Document:

Exhibit
10.1

 

Execution
Version

 

Sixth
AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT

 

This
SIXTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT (this “Amendment”) is made as of November
5, 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,
certain Event of Defaults exist under the Credit Agreement as a result of the Borrower’s failure to (i) file a Yearly Report on
Form 10-K with the SEC in respect of the Fiscal Year ending December 31, 2020 pursuant to Section 6.18(f) of the Credit Agreement, (ii)
file a Quarterly Report on Form 10-Q with the SEC in respect of the Fiscal Quarters ending March 31, 2021 and June 30, 2021 pursuant
to Section 6.18(g) of the Credit Agreement and (iii) failure to pay the required payments on the 2021 Loans as required by Section 2.04(b)
of the Credit Agreement (such Events of Default, the “Specified Events 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) $800,000 of term loan
credit commitments (such commitments, the “Sixth Amendment Term Loan Commitments”, and the term loans made in respect
thereof, the “Sixth Amendment 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 Sixth 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 Events 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 “Sixth 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 Sixth
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)
before and 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 Sixth 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)
Parent shall deliver to the Agent written evidence satisfactory to the Administrative Agent that all of the outstanding shares of Parent’s
preferred stock have been converted to shares of Parent’s common stock; and

 

    	 	2	 

     

    

 

(e)
Borrower shall have paid all fees and expenses of the Lenders and the Administrative Agent (including legal fees up to $15,000).

 

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 Sixth 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 Sixth 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 Sixth 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 Sixth 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 Sixth 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 Sixth 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 Sixth Amendment to Credit Agreement]

 

    	 

     

    

 

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

 

[Signature
Page to Sixth Amendment to Credit Agreement]

 

    	 

     

    

 

Annex
A

 

    	 	 	 

     

    

 

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	3	 	 	100.00	%
	2021 New Term Loan Commitments	 	$	1,100,000	4	 	 	100.00	%
	2021 October New Term Loan
    Commitments	 	$	725,000	5	 	 	100.00	%
	Sixth Amendment Term Loan
    Commitments	 	$	800,000	 	 	 	100.00	%
	Total:	 	$	21,041,90	5	 	 	100.00	%

 

 

1
                                            As of the Sixth Amendment Effective Date, the Initial Commitments are $0.

2
As of the Sixth Amendment Effective Date, the 2021 Term Loan Commitments are $0.

3
As of the Sixth Amendment Effective Date, the 2021 Additional Term Loan Commitments are $0.

4
As of the Sixth Amendment Effective Date, the 2021 New Term Loan Commitments are $0.

5
As of the Sixth Amendment Effective Date, the 2021 October New Term Loan Commitments are $0.

 

    	 

     

    

 

Annex
CEX-10.1

   

   

  September 13, 2021

   

   

  VIA E-MAIL				          VIA E-MAIL 

  C-III Capital Partners LLC		  RRE Legacy Co. LLC

  c/o Island Capital Group LLC	  c/o Island Capital Group LLC

  717 Fifth Avenue			          717 Fifth Avenue

  New York, NY 10022			  New York, NY 10022

  Attn:  Jeffrey P. Cohen		          Attn: Jeffrey P. Cohen  

  		 

  Re:	Amended and Restated Limited Partnership Agreement

  		         of RRE Opportunity OP II, LP

   

  Ladies and Gentlemen:

   

  	As of the date hereof, C-III Capital Partners LLC (“C-III”) and RRE Legacy Co. LLC, f/k/a Resource Real Estate LLC (“Legacy Co”) hold 61,229.000 and 258,736.000 Series A Preferred Units (collectively, the “Preferred Units”), respectively, in RRE Opportunity OP II, LP (the “Partnership”) pursuant to that certain Amended and Restated Limited Partnership Agreement of RRE Opportunity OP II, LP (the “Partnership Agreement”).   All capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Partnership Agreement.  

   

  Pursuant to Exhibit C, Section 6(c) of the Partnership Agreement, “Following the second anniversary of the Original Issuance Date, the Partnership may, at its option, redeem the outstanding Series A Preferred Units, in whole or from time to time, in part, at the Redemption Price on the Redemption Date.”   The Board of Directors of Resource REIT, Inc. (the “REIT”), the general partner of the Partnership, has determined that it would be in the best interest of the REIT for the Partnership to redeem all of the Preferred Units prior to the second anniversary of the Original Issuance Date.  C-III’s and Legacy Co’s consent is requested to waive the full holding period provided for in Exhibit C, Section 6(c) and accept payment in redemption of all of the outstanding Preferred Units held by C-III and Legacy Co at the Redemption Price plus all accrued dividends on September 14, 2021.  If you are in agreement with this proposal, please sign below and return this letter to me.  

   

  	 C-III and Legacy Co also hold 1,442,811.370 and 6,096,926.161 Contribution Common Units in the Partnership (collectively, the “Common Units”), respectively, and each of them has verbally indicated the desire to exercise its Exchange Right with respect to all of the Common Units owned by it on or before September 15, 2021.  Although Section 8.5(g) of the Partnership Agreement requires that the Common Units be held for at least two (2) years prior to exercising the Exchange Right, the Board of Directors of the REIT has also agreed to waive that requirement.  The Partnership Agreement requires that the Exchanging Partner deliver a Notice of Exchange to the Partnership and to the General Partner.  Your signature below will also signify that this letter shall be considered the Notice of Exchange. 

   

  

   

  C-III Capital Partners LLC and RRE Legacy Co. LLC

  September 13, 2021

  Page 2 of 2

   

  	 

  Pursuant to Section 8.5(b) of the Partnership Agreement, the General Partner, on behalf of itself and the Partnership, hereby accepts this letter agreement once signed by C-III and Legacy Co, as the Notice of Exchange and elects to purchase the Common Units from C-III and Legacy Co by paying them each the applicable REIT Shares Amount on September 14, 2021.  

   

   

  Very truly yours,

         

  /s/ Alan F. Feldman

  Alan F. Feldman

  Chief Executive Officer

  Resource REIT, Inc.

   

   

   

   

  Each of the undersigned hereby (i) consents to the redemption of all of the Preferred Units on September 14, 2021, and in connection therewith, waives the right to hold any such Preferred Units until September 8, 2022 or later as contemplated by the Partnership Agreement and (ii) agrees that this letter agreement shall be considered a Notice of Exchange with respect to the Common Units as required pursuant to Section 8.5(b) of the Partnership Agreement.  

   

   

   

  C-III Capital Partners LLC			RRE Legacy Co. LLC

   

   

  By: /s/ Jeffrey P. Cohen				By: /s/ Jeffrey P. Cohen

  Name:	Jeffrey P. Cohen			Name:  Jeffrey P. Cohen

  Title:	President					Title:    President

  Date:	September 13, 2021		Date:    September 13, 2021

   

   

   

   

  cc:	Marc Levy (via email)

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