collateral Agent by a land surveyor duly registered and licensed in the States in which the
real property described in such surveys is located, showing no Liens except Liens of the nature referred to in Section 5.07(b) and
otherwise reasonably acceptable to the Collateral Agent;

 

(iv)
satisfactory evidence of insurance required to be maintained pursuant to Section 6.07, or otherwise required by the terms of the
Mortgages, in respect of Mortgaged Properties;

 

(v)
favorable opinions of local counsel for the Loan Parties (i) in states in which the Mortgaged Properties are located, with respect
to the enforceability and perfection of the Mortgages and any related fixture filings in form and substance reasonably satisfactory
to the Collateral Agent and (ii) in states in which the Loan Parties to the Mortgages are organized or formed, with respect to the
valid existence, corporate power and authority of such Loan Parties in the granting of the Mortgages, in form and substance
reasonably satisfactory to the Collateral Agent;

 

(vi)
(A) evidence as to whether each Material Real Property is in an area designated by the Federal Emergency Management Agency as having
special flood or mud slide hazards (a “Flood Hazard Property”) pursuant to a standard flood hazard determination
form ordered and received by the Collateral Agent, and (B) if such Material Real Property is a Flood Hazard Property, (1) evidence
as to whether the community in which such Material Real Property is located is participating in the National Flood Insurance
Program, (2) the applicable Loan Party’s written acknowledgment of receipt of written notification from the Collateral Agent
as to the fact that such Material Real Property is a Flood Hazard Property and as to whether the community in which each such Flood
Hazard Property is located is participating in the National Flood Insurance Program and (3) copies of the applicable Loan
Party’s application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood
insurance has been issued, or such other evidence of flood insurance satisfactory to the Collateral Agent and naming the Collateral
Agent as sole loss payee on behalf of the Secured Parties; and

 

    	-9-

     

    

 

(vii)
such consents and agreements of other third parties, such estoppel letters and other confirmations, and such other actions that, in
each case, the Administrative Agent and the Collateral Agent may reasonably deem necessary in order to create valid and subsisting
Liens on the property described in the Mortgages shall have been delivered or taken, in each case to the extent the same can be
obtained or taken with the use of commercially reasonable efforts.

 

The
foregoing definition shall not require the creation or perfection of pledges of or security interests in, or the delivery of particular
documents with respect to, particular assets if and for so long as the Collateral Agent and Borrower mutually agree in their reasonable
discretion that the cost of creating or perfecting such pledges or security interests in such assets or obtaining title insurance or
surveys in respect of such assets shall be excessive in relation to the benefits to be obtained by the Lenders therefrom.

 

The
Collateral Agent may grant extensions of time for the perfection of security interests in or the obtaining of title insurance and surveys
with respect to particular assets (including extensions beyond the time as set forth therein for the perfection of security interests
in the assets of the Loan Parties on such date) where it reasonably determines, in its discretion, that perfection cannot be accomplished
without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral Documents.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Securities Pledge Agreement, the Intellectual Property Security
Agreement, the Mortgages, the Control Agreements, any collateral assignments, any security agreements, pledge agreements or other similar
agreements, or any supplements to any of the foregoing, delivered to the Collateral Agent and the Lenders pursuant to the Collateral
and Guaranty Requirement, Sections 4.01(c) and (d), Section 6.11, or Section 6.13, the Guaranty and each of the other agreements, instruments
or documents that creates or purports to create a Lien or Guaranty in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Collateral
Questionnaire” means a certificate in form satisfactory to Collateral Agent that provides information with respect to the personal
or mixed property of each Loan Party.

 

“Commitment”
means, with respect to any Lender, such Lender’s Initial Commitment or 2021 Term Loan Commitment, as the context may require.

 

“Communications”
has the meaning specified in Section 10.02(e).

 

“Compensation
Period” has the meaning specified in Section 2.09(c)(ii).

 

“Control
Agreement” has the meaning set forth in the Security Agreement.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or
other undertaking to which such Person is a party or by which it or any of its property is bound.

 

    	-10-

     

    

 

“Credit
Extension” means a Borrowing.

 

“Debt
Equivalents” means, in respect of any Person, (i) any Equity Interest of such Person which by its terms (or by the terms of
any security for which it is convertible or for which it is exchangeable or exercisable), or upon the happening of any event or otherwise
(including an event which would constitute a Change of Control), (A) matures or is mandatorily redeemable or subject to any mandatory
repurchase requirement, pursuant to a sinking fund or otherwise, (B) is convertible into or exchangeable for Indebtedness or Debt Equivalents,
or (C) is redeemable or subject to any repurchase requirement arising at the option of the holder thereof, in whole or in part, on or
prior to the first anniversary following the Initial Loan Maturity Date, (ii) if such Person is a Subsidiary of Parent, any preferred
stock of such Person which by its terms is mandatorily redeemable or redeemable at the option of the holder prior to the date which is
one hundred eighty (180) days after the applicable maturity date and (iii) any Disqualified Equity Interests of such Person.

 

“Debtor
Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, fraudulent transfer, reorganization, or similar debtor relief Laws
of the United States or any similar foreign, federal or state law for the relief of debtors from time to time in effect and affecting
the rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or
both, would be an Event of Default.

 

“Default
Rate” means, with respect to any Obligation, an interest rate equal to the interest rate otherwise applicable to such Obligation
plus 2.0% per annum, in each case, to the fullest extent permitted by applicable Laws.

 

“Deposit
Account” means any deposit account (as such term is defined in the UCC as adopted and in effect in the State of New York),
including without limitation, a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union
or like organization, other than an account evidenced by a negotiable certificate of deposit.

 

“Disposition”
or “Dispose” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance,
transfer, license or other disposition to, or any exchange of property with, any Person (other than to or with a Loan Party), in one
transaction or a series of transactions, of all or any part of any Loan Party’s businesses, assets or properties of any kind, whether
real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including, without limitation,
the Equity Interests of any of Loan Party, other than inventory sold or leased in the ordinary course of business. For purposes of clarification,
“Disposition” shall include (x) the sale or other disposition for value of any contracts or (y) the early termination or
modification of any contract resulting in the receipt by any Loan Party of a cash payment or other consideration in exchange for such
event (other than payments in the ordinary course for accrued and unpaid amounts due through the date of termination or modification).

 

    	-11-

     

    

 

“Disqualified
Equity Interests” means, with respect to any Person, any Equity Interest of such Person which, by its terms, or by the terms
of any security or other Equity Interests into which it is convertible or for which it is exchangeable, or upon the happening of any
event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking
fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon
the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other
Obligations that are accrued and payable), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity
Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into
or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior
to the date that is ninety-one (91) days after the Initial Loan Maturity Date; provided that, if such Equity Interests are issued
pursuant to a plan for the benefit of employees of any Loan Party or by any such plan to such employees, such Equity Interests shall
not constitute Disqualified Equity Interests solely because they may be required to be repurchased by any Loan Party in order to satisfy
applicable statutory or regulatory obligations.

 

“Dollars”
means lawful money of the United States.

 

“Effective
Date” means the date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.

 

“Eligible
Assignee” means (a) any Lender, (b) any Approved Fund of any Lender, (c) any Affiliate of any Lender and (d) any other Person
that is a commercial bank, insurance company, finance company, financial institution, any fund that invests in loans or any other “accredited
investor” (as defined in Regulation D of the Securities Act); provided that in any event, “Eligible Assignee”
shall not include any natural person.

 

“Environmental
Action” means any action, suit, demand, demand letter, claim, notice of non-compliance or violation, notice of liability or
potential liability, investigation, proceeding, consent order or consent agreement relating to any Environmental Law, any Environmental
Permit or Hazardous Material or arising from alleged injury or threat to health and safety as it relates to any Hazardous Material or
the environment, including, without limitation, (a) by any Governmental Authority for enforcement, cleanup, removal, response, remedial
or other actions or damages relating to Releases of Hazardous Materials or actual or alleged violations of Environmental Laws and (b)
by any Governmental Authority or third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.

 

“Environmental
Laws” means any and all federal, provincial, local and foreign statutes, laws, regulations, ordinances, rules, decrees or other
governmental restrictions of legal effect relating to the environment, to the release of any Hazardous Materials into the environment
or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials but
only to the extent such Environmental Laws are legally applicable to any Loan Party pursuant to any Environmental Law.

 

    	-12-

     

    

 

“Environmental
Liability” means, in respect of any Person, any and all legal obligations and liabilities under Environmental Laws for any
Release caused by such Person or which is discovered or uncovered during the ownership or control of any real property by such Person
and which adversely impacts any Person, property or the environment whether or not caused by a breach of applicable laws (including Environmental
Laws).

 

“Environmental
Permit” means any permit, approval, hazardous waste identification number, license or other authorization issued by or submitted
to a Governmental Authority required under any Environmental Law.

 

“Equity
Interests” means, with respect to any Person, all of the shares of capital stock or membership interests of (or other ownership
or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of
shares of capital stock, membership interests of (or other ownership or profit interests in) such Person, all of the securities convertible
into or exchangeable for shares of capital stock or membership interests of (or other ownership or profit interests in) such Person or
warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the
other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting,
and whether or not such shares, membership interests, warrants, options, rights or other interests are outstanding on any date of determination.

 

“Equity
Issuance” means, any issuance by any Loan Party or any Subsidiary of a Loan Party of its Equity Interests to any Person, other
than Equity Interests issued (i) pursuant to any employee stock or stock option compensation plan or (ii) by any Subsidiary to Borrower
or any other Guarantor Subsidiary to the extent permitted by Section 7.02.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time and Treasury regulations promulgated and
rulings issued thereunder.

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA)
or a cessation of operations at any facility of any Loan Party as described in Section 4062(e) of ERISA; (c) a complete or partial withdrawal
by any Loan Party from a Multiemployer Plan, notification of any Loan Party concerning the imposition of withdrawal liability or notification
that a Multiemployer Plan is insolvent or is in reorganization within the meaning of Title IV of ERISA (or that is in endangered or critical
status, within the meaning of Section 305 of ERISA); (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan
amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension
Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or
the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Loan Party; (g) a determination that
any Pension Plan is, or is expected to be, in “at-risk” status (within the meaning of Section 303(i)(4) of ERISA or Section
430(i)(4) of the Code); or (h) the conditions for imposition of a lien under Section 303(k) of ERISA shall have been met with respect
to any Pension Plan.

 

    	-13-

     

    

 

“Event
of Default” has the meaning specified in Section 8.01.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

“Exchange
Rate” means on any day with respect to any currency other than Dollars, the rate at which such currency may be exchanged into
Dollars, as set forth at approximately 12:00 noon (New York, New York time) on such day on the Reuters Fedspot page for such currency;
in the event that such rate does not appear on any Reuters page, the Exchange Rate shall be determined by the Administrative Agent to
be the rate quoted by it at the spot rate for Dollars purchased with Euros through its principal foreign exchange trading office at approximately
12:00 noon (New York, New York time) on the date as of which the foreign computation is made.

 

“Excluded
Property” has the meaning specified in the definition of “Collateral and Guaranty Requirement.”

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from
a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the
case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Foreign Lender withholding Taxes imposed on amounts payable to or for the
account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending office, except in each case
to the extent that, pursuant to Section 3.01, amounts with respect to such Taxes were payable either to such Lender’s assignor
immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable
to such Recipient’s failure to comply with Section 3.01(g) and (d) any withholding Taxes imposed under FATCA.

 

“Facility”
means the facility provided under this Agreement.

 

“Fast
Pay Indebtedness” means the Indebtedness of Borrower owing to Fast Pay Partners LLC, a Delaware limited liability company and
FPP Sandbox LLC, a Delaware limited liability company, pursuant to certain financing documents in effect prior to the Effective Date.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1)
of the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty
or convention entered into in connection with the implementation of such sections of the Code.

 

    	-14-

     

    

 

“Federal
Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank on
the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such
day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and
(b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent.

 

“First
Amendment” means the First Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of April 26, 2021, by
and among Administrative Agent, Collateral Agent, Lenders, the Borrower, Parent and Guarantors.

 

“First
Amendment Effective Date” has the meaning set forth in Section 5 of the First Amendment.

 

“Fiscal
Quarter” means a fiscal quarter of any Fiscal Year.

 

“Fiscal
Year” means the fiscal year of the Loan Parties, as applicable, ending on December 31 of each calendar year.

 

“Flood
Hazard Property” has the meaning specified in clause (g)(vi) of the definition of “Collateral and Guaranty Requirement.”

 

“Foreign
Lender” means (a) if Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if Borrower is not a U.S. Person,
a Lender that is a resident or organized under the laws of a jurisdiction other than that in which Borrower is a resident for tax purposes.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Fund”
means any Person (other than an individual) that is or will be engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

 

“GAAP”
means United States generally accepted accounting principles in effect as of the date of determination thereof.

 

“Governmental
Authority” means any nation or government, any provincial, state, local, municipal or other political subdivision thereof,
and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government.

 

“Governmental
Authorization” means any authorization, approval, consent, franchise, license, covenant, order, ruling, permit, certification,
exemption, notice, declaration or similar right, undertaking or other action of, to or by, or any filing, qualification or registration
with, any Governmental Authority.

 

    	-15-

     

    

 

“Granting
Lender” has the meaning specified in Section 10.07(g).

 

“Guaranty”
means, collectively, (a) each Guaranty executed by certain Loan Parties on or about the Effective Date, substantially in the form
of Exhibit E, and (b) each other guaranty and guaranty supplement delivered pursuant to the Collateral and Guaranty Requirement or Section
6.11.

 

“Guaranty
Obligations” means, with respect to any Person, any obligation or arrangement of such Person to guaranty or intended to guaranty
any Indebtedness or other payment obligations (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guaranty, endorsement (other
than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such
Person of the Obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments, if required, regardless of
non-performance by any other party or parties to an agreement or (c) any obligation of such Person, whether or not contingent, (i) to
purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds
(A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity capital of the primary obligor
or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, assets, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment
of such primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect
thereof. The amount of any Guaranty Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guaranty Obligation is made (or, if less, the maximum amount of such primary obligation for which
such Person may be liable pursuant to the terms of the instrument evidencing such Guaranty Obligation) or, if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as determined
by such Person in good faith.

 

“Guarantor
Subsidiary” means each Guarantor that is a Subsidiary.

 

“Guarantors”
has the meaning specified in the definition of “Collateral and Guaranty Requirement.”

 

“Hazardous
Materials” means any material, substance or waste that is regulated, classified, or otherwise characterized under or pursuant
to any Environmental Law as “hazardous,” “toxic,” a “pollutant,” a “contaminant,” a “deleterious
substance,” “dangerous goods,” “radioactive” or words of similar meaning or effect, including petroleum
and its by-products, asbestos, polychlorinated biphenyls, radon, greenhouse gases, mold, urea formaldehyde insulation, chlorofluorocarbons
and all other ozone-depleting substances.

 

    	-16-

     

    

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase
price of property or services (excluding (i) accounts payable and other accrued liabilities incurred in the ordinary course of business
not past due for more than one hundred twenty (120) days after its stated due date (except for accounts payable contested in good faith),
(ii) any earn-out obligation until such obligation is both required to be reflected as a liability on the balance sheet of such Person
in accordance with GAAP and not paid after becoming due and payable and (iii) deferred or equity compensation arrangements entered into
in the ordinary course of business and payable to directors, officers or employees), (e) all Indebtedness (excluding prepaid interest
thereon) of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed but, in the
case of Indebtedness which is not assumed by such Person, limited to the lesser of (x) the amount of such Indebtedness and (y) the fair
market value of such property, (f) all Guaranty Obligations by such Person of Indebtedness of others, (g) all Attributable Indebtedness
of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty (excluding the portion thereof that has been fully cash collateralized in a manner permitted by this Agreement),
(i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, surety bonds and performance bonds,
whether or not matured, (j) all Debt Equivalents of such Person and (k) the Swap Termination Value under outstanding Swap Contracts at
such time to which such Person is a party. The Indebtedness of any Person shall include the Indebtedness of any other entity (including
any partnership in which such Person is a general partner) to the extent such Person is directly liable therefor as a result of such
Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide
that such Person is not liable therefor. Anything herein to the contrary notwithstanding, obligations in respect of any Indebtedness
that has been irrevocably defeased (either covenant or legal) or satisfied and discharged pursuant to the terms of the instrument creating
or governing such Indebtedness shall not constitute Indebtedness.

 

“Indemnified
Liabilities” has the meaning specified in Section 10.05.

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitees”
has the meaning specified in Section 10.05.

 

“Information”
has the meaning specified in Section 10.08.

 

“Initial
Loan” has the meaning specified in Section 2.01(a).

 

“Initial
Loan Maturity Date” means June 5, 2025.

 

“Intellectual
Property” has the meaning specified in Section 5.17.

 

“Intellectual
Property Security Agreement” means, collectively, (a) the Intellectual Property Security Agreement executed by certain Loan
Parties on the Closing Date, substantially in the form of Exhibit H, and (b) each other Intellectual Property Security Agreement Supplement
executed and delivered pursuant to the Collateral and Guaranty Requirement or Section 6.11.

 

    	-17-

     

    

 

“Intellectual
Property Security Agreement Supplement” has the meaning specified in Section 6.11.

 

“Interest
Payment Date” as to any Loan, means the last day of each calendar quarter, subject to Section 1.07.

 

“Interest
Period” means, (i) initially, the period beginning on (and including) June 1, 2020 and ending on (and including) the last day
of the calendar quarter in which the Effective Date occurs and (ii) thereafter, the period beginning on (and including) the first day
of each succeeding calendar quarter and ending on the earlier of (and including) (x) the last day of such calendar quarter and (y) the
2021 Term Loan Maturity Date or Initial Loan Maturity Date, as applicable.

 

“Investment”
in any Person, means (i) any direct or indirect purchase or other acquisition by a Loan Party of, or of a beneficial interest in,
any of the Equity Interests of such Person (other than a Guarantor Subsidiary); (ii) any direct or indirect redemption, retirement, purchase
or other acquisition for value, by any Subsidiary of Parent from any Person (other than Borrower or any Guarantor Subsidiary), of any
Equity Interests of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for moving, entertainment
and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contributions by Parent
or any of its Subsidiaries to any other Person, including all indebtedness and accounts receivable from that other Person that are not
current assets or did not arise from sales to that other Person in the ordinary course of business. The amount of any Investment shall
be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in
value, or write-ups, write-downs or write-offs with respect to such Investment.

 

“Laws”
means, collectively, all international, foreign, federal, state, provincial and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by
any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

 

“Lender”
means any Lender that may be a party to this Agreement from time to time and, in the case of each such Lender, including their respective
successors and assigns as permitted hereunder (each of which is referred to herein as a “Lender”).

 

“Lien”
means any assignment, mortgage, charge, pledge, lien, encumbrance, title retention agreement (including Capital Leases but excluding
operating leases) or any other security interest whatsoever, howsoever created or arising, whether fixed or floating, legal or equitable,
perfected or not, but specifically excludes any legal, contractual or equitable right of set-off.

 

“Loan”
means an extension of credit by a Lender to Borrower under Article II hereof.

 

    	-18-

     

    

 

“Loan
Documents” means, collectively, (i) this Agreement, (ii) the Notes, (iii) the Collateral Documents, (iv) any Guaranty and (v)
all other instruments and documents executed and delivered from time to time by or on behalf of any Loan Party in connection herewith
or therewith.

 

“Loan
Parties” means, collectively, (i) each Borrower and (ii) each Guarantor.

 

“Master
Agreement” has the meaning specified in the definition of “Swap Contract.”

 

“Material
Adverse Effect” means a material adverse effect on (i) the business operations, assets or financial condition of Borrower and
its Subsidiaries taken as a whole; (ii) the ability of any Loan Party to perform its Obligations; (iii) the legality, validity, binding
effect, or enforceability against a Loan Party of a Loan Document to which it is a party; or (iv) the rights, remedies and benefits available
to, or conferred upon, any Agent and any Lender or any Secured Party under any Loan Document; provided, however that no
adverse change, event, development or effect arising from the novel coronavirus pandemic (COVID-19) shall be deemed to constitute or
taken into account in determining whether there has been a Material Adverse Effect unless, as a consequence thereof, the Loan Parties,
taken as a whole, suffer a disproportionate effect, as compared to other participants in the industry in which the Loan Parties operate.

 

“Material
Agreements” means, collectively, (a) the agreements which are listed in Schedule 5.19 and (b) all other agreements to which
any Loan Party or any of its properties are bound, from time to time, the absence or termination of any of which would reasonably be
expected to result in a Material Adverse Effect.

 

“Material
Real Property” means (a) with respect to any real property owned by any Loan Party, (i) the real properties owned by any Loan
Party listed on Schedule 5.07(b) and (ii) any other real property owned by any Loan Party with a fair market value in excess of $500,000
per property (determined on the Effective Date for existing real property and on the date of acquisition for after-acquired real property)
and (b) with respect to any real property leased by any Loan Party, (i) the real properties leased by any Loan Party listed on Schedule
5.07(b) and (ii) any property material to the business of a Loan Party.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Mortgage”
means collectively, the deeds of trust, trust deeds, deeds to secure debt and mortgages creating and evidencing a Lien on a Mortgaged
Property, whether leased or owned, by the Loan Parties in favor or for the benefit of the Collateral Agent on behalf of the Secured Parties,
in the form and substance reasonably satisfactory to the Collateral Agent, executed and delivered pursuant to Section 4.01(d) (if applicable),
Section 6.11 or Section 6.13, in each case as amended, restated, supplemented or otherwise modified from time to time.

 

“Mortgage
Policies” has the meaning specified in paragraph (g) of the definition of “Collateral and Guaranty Requirement.”

 

    	-19-

     

    

 

“Mortgaged
Properties” has the meaning specified in paragraph (g) of the definition of “Collateral and Guaranty Requirement.”

 

“Multiemployer
Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party is making or accruing
an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.

 

“Narrative
Report” means, with respect to the financial statements for which such narrative report is required, a narrative report describing
the operations of Parent and its Subsidiaries in the form prepared for presentation to senior management thereof for the applicable month,
Fiscal Quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year to the end of such period to which
such financial statements relate with comparison to and variances from the immediately preceding period and budget.

 

“Net
Cash Proceeds” means:

 

(a)
with respect to the Disposition of any asset by any Loan Party, an amount equal to: (i) cash received in connection with such
Disposition by any Loan Party or any of its Subsidiaries from such Disposition, minus (ii) any bona fide direct costs
incurred in connection with such Disposition to the extent paid or payable to non-Affiliates, including (A) income or gains taxes
payable by the seller as a result of any gain recognized in connection with such Disposition during the tax period in which the sale
occurs, (B) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than
the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as
a result of such Disposition, and (C) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to
seller’s indemnities and representations and warranties to purchaser in respect of such Disposition undertaken by any Loan
Party or any of its Subsidiaries in connection with such Disposition; provided, that upon release of any such reserve, the
amount released shall be considered Net Cash Proceeds;

 

(b)
with respect to any Casualty Event, an amount equal to: (i) any cash payments or proceeds received by any Loan Party or any of its
Subsidiaries (A) under any casualty, business interruption or “key man” insurance policies in respect of any covered
loss thereunder, or (B) as a result of the condemnation or taking of any assets of any Loan Party or any of its Subsidiaries by any
Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser
with such power under threat of such a taking, minus (ii) (A) any actual and reasonable costs incurred by any Loan Party or
any of its Subsidiaries in connection with the adjustment or settlement of any claims of such Loan Party or such Subsidiary in
respect thereof, and (B) any bona fide direct costs incurred in connection with any sale of such assets as referred to in clause
(b)(i)(B) of this definition to the extent paid or payable to non-Affiliates, including income taxes payable as a result of any gain
recognized in connection therewith; and

 

    	-20-

     

    

 

(c)
with respect to any Equity Issuance or the incurrence or issuance of any Indebtedness by any Loan Party or any Subsidiary not
permitted under Section 7.03, an amount equal to: (i) cash proceeds received by any Loan Party or any of its Subsidiaries in
connection with such Equity Issuance or incurrence or issuance of such Indebtedness, minus (ii) the investment banking fees,
underwriting discounts, commissions, costs and other out-of-pocket expenses and other customary expenses (including reasonable
attorney’s, accountant’s and other similar professional advisor’s fees) paid or payable by such Loan Party or such
Subsidiary to non-Affiliates in connection with such Equity Issuance or incurrence or issuance of Indebtedness.

 

“Non-Consenting
Lender” shall have the meaning set forth in Section 2.12.

 

“Note”
means a promissory note of Borrower payable to a Lender or its assigns, substantially in the form of Exhibit B hereto, evidencing
the aggregate Indebtedness of Borrower to such Lender resulting from the Loans made by such Lender.

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party or other Subsidiary arising under
any Loan Document or otherwise with respect to any Loan Document entered into with a Lender, whether direct or indirect (including those
acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against any Loan Party or any other Subsidiary of any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.
Without limiting the generality of the foregoing, the Obligations of the Loan Parties under the Loan Documents (and of any of their Subsidiaries
to the extent they have obligations under the Loan Documents) include (1) the obligation (including Guaranty Obligations) to pay principal,
interest, reimbursement obligations, charges, expenses, fees (including, without limitation, the fees listed in Section 2.06), premiums,
Attorney Costs, indemnities and other amounts payable by any Loan Party or any other Subsidiary under any Loan Document and (2) the obligation
of any Loan Party or any other Subsidiary to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion,
may elect to pay or advance on behalf of such Loan Party or such Subsidiary.

 

“Organization
Documents” means (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws; (b) with
respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with
respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, declaration, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity.

 

    	-21-

     

    

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between
such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from
any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of
a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment.

 

“Outstanding
Amount” means, on any date, the outstanding principal amount of Loans, after giving effect to any borrowings, accretion of
debt, and/or prepayments or repayments of Loans occurring on such date.

 

“Parent”
means Bright Mountain Media, Inc., a Florida corporation.

 

“Participant”
has the meaning specified in Section 10.07(d).

 

“Participant
Register” has the meaning specified in Section 10.07(d).

 

“PATRIOT
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as the same may be amended, supplemented, modified, replaced
or otherwise in effect from time to time.

 

“PBGC”
means the Pension Benefit Guaranty Corporation (or any successor thereof).

 

“Pension
Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA) other than a
Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or to which any Loan Party
contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA,
has made contributions at any time in the past five (5) years.

 

“Permitted
Acquisition” means an Acquisition made in accordance with Section 7.02(i).

 

“Permitted
Indebtedness” has the meaning specified in Section 7.03.

 

“Permitted
Liens” means Liens permitted to be incurred pursuant to Section 7.01.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“PIK
Interest” has the meaning specified in Section 2.05(a).

 

    	-22-

     

    

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by any Loan Party.

 

“Prepayment
Date” has the meaning specified in Section 2.03(a)(i).

 

“Prepayment
Notice” means a notice of prepayment in respect of any voluntary or mandatory prepayment in substantially the form of Exhibit
A.

 

“Pro
Rata Share” means, with respect to each Lender at any time a fraction (expressed as a percentage, carried out to the ninth
decimal place), the numerator of which is the amount of the Commitments of such Lender under the Facility at such time and the denominator
of which is the amount of the Aggregate Commitments under the Facility at such time; provided that if any Commitment has been
terminated, then the Pro Rata Share of each Lender shall be determined based on the outstanding principal amount of the Loans held by
such Lender divided by the aggregate principal amount of all outstanding Loans.

 

“Proceeding”
has the meaning specified in Section 10.05.

 

“Qualified
Equity Interests” means any Equity Interests that are not Disqualified Equity Interests.

 

“Recipient”
means (a) the Administrative Agent or (b) any Lender, as applicable.

 

“Register”
has the meaning specified in Section 10.07(c).

 

“Registered”
means, with respect to Intellectual Property, issued by, registered with, renewed by or the subject of a pending application before
any Governmental Authority or Internet domain name registrar.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, leeching or migration
of any Hazardous Material in or into the environment (including the abandonment or disposal of any barrels, tanks, containers or receptacles
containing any Hazardous Material), or out of any vessel or facility, including the movement of any Hazardous Material through the air,
soil, subsoil, surface, water, ground water, rock formation or otherwise.

 

“Replacement
Lender” shall have the meaning set forth in Section 2.12.

 

“Reportable
Event” means with respect to any Plan any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder,
other than events for which the thirty (30) day notice period has been waived.

 

“Required
Lenders” means, as of any date of determination, one or more Lenders having more than 50% of the Total Facility Exposure held
by all Lenders.

 

    	-23-

     

    

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer or head of finance, treasurer or, except for
purposes of Sections 6.03 or 6.04, any other similar officer or a Person performing similar functions of a Loan Party (and, as to any
document delivered on the Effective Date, to the extent acceptable to the Administrative Agent in its sole discretion or required by
the terms of this Agreement, any secretary or assistant secretary of a Loan Party). Any document delivered hereunder that is signed by
a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership
and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf
of such Loan Party.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital
stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, retraction, redemption, retirement, defeasance, acquisition,
cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to any Person’s
stockholders, partners or members (or the equivalent of any thereof) and including any thereof acquired through the exercise of warrants
or rights of conversion, exchange or purchase.

 

“S&P”
means Standard & Poor’s Ratings Services LLC, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Sale
Leaseback” means any transaction or series of related transactions pursuant to which any Loan Party (a) sells, transfers or
otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter
rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property
being sold, transferred or disposed.

 

“SBA”
means the U.S. Small Business Administration.

 

“SBA
PPP Loan” means an unsecured loan incurred by Borrower under 15 U.S.C. 636(a)(36) (as added to the Small Business Act by Section
1102 of the CARES Act).

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Second
Amendment” means the Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of May 26, 2021, by
and among Administrative Agent, Collateral Agent, Lenders, the Borrower, Parent and Guarantors.

 

“Second
Amendment Effective Date” has the meaning set forth in Section 3 of the Second Amendment.

 

“Secured
Obligations” has the meaning specified in the Security Agreement.

 

    	-24-

     

    

 

“Secured
Parties” means, collectively, the Administrative Agent, the Collateral Agent and the Lenders.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

“Securities
Pledge Agreement” means, collectively, (a) the Securities Pledge Agreement executed by certain Loan Parties on or about the
Effective Date, substantially in the form of Exhibit G, and (b) each Securities Pledge Agreement Supplement executed and delivered pursuant
to the Collateral and Guaranty Requirement or Section 6.11.

 

“Securities
Pledge Agreement Supplement” has the meaning specified in Section 6.11.

 

“Security
Agreement” means, collectively, (a) the Security Agreement executed by certain Loan Parties on or about the Closing Date, substantially
in the form of Exhibit F, and (b) each Security Agreement Supplement executed and delivered pursuant to the Collateral and Guaranty Requirement
or Section 6.11.

 

“Security
Agreement Supplement” has the meaning specified in Section 6.11.

 

“Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of the Loan Parties as of that date
determined in accordance with GAAP.

 

“Small
Business Act” means the Small Business Act (15 U.S. Code Chapter 14A – Aid to Small Business).

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value
of the property (for the avoidance of doubt, calculated to include goodwill and other intangibles) of such Person is greater than the
total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such
Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute
and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and is not
about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital.
The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“SPC”
has the meaning specified in Section 10.07(g).

 

“Subsidiary”
of a Person means:

 

(a) a
corporation of which another person alone or in conjunction with its other Subsidiaries owns an aggregate number of voting Equity Interests
sufficient to enable the election of a majority of the directors regardless of the manner in which other voting Equity Interests are
voted;

 

    	-25-

     

    

 

(b) a
corporation of which another person alone or in conjunction with its other Subsidiaries has, through the operation of any agreement or
otherwise, the ability to elect or cause the election of a majority of the directors or otherwise exercise control over the management
and policies of such corporation;

 

(c) any
partnership of which at least a majority of the outstanding income or capital interests and/or at least a majority of the voting interests
of such partnership or, in the case of a limited partnership, any general partner thereof, are owned by a person alone or in conjunction
with its other Subsidiaries; and

 

(d) any
trust or other person of which at least a majority of the outstanding beneficial or ownership interests (however designated) are owned
by a person alone or in conjunction with its other Subsidiaries.

 

Unless
otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of Parent.

 

“Surviving
Indebtedness” means any Indebtedness of Parent or any of its Subsidiaries outstanding immediately before and after giving effect
to the Transaction as specified on Schedule 7.03(b).

 

“Swap
Contract” means (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond
price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options,
forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master
agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions
of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed
out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced
in clause (a), the amount(s) determined as the mark to market value(s) for such Swap Contracts, as determined by the applicable counterparty
in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar arrangements
by such counterparty.

 

    	-26-

     

    

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect
of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest
transactions that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or
as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (i) a so-called synthetic, off-balance sheet or tax retention
lease, or (ii) an agreement for the use or possession of property (including any Sale Leaseback), in each case, creating obligations
that do not appear on the balance sheet of such Person but which could be characterized as the indebtedness of such Person (without regard
to accounting treatment).

 

“Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees, stamp taxes, withholdings or other
charges imposed by any Governmental Authority (including additions to tax, penalties and interest with respect thereto).

 

“Termination
Date” has the meaning specified in Section 9.11(a).

 

“Third
Amendment” means the Third Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of August 12, 2021,
by and among Administrative Agent, Collateral Agent, Lenders, the Borrower, Parent and Guarantors.

 

“Third
Amendment Effective Date” has the meaning set forth in Section 4 of the Third Amendment.

 

“Threshold
Amount” means $500,000.

 

“Total
Facility Exposure” means, as of any date of determination, the sum of (a) Total Outstandings as of such date and (b) the then
unfunded Commitments (if any).

 

“Total
Outstandings” means, as of any date of determination, the then aggregate Outstanding Amount of all Loans.

 

“Transaction”
means, collectively, (a) extension of Commitments under this Agreement and the continuation of the Loans on the Effective Date, (b)
Parent’s purchase of 100% of the Equity Interests of Borrower pursuant to the terms of CL Media Acquisition Agreement and (c) the
payment of the fees and expenses incurred in connection with any of the foregoing.

 

“Unforgiven
Debt” has the meaning specified in Section 7.09(c).

 

“Uniform
Commercial Code” or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect
in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be
required to apply to any security interest in any item or items of Collateral.

 

    	-27-

     

    

 

“United
States” and “U.S.” mean the United States of America.

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 3.01(g)(ii)(B)(3).

 

“Wholly-owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other
than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable Law) are
owned by such Person and/or by one or more wholly-owned Subsidiaries of such Person.

 

“Withdrawal
Liability” means the liability of a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

Section
1.02. Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

 

(a)
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)
(i) The words “herein,” “hereto,” “hereof” and “hereunder” and words of similar
import when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision
thereof.

 

(ii)
Article, Section, paragraph, clause, subclause, Exhibit and Schedule references are to the Loan Document in which such reference
appears.

 

(iii)
The term “including” is by way of example and not limitation.

 

(iv)
The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(c)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and including.”

 

(d)
Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document.

 

(e)
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine or neuter forms.

 

    	-28-

     

    

 

Section
1.03. Accounting Terms. (a) All accounting terms not specifically or completely defined herein shall be construed in conformity
with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the audited financial
statements, except as otherwise specifically prescribed herein; provided, however, that if Borrower notifies the Administrative
Agent that Borrower request an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the
Effective Date or in the application thereof on the operation of such provision, regardless of whether any such notice is given before
or after such Accounting Change or in the application thereof, then the Administrative Agent and Borrower agree that they will negotiate
in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with the intent of
having the respective positions of the Lenders and Borrower after such Accounting Change conform as nearly as possible to their respective
positions as of the date of this Agreement and, until any such amendments have been agreed upon, (i) the provisions in this Agreement
shall be calculated as if no such Accounting Change had occurred and (ii) Borrower shall provide to the Administrative Agent and the
Lenders a written reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between calculations of any
applicable ratios, baskets and other requirements hereunder before and after giving effect to such Accounting Change.

 

(b)
Where reference is made to a Person “and its Subsidiaries on a consolidated basis” or similar language, such
consolidation shall not include any subsidiaries other than Subsidiaries.

 

Section
1.04. Rounding. Any financial ratios required to be satisfied in order for a specific action to be permitted under this
Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more
than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number).

 

Section
1.05. References to Agreements, Laws, Etc. Unless otherwise expressly provided herein, (a) references to documents, agreements
(including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements,
amendments and restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements,
amendments and restatements, extensions, supplements and other modifications are permitted by any Loan Document; and (b) references to
any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such
Law.

 

Section
1.06. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable).

 

Section
1.07. Timing of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or
obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance
shall extend to the immediately succeeding Business Day.

 

Section
1.08. Currency Equivalents Generally. (a) Any amount specified in this Agreement (other than in Article II, Article IX and
Article X or as set forth in paragraph (b) of this Section) or any of the other Loan Documents to be in Dollars shall also include
the equivalent of such amount in any currency other than Dollars, such equivalent amount to be determined in a manner consistent
with the definition of Exchange Rate.

 

(b)
For purposes of determining compliance under Sections 7.02, 7.05 and 7.06, any amount in a currency other than Dollars will be
converted to Dollars in a manner consistent with that used in calculating net income in Parent’s annual financial statements
delivered pursuant to Section 6.01(c); provided, however, that the foregoing shall not be deemed to apply to the
determination of any amount of Indebtedness.

 

Article
II

 

The
Commitments and Credit Extensions

 

Section
2.01. The Loans. (a) Subject to the terms and conditions set forth herein, on the Effective Date, each Lender agreed to continue
certain term loans (the “Initial Loans”) in an aggregate principal amount not to exceed at any time outstanding
the amount set forth opposite such Lender’s name in Schedule 2.01(a) (such amount being referred to herein as such
Lender’s “Initial Commitment”). For the avoidance of doubt, as of the Third Amendment Effective Date, the
Initial Commitment of each Lender shall be $0.

 

(b)
Subject to the terms and conditions set forth herein and in the Second Amendment, on the Second Amendment Effective Date, each
Lender agrees to make 2021 Term Loans in an aggregate principal amount equal to its 2021 Term Loan Commitment as set forth opposite
such Lender’s name in Schedule 2.01(a). For the avoidance of doubt, as of the Third Amendment Effective Date, the 2021 Term
Loan Commitment of each Lender shall be $0.

 

(c)
Subject to the terms and conditions set forth herein and in the Third Amendment, on the Third Amendment Effective Date, each Lender
agrees to make 2021 Additional Term Loans in an aggregate principal amount equal to its 2021 Additional Term Loan Commitment as set
forth opposite such Lender’s name in Schedule 2.01(a).

 

(d)
Amounts borrowed under this Section 2.01 and repaid or prepaid may not be re-borrowed.

 

(e)
All the outstanding principal amount of (i) the Initial Loans, together with all accrued and unpaid interest thereon, and any fees
and other amounts payable hereunder, shall be due and payable on the earlier of (x) the Initial Loan Maturity Date and (y) the date
of the acceleration of the Loans pursuant to Section 8.02 and (ii) the 2021 Loans, together with all accrued and unpaid interest
thereon, shall be due and payable on the earlier of (x) the 2021 Term Loan Maturity Date and (y) the date of the acceleration of the
Loans pursuant to Section 8.02.

 

Section
2.02. [Reserved].

 

    	-29-

     

    

 

Section
2.03. Prepayments.

 

(a) Optional
Prepayments. (i) Borrower may, upon delivery of a Prepayment Notice to the Administrative Agent, at any time or from time to
time, voluntarily prepay, in whole or in part (in a minimum amount of $250,000 and integral multiples of $50,000 in excess of that
amount for each partial prepayment) the outstanding principal amount of the Loans on any Business Day (the “Prepayment
Date”) for an amount equal to the Loans being prepaid on such Prepayment Date, plus any accrued but unpaid interest on the
aggregate principal amount of the Loans being prepaid.

 

(ii)
Any Prepayment Notice must be received by the Administrative Agent not later than 12:00 noon (New York, New York time) three (3)
Business Days prior to any Prepayment Date and shall specify the date and amount of such prepayment. The Administrative Agent will
promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Pro Rata Share of such
prepayment. If such notice is given by Borrower, Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein. Each prepayment of Loans pursuant to this Section 2.03(a) shall be paid to
the Lenders in accordance with their respective Pro Rata Shares.

 

(iii)
No partial prepayment shall be made under this Section 2.03(a) in connection with any event described in Section 2.03(b).

 

(b) Mandatory
Prepayments. (i) [Reserved].

 

(ii)
No later than the fifth Business Day following the date any Loan Party receives Net Cash Proceeds from the Disposition of any
property (excluding Dispositions permitted pursuant to Section 7.05 (other than pursuant to Section 7.05(f)), Borrower shall prepay
the Loans as set forth in Section 2.03(e) in an aggregate amount equal to 100% of all such Net Cash Proceeds realized or received in
connection with such Disposition; provided, so long as no Default or Event of Default shall have occurred and be continuing,
Borrower shall have the option, instead of prepaying Loans therewith, directly or through one or more of Parent’s domestic
Subsidiaries, to invest such Net Cash Proceeds within one hundred eighty (180) days of receipt thereof in productive assets of the
general type used in the business of Parent and its domestic Subsidiaries.

 

(iii)
No later than the fifth Business Day following the date any Loan Party receives Net Cash Proceeds from any Casualty Event, Borrower
shall prepay the Loans as set forth in Section 2.03(e) in an aggregate amount equal to 100% of all such Net Cash Proceeds realized
or received in connection with such Casualty Event; provided, so long as no Default or Event of Default shall have occurred
and be continuing, Borrower shall have the option, instead of prepaying Loans therewith, directly or through one or more of
Parent’s domestic Subsidiaries, to invest such Net Cash Proceeds within one hundred eighty (180) days of receipt thereof in
productive assets of the general type used in the business of Parent and its domestic Subsidiaries, which investment may include the
repair, restoration or replacement of the applicable assets thereof.

 

    	-30-

     

    

 

(iv)
On the date of receipt by any Loan Party from the incurrence or issuance of any Indebtedness (including Debt Equivalents) not
expressly permitted to be incurred or issued pursuant to Section 7.03 (other than any convertible notes), Borrower shall prepay the
Loans as set forth in Section 2.03(e) in an aggregate amount equal to 100% of all such Net Cash Proceeds received therefrom; provided
that with respect to any issuance by any Loan Party of any convertible notes (other than up to $15,000,000 of Net Cash Proceeds
raised from cumulative issuances of Equity Interests and convertible notes completed within one hundred eighty (180) days from the
Effective Date; provided that up to $5,000,000 of such Net Cash Proceeds may only be issued in connection with the
acquisition of the target disclosed by Parent to Agent on June 2, 2020), Borrower shall prepay the Loans as set forth in Section
2.03(v) in an aggregate amount equal to 50% of all such Net Cash Proceeds received therefrom. For the avoidance of doubt, any
prepayment made pursuant to this Section 2.03(b)(iv) shall not be deemed to be a consent to the incurrence or issuance of any such
Indebtedness or a cure or waiver of any Event of Default which occurs in connection therewith, it being understood that such Event
of Default may only be waived with the express consent of Required Lenders.

 

(v)
On the date of receipt by any Loan Party from a capital contribution or issuance of any Equity Interests of Parent or any of its
Subsidiaries (other than (i) Equity Interests issued pursuant to any employee stock or stock option compensation plan, (ii) Equity
Interests issued by any Subsidiary to Parent or any other Subsidiary to the extent permitted by Section 7.02, (iii) up to
$15,000,000 of Net Cash Proceeds raised from cumulative issuances of Equity Interests (including preferred stock) and convertible
notes of Parent completed within one hundred eighty (180) days from the Effective Date (provided that up to $5,000,000 of such Net
Cash Proceeds may only be issued in connection with the acquisition of the target disclosed by Parent to Agent on June 2, 2020) and
(iv) up to $6,000,000 of total cash proceeds raised from the 2021 Preferred Stock Issuance on or prior to August 31, 2021), Borrower
shall prepay the Loans in an aggregate amount equal to 50% of all such Net Cash Proceeds received therefrom in accordance with
Section 2.03(e) (except in respect of any total cash proceeds in excess of $6,000,000 raised from the 2021 Preferred Stock Issuance
on or prior to August 31, 2021, which shall be applied in direct order of maturity to reduce the principal amount of the
Loans).

 

(d)
[Reserved].

 

(e) Application
of Prepayments by Type of Loans. So long as no Default or Event of Default has occurred and is continuing, each voluntary and
mandatory prepayment of Loans pursuant to Section 2.03(a) and Section 2.03(b) shall be applied as follows:

 

first,
to the payment of all fees and all expenses specified in Section 8.03, to the full extent thereof;

 

second,
to the payment of that portion of the Obligations constituting accrued, unpaid interest (including, but not limited to, accrued but
uncapitalized PIK Interest);

 

third,
shall be applied in inverse order of maturity to reduce the principal amount of the 2021 Loans;

 

fourth,
shall be further applied in inverse order of maturity to reduce the principal amount of the Initial Loans.

 

    	-31-

     

    

 

Borrower
shall notify the Administrative Agent in writing of any mandatory prepayment of Loans required to be made pursuant Section 2.03(b) pursuant
to a Prepayment Notice. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the
amount of such prepayment. The Administrative Agent will promptly notify each Lender of the contents of Borrower’s Prepayment Notice
and of such Lender’s Pro Rata Share of the prepayment.

 

(f) Interest.
All prepayments under this Section 2.03 shall be accompanied by all accrued interest thereon.

 

Section
2.04. Repayment of Loans. (a) Borrower shall repay in cash to the Administrative Agent (for the ratable account of the Lenders
in respect of the Initial Loans) (i) commencing with the Fiscal Quarter ending on December 31, 2021, in consecutive quarterly installments
to be paid on the last day of each Fiscal Quarter of Borrower, an amount equal to 2.5% of the outstanding aggregate principal amount
of the Initial Loans (after giving effect to capitalized PIK Interest) and (ii) on the Initial Maturity Date all outstanding Obligations
(including, without limitation, all accrued and unpaid principal and interest on the principal amounts of the Initial Loans (including
any accrued but uncapitalized PIK Interest)) of the Loan Parties that are due and payable on such date.

 

(b)
Borrower shall repay in cash to the Administrative Agent (for the ratable account of the Lenders in respect of the 2021 Loans) the
aggregate principal amount of the 2021 Loans on the dates and in the applicable amounts as set forth below:

 

 

	Date	 	2021 Loan Principal Repayment
    Amount	 
	August 31, 2021	 	$	432,500	 
	September 30, 2021	 	$	290,000	 
	October 31, 2021	 	$	320,000	 
	November 30, 2021	 	$	350,000	 
	December 31, 2021	 	$	350,000	 

 

On
the 2021 Term Loan Maturity Date, Borrower shall repay in cash to the Administrative Agent (for the ratable account of the Lenders in
respect of the 2021 Loans) all outstanding Obligations (including, without limitation, all accrued and unpaid principal and interest
on the principal amounts of the 2021 Loans) of the Loan Parties that are due and payable on such date.

 

    	-32-

     

    

 

Section
2.05. Interest. (a) Subject to the provisions of Section 2.05(b), the Initial Loans shall bear interest on the outstanding
principal amount thereof for each Interest Period in an amount equal to (i) on and prior to the First Amendment Effective Date,
6.00% per annum and (ii) after the First Amendment Effective Date, 10.00% per annum, in each case, payable-in-kind in lieu of cash
payment (“PIK Interest”).

 

(b)
Commencing upon the occurrence and during the continuance of any Event of Default, Borrower shall pay interest on (i) the principal
amount of the Loans and (ii) to the extent then due and payable all other outstanding Obligations hereunder, equal to the Default
Rate to the fullest extent permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including interest on past
due interest to the fullest extent permitted by applicable Laws) shall be due and payable upon demand.

 

(c)
Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times
as may be specified herein. All PIK Interest shall accrue and be added and capitalized to the outstanding principal balance of the
Loans on each Interest Payment Date, and the principal amount of the Loans shall be increased by such PIK Interest amount for all
purposes under the Loan Documents. Interest hereunder shall be due and payable in accordance with the terms hereof before and after
any judgment.

 

Section
2.06. Fees. (a) Borrower shall pay to the Agents a non-refundable annual administration fee equal to $35,000 for agency services
provided under this Agreement. This fee shall be in all respects fully earned, due and paid-in-kind by Borrower on the Effective Date
and on each anniversary of the Effective Date during the term of this Agreement by adding and capitalizing the full amount of such fee
to the outstanding principal balance of the Loans and the principal amount of the Loans shall be increased by such fee amount for all
purposes under the Loan Documents. For the avoidance of doubt, the annual administration fee shall be payable in addition to any amounts
payable to the Administrative Agent pursuant to Section 10.04.

 

(b)
On or prior to September 30, 2021, Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders in respect
of the 2021 Term Loans, an exit fee (the “Exit Fee”) equal to $300,000 in immediately available funds, which once
paid, shall not be refundable under any circumstances; provided that, if such fee is not paid on or prior to September 30, 2021, then
the Exit Fee shall be increased to $750,000 and shall be due and paid-in-kind by the Borrower on the 2021 Term Loan Maturity Date by
adding and capitalizing the full amount of such fee to the outstanding principal balance of the Loans and the principal amount of the
Loans shall be increased by such fee amount for all purposes under the Loan Documents.

 

Section
2.07. Computation of Interest and Fees. All computations of fees and interest shall be made on the basis of a three hundred and
sixty (360) day year and actual days elapsed. Interest shall accrue on each Loan for the day on which such Loan is made, and shall not
accrue on such Loan, or any portion thereof, for the day on which such Loan or such portion is paid; provided that any such Loan
that is repaid on the same day on which it is made shall bear interest for one (1) day. Each determination by the Administrative Agent
of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

    	-33-

     

    

 

Section
2.08. Evidence of Indebtedness. (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender. The accounts or records maintained by each Lender shall be prima facie evidence absent manifest
error of the amount of the Credit Extensions made by the Lenders to Borrower and the interest and payments thereon. Any failure to
so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any
amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender
and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, Borrower
shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such
Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the
date, amount and maturity of its Loans and payments with respect thereto.

 

(b)
Entries made in good faith by each Lender in its account or accounts pursuant to Section 2.08(a), shall be prima facie evidence of
the amount of principal and interest due and payable or to become due and payable from Borrower to such Lender, under this Agreement
and the other Loan Documents, absent manifest error; provided that the failure of such Lender to make an entry, or any
finding that an entry is incorrect, in such account or accounts shall not limit or otherwise affect the obligations of Borrower
under this Agreement and the other Loan Documents.

 

Section
2.09. Payments Generally. (a) All payments to be made by Borrower shall be made without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall
be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable
Administrative Agent’s Office and in immediately available funds not later than 3:00 p.m. (New York City time) on the date
specified herein. The Administrative Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s Applicable Lending Office. All
payments received by the Administrative Agent after 3:00 p.m. (New York City time) shall be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue.

 

(b)
If any payment to be made by Borrower shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that
if such extension would cause payment of interest on or principal of the Loans to be made in the next succeeding Fiscal Quarter,
such payment shall be made on the immediately preceding Business Day.

 

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(c)
Unless Borrower or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it to
the Administrative Agent hereunder, that Borrower or such Lender, as the case may be, will not make such payment, the Administrative
Agent may assume that Borrower or such Lender, as the case may be, has timely made such payment and may (but shall not be so
required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that
such payment was not in fact made to the Administrative Agent in immediately available funds, then:

 

(i)
if Borrower failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of such
assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of
each day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such
amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate; and

 

(ii)
if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof
in immediately available funds, together with interest thereon for the period from the date such amount was made available by the
Administrative Agent to Borrower to the date such amount is recovered by the Administrative Agent (the “Compensation
Period”) at a rate per annum equal to the Federal Funds Rate. When such Lender makes payment to the Administrative Agent
(together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued
and been paid in respect of such late payment) shall constitute such Lender’s Loan included in the applicable Borrowing. If
such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, then in the event the
Administrative Agent has funded a Loan in advance of receipt of funds from a defaulting Lender or otherwise made a payment to
Borrower on behalf of such defaulting Lender, the Administrative Agent may make a demand therefor upon Borrower and Borrower shall
pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate per annum equal to
the rate of interest applicable to the applicable Borrowing. Nothing herein shall be deemed to relieve any Lender from its
obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any
Lender as a result of any default by a Lender hereunder.

 

A
notice by the Administrative Agent to any Lender or Borrower with respect to any amount owing under this Section 2.09(c) shall be conclusive,
absent manifest error.

 

(d)
If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to Borrower by the Administrative Agent because the conditions
to the Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative
Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

 

(e)
The obligations of the Lenders hereunder to make Loans are several and not joint. The failure of any Lender to make any Loan shall
not relieve any other Lender of its corresponding obligation to do so on such date, and neither the Administrative Agent nor any
Lender shall be responsible for the failure of any other Lender to make its Loan.

 

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(f)
Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to
constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

 

(g)
Whenever any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to
pay in full all amounts due and payable to the Administrative Agent and the Lenders under or in respect of this Agreement and the
other Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative
Agent and the Lenders in the order of priority set forth in the applicable provisions of Section 2.03(e) or Section 8.03. If the
Administrative Agent receives funds for application to the Obligations of the Loan Parties under or in respect of the Loan Documents
under circumstances for which the Loan Documents do not specify the manner in which such funds are to be applied, the Administrative
Agent may, but shall not be obligated to, elect to distribute such funds to each of the Lenders in accordance with such
Lender’s Pro Rata Share of the Outstanding Amount of all Loans outstanding at such time, in repayment or prepayment of such of
the outstanding Loans or other Obligations then owing to such Lender.

 

Section
2.10. Sharing of Payments. If, other than as expressly provided elsewhere herein (including, without limitation, in Section
10.07), any Lender shall obtain on account of the Loans made by it any payment (whether voluntary, involuntary, through the exercise
of any right of setoff, or otherwise) in excess of its ratable share (or other share contemplated hereunder) thereof, such Lender
shall immediately (a) notify the Administrative Agent of such fact, and (b) purchase from the other Lenders such participations in
the Loans made by them as shall be necessary to cause such purchasing Lender to share the excess payment in respect of such Loans or
such participations, as the case may be, pro rata with each of them; provided that if all or any portion of such excess
payment is thereafter recovered from the purchasing Lender under any of the circumstances described in Section 10.06 (including
pursuant to any settlement entered into by the purchasing Lender in its discretion), such purchase shall to that extent be rescinded
and each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such
paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment
to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing
Lender in respect of the total amount so recovered, without further interest thereon. Borrower agrees that any Lender so purchasing
a participation from another Lender may, to the fullest extent permitted by applicable Law, exercise all its rights of payment
(including the right of setoff, but subject to Section 10.09) with respect to such participation as fully as if such Lender were the
direct creditor of Borrower in the amount of such participation. Each Lender that purchases a participation pursuant to this Section
2.10 shall from and after such purchase have the right to give all notices, requests, demands, directions and other communications
under this Agreement with respect to the portion of the Obligations purchased to the same extent as though the purchasing Lender
were the original owner of the Obligations purchased.

 

Section
2.11. [Reserved].

 

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Section
2.12. Removal or Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in the event that in
connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as
contemplated by Section 10.01(a) or (b), the consent of Administrative Agent and Required Lenders shall have been obtained but the
consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not
have been obtained, then, with respect to such Non-Consenting Lender, Administrative Agent may, by giving written notice to Borrower
and any Non-Consenting Lender of its election to do so, elect to cause such Non-Consenting Lender (and such Non-Consenting Lender
hereby irrevocably agrees) to assign its outstanding Loans in full to one or more Eligible Assignees (each a “Replacement
Lender”) in accordance with the provisions of Section 10.07 and such Non-Consenting Lender shall pay any fees payable
thereunder in connection with such assignment; provided, (i) on the date of such assignment, the Replacement Lender shall pay
to the Non-Consenting Lender an amount equal to the sum of an amount equal to the principal of, and all accrued interest on, all
outstanding Loans of the Non-Consenting Lender; and (ii) each Replacement Lender shall consent, at the time of such assignment, to
each matter in respect of which such Lender was a Non-Consenting Lender. Upon the prepayment of all amounts owing to any
Non-Consenting Lender, such Non-Consenting Lender shall no longer constitute a “Lender” for purposes hereof; provided,
any rights of such Non-Consenting Lender to indemnification hereunder shall survive as to such Non-Consenting Lender.

 

Article
III

 

Taxes,
Increased Costs Protection and Illegality

 

Section
3.01. Taxes.

 

(a) Defined
Terms. For purposes of this Section 3.01, the term “applicable law” includes FATCA.

 

(b) Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the
good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by
a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax
is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such
deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made.

 

(c) Payment
of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

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(d) Indemnification
by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section 3.01) payable or paid by such Recipient or required to be withheld or deducted from a payment to
such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own
behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e) Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 10.07(d) relating to the maintenance of a
Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to
the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this paragraph (e).

 

(f)
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section 3.01, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent.

 

(g)
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments
made under any Loan Document shall deliver to Borrower and the Administrative Agent, at the time or times reasonably requested by
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or the
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if reasonably requested by Borrower or the Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by Borrower or the Administrative Agent as will enable Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than
such documentation set forth in Section 3.01(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

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(ii)
Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Borrower:

 

(A)
any Lender that is a U.S. Person shall deliver to Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the
Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), whichever of
the following is applicable:

 

(1)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN (or W-8BEN-E, as applicable) establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and
(y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or W-8BEN-E, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

 

(2)
executed copies of IRS Form W-8ECI;

 

(3)
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed copies of IRS Form W-8BEN (or W-8BEN-E, as applicable); or

 

(4)
to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN (or W-8BEN-E, as applicable), a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from
each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate on behalf of each such direct and indirect partner;

 

    	-39-

     

    

 

(C)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), executed
copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit
Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)
if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by Borrower or the Administrative Agent as may be necessary for Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify Borrower and the Administrative Agent in writing of its legal inability to
do so.

 

(h) Treatment
of Certain Refunds. If any party determines, in its reasonable discretion, that it has received a refund of any Taxes as to
which it has been indemnified pursuant to this Section 3.01 (including by the payment of additional amounts pursuant to this Section
3.01), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made
under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of
such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding
anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in a less favorable net
after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person.

 

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(i) Survival.
Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of the Administrative Agent or
any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document.

 

Section
3.02. Illegality. (a) If any Lender determines that any Law has made it unlawful, or that any Governmental Authority that is a
court, statutory board or commission has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain
or fund the Loans (and, in the reasonable opinion of such Lender, the designation of a different lending office would either not avoid
such unlawfulness or would be materially disadvantageous to such Lender), then such Lender shall promptly notify Borrower thereof following
which (a) the Lender’s Commitment shall be suspended until such time as such Lender may again make and maintain the Loans hereunder
and (b) if such Law shall so mandate, the Loans held by such Lender shall be prepaid by Borrower on or before such date as shall be mandated
by such Law in an amount equal to 100% of the aggregate principal amount of Loans held by such Lender, plus any accrued but unpaid interest
on the aggregate principal amount of the Loans being prepaid.

 

(b)
If any provision of this Agreement or any of the other Loan Documents would obligate Borrower to make any payment of interest with
respect to the Facility or other amount payable to the Administrative Agent or any Lender in an amount or calculated at a rate which
would be prohibited by any Law then, notwithstanding such provision, such amount or rates shall be deemed to have been adjusted with
retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by any applicable
law or so result in a receipt by the Administrative Agent or such Lender of interest with respect to its Loans and Commitments at a
criminal rate, such adjustment to be effected, to the extent necessary, as follows:

 

(i) first, by
reducing the amount or rate of interest required to be paid to the Administrative Agent or the affected Lender under Section 2.05;
and

 

(ii) thereafter, by
reducing any fees, commissions, premiums and other amounts required to be paid to the Administrative Agent or the affected Lender
which would constitute interest with respect to the Loans or Commitments for purposes of any applicable law.

 

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Section
3.03. Increased Cost and Reduced Return; Capital Adequacy. (a) If any Lender reasonably determines that as a result of any
Change in Law there shall be any increase in the cost to such Lender agreeing to make, making or maintaining any Loan, or a
reduction in the amount received or receivable by such Lender in connection with any of the foregoing (excluding for purposes of
this Section 3.03(a) any such increased costs or reduction in amount resulting from (i) Indemnified Taxes, (ii) Taxes described in
clauses (b) through (d) of the definition of Excluded Taxes or (iii) Other Connection Taxes), then from time to time within fifteen
(15) days after written demand by such Lender setting forth in reasonable detail such increased costs (with a copy of such demand to
the Administrative Agent given in accordance with Section 3.04), Borrower shall pay to such Lender such additional amounts as will
compensate such Lender for such increased cost or reduction.

 

(b)
If any Lender reasonably determines that the introduction of any Law regarding (i) capital adequacy or any change therein or in the
interpretation thereof or (ii) liquidity requirement, or in each case any change therein or in the interpretation thereof with which
such Lender (or its Applicable Lending Office) is required to comply, in each case after the date hereof, would have the effect of
reducing the rate of return on the capital of such Lender, or any corporation controlling such Lender, to a level below that which
such Lender, or the corporation controlling such Lender, could have achieved but for such Change in Law (taking into consideration
such Lender’s policies and the policies of any corporation controlling such Lender with respect to capital adequacy) as a
consequence of such Lender’s obligations hereunder, then from time to time upon written demand of such Lender setting forth in
reasonable detail the charge and the calculation of such reduced rate of return (with a copy of such demand to the Administrative
Agent given in accordance with Section 3.04), Borrower shall pay to such Lender such additional amounts as will compensate such
Lender for such reduction within fifteen (15) days after receipt of such demand.

 

(c)
Failure or delay on the part of any Lender to demand compensation pursuant to this Section 3.03 shall not constitute a waiver of
such Lender’s right to demand such compensation.

 

(d)
If any Lender requests compensation under this Section 3.03, then such Lender will, if requested by Borrower, use commercially
reasonable efforts to designate another Applicable Lending Office for any Loan affected by such event; provided that such
efforts are made on terms that, in the reasonable judgment of such Lender, cause such Lender and its Applicable Lending Office(s) to
suffer no material economic, legal or regulatory disadvantage; and provided further that nothing in this Section 3.03(d)
shall affect or postpone any of the Obligations of Borrower or the rights of such Lender pursuant to Section 3.03(a), (b) or
(c).

 

Section
3.04.Matters Applicable to All Requests for Compensation. The Administrative Agent or any Lender claiming compensation under
this Article III shall deliver a certificate to Borrower setting forth the additional amount or amounts to be paid to it hereunder, which
shall be conclusive absent manifest error. In determining such amount, the Administrative Agent or such Lender, as the case may be, may
use any reasonable averaging and attribution methods. With respect to any Lender’s claim for compensation under Section 3.01, Section
3.02 or Section 3.03, Borrower shall not be required to compensate such Lender for any amount incurred more than one hundred and eighty
(180) days prior to the date that such Lender notifies Borrower of the event that gives rise to such claim; provided that if the
circumstance giving rise to such claim is retroactive, then such 180-day period referred to above shall be extended to include the period
of retroactive effect thereof.

 

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Section
3.05. Survival. All of Borrower’s obligations under this Article III shall survive termination of the Aggregate
Commitments and repayment of all other Obligations hereunder.

 

Article
IV

 

Conditions
Precedent

 

Section
4.01. Conditions to the Effective Date. The obligation of each Lender to amend and restated the Existing Credit Agreement and
continue the Loans hereunder on the Effective Date is subject to satisfaction or waiver in writing by the Lenders of the following conditions
precedent:

 

(a)
The Administrative Agent’s receipt of the following, each properly executed by a Responsible Officer of the signing Loan
Party, and each in form and substance satisfactory to the Administrative Agent and its legal counsel:

 

(i)
duly executed counterparts of this Agreement, the Guaranty, the Securities Pledge Agreement, each Security Agreement Supplement,
each Intellectual Property Security Agreement Supplement, and the other Loan Documents by each Loan Party, the Administrative Agent,
the Collateral Agent and Lenders, as applicable;

 

(ii)
such certificates or resolutions or other corporate action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of
each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party or is to be a party on the Effective Date;

 

(iii)
(A) Organization Documents of each Loan Party and (B) good standing certificates or certificates of status, as applicable, as of a
date reasonably proximate to the Effective Date, from the applicable Governmental Authority of each Loan Party’s jurisdiction
of incorporation, organization or formation;

 

(iv)
a certificate attesting to the Solvency of the Loan Parties (taken as a whole) on the Effective Date after giving effect to the
Transaction and the other transactions contemplated hereby and thereby, from the chief financial officer of the Parent in
substantially the form of Exhibit I hereto;

 

(v)
copies of a recent Lien and judgment search in each jurisdiction reasonably requested by the Collateral Agent with respect to the
Loan Parties together with evidence that, upon satisfaction of the conditions precedent contained in any applicable payoff letters,
all existing Liens (other than Permitted Liens) will be terminated and released and all actions required to terminate and release
such Liens have been satisfactorily taken or will be capable of being satisfactorily undertaken substantially simultaneously with
the closing of the Transaction; and

 

    	-43-

     

    

 

(vi)
an opinion by Dickinson Wright PLLC, counsel to the Loan Parties, in form and substance reasonably satisfactory to the
Administrative Agent.

 

(b)
As of the Effective Date, after giving effect to the Transaction, the Loan Parties will have no indebtedness other than the Facility
and any Surviving Indebtedness specified on Schedule 7.03(b). All amounts due or outstanding in respect of the Fast Pay Indebtedness
and any other Indebtedness other than the Facility and any Surviving Indebtedness specified on Schedule 7.03(b) shall have been
repaid in full, all commitments (if any) in respect thereof terminated, all guarantees (if any) thereof discharged and released and
all security therefor (if any) released, together with all fees and other amounts owing thereon, or documentation in form and
substance reasonably satisfactory to the Administrative Agent to effect such release upon such repayment and termination shall have
been delivered to the Administrative Agent.

 

(c)
In order to create in favor of Collateral Agent, for the benefit of the Lenders, a valid, perfected first priority security interest
in the personal property Collateral, Collateral Agent shall have received:

 

(i)
(A) to the extent applicable, updated schedules to this Agreement and (B) evidence satisfactory to Collateral Agent of the
compliance by each Loan Party of their obligations under the Collateral Documents (including, without limitation, their obligations
to authorize or execute, as the case may be, and deliver UCC financing statements, originals of securities, instruments and chattel
paper, deposit account control agreements and any agreements governing securities accounts as provided therein);

 

(ii)
a completed Collateral Questionnaire dated as of the Effective Date and executed by a Responsible Officer of each Loan Party,
together with all attachments contemplated thereby, including (A) the results of a recent search, by a Person satisfactory to
Collateral Agent, of all effective UCC financing statements (or equivalent filings) made with respect to any personal or mixed
property of any Loan Party in the jurisdictions specified in the Collateral Questionnaire, together with copies of all such filings
disclosed by such search, and (B) UCC termination statements (or similar documents) duly executed by all applicable Persons for
filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements (or equivalent
filings) disclosed in such search (other than any such financing statements in respect of Permitted Liens); and

 

(iii)
evidence that each Loan Party shall have taken or caused to be taken any other action, executed and delivered or caused to be
executed and delivered any other agreement, document and instrument (including without limitation, (i) a landlord personal property
collateral access agreement executed by the landlord of any leasehold property and by the applicable Loan Party, and (ii) any
intercompany notes evidencing Indebtedness permitted to be incurred pursuant to Section 7.03(i)) and made or caused to be made any
other filing and recording (other than as set forth herein) reasonably required by Collateral Agent.

 

    	-44-

     

    

 

(d)
The CL Media Acquisition Agreement shall have become effective and Parent shall have purchased 100% of the Equity Interests of
Borrower.

 

(e)
The Administrative Agent shall have received reasonably satisfactory evidence of insurance required to be maintained pursuant to
Section 6.07 and the Collateral Agent shall be named as an additional loss payee and additional insured, as applicable,
thereunder.

 

(f)
The representations and warranties of Borrower contained in Article V or any other Loan Document shall be true and correct in all
material respects on and as of the Effective Date (before and after giving effect to any Credit Extension made or deemed made on the
Effective Date); provided that to the extent that such representations and warranties specifically refer to an earlier date,
they shall be true and correct in all material respects as of such earlier date; provided further that any representation and
warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true
and correct (after giving effect to any qualification therein) in all respects on such respective dates.

 

(g)
No Default or Event of Default exists or would result from the Credit Extension made or deemed made on the Effective Date or from
the application of the proceeds therefrom.

 

(h)
The Lenders shall have received on or prior to the Effective Date all documentation and other information required by regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the PATRIOT Act and customary management background checks, in order to allow the Lenders to comply therewith, in each
case, to the extent requested at least five (5) Business Days prior to the Closing Date.

 

Article
V

 

Representations
and Warranties

 

Borrower
represents and warrants to the Agents and the Lenders that:

 

Section
5.01. Existence, Qualification and Power; Compliance with Laws. Each Loan Party and each of its Subsidiaries (a) is duly
incorporated, organized or formed, and validly existing and in good standing under the Laws of the jurisdiction of its incorporation
or organization (to the extent such concept exists in such jurisdiction), (b) has all requisite power and authority to (i) own or
lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which
it is a party, (c) is duly qualified and in good standing (to the extent such concept exists) under the Laws of each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification, (d) is in
compliance with all Laws (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System),
orders, writs, injunctions and orders and (e) has all requisite governmental licenses, authorizations, consents and approvals to
operate its business as currently conducted, except, with respect to the foregoing clauses (c), (d) and (e), as would not,
individually or in the aggregate, be reasonably likely to have a Material Adverse Effect.

 

    	-45-

     

    

 

Section
5.02. Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is a party, and the consummation of the Transaction, (a) are within such Loan Party’s corporate or other powers,
(b) have been duly authorized by all necessary corporate or other organizational action, and (c) do not and will not (i) contravene
the terms of any of such Person’s Organization Documents, (ii) except as set forth on Schedule 5.02, conflict with or result
in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.01), or require any
payment to be made under (x) any material Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries, (y) any material order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject or (z) any Material Agreement, or (iii) violate any
material applicable Law.

 

Section
5.03. Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice
to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery
or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, or for the consummation of the
Transaction, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance
of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by the Collateral Agent, the
Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant to the
Collateral Documents, except for (i) filings necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of
the Secured Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which are set forth on Schedule
5.03 or have been duly obtained, taken, given or made and are in full force and effect and (iii) such approvals, consents, exemptions,
authorizations, actions, notices and filings the failure to obtain or make would not, individually or in the aggregate, be reasonably
likely to have a Material Adverse Effect. All applicable waiting periods in connection with the Transaction have expired without any
action having been taken by any competent authority restraining, preventing or imposing materially adverse conditions upon the Transaction
or the rights of the Loan Parties or their Subsidiaries freely to transfer or otherwise dispose of, or to create any Lien on, any properties
now owned or hereafter acquired by any of them.

 

Section
5.04. Binding Effect. This Agreement and each other Loan Document has been duly executed and delivered by each Loan Party that
is party thereto. This Agreement and each other Loan Document constitutes a legal, valid and binding obligation of such Loan Party, enforceable
against each Loan Party that is party thereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief
Laws and by general principles of equity and principles of good faith and fair dealing.

 

    	-46-

     

    

 

Section
5.05. No Material Adverse Effect. Since December 31, 2019, there has been no event or circumstance, either individually or in
the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect.

 

Section
5.06. Litigation. There is no action, suit, investigation, litigation or proceeding affecting any Loan Party or its
Subsidiaries, including any Environmental Action, pending or threatened before any Governmental Authority or arbitrator that (i)
would be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of
any Loan Document or the consummation of the Transaction.

 

Section
5.07. Ownership of Property; Liens. (a) Each Loan Party and its Subsidiaries is the legal and beneficial owner of the Collateral
pledged by it free and clear of any Lien, except for Permitted Liens.

 

(b)
Each Loan Party and each of its Subsidiaries has good and marketable title in fee simple to, or valid leasehold interests in, or
easements or other limited property interests in, all real property used in the ordinary conduct of its business, free and clear of
all Liens except for defects in title that do not materially interfere with its ability to conduct its business or to utilize such
assets for their intended purposes and Permitted Liens and except where the failure to have such title or other interest would not
reasonably be expected to have a Material Adverse Effect. Set forth on Schedule 5.07(b) hereto is a complete and accurate list of
all real property owned by any Loan Party or any of its Subsidiaries, showing, as of the date hereof, the street address, state and
any other relevant jurisdiction, record owner and fair market value. Set forth on Schedule 5.07(b) hereto is a complete and accurate
list of all leases of real property under which any Loan Party or any Subsidiary is the tenant, showing as of the date hereof the
street address, state and any other relevant jurisdiction, parties thereto, sublessee (if any), expiration date and annual base
rental cost thereof.

 

(c)
Except for the properties set forth on Schedule 5.07(b), as of the Effective Date, no Loan Party or any of its Subsidiaries owns or
leases any Material Real Property.

 

Section
5.08. Perfection of Security Interests. Upon the making of the filings and taking of the other actions set forth on Schedule
5.08, all filings and other actions necessary to perfect the security interest in the Collateral created under the Collateral
Documents have been duly made or taken and are in full force and effect, and the Collateral Documents create in favor of the
Collateral Agent for the benefit of the Secured Parties a valid and, together with such filings and other actions, perfected
security interest in the Collateral, securing the payment of the Secured Obligations, and having priority over all other Liens on
the Collateral except in the case of (a) non-consensual Liens permitted under Section 7.01, to the extent any such Liens would have
priority over the Liens in favor of the Collateral Agent pursuant to any applicable Law and (b) Liens not required to be perfected
by control or possession pursuant to the Collateral and Guaranty Requirement to the extent that all filings and other actions
necessary or desirable to perfect such security interest have been duly taken.

 

    	-47-

     

    

 

Section
5.09. Reserved.

 

Section
5.10. Taxes. (a) Each of the Loan Parties has timely filed all income and all other material tax returns and reports required
to be filed, and has timely paid all Taxes (whether or not shown on such tax returns or reports) and all other amounts of federal, provincial,
state, municipal, foreign and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are set forth on Schedule 5.10 or are being contested in good faith by
appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP.

 

(b)
Except as set forth on Schedule 5.10 or as would not, individually or in the aggregate, be reasonably likely to result in liability
to any Loan Party in excess of the Threshold Amount, (i) there are no claims being asserted in writing with respect to any amounts
of taxes, (ii) there are no presently effective waivers or extensions of statutes in writing with respect to any amounts of taxes,
and (iii) no tax returns are being examined by, and no written notification of intention to examine has been received from, the
Internal Revenue Service or any other taxing authority, in each case, with respect to the Loan Parties.

 

(c)
No Loan Party is party to any tax sharing agreement other than with an Affiliate included in a consolidated or combined tax return, provided that
any such tax sharing agreement shall be subject to the restrictions in Section 7.08.

 

Section
5.11. Compliance with ERISA. (a) Each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal
or state Laws, except as is not, either individually or in the aggregate, reasonably likely to have a Material Adverse Effect.

 

(b)
(i) No ERISA Event has occurred or is reasonably expected to occur; (ii) none of the Loan Parties or any of their Subsidiaries has
incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section
4219 of ERISA, would result in such liability) under Section 4201 et seq. or 4243 of ERISA with respect to a Multiemployer Plan; and
(iii) none of the Loan Parties has engaged in a transaction that would be subject to Section 4069 or 4212(c) of ERISA, except, in
each case, which would not be reasonably likely to result in liability to any Loan Party in excess of the Threshold
Amount.

 

Section
5.12. Labor Matters. There are no strikes pending or threatened against the Loan Parties that, individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect. Except as would not, individually or in the aggregate, be reasonably
likely to result in liability to any Loan Party in excess of the Threshold Amount, the (i) hours worked and payments made to
employees of the Loan Parties have not been in violation in any material respect of the Fair Labor Standards Act or any other
applicable Law dealing with such matters and (ii) all material payments due from the Loan Parties or for which any claim may be made
against the Loan Parties, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued
as a liability on the books of the Loan Parties to the extent required by GAAP. The consummation of the Transaction will not give
rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which
any Loan Party (or any predecessor) is bound, other than collective bargaining agreements that, individually or in the aggregate,
are not material to the Loan Parties.

 

    	-48-

     

    

 

Section
5.13. Insurance. The assets and properties of the Loan Parties and their Subsidiaries are insured in the manner contemplated by
Section 6.07.

 

Section
5.14. Subsidiaries; Equity Interests. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to
Section 6.02(c) and Section 6.11, none of the Loan Parties have any Subsidiaries other than those specifically disclosed in Schedule
5.14, and all of the outstanding Equity Interests in each such Person and each such Subsidiary have been validly issued, are fully paid
and non-assessable. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section 6.02(c) and Section
6.11, Schedule 5.14 (a) sets forth the name and jurisdiction of organization of each Subsidiary of each of the Loan Parties, (b) sets
forth the ownership interest of each Loan Party and each of its Subsidiaries in each of their respective Subsidiaries, including the
percentage of such ownership and (c) identifies each Person the Equity Interests of which are required to be pledged pursuant to the
Collateral and Guaranty Requirement and Section 6.11.

 

Section
5.15. Margin Regulations; Investment Company Act; PATRIOT Act. (a) None of the Loan Parties or any of their Subsidiaries is
engaged nor will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock
(within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock,
and no proceeds of any Borrowing will be used for any purpose that violates Regulation U issued by the FRB.

 

(b)
None of the Loan Parties or any of their Subsidiaries or any Person controlling such Loan Party or any of its Subsidiaries is
required to be registered as an “investment company” under the Investment Company Act of 1940, as amended.

 

(c)
None of the Loan Parties or any of their Subsidiaries is in material violation of any applicable laws relating to money laundering,
including the PATRIOT Act, or terrorism, including Executive Order No. 13224 on Terrorist Financing, effective September 23, 2001,
and the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury
Department (31 C.F.R. Subtitle B, Chapter V, as amended), or any enabling legislation or executive order relating thereto. None of
the Loan Parties or any of their Subsidiaries has used or shall use the proceeds of the Loans in violation of any of the foregoing
statutes.

 

(d)
No Loan Party (i) is a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of
Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of
such executive order, or is otherwise associated with any such person in any manner that violates Section 2 of such executive order,
or (iii) is a person on the list of “Specially Designated Nationals and Blocked Persons” or subject to blocking or
specific trade restrictions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or
implementing executive order.

 

    	-49-

     

    

 

Section
5.16. Disclosure. No report, financial statement, certificate or other written information furnished by or on behalf of the Loan
Parties to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of
this Agreement or delivered hereunder or any other Loan Document (as modified or supplemented by other information so furnished)
when taken as a whole contains when furnished any material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided
that with respect to projections and other forward-looking information, Borrower represents only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections
may vary from actual results and that such variances may be material. There are no facts known (or which should upon the reasonable
exercise of diligence be known) to Borrower (other than matters of a general economic nature) that, individually or in the
aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such
other documents, certificates and statements furnished to Lenders for use in connection with the transactions contemplated
hereby.

 

Section
5.17. Intellectual Property. As of the date hereof and the date of delivery of any supplemental Schedules pursuant to Section
6.02(c) and Section 6.11, set forth on Schedule 5.17 is a complete and accurate list of all Registered patents, trademarks, service
marks, domain names and copyrights, owned by the Loan Parties as of such date, showing as of such date the jurisdiction in which
each such item of Registered Intellectual Property is registered or in which an application is pending and the registration or
application number. Each Loan Party owns or has the right to use, all of the trademarks, service marks, trade names, domain names,
copyrights, patents, know-how, technology and other intellectual property recognized under applicable Law (collectively, “Intellectual
Property”) that are material to the operation of their respective businesses as currently conducted and, to the knowledge
of the Loan Parties, the use of such Intellectual Property by such Person or the operation of their respective businesses is not
infringing upon any Intellectual Property rights held by any other Person except as would not, individually or in the aggregate, be
reasonably likely to have a Material Adverse Effect.

 

Section
5.18. Solvency. After giving effect to the Transaction and the other transactions contemplated hereby, the Loan Parties are, on
a consolidated basis, Solvent.

 

Section
5.19. Material Agreements. Schedule 5.19 contains a true, correct and complete list of all the Material Agreements in effect on
the Effective Date, which, together with any updates provided pursuant to Section 6.03(l), are in full force and effect and, to Borrower’s
knowledge, no defaults currently exist thereunder (other than as described in Schedule 5.19 or in such updates).

 

    	-50-

     

    

 

Article
VI

 

Affirmative
Covenants

 

So
long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation hereunder which is accrued and payable shall
remain unpaid or unsatisfied, each Loan Party shall and shall cause each Subsidiary to:

 

Section
6.01. Financial Statements. Deliver to the Administrative Agent for prompt further distribution to each Lender:

 

(a) Monthly
Financial Statements. As soon as available, and in any event within thirty (30) days after the end of each Fiscal Month of each
Fiscal Year (including the Fiscal Month ending December 31, 2021, and beginning with the Fiscal Month ending May 31, 2021), the
consolidated and consolidating balance sheets of Parent and its Subsidiaries as at the end of such Fiscal Month and the related
consolidated (and with respect to statements of income, consolidating) statements of income, Shareholders’ Equity and cash
flows of Parent and its Subsidiaries for such Fiscal Month, a statement of profits and losses organized by business unit for such
Fiscal Month, and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Month and a Narrative
Report with respect thereto and any other operating reports prepared by management for such period;

 

(b) Quarterly
Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of each Fiscal Quarter of
each Fiscal Year (including the fourth Fiscal Quarter) (other than in respect of the Fiscal Quarters ending (i) March 31, 2021, in
which case one hundred and thirty eight (138) days and (ii) June 30, 2021, in which case ninety two (92) days), the consolidated and
consolidating balance sheets of Parent and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated (and
with respect to statements of income, consolidating) statements of income, Shareholders’ Equity and cash flows of Parent and
its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such
Fiscal Quarter and a Narrative Report with respect thereto and any other operating reports prepared by management for such period; provided
that, Parent’s filing of a Quarterly Report on Form 10-Q with the SEC shall be deemed to satisfy the requirements of this
Section 6.01(b) on the date on which such report is first available via the SEC’s EDGAR system or a successor system related
thereto; and

 

    	-51-

     

    

 

(c) Annual
Financial Statements. As soon as available, and in any event within one hundred twenty (120) days after the end of each Fiscal
Year (other than in respect of the Fiscal Year ending December 31, 2020, in which case one hundred eighty one (181) days), (i) the
consolidated and consolidating balance sheets of Parent and its Subsidiaries as at the end of such Fiscal Year and the related
consolidated (and with respect to statements of income, consolidating) statements of income, Shareholders’ Equity and cash
flows of Parent and its Subsidiaries for such Fiscal Year and a Narrative Report with respect thereto and any other operating
reports prepared by management for such period; and (ii) with respect to such consolidated financial statements a report thereon of
an independent certified public accountants of recognized national standing selected by Parent, and reasonably satisfactory to
Administrative Agent (which report shall be unqualified as to going concern and scope of audit, and shall state that such
consolidated financial statements fairly present, in all material respects, the consolidated financial position of Parent and its
Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in
conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and
that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with
generally accepted auditing standards) together with a written statement by such independent certified public accountants stating
(1) that their audit examination has included a review of the terms of the Loan Documents and (2) whether, in connection therewith,
any condition or event that constitutes a Default or an Event of Default has come to their attention and, if such a condition or
event has come to their attention, specifying the nature and period of existence thereof (such report shall also include (x) a
detailed summary of any audit adjustments; (y) a reconciliation of any audit adjustments or reclassifications to the previously
provided monthly or quarterly financials; and (z) restated monthly or quarterly financials for any impacted periods); provided
that, Parent’s filing of a Yearly Report on Form 10-K with the SEC shall be deemed to satisfy the requirements of this Section
6.01(c) on the date on which such report is first available via the SEC’s EDGAR system or a successor system related
thereto.

 

Section
6.02. Certificates; Reports; Other Information. Promptly deliver to the Administrative Agent for further distribution to each
Lender:

 

(a)
promptly after the same are publicly available, press releases and other statements made available generally by any Loan Party to
the public concerning material developments in the business of the Loan Parties;

 

(b)
promptly after the receipt or furnishing thereof, copies of any material requests or material notices received by any Loan Party or
any of its Subsidiaries (other than in the ordinary course of business) in respect of any instrument, indenture, loan or credit
or similar agreement relating to Indebtedness in excess of the Threshold Amount;

 

(c)
together with the delivery of the financial statements required pursuant to Section 6.01(b), (i) a description of each event,
condition or circumstance during the last Fiscal Quarter requiring a prepayment under Section 2.03(b), (ii) a list of Subsidiaries
as of the date of delivery of such financial statements or a confirmation that there is no change in such information since the
later of the Effective Date or the date of the last such list and (iii) a report supplementing Schedules 5.07(b) and 5.17 and
Schedules I and IV of the Security Agreement; and

 

(d)
promptly, such additional information regarding the business, legal, financial or corporate affairs of any Loan Party or any
Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender through the Administrative
Agent may from time to time reasonably request.

 

    	-52-

     

    

 

Documents
required to be delivered pursuant to Section 6.01 or Section 6.02 shall be delivered electronically to the Administrative Agent for further
distribution to each Lender; provided that upon written request by the Administrative Agent, Borrower shall deliver paper copies
of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper
copies is given by the Administrative Agent. Each Lender shall be solely responsible for timely accessing electronically provided documents
or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.
Notwithstanding the foregoing, Parent’s filing of notice of any event described in Section 6.02 with the SEC shall be deemed to
satisfy the requirements of this Section 6.02 on the date on which such report is first available via the SEC’s EDGAR system or
a successor system related thereto.

 

Section
6.03. Notice Requirements; Other Information. (i) Promptly after a Responsible Officer obtains knowledge thereof, notify the
Administrative Agent of each of the following events or circumstances, and, (ii) as soon as available, provide to the Administrative
Agent, for prompt further distribution to each Lender, the following information and documents:

 

(a)
the occurrence of any Default, which notice shall specify the nature thereof, the period of existence thereof and what action
Borrower has taken or proposes to take with respect thereto;

 

(b)
the occurrence of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect;

 

(c)
the commencement of, or any material development in, any litigation or governmental proceeding (including without limitation
pursuant to any applicable Environmental Law) pending against any Loan Party that would reasonably be expected to be determined
adversely and, if so determined, to result in a Material Adverse Effect;

 

(d)
the occurrence of any ERISA Event above the Threshold Amount or the breach of any representation in Section 5.12;

 

(e)
the occurrence of any event triggering a Collateral and Guaranty Requirement under Section 6.11;

 

(f)
any information with respect to environmental matters as required by Section 6.04(b);

 

(g)
copies of all notices, requests and other documents received by any Loan Party or any of its Subsidiaries under or pursuant to any
instrument, indenture, loan or credit or similar agreement relating to Indebtedness in excess of the Threshold Amount regarding or
related to any breach or default by any party thereto or any other event that could materially impair the value of the interests or
the rights of any Loan Party or otherwise have a Material Adverse Effect and copies of any amendment, modification or waiver of any
provision of any such instrument, indenture, loan or credit or similar agreement relating to any Indebtedness in excess of the
Threshold Amount and, from time to time upon request by the Administrative Agent, such information and reports regarding such
instruments, indentures and loan and credit and similar agreements relating to any Indebtedness in excess of the Threshold Amount as
the Administrative Agent may reasonably request;

 

    	-53-

     

    

 

(h)
a tax event or liability not previously disclosed in writing by Borrower to the Administrative Agent which would reasonably be
expected to result in a breach of Section 5.10, together with any other information as may be reasonably requested by the
Administrative Agent to enable the Administrative Agent to evaluate such matters;

 

(i)
any change (i) in any Loan Party’s corporate name, (ii) any Loan Party’s identity and corporate structure, (iii) any
Loan Party’s taxpayer identification number or (iv) any Loan Party’s location. Borrower agrees that it will not, and
will not permit Parent or any of its Subsidiaries to, permit or make any change referred to in this Section 6.03(j) unless it has
notified the Collateral Agent in writing, by executing and delivering to the Collateral Agent a completed Security Agreement
Supplement, Securities Pledge Agreement Supplement and/or other security agreements requested by Collateral Agent in writing at
least twenty (20) days prior to any such change or establishment, identifying such new proposed corporate name, identity, corporate
structure, tax identification number or location of business and providing such other information in connection therewith as the
Collateral Agent may reasonably request;

 

(j)
immediately upon the discovery of any inaccuracy, miscalculation or misstatement contained in any certificate provided for any
period that affects any financial or other calculations, representations or warranties or other statements impacting any provision
of this Agreement and any other Loan Document in any material respect, notice of such inaccuracy, miscalculation or misstatement
together with an updated certificate including the corrected information, calculation or statement, as applicable; and

 

(k)
each year, at the time of delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section
6.01(c), Borrower shall deliver to Collateral Agent an officer’s certificate either (i) confirming that there has been no
change in such information since the date of the Collateral Questionnaire delivered on the Effective Date or the date of the most
recent certificate delivered pursuant to this Section and/or identifying such changes, or (ii) certifying that all UCC financing
statements (including fixtures filings, as applicable) or other appropriate filings, recordings or registrations, have been filed of
record in each governmental, municipal or other appropriate office in each jurisdiction identified in the Collateral Questionnaire
or pursuant to clause (i) above to the extent necessary to protect and perfect the security interests under the Collateral Documents
for a period of not less than eighteen (18) months after the date of such certificate (except as noted therein with respect to any
continuation statements to be filed within such period).

 

Notwithstanding
the foregoing, Parent’s filing of notice of any event described in Section 6.03 with the SEC shall be deemed to satisfy the requirements
of this Section 6.03 on the date on which such report is first available via the SEC’s EDGAR system or a successor system related
thereto.

 

    	-54-

     

    

 

Section
6.04. Environmental Matters. (a) To the extent the failure to do so would be reasonably likely, individually or in the
aggregate, to result in liability to any Loan Party in excess of the Threshold Amount, (i) comply and cause each of its Subsidiaries
and take all commercially reasonable efforts to cause all lessees and other Persons operating or occupying any Material Real
Property to comply with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew, and cause each of its
Subsidiaries to obtain, maintain and timely renew, all Environmental Permits required under Environmental Laws for its operations
and properties; and (iii) conduct, and cause each of its Subsidiaries to conduct, any investigation, study, sampling and testing,
and undertake any cleanup, removal, remedial or other action required to remove and clean up all Releases or threatened Releases of
Hazardous Materials from any of its properties, as required under, and in accordance with the requirements of all Environmental
Laws; provided, however, that none of the Loan Parties shall be required to undertake any such cleanup, removal, remedial or
other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and, to the
extent required by GAAP, appropriate reserves are being maintained with respect to such circumstances.

 

(b) Environmental
Reporting Requirements. Promptly, and in any event within ten (10) Business Days, after a Responsible Officer obtains knowledge
thereof, notify the Administrative Agent of or, deliver to the Administrative Agent, for further distribution to each Lender copies
of any and all material, non-privileged written communications and material, non-privileged documents concerning:

 

(i)
any Environmental Action against or of any non-compliance by any Loan Party or any of its Subsidiaries with any Environmental Law or
Environmental Permit that would (1) reasonably be expected to result in a liability to any Loan Party in excess of the Threshold
Amount or (2) cause any Mortgaged Properties to be subject to any restrictions on ownership, occupancy, use or transferability under
any Environmental Law;

 

(ii)
to the extent any of the following is reasonably expected to result in a liability to any Loan Party in excess of the Threshold
Amount: (1) any occurrence of any release or threatened release of Hazardous Materials required to be reported to any Governmental
Authority under applicable Environmental Law, (2) any remedial actions taken by any Loan Party or its Subsidiaries in respect of any
such release or threatened release that would reasonably be expected to result in an Environmental Action or (3) the Loan
Parties’ discovery of any occurrence of or condition on any real property adjoining or in the vicinity of any site or facility
that would be reasonably expected to cause such site or facility or any part thereof to be subject to any restrictions on the
ownership, occupancy, transferability or use thereof under any Environmental Laws;

 

(iii)
to the extent reasonably expected to result in a liability to any Loan Party in excess of the Threshold Amount, any action proposed
to be taken by any Loan Party to modify current operations in a manner that would reasonably be expected to subject the Loan Parties
to any material additional obligations or requirements under Environmental Laws;

 

    	-55-

     

    

 

(iv)
the good faith belief that a release of Hazardous Materials, or a violation of Environmental Law reasonably likely to result in a
fine or penalty in excess of the Threshold Amount, has occurred on or after the Effective Date, and within sixty (60) days after
such request and at the expense of Borrower, any additional environmental site assessment reports for any of its or its
Subsidiaries’ properties described in such request prepared by an environmental consulting firm acceptable to the
Administrative Agent, indicating the presence or absence of such Hazardous Materials and the estimated cost of any compliance,
removal or remedial action in connection with any such Hazardous Materials on such properties; without limiting the generality of
the foregoing, if the Administrative Agent reasonably determines at any time that a material risk exists that any such report will
not be provided within the time referred to above, the Administrative Agent may, with prior written notice to Borrower, retain an
environmental consulting firm to prepare such report at the expense of Borrower, and Borrower hereby grants and agrees to cause any
Subsidiary that owns any property described in such request to grants at the time of such request to the Administrative Agent, the
Lenders, such firm and any agents or representatives thereof, the right, subject to the rights of tenants, to enter onto their
respective properties to undertake such an assessment; and

 

(v)
any such other documents and information related to the matters referenced in the foregoing clauses (i) through (iv) as the
Administrative Agent may reasonably request from time to time.

 

Section
6.05. Maintenance of Existence. (a) Preserve, renew and maintain in full force and effect its legal existence, structure and
name under the Laws of the jurisdiction of its organization and (b) take all commercially reasonable action to maintain all rights,
privileges (including its good standing), permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except pursuant to a transaction permitted by Section 7.04 and Section 7.05.

 

Section
6.06. Maintenance of Properties. To the extent the failure to do so would be reasonably likely to have a Material Adverse
Effect, maintain, preserve and protect all of its material properties and equipment that are used or useful in the operation of its
business in good working order, repair and condition, ordinary wear and tear excepted and casualty or condemnation excepted, and
make all commercially reasonable and appropriate repairs, renewals, replacements, modifications, improvements, upgrades, extensions
and additions thereof.

 

Section
6.07. Maintenance of Insurance. Maintain or cause to be maintained, with insurers rated a minimum of A- VII by AM Best, (i)
business interruption insurance (including, without limitation, cyber security breach and cyber systems failure coverage), (ii)
management and employment practices liability with coverage not less than $4,000,000 per event of occurrence, and (iii) casualty
insurance, such public liability insurance, third party property damage insurance with respect to liabilities, losses or damage in
respect of the assets, properties and businesses of Borrower and its Subsidiaries as may customarily be carried or maintained under
similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving
effect to self insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as may be
reasonably acceptable to the Administrative Agent. Each such policy of insurance shall (i) name Collateral Agent, on behalf of
Lenders as an additional insured thereunder as its interests may appear, and (ii) in the case of each casualty insurance policy,
contain a standard loss payable clause or endorsement that names Collateral Agent, on behalf of Secured Parties, as the loss payee
thereunder and provides for at least thirty (30) days’ prior written notice to Collateral Agent of any cancellation of such
policy.

 

    	-56-

     

    

 

Section
6.08. Compliance with Laws. Comply with the requirements of all Laws and all orders, writs, injunctions, decrees and judgments
applicable to it or to its business or property, except where such non-compliance is not, either individually or in the aggregate, reasonably
likely to have a Material Adverse Effect.

 

Section
6.09. Books and Records. Maintain proper books of record and account, in which entries that are full, true and correct in all
material respects and as are sufficient to permit the preparation of financial statements in conformity with GAAP consistently applied
shall be made of all material financial transactions and matters involving the assets and business of the Loan Parties, as the case may
be.

 

Section
6.10. Inspection Rights/Lender Meetings. (a) Permit representatives of the Administrative Agent to visit and inspect any
properties of the Loan Parties and to discuss its affairs, finances and accounts with its directors, officers, and independent
public accountants, all at the reasonable expense of Borrower and at such reasonable times during normal business hours and as often
as may be reasonably desired, upon reasonable advance notice to Borrower; provided, however, that the Administrative
Agent shall not exercise such rights more than two (2) times during any Fiscal Year absent the occurrence of an Event of
Default.

 

(b)
Borrower will schedule telephonic or in-person conferences among the Administrative Agent, the Lenders and the chief financial
officer or head of finance and chief executive officer of Borrower to be held at such location as may be agreed to by Borrower and
Administrative Agent at such time as may be agreed to by Borrower and Administrative Agent.

 

Section
6.11. Covenant to Guaranty Obligations and Give Security. Upon (x) the formation or acquisition of any new direct or indirect
Subsidiary by any Loan Party or (y) the acquisition of any property by any Loan Party, and such property, in the sole judgment of the
Collateral Agent, shall not already be subject to a perfected first priority security interest in favor of the Collateral Agent for the
benefit of the Secured Parties, then each Loan Party shall, in each case at such Loan Party’s expense:

 

(a)
in connection with the formation or acquisition of a Subsidiary, within thirty (30) days after such formation or acquisition (or
such longer period as the Collateral Agent may agree in its sole discretion), cause each such Subsidiary that is required to be a
Guarantor pursuant to the Collateral and Guaranty Requirement, to duly execute and deliver to the Collateral Agent a guaranty or
guaranty supplement, in form and substance reasonably satisfactory to the Collateral Agent, guaranteeing the other Loan
Parties’ Obligations under the Loan Documents,

 

    	-57-

     

    

 

(b)
within thirty (30) days after (or such longer period as the Collateral Agent may agree in its sole discretion) such formation or
acquisition, furnish to the Collateral Agent a description of the Material Real Properties and material personal properties of such
Subsidiary that is required to become a Guarantor under the Collateral and Guaranty Requirement or the Material Real Property and
personal properties so acquired, in each case in detail reasonably satisfactory to the Collateral Agent,

 

(c)
within thirty (30) days after (or such longer period as the Collateral Agent may agree in its sole discretion) (i) the acquisition
of property by any Loan Party, duly execute and deliver, and cause each Loan Party to duly execute and deliver, to the Collateral
Agent such additional pledges, assignments, Security Agreement Supplements, Securities Pledge Agreement Supplements, Intellectual
Property Security Agreement Supplements and other security agreements (which, to the extent applicable and if relating to the type
of Collateral the granting of a security interest in which can be effected through the execution of a joinder agreement or
supplement to the Securities Pledge Agreement (a “Securities Pledge Agreement Supplement”), a joinder agreement
or supplement to the Security Agreement (a “Security Agreement Supplement”) or a joinder agreement or supplement
to the Intellectual Property Security Agreement (an “Intellectual Property Security Agreement Supplement”) shall
be effected in such manner), as reasonably specified by, and in form and substance reasonably satisfactory to the Collateral Agent,
in each case securing payment of all the Obligations of such Loan Party under the Loan Documents and granting Liens on all such
properties and (ii) such formation or acquisition of any new Subsidiary that is required to become a Guarantor under the Collateral
and Guaranty Requirement, duly execute and deliver and cause such Subsidiary that is required to become a Guarantor under the
Collateral and Guaranty Requirement and each Loan Party acquiring Equity Interests in such Subsidiary to duly execute and deliver to
the Collateral Agent pledges, assignments, Security Agreement Supplements, Intellectual Property Security Agreement Supplements and
other security agreements (which, to the extent applicable and if relating to the type of Collateral the granting of a security
interest in which can be effected through the execution of a Security Agreement Supplement or Intellectual Security Agreement
Supplement shall be effected in such manner) as reasonably specified by, and in form and substance reasonably satisfactory to, the
Collateral Agent, in each case securing payment of all of the Obligations of such Subsidiary or Loan Party, respectively, under the
Loan Documents and granting Liens on all properties of such new Subsidiary,

 

(d)
within thirty (30) days (or such longer period as the Collateral Agent may agree in its sole discretion) after such formation or
acquisition, take, and cause each Loan Party and each newly acquired or newly formed Subsidiary that is required to become a
Guarantor under the Collateral and Guaranty Requirement to take or cause to be taken, whatever action (including, without
limitation, the filing of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on
title documents) may reasonably be necessary or advisable in the reasonable opinion of the Collateral Agent to vest in the
Collateral Agent (or in any representative of the Collateral Agent designated by it) valid, perfected (subject to the Collateral and
Guaranty Requirement) Liens on the properties purported to be subject to the pledges, assignments, Security Agreement Supplements,
Intellectual Property Security Agreement Supplements and security agreements delivered pursuant to this Section 6.11, enforceable
against all third parties in accordance with their terms,

 

    	-58-

     

    

 

(e)
within thirty (30) days (or such longer period as the Collateral Agent may agree in its sole discretion) after such formation or
acquisition, deliver to the Collateral Agent, upon the request of the Collateral Agent in its sole discretion, a signed copy of a
favorable opinion in customary form, addressed to the Collateral Agent and the other Secured Parties, of counsel for the Loan
Parties reasonably acceptable to the Collateral Agent addressing such matters as the Collateral Agent may reasonably
request,

 

(f)
at any time and from time to time, promptly execute and deliver, and cause each Loan Party and each newly acquired or newly formed
Subsidiary that is required to become a Guarantor under the Collateral and Guaranty Requirement to execute and deliver, any and all
further instruments and documents and take, and cause each Loan Party and each newly acquired or newly formed Subsidiary that is
required to become a Guarantor under the Collateral and Guaranty Requirement to take, all such other action as the Collateral Agent
may reasonably deem necessary or desirable to satisfy the Collateral and Guaranty Requirement in obtaining the full benefits of, or
in perfecting and preserving the Liens granted pursuant to (as applicable), such guaranties, Mortgages, pledges, assignments,
Security Agreement Supplements, Intellectual Property Security Agreement supplements and security agreements, and

 

(g)
after the Effective Date, promptly within ninety (90) days after (x) the acquisition of any Material Real Property by any Loan Party
or (y) the formation or acquisition of any new direct or indirect Subsidiary that owns any Material Real Property, in each case if
such Material Real Property shall not already be subject to a perfected Lien pursuant to the Collateral and Guaranty Requirement,
Borrower to give notice thereof to the Collateral Agent and as soon as practicable thereafter, to the extent commercially feasible,
cause such Material Real Property to be subjected to a Lien to the extent required by the Collateral and Guaranty Requirement, and
otherwise satisfy the Collateral and Guaranty Requirement with respect to such Material Real Property, and take, or cause the
relevant Loan Party to take, such actions as shall be reasonably necessary or reasonably requested by the Administrative Agent or
the Collateral Agent to grant and perfect or record such Lien.

 

Section
6.12. Use of Proceeds. The proceeds of (i) the Initial Loans shall be used in connection with the Transaction and (ii) the 2021
Loans shall be used solely for working capital purposes.

 

Section
6.13. Further Assurances. At any time or from time to time upon the request of Administrative Agent or Collateral Agent, each
Loan Party will, at its expense:

 

(a)
correct, and cause each of its Subsidiaries promptly to correct, any material defect or error that may be discovered in any Loan
Document or in the execution, acknowledgment, filing or recordation thereof;

 

    	-59-

     

    

 

(b)
do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds,
conveyances, pledge agreements, Mortgages, deeds of trust, trust deeds, assignments, financing statements and continuations thereof,
termination statements, notices of assignment, transfers, certificates, collateral access agreements, assurances and other
instruments as any Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (w)
carry out more effectively the purposes of the Loan Documents, (x) to the fullest extent permitted by applicable Law, subject any
Loan Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended
to be covered by any of the Collateral Documents, (y) perfect and maintain the validity, effectiveness and priority of any of the
Collateral Documents and any of the Liens intended to be created thereunder and (z) assure, convey, grant, assign, transfer,
preserve, protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be
granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document
to which any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so;

 

(c)
use commercially reasonable efforts to cause any third parties to deliver or cause to be delivered such documents and instruments
necessary, in the applicable Agent’s reasonable discretion, to create, perfect and protect the security interests of the
Secured Parties in the Collateral, subject to the express limitations of the Collateral and Guaranty Requirement; and

 

(d)
use commercially reasonable efforts to obtain the applicable consents to security interests in assets in which the granting of a
security interest is prohibited by applicable law or agreements containing anti-assignment clauses (it being understood that the
Loan Parties shall not be required to commence litigation or expend any sums of money (except reasonable expenses in obtaining such
consents) to obtain such consents).

 

Section
6.14. Taxes. (a) Pay and discharge, and cause each of its Subsidiaries to pay and discharge, all Taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, in each case
on a timely basis, which, if unpaid when due and payable, may reasonably be expected to become a tax Lien upon any properties of the
Loan Parties not otherwise permitted under this Agreement; provided that no Loan Party shall be required to pay any such Tax,
assessment, charge, levy or claim which is being contested in good faith and by proper proceedings if it has maintained adequate
reserves with respect thereto in accordance with GAAP unless and until any tax Lien resulting therefrom attaches to its property and
becomes enforceable against its other creditors.

 

(b)
With respect to Parent, be classified as a corporation for United States federal income tax purposes.

 

Section
6.15. End of Fiscal Years; Fiscal Quarters. Cause (i) its Fiscal Year to end on or about December 31 of each calendar year and
(ii) its Fiscal Quarters to end on or about March 31, June 30, September 30 and December 31 of each calendar year, in each case unless
otherwise approved by the Administrative Agent.

 

    	-60-

     

    

 

Section
6.16. ERISA. Deliver to the Administrative Agent:

 

(a) ERISA
Events and ERISA Reports (i) promptly and in any event within ten (10) days after any Loan Party knows or has reason to know
that any ERISA Event has occurred, a statement of a Responsible Officer of Borrower describing such ERISA Event and the action, if
any, that such Loan Party has taken and proposes to take with respect thereto and (ii) within ten (10) days of the date any records,
documents or other information must be furnished to the PBGC with respect to any Plan pursuant to Section 4010 of ERISA, a copy of
such records, documents and information;

 

(b) Plan
Terminations. Promptly and in any event within two (2) Business Days after receipt thereof by any Loan Party, copies of each
notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan.

 

(c)
Plan Annual Reports. Promptly and in any event within thirty (30) days after the filing thereof with the Internal Revenue
Service, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each
Plan.

 

(d) Multiemployer
Plan Notices. Promptly and in any event within five (5) Business Days after receipt thereof by any Loan Party from the sponsor
of a Multiemployer Plan, copies of each notice concerning (i) the imposition of Withdrawal Liability by any such Multiemployer Plan,
(ii) the reorganization or termination, or a determination that such Multiemployer Plan is in endangered or critical status, within
the meaning of Title IV of ERISA, of any such Multiemployer Plan or (iii) the amount of liability incurred, or that may be incurred,
by such Loan Party in connection with any event described in clause (i) or (ii).

 

Section
6.17. SBA PPP Loan. Borrower shall use all of the proceeds of the SBA PPP Loan exclusively for the CARES Allowable Uses in the
manner required under the CARES Act. Borrower shall (A) maintain all records required to be submitted in connection with the forgiveness
of the SBA PPP Loan, (B) apply for forgiveness of the SBA PPP Loan in accordance with regulations implementing Section 1106 of the CARES
Act and (C) provide the Administrative Agent with a copy of its application for forgiveness and all supporting documentation required
by the SBA or the SBA PPP Loan lender in connection with the forgiveness of the SBA PPP Loan.

 

Section
6.18. Post-Closing Obligations. Deliver to the Administrative Agent:

 

(a)
Within sixty (60) days after the Effective Date, the Loan Parties shall deliver to the Collateral Agent a fully executed Control
Agreement, in form and substance reasonably satisfactory to the Collateral Agent, for each Deposit Account maintained.

 

(b)
Within sixty (60) days after the Effective Date, the Loan Parties shall use commercially reasonable efforts to deliver to the
Collateral Agent a fully executed landlord personal property collateral access agreement, in each case in form and substance
reasonably satisfactory to the Collateral Agent, executed by each landlord of any leasehold property and by the applicable Loan
Party.

 

    	-61-

     

    

 

(c)
Within sixty (60) days after the Effective Date, the Loan Parties shall deliver to the Collateral Agent the endorsements to
insurance policies required to be maintained pursuant to Section 5.13 of this Agreement.

 

(d)
Within fourteen (14) days after the Effective Date, Parent shall have issued to Centre Lane Partners Master Credit Fund II, L.P.
2,500,000 shares of Parent’s common stock.

 

(e)
On or prior to August 31, 2021, the Loan Parties shall, at the sole expense of the Loan Parties, assist the Collateral Agent and its
counsel in completing a collateral review acceptable to the Administrative Agent in its sole discretion and the Loan Parties shall
agree to make any requested changes and modifications to the Loan Documents as the Lenders may require in order to ensure the
Collateral Agent has a first priority perfected and fully enforceable Lien on all assets of the Borrower and on 100% of the Equity
Interests of the Borrower.

 

(f)
On or prior to August 20, 2021, Parent shall have filed a Yearly Report on Form 10-K with the SEC in respect of the Fiscal Year
ending December 31, 2020.

 

(g)
On or prior to September 30, 2021, Parent shall have filed Quarterly Reports on Form 10-Q with the SEC in respect of the Fiscal
Quarters ending March 31, 2021 and June 30, 2021.

 

Section
6.19. 2021 Preferred Stock Issuance. On or prior to November 30, 2021, Parent shall have completed the 2021 Preferred Stock
Issuance on terms acceptable to the Administrative Agent in its sole discretion, including, but not limited to, the Acceptable
Preferred Stock Issuance Terms.

 

Article
VII

 

Negative
Covenants

 

So
long as any Lender shall have any Commitment hereunder, or any Loan or other Obligation hereunder which is accrued and payable shall
remain unpaid or unsatisfied, no Loan Party shall, nor shall permit any of its Subsidiaries to, directly or indirectly:

 

Section
7.01. Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues (including accounts
receivable), whether now owned or hereafter acquired, other than the following:

 

(a)
Liens pursuant to any Loan Document;

 

(b)
Liens existing on the date hereof and listed on Schedule 7.01(b);

 

    	-62-

     

    

 

(c)
Liens for taxes, assessments or governmental charges which are not overdue for a period of more than thirty (30) days or which are
being contested in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books
of the applicable Person to the extent required in accordance with GAAP;

 

(d)
statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, suppliers, construction
contractors or other like Liens arising in the ordinary course of business which secure amounts not overdue for a period of more
than thirty (30) days or if more than thirty (30) days overdue, are unfiled (or if filed have been discharged or stayed) and no
other action has been taken to enforce such Lien or which are being contested in good faith, if adequate reserves with respect
thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP;

 

(e)
(i) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other social security legislation, (ii) pledges and deposits in the ordinary course of business securing liability for
reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the
benefit of) insurance carriers providing property, casualty or liability insurance to the Loan Parties and (iii) Liens securing the
financing of insurance premiums (to the extent such Liens extend to the unearned premiums for such insurance);

 

(f)
deposits to secure the performance of bids, trade contracts, governmental contracts and leases (other than Indebtedness for borrowed
money), statutory obligations, surety, stay, indemnity, customs and appeal bonds, performance bonds and other obligations of a like
nature (including those to secure health, safety and environmental obligations) incurred in the ordinary course of
business;

 

(g)
easements, rights-of-way, covenants, conditions, restrictions, encroachments, and other survey defects protrusions and other similar
encumbrances and minor title defects affecting real property which were not incurred in connection with Indebtedness and do not in
any case materially and adversely interfere with the use of the property encumbered thereby for its intended purposes;

 

(h)
Liens securing Indebtedness permitted under Section 7.03(c); provided that (i) such Liens attach concurrently with or within
one hundred twenty (120) days after the acquisition, or the completion of the construction, repair, replacement or improvement (as
applicable) of the property subject to such Liens, (ii) such Liens do not at any time encumber any property other than the property
financed by such Indebtedness, replacements thereof and additions and accessions to such property and the proceeds and the products
thereof and customary security deposits, and (iii) with respect to Capital Leases, such Liens do not at any time extend to or cover
any assets (except for additions and accessions to such assets, replacements and products thereof and customary security deposits)
other than the assets subject to such Capital Leases;

 

    	-63-

     

    

 

(i)
[Reserved];

 

(j)
Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other financial
institutions not given in connection with the incurrence of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the
Loan Parties or any Subsidiary (so long as such Subsidiary remains a Subsidiary) to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the Loan Parties or such Subsidiary or (iii) relating to purchase orders
and other agreements entered into with customers of the Loan Parties in the ordinary course of business;

 

(k)
Liens arising from precautionary Uniform Commercial Code financing statement filings regarding leases entered into by the Loan
Parties in the ordinary course of business;

 

(l)
any zoning, land-use or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of
any real property;

 

(m)
any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any license or lease
agreement entered into in the ordinary course of business which do not (i) interfere in any material respect with the business of
Parent or its Subsidiaries or materially detract from the value of the relevant assets of the Loan Parties or their Subsidiaries or
(ii) secure any Indebtedness; and

 

(n)
the modification, replacement, renewal or extension of any Lien permitted by clause (b) of this Section 7.01; provided that
(i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into
the property covered by such Lien or financed by Indebtedness permitted under Section 7.03, and (B) proceeds and products thereof;
and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section
7.03.

 

Section
7.02. Investments. Make any Investments, except:

 

(a)
Investments in cash and Cash Equivalents;

 

(b)
(i) equity Investments owned as of the Effective Date in any Subsidiary, (ii) Investments made after the Effective Date in any Loan
Party, (iii) so long as no Event of Default has occurred and is continuing, Investments in any Wholly-owned Subsidiary of a Loan
Party that is not a Loan Party in an aggregate amount not to exceed $500,000 in any Fiscal Quarter; and (iv) Investments made after
the Effective Date in the ordinary course of business by any Wholly-owned Subsidiary of a Loan Party that is not a Loan Party in any
other Wholly-owned Subsidiary of a Loan Party that is not a Loan Party;

 

(c)
intercompany loans to the extent permitted under Section 7.03(i);

 

    	-64-

     

    

 

(d)
to the extent constituting Investments, Liens, Indebtedness, fundamental changes, Dispositions and Restricted Payments expressly
permitted under Section 7.01, Section 7.03, Section 7.04, Section 7.05 and Section 7.06, respectively and Capital Expenditures; provided,
however, that no Investments may be made solely pursuant to this Section 7.02(d);

 

(e)
Investments existing on the date hereof and disclosed on Schedule 7.02(e) and Investments consisting of any modification,
replacement, renewal, reinvestment or extension of any such Investment existing on the date hereof; provided that the amount
of any Investment permitted pursuant to this Section 7.02(e) is not increased from the amount of such Investment on the Effective
Date except pursuant to the terms of such Investment as of the Effective Date or as otherwise permitted by this Section
7.02;

 

(f)
promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.05;

 

(g)
Investments made with the proceeds of Dispositions and Casualty Events pursuant to Sections 2.03(b)(ii) and 2.03(b)(iii);
and

 

(h)
Investments constituting Acquisitions, provided:

 

(i)
immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would
result therefrom;

 

(ii)
all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and
in conformity with all applicable Governmental Authorizations;

 

(iii)
in the case of an acquisition of Equity Interests, all of the Equity Interests (except for any such Equity Interests in the nature
of directors’ qualifying shares required pursuant to applicable Law) acquired or otherwise issued by such Person or any newly
formed Guarantor Subsidiary in connection with such Acquisition shall be owned 100% by Parent, Borrower or a Guarantor Subsidiary
(except to the extent otherwise required by Laws) and Borrower shall have taken, or caused to be taken, as of the date such Equity
Interests are acquired, each of the actions set forth in Section 6.11;

 

(iv)
any Person or assets or division as acquired in accordance herewith shall be in same business or lines of business in which Parent
and/or its Subsidiaries are engaged as of the Effective Date;

 

(vi)
the Acquisition shall have been approved by the board of directors or other governing body or controlling Person of the Person
acquired or the Person from whom such assets or division is acquired;

 

(vii)
the Administrative Agent shall have received the final documentation in connection with the Acquisition; and

 

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(viii)
(x) the cash consideration paid in connection with any Acquisition of domestic assets consummated after the Effective Date shall not
exceed $7,500,000 per Fiscal Year (in addition to any cash proceeds received by a Loan Party from a simultaneous issuance of
Qualified Equity Interests or convertible notes) and (y) no portion of the consideration paid in connection with any such
Acquisition of foreign assets consummated after the Effective Date shall be paid in cash (other than cash proceeds received by a
Loan Party from a simultaneous issuance of Equity Interests or convertible notes).

 

Section
7.03. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except the following, without duplication (which
constitutes “Permitted Indebtedness”):

 

(a)
Obligations of the Loan Parties under the Loan Documents;

 

(b)
Surviving Indebtedness listed on Schedule 7.03(b), but not any extensions, renewals or replacements of such Indebtedness except (i)
renewals and extensions expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the
date of this Agreement and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not
less favorable to the obligor thereon or to the Lenders than the Indebtedness being refinanced or extended, and the average life to
maturity thereof is greater than or equal to that of the Indebtedness being refinanced or extended; provided, such
Indebtedness permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor
that was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the
Indebtedness being renewed, extended or refinanced, or (C) be incurred, created or assumed if any Default or Event of Default has
occurred and is continuing or would result therefrom;

 

(c)
Indebtedness with respect to Capital Leases and purchase money Indebtedness in an amount not to exceed $1,000,000 in the aggregate
at any time outstanding; provided that any such Indebtedness (x) in the case of additional Capital Leases or purchase money
Indebtedness, shall be secured by the asset subject to such additional Capital Leases or acquired asset in connection with the
incurrence of such Indebtedness, as the case may be, and (y) in the case of purchase money Indebtedness, shall constitute not less
than 75% of the aggregate consideration paid with respect to such asset;

 

(d)
the SBA PPP Loan;

 

(e)
Indebtedness in respect of Swap Contracts designed to hedge against interest rates, foreign exchange rates or commodities pricing
risks incurred in the ordinary course of business and not for speculative purposes;

 

(f)
Indebtedness incurred by any Loan Party in respect of letters of credit, bank guarantees, bankers’ acceptances, warehouse
receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other
Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;

 

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(g)
Indebtedness incurred by any Loan Party in respect of accounts payable to trade creditors for goods and services and current
operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of business in accordance with
customary terms and paid within the specified time, unless contested in good faith by appropriate proceedings and reserved for
substantially in accordance with GAAP;

 

(h)
Indebtedness consisting of guarantees resulting from endorsement of negotiable instruments for collection by any Loan Party in the
ordinary course of business;

 

(i)
Indebtedness of (i) any Loan Party owing to any other Loan Party and (ii) Indebtedness owed by a Subsidiary that is not a Guarantor
Subsidiary to any Loan Party to the extent such Indebtedness is permitted as an Investment pursuant to Section 7.02; provided,
that, in each case (A) all such Indebtedness shall be evidenced by promissory notes and all such notes shall be subject to a first
priority Lien pursuant to the Collateral Documents and (B) all such Indebtedness shall be unsecured and subordinated in right of
payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany
subordination agreement that in any such case, is reasonably satisfactory to the Collateral Agent;

 

(j) unsecured
Indebtedness (other than for borrowed money) that may be deemed to exist pursuant to any bona fide warranty or contractual service obligations
or performance in the ordinary course of business of the Loan Parties;

 

(k)
Indebtedness in respect of the convertible notes; provided that, all such Indebtedness in respect of the convertible notes
shall be unsecured and subordinated in right of payment to the payment in full (other than any payment as a result of the conversion
of such convertible notes into Equity Interests of Parent) to the Obligations;

 

(l)
other unsecured Indebtedness, provided that such Indebtedness matures not less than one hundred eighty (180) days following
the Initial Maturity Date; and

 

(m)
the 2021 Preferred Stock on terms reasonably acceptable to the Administrative Agent in its sole discretion.

 

For
purposes of determining compliance with this Section 7.03, all Obligations outstanding under the Loan Documents will be deemed to have
been incurred in reliance only on the exception in clause (a) of this Section 7.03. Notwithstanding anything to the contrary herein,
no Loan Party shall have outstanding, create or incur any Indebtedness owing to any other Loan Party or any Affiliate or employee of
any Loan Party unless such Indebtedness is expressly permitted hereunder and expressly subordinated to the Loans and other Obligations
in a manner and on terms satisfactory to the Administrative Agent.

 

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Section
7.04. Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, acquire or Dispose of (whether
in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to
or in favor of any Person, except:

 

(a)
Permitted Acquisitions;

 

(b)
Dispositions pursuant to Section 7.05; and

 

(c)
any Subsidiary of Parent may be merged with or into Parent or any Guarantor Subsidiary, or be liquidated, wound up or dissolved, or
all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one
transaction or a series of transactions, to Parent or any Guarantor Subsidiary; provided, in the case of such a merger
involving Borrower, Borrower shall be the continuing or surviving Person and in the case of such a merger not involving Borrower,
such Guarantor Subsidiary shall be the continuing or surviving Person.

 

Section
7.05. Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except:

 

(a)
Dispositions of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business
and Dispositions of property no longer used or useful in the conduct of the business of Parent and its Subsidiaries;

 

(b)
Dispositions of inventory and immaterial assets in the ordinary course of business (including allowing any registrations or any
applications for registration of any immaterial Intellectual Property to lapse or go abandoned in the ordinary course of
business);

 

(c)
Dispositions of property of Parent and its Subsidiaries to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property that is promptly purchased or (ii) the proceeds of such Disposition are promptly
applied to the purchase price of such replacement property (which replacement property is actually promptly purchased);

 

(d)
Dispositions permitted by Section 7.02, Section 7.04, Section 7.06 and Section 7.13 and Liens permitted by Section 7.01;

 

(e)
Dispositions in the ordinary course of business of cash and Cash Equivalents;

 

(f)
Dispositions, the proceeds of which (i) are less than $250,000 with respect to any single Disposition or series of related
Dispositions, and (ii) when aggregated with the proceeds of all other Dispositions made within the same Fiscal Year, are less than
$500,000; provided (1) the consideration received for such assets shall be in an amount at least equal to the fair market
value thereof (determined in good faith by the board of directors of Parent (or similar governing body)), (2) no less than 100%
thereof shall be paid in cash, and (3) the Net Cash Proceeds thereof shall be applied in accordance with the requirements of Section
2.03(b)(ii); and

 

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(g)
Dispositions resulting from Casualty Events; provided that the Net Cash Proceeds thereof shall be applied in accordance with
the requirements of Section 2.03(b)(iii).

 

Section
7.06. Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, except:

 

(a)
any Loan Party may make Restricted Payments to any other Loan Party;

 

(b)
to the extent constituting Restricted Payments, Parent and its Subsidiaries may enter into and consummate transactions expressly
permitted by any provision of Section 7.02, Section 7.04, Section 7.06 or Section 7.08;

 

(c)
Parent may make Restricted Payments in connection with the conversion of convertible notes into Equity Interests of Parent;
and

 

(d)
so long as no Event of Default has occurred and is continuing, Parent may make Restricted Payments on account of interest and
dividends due and owing on preferred stock issued by Parent not to exceed $800,000 per Fiscal Year.

 

Section
7.07. Change in Nature of Business. Engage in any line of business other than those lines of business conducted by the Loan
Parties on the Effective Date and other lines of business reasonably related thereto.

 

Section
7.08. Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of a Loan Party, whether or not
in the ordinary course of business, other than:

 

(a)
transactions on terms substantially as favorable to Parent or such Subsidiary as would be obtainable by Parent or such Subsidiary at
the time in a comparable arm’s-length transaction with a Person other than an Affiliate;

 

(b)
the Transaction, including entering into this Agreement and the Loan Documents, together with all agreements ancillary hereto or
thereto;

 

(c)
the repurchase or redemption of capital stock or other Equity Interest of Parent held by officers, directors or employees or former
officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of Parent or its Subsidiaries,
upon their death, disability, retirement, severance or termination of employment or service in an aggregate principal amount not to
exceed $250,000 during any Fiscal Year;

 

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(d)
loans and other transactions by and among Parent and/or one or more Subsidiaries to the extent permitted under this Article VII;

 

(e)
customary compensation and indemnification of, and other employment arrangements with, directors, officers and employees of Parent and
any of its Subsidiaries in the ordinary course of business; and

 

(f)
Restricted Payments permitted under Section 7.06.

 

Section
7.09. Prepayments of Certain Indebtedness; Modifications of Certain Indebtedness; Payments of Interest on Convertible Notes and Indebtedness.
Except in each case as otherwise expressly permitted by this Agreement:

 

(a)
directly or indirectly, voluntarily purchase, redeem, defease or prepay any principal of, premium, if any, interest or other amount payable
in respect of any Indebtedness prior to its scheduled maturity, other than (i) the Obligations and (ii) Indebtedness secured by a Permitted
Lien and (iii) interest payable in kind in respect of any convertible notes issued by Parent or any Indebtedness incurred pursuant to
Section 7.03(l); and

 

(b)
solely to the extent any portion of the SBA PPP Loan is not forgiven pursuant to, and in accordance with, the Cares Act (such amount,
the “Unforgiven Debt”), an amount equal to the Unforgiven Debt may be used for the prepayment of principal (together
with interest thereon) of the SBA PPP Loan, to the extent permitted under the CARES Act and provided that at the time of such prepayment
no Event of Default has occurred and is continuing.

 

Section
7.10. Negative Pledge. Except as provided herein, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction of any kind on the ability of any Subsidiary to (a) pay dividends or make any other distributions on any of
such Subsidiary’s Equity Interests owned by Parent or any other Subsidiary of Parent, (b) repay or prepay any Indebtedness owed
by such Subsidiary to Parent or any other Subsidiary of Parent, (c) make loans or advances to Parent or any other Subsidiary of Parent,
or (d) transfer any of its property or assets to Parent or any other Subsidiary of Parent other than restrictions (i) in agreements evidencing
purchase money Indebtedness permitted by Section 7.03(c) that impose restrictions on the property so acquired, (ii) by reason of customary
provisions restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements and similar
agreements entered into in the ordinary course of business, and (iii) that are or were created by virtue of any transfer of, agreement
to transfer or option or right with respect to any property, assets or Equity Interests not otherwise prohibited under this Agreement.

 

Section
7.11. Amendments to Organization Documents. Amend, or permit any of its Subsidiaries to amend, its certificate of incorporation or
bylaws or other Organization Documents in a manner adverse to the interests of the Lenders.

 

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Section
7.12. Sale Leasebacks. No Loan Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, become or remain
liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether
now owned or hereafter acquired, which such Loan Party (a) has sold or transferred or is to sell or to transfer to any other Person or
(b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by such Loan
Party to any Person in connection with such lease, except for any Sale Leaseback set forth on Schedule 7.12.

 

Section
7.13. [Reserved].

 

Section
7.14. Accounting Changes. Make any change in (a) accounting policies or reporting practices, except as required by GAAP or (b) Fiscal
Year.

 

Section
7.15. OFAC. (a) Become a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of
Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism (66 Fed. Reg. 49079 (2001)), (b) engage in any dealings or transactions prohibited by Section 2 of such executive
order, or is otherwise associated with any such person in any manner that violates Section 2 of such executive order or (c) become a
person on the list of “Specially Designated Nationals and Blocked Persons” or subject to blocking or specific trade restrictions
under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or implementing executive order.

 

Article
VIII

 

Events
of Default and Remedies

 

Section
8.01. Events of Default. Any of the following events referred to in any of clauses (a) through (m) inclusive of this Section 8.01
shall constitute an “Event of Default”:

 

(a)
Non-Payment. Any Loan Party fails to pay, within five (5) days after the same becomes due, any amount of principal of any Loan
or any interest on any Loan or any other amount payable hereunder or with respect to any other Loan Document; or

 

(b)
Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6.01,
Section 6.02, Section 6.03, Section 6.05, Section 6.12, Section 6.14, Section 6.16, Section 6.18, Section 6.19 or Article VII; or

 

(c)
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after
receipt by Borrower of written notice thereof from the Administrative Agent or the Required Lenders; or

 

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(d)
Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on
behalf of any Loan Party herein, in any other Loan Document, or in any document required to be delivered in connection herewith or therewith
shall be incorrect or misleading in any material respect when made or deemed made; or

 

(e)
Cross-Default. Any Loan Party or any Subsidiary (A) fails to make any payment beyond the applicable grace period with respect
thereto, if any (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness
(other than Indebtedness hereunder) having an aggregate principal amount of not less than the Threshold Amount or (B) fails to observe
or perform any other agreement or condition relating to any such Indebtedness, or any other event occurs, the effect of which default
or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or
holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to
be made, prior to its stated maturity; or

 

(f) Involuntary
Bankruptcy; Appointment of Receiver, etc. (i) A court of competent jurisdiction shall enter a decree or order for relief in
respect of any Loan Party in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or
similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted without
stay under any applicable federal or state law; or (ii) an involuntary case shall be commenced against any Loan Party under the
Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order
of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or
other officer having similar powers over any Loan Party, or over all or a substantial part of its property, shall have been entered;
or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of any Loan Party for
all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against
any substantial part of the property of any Loan Party, and any such event described in this clause (ii) shall continue for sixty
(60) days without having been dismissed, bonded or discharged; or

 

(g)
Voluntary Bankruptcy; Appointment of Receiver, etc. (i) Any Loan Party shall have an order for relief entered with respect to
it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now
or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary
case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other
custodian for all or a substantial part of its property; or any Loan Party shall make any assignment for the benefit of creditors; or
(ii) any Loan Party shall be unable, or shall fail generally, or shall admit in writing its inability to pay its debts as such debts
become due; or the board of directors (or similar governing body) of any Loan Party shall adopt any resolution or otherwise authorize
any action to approve any of the actions referred to herein or in Section 8.01(f); or

 

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(h)
Judgments and Attachments. Any money judgment, writ or warrant of attachment or similar process involving (i) in any individual
case an amount in excess of $500,000 or (ii) in the aggregate at any time an amount in excess of $1,000,000 (in either case, to the extent
not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered
or filed against any Loan Party or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for
a period of sixty (60) days (or in any event later than five (5) days prior to the date of any proposed sale thereunder); or

 

(i)
Dissolution. Any order, judgment or decree shall be entered against any Loan Party decreeing the dissolution or split up of such
Loan Party and such order shall remain undischarged or unstayed for a period in excess of sixty (60) days; or

 

(j)
ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be
expected to result in liability of any Loan Party under Title IV of ERISA in an aggregate amount which would reasonably be expected to
exceed the Threshold Amount, (ii) any Loan Party fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which
would reasonably be expected to exceed the Threshold Amount, or (iii) any Loan Party shall have been notified by the sponsor of a Multiemployer
Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, and as a result
of such reorganization or termination the aggregate annual contributions of the Loan Parties to all Multiemployer Plans that are then
in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the
plan years of such Multiemployer Plans immediately preceding the plan year in which such reorganization or termination occurs by an aggregate
amount which would reasonably be expected to exceed the Threshold Amount; or

 

(k)
Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for
any reason other than as expressly permitted hereunder or thereunder or the satisfaction in full of all the Obligations, ceases to be
in full force and effect; or any Loan Party contests in writing in any manner the validity or enforceability of any provision of any
Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under any Loan Document (other
than as a result of repayment in full of the Obligations and termination of the Aggregate Commitments), purports in writing to revoke
or rescind any Loan Document or asserts in writing that any Guaranty, Collateral Document or subordination provision in respect of any
Indebtedness in excess (in the aggregate) of the Threshold Amount is invalid or unenforceable; or

 

(l)
Change of Control. There occurs any Change of Control; or

 

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(m)
Guaranties, Collateral Documents and other Loan Documents. At any time after the execution and delivery thereof, (i) the Guaranty
for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance
with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, (ii) this Agreement
or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with
the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof) or shall be declared
null and void, or Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be
covered by the Collateral Documents with the priority required by the relevant Collateral Document, in each case for any reason other
than the failure of Collateral Agent or any Secured Party to take any action within its control, or (iii) any Loan Party shall contest
the validity or enforceability of any Loan Document in writing or deny in writing that it has any further liability, including with respect
to future advances by Lenders, under any Loan Document to which it is a party; or

 

(n)
Stock Exchange Rules. (i) Parent shall fail to comply with any reporting rules and regulations of the stock exchange on which
Parent’s Equity Interests are traded or (ii) any common stock of Parent held by Centre Lane Partners Master Credit Fund II, L.P.
or any of its affiliates shall fail to be fully registered and/or freely tradable if and when Parent uplists to a national stock exchange.

 

Section
8.02. Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent may and, at the
request of the Required Lenders, shall take any or all of the following actions:

 

(a)
declare the commitment (if any) of each Lender to make Loans to be terminated, whereupon such commitments and obligations shall be
terminated;

 

(b)
declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing
or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by Borrower;

 

(c)
set-off against any outstanding Obligations amounts held for the account of the Loan Parties as cash collateral or in the accounts of
any Loan Party maintained by or with the Administrative Agent, any Lender or their respective Affiliates; and

 

(d)
exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable
Law;

 

provided
that upon the occurrence of an Event of Default under Sections 8.01(f) or (g), the obligation of each Lender to make Loans shall
automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid, shall
automatically become due and payable without further act of any Agent or any Lender.

 

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Section
8.03. Application of Funds. If after the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically
become immediately due and payable), including in any bankruptcy or insolvency proceeding, any amounts received on account of the Obligations
shall be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and
interest, but including Attorney Costs payable under Section 10.04 and Section 10.05 and amounts payable under Article III) payable to
each Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting indemnities and other amounts (other than principal and interest) payable
to the Lenders (including amounts payable under Article III), ratably among them in proportion to the amounts described in this clause
Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting any accrued, unpaid interest (including, but not limited to, Default Rate
interest, accrued but uncapitalized PIK Interest and post-petition interest) ratably among the Lenders in proportion to the respective
amounts described in this clause Third payable to them;

 

Fourth,
to prepay Loans on a pro rata basis (in accordance with the respective outstanding principal amounts thereof);

 

Fifth,
to the payment of all other Obligations of the Loan Parties that are due and payable to the Administrative Agent and the other Secured
Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and
the other Secured Parties on such date; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to Borrower or as otherwise required by Law.

 

Article
IX

 

Administrative
Agent and Other Agents

 

Section
9.01. Appointment and Authorization of Agents. (a) Each Lender hereby irrevocably appoints, designates and authorizes the Administrative
Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers
and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such
powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained in this Agreement or in any other
Loan Document, the Administrative Agent shall have no duties or responsibilities, except those expressly set forth herein, nor shall
the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or Participant, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise
exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
herein and in the other Loan Documents with reference to any Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and
is intended to create or reflect only an administrative relationship between independent contracting parties.

 

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Notwithstanding
any provision contained in this Agreement providing for any action in the Administrative Agent’s reasonable discretion or approval
of any action or matter in the Administrative Agent’s reasonable satisfaction, the Administrative Agent shall not have any duty
to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders
(or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided
that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose
the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law. The Administrative Agent shall not,
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to Borrower, any other Loan Party or any of their respective Affiliates that is communicated to
or obtained by the Person serving as the Administrative Agent or any other Agent-Related Person in any capacity.

 

The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation,
perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral,
or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

(b)
The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the Lenders hereby
irrevocably appoints and authorizes the Administrative Agent to act as the agent of (and to hold any security interest, charge or other
Lien created by the Collateral Documents for and on behalf of or on trust for) such Lender for purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion
as are reasonably incidental thereto. In this connection, the Administrative Agent, as “collateral agent” (and any co-agents,
sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.02 for purposes of holding or enforcing
any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies
thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article IX (including
Section 9.07, as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents)
as if set forth in full herein with respect thereto.

 

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Section
9.02. Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Loan Document
(including for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents
or of exercising any rights and remedies thereunder) by or through Affiliates, agents, employees or attorneys-in-fact, such sub-agents
as shall be deemed necessary by the Administrative Agent, and shall be entitled to advice of counsel, both internal and external, and
other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for
the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct.

 

Section
9.03. Liability of Agents. No Agent-Related Person shall (a) be liable to any Lender for any action taken or omitted to be taken
by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except
for its own gross negligence or willful misconduct, as determined by the final judgment of a court of competent jurisdiction, in connection
with its duties expressly set forth herein), or (b) be responsible in any manner to any Lender or Participant for any recital, statement,
representation or warranty made by any Loan Party or any officer thereof, contained herein or in any other Loan Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with,
this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement
or any other Loan Document, or the perfection or priority of any Lien or security interest created or purported to be created under the
Collateral Documents, or for any failure of any Loan Party or any other party to any Loan Document to perform its obligations hereunder
or thereunder. No Agent-Related Person shall be under any obligation to any Lender or Participant to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect
the properties, books or records of any Loan Party or any Affiliate thereof.

 

Section
9.04. Reliance by Agents. (a) Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication,
signature, resolution, representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message,
electronic mail message, statement or other document or conversation believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to any Loan Party),
independent accountants and other experts selected by such Agent. Each Agent shall be fully justified in failing or refusing to take
any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate
and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the
Required Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders.

 

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(b)
For purposes of determining compliance with the conditions specified in Section 4.01, each Lender that has signed this Agreement shall
be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from
such Lender prior to the Effective Date specifying its objection thereto.

 

Section
9.05. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default,
except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the
account of the Lenders, unless the Administrative Agent shall have received written notice from a Lender or Borrower referring to this
Agreement, describing such Default and stating that such notice is a “notice of default”. The Administrative Agent will promptly
notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to any Event of Default
as may be directed by the Required Lenders in accordance with Article VIII; provided that unless and until the Administrative
Agent has received any such direction, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Event of Default as it shall deem advisable or in the best interest of the Lenders.

 

Section
9.06. Credit Decision; Disclosure of Information by Agents. Each Lender acknowledges that no Agent-Related Person has made any representation
or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review
of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Agent-Related
Person to any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession.
Each Lender represents to each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such
documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects, operations,
property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable
bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement
and to extend credit to Borrower and the other Loan Parties hereunder. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents,
and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial
and other condition and creditworthiness of Borrower and the other Loan Parties. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by any Agent herein, such Agent shall not have any duty or responsibility to provide any Lender
with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person.

 

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Section
9.07. Indemnification of Agents. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify
upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Loan Party and without limiting the obligation
of any Loan Party to do so), pro rata, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities
to the extent incurred by it; provided that no Lender shall be liable for the payment to any Agent-Related Person of any portion
of such Indemnified Liabilities to the extent resulting from such Agent-Related Person’s own gross negligence or willful misconduct,
as determined by the final non-appealable judgment of a court of competent jurisdiction; provided that no action taken in accordance
with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Loan Documents)
shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 9.07. In the case of any investigation,
litigation or proceeding giving rise to any Indemnified Liabilities, this Section 9.07 applies whether any such investigation, litigation
or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse the Administrative
Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by the Administrative
Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any
other Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed
for such expenses by or on behalf of Borrower; provided that such reimbursement by the Lenders shall not affect Borrower’s
continuing reimbursement obligations with respect thereto, if any. The undertaking in this Section 9.07 shall survive termination of
the Aggregate Commitments, the payment of all other Obligations and the resignation of the Administrative Agent.

 

Section
9.08. Agents in their Individual Capacities. Each Agent and its Affiliates may make loans to, issue letters of credit for the account
of, accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, underwriting
or other business with each of the Loan Parties and their respective Affiliates as though such Agent were not an Agent hereunder and
without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant to such activities, each Agent or its Affiliates
may receive information regarding any Loan Party or any Affiliate of a Loan Party (including information that may be subject to confidentiality
obligations in favor of such Loan Party or such Affiliate) and acknowledge that no Agent shall be under any obligation to provide such
information to them. With respect to its Loans, each Agent shall have the same rights and powers under this Agreement as any other Lender
and may exercise such rights and powers as though it were not an Agent, and the terms “Lender” and “Lenders”
include such Agent in its individual capacity.

 

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Section
9.09. Successor Agents. The Administrative Agent may resign as the Administrative Agent upon thirty (30) days’ notice to the
Lenders and Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint a successor agent
for the Lenders, which appointment of a successor agent shall require the consent of Borrower at all times other than during the existence
of an Event of Default under Section 8.01(a), (f) or (g) (which consent of Borrower shall not be unreasonably withheld or delayed). If
no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent
may appoint, after consulting with the Lenders and, if no Default has occurred and is continuing, Borrower, a successor agent from among
the Lenders. Upon the acceptance of its appointment as successor agent hereunder, the Person acting as such successor agent shall succeed
to all the rights, powers and duties of the retiring Administrative Agent and the term “Administrative Agent”, shall mean
such successor administrative agent and/or supplemental administrative agent, as the case may be, and the retiring Administrative Agent’s
appointment, powers and duties as the Administrative Agent shall be terminated. After the retiring Administrative Agent’s resignation
hereunder as the Administrative Agent, the provisions of this Article IX and Section 10.04 and Section 10.05 shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement. If no successor agent
has accepted appointment as the Administrative Agent by the date which is thirty (30) days following the retiring Administrative Agent’s
notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders
shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor
agent as provided for above. Lenders assuming the role of Administrative Agent as specified in the immediately preceding sentence shall
assume the rights and obligations of the Administrative Agent (including the indemnification provisions set forth in Section 9.07) as
if each such Lender were the Administrative Agent. Upon the acceptance of any appointment as the Administrative Agent hereunder by a
successor and upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or
supplements to the Mortgages, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may
reasonably request, in order to (a) continue the perfection of the Liens granted or purported to be granted by the Collateral Documents
or (b) otherwise ensure that the Collateral and Guaranty Requirement is satisfied, the successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Administrative Agent, and
the retiring Administrative Agent shall be discharged from its duties and obligations under the Loan Documents.

 

Section
9.10. Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

(a)
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Section 2.05, Section 10.04 and Section 10.05 or otherwise hereunder) allowed in such judicial proceeding; and

 

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(b)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and

 

(c)
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation,
expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due to the Administrative
Agent under Section 2.05, Section 10.04 and Section 10.05 or otherwise hereunder.

 

Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section
9.11. Release of Collateral and Guaranty. The Lenders irrevocably agree, authorize and direct the Administrative Agent and Collateral
Agent:

 

(a)
to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full in cash of all Obligations (other than (A) contingent indemnification obligations not yet accrued and
payable and (B) any other obligation (including a guarantee) that is contingent in nature) (the date upon which the conditions in this
Section 9.11(a)(i) shall have been satisfied, the “Termination Date”), (ii) upon any permitted sale, lease, transfer
or other disposition of any item of Collateral of any Loan Party (including, without limitation, as a result of the sale, in accordance
with the terms of the Loan Documents, of the Loan Party that owns such Collateral) in accordance with the terms of the Loan Documents,
(iii) subject to Section 10.01, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, or
(iv) if the property subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty
pursuant to clause (b) below;

 

(b)
to release any Guarantor from its obligations under the Guaranty upon (i) in the case of any Subsidiary, such Person ceasing to be subject
to the Collateral and Guaranty Requirement and Section 6.11 as a result of a transaction permitted hereunder (as certified by a Responsible
Officer) and Borrower notifying the Administrative Agent in writing that it wishes such Guarantor to be released from its obligations
under the Guaranty or (ii) the Termination Date; and

 

(c)
to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien
on such property that is permitted by Sections 7.01(h) and (i).

 

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The
Collateral Agent will, at Borrower’s expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably
request to evidence the release of Collateral pursuant to this Section 9.11 from the assignment and security interest granted under the
Collateral Documents (or the release of the Guarantor from its Guaranty of the Obligations) in accordance with the terms of the Loan
Documents. Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent’s
authority to release its interest in particular types or items of property in accordance with this Section 9.11.

 

Article
X

 

Miscellaneous

 

Section
10.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement, nor consent to any departure by any Loan Party
therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders and Borrower, and then
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that:

 

(a)
no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following at any
time:

 

(i)
change the number of Lenders or the percentage of (x) the Commitments or (y) the aggregate unpaid principal amount of Loans that, in
each case, shall be required for the Lenders or any of them to take any action hereunder (including pursuant to any change to the definition
of “Required Lenders”),

 

(ii)
release one or more Guarantors (or otherwise limit such Guarantors’ liability with respect to the Obligations owing to the Agents
and the Lenders under the Guaranties) if such release or limitation is in respect of all or substantially all of the value represented
by the Guaranties to the Lenders,

 

(iii)
release, or subordinate the Administrative Agent’s Liens in, all or substantially all of the Collateral in any transaction or series
of related transactions (other than in connection with any sale of Collateral permitted herein), or

 

(iv)
amend any provision of this Section 10.01;

 

(b)
no amendment, waiver or consent shall, unless in writing and signed by each Lender specified below for such amendment, waiver or consent:

 

(i)
increase the Commitments of a Lender without the consent of such Lender;

 

(ii)
reduce the principal of, or stated rate of interest on, or stated premium payable on, the Loans owed to a Lender or any fees or other
amounts stated to be payable hereunder or under the other Loan Documents to such Lender without the consent of such Lender; provided
if the Required Lenders agree to waive any Event of Default and such waiver is effective in accordance with this Section 10.01 or
if the Required Lenders agree to change any financial definitions that would reduce the stated rate of interest or any fees or other
non-principal amounts stated to be payable hereunder or under the other Loan Documents pursuant to any amendment, waiver or consent not
being effected in order to reduce the stated rate of interest or such fees or other amounts, then only the consent of the Required Lenders
shall be necessary to waive any obligation of Borrower to pay interest at the Default Rate in connection with such waived Event of Default
or reduce the stated rate of interest or such fees in connection with such amendment, waiver or consent described in this proviso to
clause (b)(ii), as applicable;

 

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(iii)
postpone any date scheduled for any payment of principal of, or interest on, the Loans, any date scheduled for payment or for any date
fixed for any payment of fees hereunder in each case payable to a Lender without the consent of such Lender;

 

(iv)
consent to the assignment or transfer by any Loan Party of any of its rights and obligations under any Loan Document;

 

(v)
change the order of application or any prepayment of Loans from the application thereof set forth in the applicable provisions of Section
2.03(e) or Section 8.03 in any manner that adversely affects the Lenders without the consent of holders of a majority of the Commitments
or Loans outstanding under the Facility or otherwise change any provision requiring the pro rata distributions hereunder among the Lenders
without all Lenders’ consent;

 

(vi)
amend the definition of “Required Lenders” or “Pro Rata Share”; provided, with the consent of Administrative
Agent and the Required Lenders, additional extensions of credit pursuant hereto may be included in the determination of “Required
Lenders” or “Pro Rata Share”; or

 

(vii)
modify Section 2.09 without the consent of each Lender directly and adversely affected thereby;

 

provided
further that no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required
above to take such action, affect the rights or duties of such Agent under this Agreement or the other Loan Documents.

 

Notwithstanding
anything to the contrary contained in this Section 10.01, this Agreement and any other Loan Document may be amended, supplemented and
waived with the consent of the Administrative Agent and Borrower without the need to obtain the consent of any other Lender if such amendment,
supplement or waiver is delivered in order to (i) cure ambiguities, omissions, mistakes or defects or (ii) to cause any Collateral Document
to be consistent with this Agreement and the other Loan Documents.

 

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Section
10.02. Notices and Other Communications.

 

(a)
General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any
other Loan Document shall be in writing delivered by electronic transmission (except as to service of process, which shall be delivered
only in writing and in accordance with applicable law). All such notices shall be delivered to the applicable electronic mail address,
and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone
number, as follows:

 

(i)
if to Borrower or the Administrative Agent, to the electronic mail address or telephone number specified for such Person on Schedule
10.02 or to such other electronic mail address or telephone number as shall be designated by such party in a notice to the other parties
from time to time; and

 

(ii)
if to any other Lender, to the electronic mail address or telephone number specified on Schedule 10.02 or to such other electronic mail
address or telephone number as shall be designated by such party in a written notice to Borrower and the Administrative Agent.

 

All
such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant
party hereto and (ii) if delivered by electronic mail, when delivered; provided that notices and other communications to Borrower
and the Administrative Agent pursuant to Article II shall not be effective until actually received by such Person during the Person’s
normal business hours. In no event shall a voice mail message be effective as a notice, communication or confirmation hereunder.

 

(b)
Effectiveness of Electronically Transmitted Documents and Signatures. Loan Documents may be transmitted and/or signed by electronic
transmission (including a .pdf or .tif copy).

 

(c)
Reliance by Agents and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices purportedly
given by or on behalf of the Loan Parties even if (i) such notices were not made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied
from any confirmation thereof. The Loan Parties shall indemnify each Agent-Related Person and each Lender from all losses, costs, expenses
and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Loan Party in the
absence of gross negligence or willful misconduct by such Agent-Related Person or such Lender. All telephonic notices to the Administrative
Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

(d)
Notice to other Loan Parties. Borrower agrees that notices to be given to any other Loan Party under this Agreement or any other
Loan Document may be given to Borrower in accordance with the provisions of this Section 10.02 with the same effect as if given to such
other Loan Party in accordance with the terms hereunder or thereunder.

 

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(e)
Borrower hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that they are
obligated to furnish to the Administrative Agent pursuant to the Loan Documents, including, without limitation, all notices, requests,
financial statements, financial and other reports, certificates and other information materials, but excluding any such communication
that (i) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (ii)
provides notice of any Default or Event of Default under this Agreement or (iii) is required to be delivered to satisfy any condition
precedent to the effectiveness of this Agreement and/or any Borrowing or other Credit Extension hereunder (all such non-excluded communications
being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft
medium in a format acceptable to the Administrative Agent to an electronic mail address specified by the Administrative Agent to Borrower.
In addition, Borrower agrees to continue to provide the Communications to the Administrative Agent in the manner specified in the Loan
Documents but only to the extent requested by the Administrative Agent.

 

(f)
The Administrative Agent agrees that the receipt in accordance with Section 10.02 of the Communications by the Administrative Agent at
its e-mail address set forth on Schedule 10.02 shall constitute effective delivery of the Communications to the Administrative Agent
for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent by electronic communication from time to
time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing
notice may be sent to such e-mail address. Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give
any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

 

Section
10.03. No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to exercise, and no delay by any such
Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided
under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

 

Section
10.04. Costs and Expenses. Whether or not the transactions contemplated hereby shall be consummated, Borrower agrees to pay promptly
(a) all the Agents’ actual and reasonable costs and expenses of preparation of any consents, amendments, waivers or other modifications
to the Loan Documents; (b) all the reasonable fees, expenses and disbursements of counsel to Agents in connection with the administration
of the Loan Documents and any consents, amendments, waivers or other modifications to the Loan Documents and any other documents or matters
requested by Borrower; (c) all the actual costs and reasonable expenses (including the reasonable fees, expenses and disbursements of
any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with the custody
or preservation of any of the Collateral; (d) all other actual and reasonable costs and expenses incurred by each Agent in connection
with the negotiation, preparation and execution of any consents, amendments, waivers or other modifications to the Loan Documents and
the transactions contemplated thereby; and (e) after the occurrence of a Default or an Event of Default, all costs and expenses, including
reasonable attorneys’ fees (including allocated costs of internal counsel) and costs of settlement, incurred by any Agent and Lenders
in enforcing any Obligations of or in collecting any payments due from any Loan Party hereunder or under the other Loan Documents by
reason of such Default or Event of Default (including in connection with the sale of, collection from, or other realization upon any
of the Collateral or the enforcement of the Guaranty) or in connection with any refinancing or restructuring of the credit arrangements
provided hereunder in the nature of a “work out” or pursuant to any insolvency or bankruptcy cases or proceedings.

 

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Section
10.05. Indemnification by Borrower. (a) Whether or not the transactions contemplated hereby are consummated, Borrower shall indemnify
and hold harmless each Agent-Related Person, each Lender and their respective Affiliates, directors, officers, employees, counsel, agents,
trustees, investment advisors and attorneys-in-fact (collectively the “Indemnitees”) from and against any and all
liabilities, obligations, losses, taxes, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements
(including counsel to the Administrative Agent and the Lenders, and to the extent reasonably necessary, local counsel in any relevant
jurisdiction (and, in the event of any actual conflict of interest, additional counsel to the affected parties)) of any kind or nature
whatsoever which may at any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to or arising
out of or in connection with (i) the execution, delivery, enforcement, performance or administration of any Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions
contemplated thereby, (ii) any Commitment or Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence
or release of Hazardous Materials on, at, under or from any property currently or formerly owned or operated by any Loan Party, or any
Environmental Liability related to any Loan Party or (iv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for, or defense
of any pending or threatened claim, investigation, litigation or proceeding) (any of the foregoing described in this clause (iv), a “Proceeding”)
(all the foregoing described in clauses (i) to (iv), collectively, the “Indemnified Liabilities”), in all cases, whether
or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee and whether brought by an Indemnitee, a third
party or by any Loan Party or any Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is
a party thereto and whether or not any of the transactions contemplated hereby are consummated; provided that such indemnity shall
not, as to any Indemnitees, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands,
actions, judgments, suits, costs, expenses or disbursements resulted from the gross negligence, willful misconduct of, or material breach
in bad faith of its obligations under the Loan Documents by, such Indemnitee as determined by a final non-appealable judgment of a court
of competent jurisdiction, and except to the extent resulting from claims between or among any Lenders in their capacity as such. No
Indemnitee shall be liable for any damages arising from the use by others of any information or other materials obtained through any
information transmission systems in connection with this Agreement, nor shall any Indemnitee or any Loan Party have any liability for
any special, punitive, indirect or consequential damages relating to this Agreement or any other Loan Document. All amounts due in respect
of costs, expenses and disbursements under this Section 10.05 shall be paid within ten (10) Business Days after demand therefor; provided,
that each Indemnitee receiving any such reimbursement shall repay such amounts to the relevant Loan Party in the event that such
Indemnitee shall not be entitled thereto pursuant to the provisions hereof. The agreements in this Section 10.05 shall survive the resignation
of any Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge
of all the other Obligations. Notwithstanding the foregoing, this Section 10.05(a) shall not apply with respect to Taxes other than any
Taxes that represent losses or damages arising from any non-Tax claim.

 

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(b)
Borrower shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably
withheld or delayed), but if settled with Borrower’s consent or if there is a final judgment for the plaintiff in such Proceedings,
Borrower shall indemnify and hold harmless each Indemnitee from and against any Indemnified Liabilities in accordance with the foregoing
clause (a). Borrower shall not, without the prior written consent of an Indemnitee (which consent shall not be unreasonably withheld
or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings in respect of which
indemnity could have been sought hereunder by such Indemnitee unless (i) such settlement includes an unconditional release of such Indemnitee
in form and substance satisfactory to such Indemnitee from all liability on claims that are the subject matter of such Proceedings, (ii)
does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnitee and
(iii) contains customary confidentiality and non-disparagement provisions.

 

(c)
In the event that an Indemnitee is requested or required to appear as a witness in any action brought by or on behalf of or against Borrower
or any of its Subsidiaries or Affiliates in which such Indemnitee is not named as a defendant, Borrower shall reimburse such Indemnitee
for all reasonable expenses incurred by it in connection with such Indemnitee’s appearing and preparing to appear as such a witness,
including without limitation, the reasonable fees and expenses of its legal counsel.

 

Section
10.06. Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made to any Agent or any Lender, or any
Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such
Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from
or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal
to the Federal Funds Rate.

 

Section
10.07. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that, Borrower may not assign or otherwise transfer any of
their rights or obligations hereunder or under the other Loan Documents without the prior written consent of the Administrative Agent
and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee
in accordance with the requirements of Section 10.07(b), (ii) by way of participation in accordance with the provisions of Section 10.07(d),
(iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.07(f) or (iv) to an SPC in accordance
with the provisions of Section 10.07(g) (and any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in Section 10.07(d) and, to the extent expressly contemplated
hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

    	-87-

     

    

 

(b)
Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment(s) and the Loans); provided that:

 

(i)
(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time
owing to it, no minimum amount shall need be assigned, and (B) in any case not described in clause (b)(i)(A) of this Section, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then
in effect, the outstanding principal balance of the Loans of the assigning Lender subject to each such assignment, determined as of the
date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent, shall not be less than $500,000
unless the Administrative Agent otherwise consents (each such consent not to be unreasonably withheld or delayed) except such consent
by the Administrative Agent shall not be required if such assignment is to an Affiliate of a Lender or an Approved Fund;

 

(ii)
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned;

 

(iii)
no consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
unless such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund related thereto; and

 

(iv)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement
system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually).

 

From
and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be party to this Agreement
as a Lender with respect to the interest assigned and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement in addition to any rights and obligations otherwise held by such assignee
as a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections 3.01, 3.02, 3.04, 3.05 (or any other increased costs protection provision), 10.04 and 10.05).
Upon request, and the surrender by the assigning Lender of its Note (if any), Borrower (at its expense) shall execute and deliver a Note
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this clause (b) shall not be an effective assignment hereunder.

 

    	-88-

     

    

 

(c)
Each Lender, acting solely for this purpose as an agent of Borrower, shall maintain at one of its offices a register for the recordation
of the name and address of any assignee of any Lender and the outstanding principal amount (and stated interest) of the Loans owing thereto
(the “Register”). The entries in the Register shall be conclusive, absent manifest error, and Borrower shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as the “Lender” hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower, at any
reasonable time and from time to time upon reasonable prior notice. Notwithstanding anything herein to the contrary, any assignment of
the Loans shall be effective only upon appropriate entries with respect thereto being made in the Register.

 

(d)
Any Lender may at any time, without the consent of, or notice to, Borrower or the Administrative Agent, sell participations to any Person
(other than (x) a natural person and (y) a Loan Party or any of its Affiliates) (each, a “Participant”) in all or
a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrower, the Agents
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver
of any provision of this Agreement or the other Loan Documents; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in Section 10.01(a),
or Section 10.01(b) that directly affects such Participant. Subject to Section 10.07(e), Borrower agrees that each Participant shall
be entitled to the benefits of Sections 3.01 (subject to the requirements of Section 3.01, including Section 3.01(e) and Section 3.01(f)),
3.04 and 3.05 (through the applicable Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to Section 10.07(b). To the extent permitted by applicable Law, each Participant also shall be entitled to the benefits of Section 10.09
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.09 as though it were a Lender. Any
Lender that sells participations shall maintain a register meeting the requirements of Treasury Regulation Section 5f.103-1(c) (or any
successor regulation), on which it enters the name and the address of each Participant and the principal amounts of each Participant’s
participation interest in the Commitments and/or Loans (or other rights or obligations) held by it (the “Participant Register”).
The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation interest as the owner thereof for all purposes notwithstanding
any notice to the contrary. In maintaining the Participant Register, such Lender shall be acting as the agent of Borrower solely for
purposes of Treasury Regulation Section 5f.103-1(c) and undertakes no other duty, responsibility or obligation to Borrower (including,
without limitation, in no event shall such Lender be considered a fiduciary of Borrower for any purpose). In addition to maintaining
the Participant Register, such Lender shall, upon request, show the Participant Register to Borrower.

 

    	-89-

     

    

 

(e)
A Participant shall not be entitled to receive any greater payment under Section 3.01, 3.04 or 3.05 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such
Participant is made with Borrower’s prior written consent.

 

(f)
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under
its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank or central bank having jurisdiction over such Lender; provided that no such pledge or assignment shall release such Lender
from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g)
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special
purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and Borrower
(an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated
to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan
and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall
be obligated to make such Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor
the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of Borrower
under this Agreement (including its obligations under Section 3.01, 3.04 or 3.05), (ii) no SPC shall be liable for any indemnity or similar
payment obligation under this Agreement for which a Lender would be liable and such liability shall remain with the Granting Lender,
and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision
of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of
the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Notwithstanding anything to the contrary
contained herein, any SPC may (i) with notice to, but without prior consent of Borrower and the Administrative Agent, assign all or any
portion of its right to receive payment with respect to any Loan to the Granting Lender and (ii) disclose on a confidential basis any
non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guaranty
Obligation or credit or liquidity enhancement to such SPC.

 

    	-90-

     

    

 

(h)
Notwithstanding anything to the contrary contained herein, (1) any Lender may in accordance with applicable Law create a security interest
in all or any portion of the Loans owing to it and the Note, if any, held by it and (2) any Lender that is a Fund may create a security
interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed,
or securities issued, by such Fund as security for such obligations or securities; provided that unless and until such trustee
actually becomes a Lender in compliance with the other provisions of this Section 10.07, (i) no such pledge shall release the pledging
Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights
of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest
through foreclosure or otherwise.

 

Section
10.08. Confidentiality. Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information and to not use
or disclose such information, except that Information may be disclosed (a) to its Affiliates and its and its Affiliates’ directors,
officers, employees, trustees, investment advisors and agents, including accountants, legal counsel and other advisors (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential); (b) to the extent requested by any Governmental Authority or examiner regulating any Lender; (c) to the
extent required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party to this Agreement;
(e) to any pledgee referred to in Section 10.07(f) or Section 10.07(h), Eligible Assignee of or Participant in, or any prospective Eligible
Assignee of or Participant in, any of its rights or obligations under this Agreement (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential);
(f) with the written consent of Borrower; (g) to the extent such Information becomes publicly available other than as a result of a breach
of this Section 10.08 by the disclosing party; (h) to any rating agency when required by it (it being understood that, prior to any such
disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to the Loan Parties received
by it from such Lender); (i) to the extent not known by it to consist of non-public information, (j) for purposes of establishing a “due
diligence” defense or (k) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, in the case
of this clause (k) during the continuance of an Event of Default. In addition, the Agents and the Lenders may disclose the existence
of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry,
and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the other
Loan Documents, the Commitments, and the Credit Extensions. For the purposes of this Section 10.08, “Information” means all
information received from any Loan Party or its Affiliates or its Affiliates’ directors, officers, employees, trustees, investment
advisors or agents, relating to the Loan Parties or their business, other than any such information that is publicly available to any
Agent or any Lender prior to disclosure by any Loan Party other than as a result of a breach of this Section 10.08, including, without
limitation, information delivered pursuant to Section 6.01, 6.02 or 6.03 hereof.

 

    	-91-

     

    

 

Section
10.09. Setoff. In addition to any rights and remedies of the Agents and the Lenders provided by Law, upon the occurrence and during
the continuance of any Event of Default, each Lender and its Affiliates and each Agent and its Affiliates is authorized at any time and
from time to time, without prior notice to the Loan Parties, any such notice being waived by the Loan Parties to the fullest extent permitted
by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
by, and other Indebtedness at any time owing by, such Lender and its Affiliates or such Agent and its Affiliates, as the case may be,
to or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all Obligations owing to such
Lender and its Affiliates or such Agent and its Affiliates hereunder or under any other Loan Document, now or hereafter existing, irrespective
of whether or not such Agent or such Lender or Affiliate thereof shall have made demand under this Agreement or any other Loan Document
and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit
or Indebtedness. Each Lender and Agent agrees promptly to notify Borrower and the Administrative Agent after any such set off and application
made by such Lender or Agent, as the case may be; provided that the failure to give such notice shall not affect the validity
of such setoff and application. The rights of each Agent and each under this Section 10.09 are in addition to other rights and remedies
(including other rights of setoff) that such Agent and such Lender may have.

 

Section
10.10. Counterparts. This Agreement and each other Loan Document may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by electronic transmission (including
a .pdf or .tif copy) of an executed counterpart of a signature page to this Agreement and each other Loan Document shall be effective
as delivery of an original executed counterpart of this Agreement and such other Loan Document.

 

Section
10.11. Integration. This Agreement comprises the complete and integrated agreement of the parties on the subject matter hereof and
thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict or inconsistency between
the provisions of this Agreement and those of any other Loan Document, the provisions of this Agreement shall control; provided
that the inclusion of supplemental rights or remedies in favor of the Agents or the Lenders in any other Loan Document shall not be deemed
a conflict or inconsistency with this Agreement. Each Loan Document was drafted with the joint participation of the respective parties
thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

 

Section
10.12. Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document
or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of
any investigation made by any Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice
or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any
other Obligation hereunder shall remain unpaid or unsatisfied.

 

    	-92-

     

    

 

Section
10.13. Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected
or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

Section
10.14. Governing Law. (a) This Agreement and
each other loan document shall be governed by, and construed in accordance with, the law of the state of New York (except, with respect
to any other loan document, as otherwise expressly provided therein).

 

(b)
Any legal action or proceeding arising under any loan document or in any way connected with or
related or incidental to the dealings of the parties hereto or any of them with respect to any loan document, or the transactions related
hereto or thereto, in each case whether now existing or hereafter arising, may be brought in the courts of the state of New York sitting
in New York County or of the United States for the southern district of such state, and by execution and delivery of this agreement,
each Borrower, each Agent and each Lender consents, for itself and in respect of its property, to the exclusive jurisdiction of those
courts. Each Borrower, each Agent and each Lender irrevocably waives any objection, including any objection to the laying of venue or
based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such
jurisdiction in respect of any loan document or other document related thereto.

 

Section
10.15. Waiver of Right To Trial By Jury. Each
party to this Agreement hereby expressly waives any right to trial by jury of any claim, demand, action or cause of action arising under
any loan document or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect
to any loan document, or the transactions related hereto or thereto, in each case whether now existing or hereafter arising, and whether
founded in contract or tort or otherwise; and each party hereby agrees and consents that any such claim, demand, action or cause of action
shall be decided by court trial without a jury, and that any party to this Agreement may file an original counterpart or a copy of this
Section 10.15 with any court as written evidence of the consent of the signatories hereto to the waiver of their right to trial by jury.

 

Section
10.16. Binding Effect. This Agreement shall become effective when it shall have been executed by Borrower, the Administrative Agent
and the Collateral Agent, and the Administrative Agent shall have been notified by each Lender that each such Lender has executed it
and thereafter shall be binding upon and inure to the benefit of Borrower, each such Agent and each Lender and their respective successors
and assigns, except that Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written
consent of the Lenders.

 

    	-93-

     

    

 

Section
10.17. Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for
any right or remedy against any Loan Party or any other obligor under any of the Loan Documents (including the exercise of any right
of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help), or institute any actions or proceedings,
or otherwise commence any remedial procedures, with respect to any Collateral or any other property of any such Loan Party, without the
prior written consent of the Administrative Agent. The provisions of this Section 10.17 are for the sole benefit of the Lenders and shall
not afford any right to, or constitute a defense available to, any Loan Party.

 

Section
10.18. PATRIOT Act. Each Lender hereby notifies Borrower that pursuant to the requirements of the PATRIOT Act, it is required to
obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other
information that will allow such Lender to identify Borrower in accordance with the PATRIOT Act. Borrower agrees to provide, and to cause
each other Loan Party to provide, such information promptly upon request.

 

Section
10.19. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any other Loan Document), Borrower acknowledges and agrees,
and acknowledges and agrees that it has informed its Subsidiaries, that: (i) (A) no fiduciary, advisory or agency relationship between
Borrower and its Subsidiaries and any Agent or any Lender is intended to be or has been created in respect of any of the transactions
contemplated hereby and by the other Loan Documents, irrespective of whether any Agent or any Lender has advised or is advising Borrower
and its Subsidiaries on other matters, (B) the arranging and other services regarding this Agreement provided by the Agents and the Lenders
are arm’s-length commercial transactions between Borrower and its Subsidiaries, on the one hand, and the Agents and the Lenders,
on the other hand, (C) Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (D) Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) the Agents and the Lenders each is and has been acting solely as a principal and, except
as may otherwise be expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for Borrower and its Subsidiaries or any of their Affiliates, or any other Person and (B) no Agent or Lender has any
obligation to Borrower and its Subsidiaries or any of its Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agents and the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of Borrower and its Subsidiaries and its
Affiliates, and no Agent or Lender has any obligation to disclose any of such interests and transactions to Borrower and its Subsidiaries
or any of its Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that it may have against
the Agents and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of
any transaction contemplated hereby.

 

Section
10.20. No Novation. Notwithstanding anything to the contrary contained herein, this Agreement shall not extinguish the obligations
for the payment of money outstanding under the Existing Credit Agreement or discharge or release the Lien or priority of any Collateral
Document or any other security therefor. Nothing herein contained shall be construed as a substitution or novation of the obligations
outstanding under the Existing Credit Agreement or instruments securing the same, which shall remain in full force and effect, except
to any extent modified hereby or by instruments executed concurrently herewith. Nothing implied in this Agreement or in any other document
contemplated hereby shall be construed as a release or other discharge of any of the Loan Parties under any Loan Document from any of
its obligations and liabilities as Borrower, Guarantor or pledgor under any of the Loan Documents. The Collateral and the other Loan
Documents shall continue to secure, guarantee, support and otherwise benefit the Obligations of the Loan Parties under this Agreement
and the other Loan Documents. Upon the occurrence of the Effective Date, each Loan Document that was in effect immediately prior to the
date of this Agreement shall continue to be effective and, unless the context otherwise requires, any reference to the “Credit
Agreement” contained therein shall be deemed to refer to this Agreement. Notwithstanding the foregoing, the Loan Parties shall
execute any amendments, supplements, modifications or restatements of any Collateral Documents and any new Collateral Documents, in each
case as reasonably requested by the Agents.

 

[Remainder
of Page Intentionally Blank]

 

    	-94-

     

    

 

In
Witness Whereof, the parties hereto have caused this
Agreement to be duly executed as of the date first above written.

 

	 	CL
    Media Holdings LLC,
	 	as
    Borrower
	 	 
	 	By:
    	               
	 	Name:	
	 	Title:	

 

[Signature
page to Amended and Restated Senior Secured Credit Agreement]

 

    	 

    	 

    

 

	Acknowledged
    and Agreed:	 
	 	 
	Bright
    Mountain Media, Inc.,	 
	as
    Guarantor	 

 

	By:
    		 
	Name:		 
	Title:		 

 

	Bright
    Mountain, LLC,	 
	as
    Guarantor	 

 

	By:
    		 
	Name:		 
	Title:		 

 

	MediaHouse,
    Inc.,	 
	as
    Guarantor	 

 

	By:
    		 
	Name:		 
	Title:		 

 

[Signature
page to Amended and Restated Senior Secured Credit Agreement]

 

    	 

    	 

    

 

	 	Centre
    Lane Partners Master Credit Fund II, L.P.,
	 	 
	 	as
    Administrative Agent and Collateral Agent

 

	 	By:
    	
	 	Name:	
	 	Title:	

 

[Signature
page to Amended and Restated Senior Secured Credit Agreement]

 

    	 

    	 

    

 

	 	Centre
    Lane Partners Master Credit Fund II, L.P.,
	 	as
    Lender

 

	 	By:
    	
	 	Name:	
	 	Title:	

 

[Signature
page to Amended and Restated Senior Secured Credit Agreement]

 

    	 

    	 

    

 

Schedule
1

 

Guarantors

 

Bright
Mountain Media, Inc., a Florida corporation

Bright
Mountain, LLC, a Florida limited liability company

MediaHouse,
Inc., a Florida corporation

 

    	 

    	 

    

 

Schedule
2.01(a)

 

Commitments

 

	LENDER	 	COMMITMENT	 	 	PRO RATA SHARE	 
	Centre Lane Partners Master Credit Fund II, L.P.	 	$	16,416,905	 	 	 	100.00	%
	Total:	 	$	16,416,905	 	 	 	100.00	%

 

    	 

    	 

    

 

Schedule
5.02

 

Authorizations;
No Contravention

 

None.

 

    	 

    	 

    

 

Schedule
5.03

 

Governmental
Authorization; Other Consents

 

None.

 

    	 

    	 

    

 

Schedule
5.07(b)

 

Owned
Real Property

 

None.

 

Leased
Real Property

 

233
Broadway, 13th Floor, New York, NY 10279

 

1111
Broadway, Oakland, CA (WeWork, Inc.)

 

6400
Congress Avenue, Suite 2050, Boca Raton, Florida 33487

 

Office
space in Hertsliya, Israel

 

    	 

    	 

    

 

Schedule
5.08

 

COLLATERAL
FILINGS AND PERFECTION MATTERS

 

1.
Filing of UCC-1 financing statements with respect to each “Debtor” listed below with the applicable secretary of state of
the state listed opposite such debtor:

 

	No.	 	Debtor	 	State
	1.	 	CL
    Media Holdings LLC	 	DE
	2.	 	Bright
    Mountain Media, Inc.	 	FL
	3.	 	Bright
    Mountain, LLC	 	FL
	4.	 	MediaHouse,
    Inc.	 	FL

 

2.
With respect to Collateral consisting of United States registered Patents and United States registered Trademarks, recording of an executed
Intellectual Property Security Agreement with the United States Patent and Trademark Office.

 

3.
With respect to Collateral consisting of United States registered Copyrights, recording of an executed Intellectual Property Security
Agreement with the United States Copyright Office.

 

4.
With respect to Collateral as to which “control” (under the applicable provisions of the UCC) is required to perfect the
Collateral Agent’s security interest therein, delivery of control to the Collateral Agent within the meaning specified in UCC Sections
8-106, 9-104, 9-105, 9-106 or 9-107, as may be applicable to the relevant Collateral, including, with respect to Deposit Accounts, Securities
Accounts and Commodity Accounts of the Grantors, execution and delivery by the banks, Securities Intermediaries or Commodity Intermediaries
with which such Deposit Accounts, Securities Accounts and Commodity Accounts are maintained of Control Agreements in favor of the Collateral
Agent (as such terms are defined in the Security Agreement).

 

    	 

    	 

    

 

Schedule
5.10

 

Taxes

 

None.

 

    	 

    	 

    

 

Schedule
5.14

 

Subsidiaries
and Other Equity Investments

 

	Name of Loan Party

                                                                                or Subsidiary
	 	Jurisdiction	 	Ownership
    Interest and Percentage	 	Name
    of Loan Party Pledging Equity Interests
	Bright
    Mountain Media, Inc.	 	Florida	 	Publicly
    traded	 	N/A
	CL
    Media Holdings LLC	 	Delaware	 	Bright
    Mountain Media, Inc. (100%) 	 	Bright
    Mountain Media, Inc.
	Bright
    Mountain, LLC	 	Florida	 	Bright
    Mountain Media, Inc. (100%)	 	Bright
    Mountain Media, Inc.
	MediaHouse,
    Inc.	 	Florida	 	Bright
    Mountain Media, Inc. (100%)	 	Bright
    Mountain Media, Inc.
	S&W
    Media	 	Israel	 	Bright
    Mountain Media, Inc. (100%)	 	Bright
    Mountain Media, Inc.

 

    	 

    	 

    

 

Schedule
5.17

 

Intellectual
Property

 

Patents:

 

	Patent
    Number /Application Number	 	Title
	Prov
    No. 61522653	 	Systems
    and Methods for Crediting Rewards in On-Line Games
	13/762,304	 	Virtual
    Coupons for use in On-Line Games
	Prov
    No. 61621708	 	Automated
    Sweepstakes Manager 
	7094154/11026783	 	COMPUTER NETWORKED

                                                         GAME SYSTEM UTILIZING

                                                         SUBSCRIPTION BASED

                                                         MEMBERSHIP AND

                                                         ALTERNATIVE METHODS OF ENTRY

 

Trademarks:

 

	 	Title
    and Description	 	Date
    of Application	 	Date
    of Registration	 	Pending
    Serial No.	 	Registered

                                                                                Trademark No.

	 	ROCKYOU	 	 	 	9/13/2011	 	85093664	 	4024964
	 	ROCKYOU	 	 	 	9/13/2011	 	85093702	 	4024965
	 	ROCKYOU
    MEDIA	 	 	 	9/6/2011	 	85109083	 	4021649
	 	PUREPLAY	 	 	 	4/29/2008	 	77145241	 	3419492
	 	MALL
    WORLD	 	 	 	7/5/2011	 	85086427	 	3988594
	 	DAILYTOAST	 	 	 	5/31/2016	 	86786858	 	4968708
	 	GALACTIC
    TRADER	 	 	 	9/20/2011	 	85254060	 	4028841
	 	REWARD
    BASED GAMES	 	 	 	1/14/2014	 	85661686	 	4467979
	 	CLUBMOM	 	1/5/2000	 	7/9/2002	 	75888488	 	2592351
	 	CLUBMOM
    - DESIGN	 	11/13/2001	 	8/13/2002	 	76093807	 	2608079
	 	CAFEMOM
    (WORD MARK)	 	1/19/2007	 	10/23/2007	 	77087028	 	3316341
	 	CAFEMOM
    (DESIGN)	 	10/2/2014	 	6/2/2015	 	86412925	 	4747392
	 	SWEETPEAS	 	7/9/2007	 	2/19/2008	 	77224943	 	3385159
	 	CAFEMOM
    PRESENTS MOM.COM	 	5/13/2011	 	7/15/2014	 	85320348	 	4566129
	 	THE
    STIR (WORD MARK)	 	7/26/2012	 	5/13/2014	 	85687337	 	4527732
	 	THE
    STIR (DESIGN)	 	7/26/2012	 	5/13/2014	 	85687398	 	4527733
	 	THE
    PROWL	 	5/8/2013	 	4/15/2014	 	85926437	 	4516285
	 	VIVALA	 	6/17/2015	 	8/16/2016	 	86665291	 	5020283

 

    	 

    	 

    

 

	 	ATHENA	 	9/19/2014	 	9/27/2016	 	86400086	 	5047658
	 	REVELIST	 	9/13/2015	 	11/22/2016	 	86755217	 	5087970
	 	CLUB
    MOMME	 	 	 	 	 	86849967	 	5189110
	 	MOM.ME	 	 	 	 	 	85665529	 	4349124
	 	MOM.ME
    (AND DESIGN BELOW)	 	 	 	 	 	85665353	 	4349125
	 	PURPLE
    CLOVER	 	 	 	 	 	85957218	 	4818373
	 	LITTLETHINGS.COM	 	1/19/2016	 	7/12/2016	 	86880049	 	49983191
	 	TRUTH
    BOMB MOM	 	1/4/2017	 	8/22/2017	 	87288919	 	5270266
	 	LITTLETHINGS
    LIVE	 	4/28/2016	 	4/4/2017	 	87018328	 	5178153
	 	THELITTLETHINGS	 	8/8/2014	 	N/A	 	86361677	 	N/A
	 	LITTLETHINGS
    SUN AND CLOUD LOGO (DESIGN)	 	11/4/2015	 	7/12/2016	 	86808864	 	4996756
	 	LISTBLISS	 	6/29/2012	 	10/15/2013	 	85665296	 	4419547
	 	WILD
    SKY MEDIA	 	3/4/2019	 	3/17/2020	 	88324430	 	6014984
	 	THEBRIGHT	 	 	 	06/17/2013	 	 	 	85863160
	 	BRIGHT
    MOUNTAIN	 	1/27/2011	 	01/03/2012	 	85227613	 	4,081,251
	 	MOUNTAIN
    (DESIGN)	 	3/11/2013	 	10/22/2013	 	85873102	 	4,421,423
	 	The
    BRIGHT.COM AND (DESIGN)	 	2/28/2013	 	03/18/2014	 	85862478	 	4,497,074
	 	TheBright.com	 	2/28/2013	 	05/06/2014	 	85862739	 	4,524,450
	 	BRIGHTWATCHES	 	6/12/2014	 	02/10/2015	 	86308353	 	4686168
	 	THE
    BRIGHT NETWORK AND (DESIGN)	 	6/13/2014	 	04/28/2015	 	86309099	 	4,726,578
	 	BRIGHT
    WATCHES.COM AND (DESIGN)	 	6/12/2014	 	06/30/2015	 	86308433	 	4763256
	 	MEDIAHOUSE
    AND (DESIGN)	 	03/30/2020	 	N/A	 	88852493	 	N/A

 

Copyrights:

 

	Title	 	Registration
    Number	 	Registration
    Date
	ZOMBIES
    SOCIAL NETWORKING SOFTWARE.	 	TXu001578412	 	2008/07/15
	WEREWOLVES
    SOCIAL NETWORKING SOFTWARE.	 	TXu001578413	 	2008/07/15
	VAMPIRES
    SOCIAL NETWORKING SOFTWARE.	 	TXu001578398	 	2008/07/15
	SLAYERS
    SOCIAL NETWORKING SOFTWARE.	 	TXu001578404	 	2008/07/15
	My
    Hottest Friends / by Javier Guel, Bill Summer, Guy Argus, MMJK, Inc.	 	TX0006424446	 	2010/08/16
	MY
    HOTTEST FRIENDS.	 	TX0007176107	 	2010/07/16

 

Domain
Names:

 

See
attached schedule.

 

    	 

    	 

    

 

Schedule
5.19

 

Material
Agreements

 

Executive
Employment Agreement dated April 1, 2020, between Bright Mountain Media, Inc., and W. Kip Speyer.

 

Executive
Employment Agreement dated April 1, 2020, between Bright Mountain Media, Inc., and Gregory A. Peters.

 

    	 

    	 

    

 

Schedule
7.01(b)

 

Existing
Liens

 

None.

 

    	 

    	 

    

 

Schedule
7.03(b)

 

Surviving
Indebtedness

 

10%
Convertible Promissory Note issued on November 12, 2018 by Bright Mountain Media, Inc., to W. Kip Speyer, in the original principal amount
of $30,000.

 

10%
Convertible Promissory Note issued on November 20, 2018 by Bright Mountain Media, Inc., to W. Kip Speyer, in the original principal amount
of $50,000.

 

    	 

    	 

    

 

Schedule
7.12

 

Existing
Sale Leasebacks

 

None.

 

    	 

    	 

    

 

Schedule
10.02

 

Administrative
Agent’s Office, Certain Addresses for Notice

 

Administrative
Agent:

 

CENTRE
LANE PARTNERS MASTER CREDIT FUND II, L.P.

as
Administrative Agent, Collateral Agent and a Lender

60
East 42nd Street, Suite 1250

New
York, NY 10165

Attn:
Quinn Morgan, Managing Director

Email
address: qmorgan@centrelanepartners.com

Telephone:
646-843-0711

 

Borrower:

CL
Media Holdings LLC

[6400
Congress Ave., Suite 2050

Boca
Raton, FL 33487]

Attn:
W. Kip Speyer

Email
address:

Telephone:

 

    	 

    	 

    

 

Annex
B

 

Schedule
2.01(a)

 

Commitments

 

	Commitments	 	Centre Lane Partners Master Credit Fund II, L.P.	 	 	PRO RATA SHARE	 
	Initial Commitments	 	$	16,416,905	1	 	 	100.00	%
	2021 Term Loan Commitments	 	$	1,500,000	2	 	 	100.00	%
	2021 Additional Term Loan Commitments	 	$	500,000	 	 	 	100.00	%
	Total:	 	$	18,416,905	 	 	 	100.00	%

 

 

1
As of the Third Amendment Effective Date, the Initial Commitments are $0.

2 As
of the Third Amendment Effective Date, the 2021 Term Loan Commitments are $0.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]