Document:

Document

Exhibit 10.1

[Execution Version]

===========================================================================
THIRD AMENDMENT
TO
AMENDED AND RESTATED SYNDICATED FACILITY AGREEMENT
dated as of
September 3, 2020
among
CIVEO CORPORATION,

CIVEO CANADA LIMITED PARTNERSHIP,
CIVEO PTY LIMITED
and
CIVEO MANAGEMENT LLC,

as Borrowers
THE LENDERS NAMED HEREIN,
ROYAL BANK OF CANADA,
as Administrative Agent, U.S. Collateral Agent,
Canadian Administrative Agent, Canadian Collateral Agent
and an Issuing Bank,
and
RBC EUROPE LIMITED,
as Australian Administrative Agent, Australian Collateral Agent
and an Issuing Bank
              
RBC CAPITAL MARKETS,1
as Lead Arranger and Sole Bookrunner
===========================================================================

1 RBC Capital Markets is the global brand name of the corporate and investment banking business of Royal Bank of Canada and its affiliates.

US-DOCS\117434314.2

THIRD AMENDMENT TO 
AMENDED AND RESTATED SYNDICATED FACILITY AGREEMENT

        THIS THIRD AMENDMENT TO AMENDED AND RESTATED SYNDICATED FACILITY AGREEMENT (this “Third Amendment”), dated as of September 3, 2020, is among CIVEO CORPORATION, a corporation incorporated under the laws of the Province of British Columbia (the “Parent Borrower”), CIVEO MANAGEMENT LLC, a Delaware limited liability company (the “U.S. Borrower”), CIVEO CANADA LIMITED PARTNERSHIP, a limited partnership organized under the laws of the Province of Alberta (the “New Canadian Borrower”), CIVEO PTY LIMITED ACN 003 657 510, an Australian proprietary limited company (the “Australian Borrower” and, together with the Parent Borrower, U.S. Borrower and the New Canadian Borrower, the “Borrowers”), certain subsidiary guarantors of the Borrowers party hereto, the Lenders party hereto (the “Lenders”), the Issuing Banks, the Swing Line Lenders, ROYAL BANK OF CANADA, as administrative agent for the U.S. Lenders, as U.S. collateral agent for the Lenders, as administrative agent for the Canadian Lenders and as Canadian collateral agent for the Lenders, and RBC EUROPE LIMITED, as administrative agent for the Australian Lenders and as Australian collateral agent for the Lenders.

R E C I T A L S
A. The Borrowers, the Agents and the Lenders are parties to that certain Amended and Restated Syndicated Facility Agreement, dated as of April 2, 2018, as amended by the First Amendment to Amended and Restated Syndicated Facility Agreement dated as of October 26, 2018 and the Second Amendment to Amended and Restated Syndicated Facility Agreement dated as of September 30, 2019 (the “Credit Agreement” and, as amended by this Third Amendment, the “Amended Credit Agreement”), pursuant to which the Lenders have made certain loans to and other extensions of credit on behalf of the Borrowers.
B. The Borrowers, the Agents, the Issuing Banks, the Swing Line Lenders and certain of the Lenders party hereto have agreed to amend certain provisions of the Credit Agreement as more particularly set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Amended Credit Agreement.  Unless otherwise indicated, all article and section references in this Third Amendment refer to articles and sections of the Amended Credit Agreement.
Section 2.Amendments to Credit Agreement.  Effective as of the Third Amendment Effective Date, the Credit Agreement is hereby amended as follows: 
(a)Section 1.01 of the Credit Agreement is amended by adding to the end of definition of “EBITDA”:

For the avoidance of doubt, Consolidated Net Income shall include all amounts recognized as income during such period from the Canada Emergency Wage Subsidy program (but shall deduct, 

if applicable, any such amounts that were required to be repaid during such period as a result of program non-compliance).

(b)Section 1.01 of the Credit Agreement is amended by adding the following definition in the proper alphabetical order:

        “Third Amendment” shall mean that certain Third Amendment to Amended and Restated Syndicated Facility Agreement dated as of September 3, 2020, among the Borrowers, the Administrative Agents, and the Lenders.  

(c)Section 1.01 of the Credit Agreement is amended by amending the following definitions in their entirety: 
        
        “Applicable Percentage” shall mean, for any day, with respect to any Eurocurrency Loan, ABR Loan, B/A Loan, Canadian Prime Rate Loan, U.S. Base Rate Loan, BBSY Rate Loan or the Commitment Fee, the applicable percentage set forth below under the applicable caption, based upon the Total Leverage Ratio as of the relevant date of determination:

												
	Total Leverage Ratio	Eurocurrency/ BBSY Rate/B/A Spread	ABR, Canadian Prime Rate and U.S. Base Rate Spread	Commitment Fee Percentage
	Category 1
Less than 2.50 to 1.00 
	3.50%	2.50%	0.875%
	Category 2
Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00 
	3.75%	2.75%	0.938%
	Category 3
Greater than or equal to 3.00 to 1.00 but less than 3.50 to 1.00 
	4.00%	3.00%	1.000%
	Category 4
Greater than or equal to 3.50 to 1.00 
	4.50%	3.50%	1.125%

“Maturity Date” shall mean (a) with respect to Non-Extending Lenders, upon the closing of the Third Amendment and (b) with respect to the Extending Lenders, May 30, 2023.  

“U.S. Swing Line Sublimit” shall mean U.S.$10,000,000.  The U.S. Swing Line Sublimit is part of, and not in addition to, the U.S. Revolving Commitments.

(d)Section 2.12(d) of the Credit Agreement is amended by replacing each reference therein to “$40,000,000” with “$30,000,000”. 
(e)Section 2.21(b)(i) is amended by replacing the reference therein to U.S.$15,000,000 with U.S.$10,000,000.
(f)Section 6.01(e) of the Credit Agreement is amended in its entirety as follows:
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(e) unsecured Indebtedness issued by a Loan Party and guarantees thereof by any other Loan Party not otherwise permitted under this Section 6.01; provided that, as of the date of issuance, (i) the Parent Borrower would be in compliance with the Financial Covenants as of the most recently completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial statements required by Section 5.04(a) or 5.04(b) have been delivered or for which comparable financial statements have been filed with the SEC, after giving pro forma effect (using the criteria therefor described in Section 6.04(i)) to any incurrence or discharge of Indebtedness on the date such debt is incurred and all related transactions, as if such incurrence, discharge or other transaction had occurred as of the first day of such period, (ii) the proceeds of such Indebtedness are applied as a mandatory prepayment of the Canadian Term Loans in accordance with Section 2.12(c), (iii) such Indebtedness matures no earlier than 180 days after the Maturity Date at the time such Indebtedness is incurred, (iv) such Indebtedness does not require any scheduled amortization, mandatory prepayments, redemptions, sinking fund payments or purchase offers prior to the final maturity date thereof (other than pursuant to customary asset sale and change of control offers), (v) such Indebtedness is not guaranteed by any person other than the Guarantors, (vi) the terms and conditions (other than pricing, rate floors, discounts, fees, premiums and optional prepayment or redemption provisions) of such Indebtedness are, in the good faith determination of the Borrower, not materially less favorable (when taken as a whole) to the Borrower than the terms and conditions of the Loan Documents (when taken as a whole), and (vii) no Default or Event of Default shall have occurred and be continuing at the time of incurrence or would result therefrom.

(g)Section 6.06(a)(iii) of the Credit Agreement is amended in its entirety as follows: 
(iii) at any time on or after January 1, 2018, so long as (A) no Event of Default or Default shall have occurred and be continuing or result therefrom, (B) at least U.S.$30,000,000 of the Revolving Commitments is unused and available after giving effect to such Restricted Payment, (C) the Parent Borrower would (1) be in compliance with the covenants set forth in Section 6.10 and (2) have a Total Leverage Ratio less than 3.00:1.00, in each case as of the most recently completed period of four consecutive fiscal quarters ending prior to such transaction for which the financial statements required by Section 5.04(a) or 5.04(b) have been delivered or for which comparable financial statements have been filed with the SEC, after giving pro forma effect (using the criteria therefor described in Section 6.04(i)) to such transaction and to any other event occurring during or after such period as to which pro forma recalculation is appropriate as if such transaction had occurred as of the first day of such period, the Parent Borrower may make Restricted Payments in any amount.
(h)Section 6.05(a) of the Credit Agreement is amended by adding the following language in proviso (i) of clause (c) after “among” and before “wholly owned”:
“the Parent Borrower and one or more wholly owned Subsidiaries and/or among”
(i)Schedule 2.01 of the Credit Agreement is amended and replaced in its entirety with Annex I attached hereto.
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(j)Schedule 2.04 of the Credit Agreement is amended and replaced in its entirety with Annex II attached hereto.
Section 3.Reduction of Commitments; Limited Waiver of Certain Notice Requirements. Effective as of the Third Amendment Effective Date, the aggregate amount of the (a) U.S. Revolving Commitments are hereby reduced from $20,000,000 to $10,000,000, (b) Canadian Revolving Commitments are hereby reduced from $183,500,000 to $122,300,000, and (c) Australian Revolving Commitments are hereby reduced from $60,000,000 to $35,000,000, and each of the U.S. Revolving Commitments, Canadian Revolving Commitments and Australian Commitments of each Lender after giving effect to each such reduction is as set forth on Annex I to this Third Amendment.  The reduction of the Commitments on the Third Amendment Effective Date as set forth in this Section 3 shall be deemed to constitute an exercise of the Borrowers’ right to request a reduction pursuant to Section 2.09 of the Credit Agreement and the effective date of such reduction shall be deemed to be the Third Amendment Effective Date. The requirements of Section 2.09 and Section 2.12 of the Credit Agreement with respect to notices, timing, prepayments, and minimum amounts are hereby waived by all parties hereto, including, for certainty, the Non-Extending Lenders, with respect to the reduction and any associated repayment in connection therewith described in this Section 3.   
Section 4.Consent to Extension of the Maturity Date.  As of the Third Amendment Effective Date, the Maturity Date of the Commitments of the Lenders who have severally agreed to extend all of their respective Loans and Commitments and are identified on the signature pages hereof (each an “Extending Lender” and, collectively, the “Extending Lenders”; and any Lender other than an Extending Lender, a “Non-Extending Lender” and, collectively, the “Non-Extending Lenders”) is hereby extended to May 30, 2023. The Maturity Date with respect to the Loans and Commitments of each other Lender, if any, shall remain unchanged.
Section 5.Consent and Arrangement Fees. The Borrowers agree to pay (1) to the Administrative Agent for the account of each Extending Lender that (a) notifies the Administrative Agent (or its counsel) that it has consented to this Third Amendment and (b) delivers evidence satisfactory to the Administrative Agent that it has obtained all credit and other internal approvals necessary to enter into this Third Amendment and be an Extending Lender, in each case at or prior to 5:00 p.m., New York City time, on September 2, 2020, a consent fee (the “Consent Fees”) in an amount equal to 0.30% of the aggregate principal amount of the outstanding Canadian Term Loans, the U.S. Revolving Commitment, the Canadian Revolving Commitment and the Australian Revolving Commitment of such Lender immediately after the Third Amendment Effective Date and (2) to the Administrative Agent for the account of each Extending Lender (excluding RBC) that (a) notifies the Administrative Agent (or its counsel) that it has consented to this Third Amendment and (b) delivers evidence satisfactory to the Administrative Agent that it has obtained all credit and other internal approvals necessary to enter into this Third Amendment and be an Extending Lender, in each case at or prior to 5:00 p.m., New York City time, on September 2, 2020, an arrangement fee (the “Arrangement Fees”) in an amount equal to 0.15% of the aggregate principal amount of the outstanding Canadian Term Loans, the U.S. Revolving Commitment, the Canadian Revolving Commitment and the Australian Revolving Commitment of such Lender immediately after the Third Amendment Effective Date.  Consent and Arrangement Fees shall be payable (i) in U.S. dollars for the U.S. Revolving Commitment, (ii) in U.S. Dollar Equivalent for the Australian Revolving Commitment and the Canadian Revolving Commitment and (iii) in Canadian dollars for the Canadian Term Loans.
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Section 6.Conditions Precedent.  This Third Amendment shall not be deemed to be effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.08 of the Credit Agreement) (the “Third Amendment Effective Date”):
(a)The Administrative Agent shall have received from the Required Lenders, each Extending Lender, each Exiting Lender (as defined below), the Borrowers and the Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Third Amendment signed on behalf of such Persons.
(b)The Administrative Agents and the Lead Arranger shall have received all Fees (including the fees set forth in the letter agreement dated as of the Third Amendment Effective Date between the Parent Borrower and RBC) and other amounts due and payable on or prior to the Third Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including, without limitation, the reasonable fees, charges and disbursements of counsel for the Agents) required to be reimbursed or paid by the Borrowers hereunder, under the Credit Agreement or under any other Loan Document.
(c)The representations and warranties set forth in Article III of the Amended Credit Agreement and in each other Loan Document shall be true and correct in all material respects (provided that to the extent any representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects) on and as of the Third Amendment Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representation and warranty is true and correct in all material respects (provided that to the extent any such representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects) as of such earlier date.
(d)No Default or Event of Default shall have occurred and be continuing, after giving effect to the terms of this Third Amendment.
(e)The Administrative Agent shall have received, on behalf of itself, the other Agents, the Lenders and the Issuing Banks:
i.any Note requested by a Lender pursuant to Section 2.04 of the Credit Agreement payable to such requesting Lender;
ii.a certificate as to the good standing or tax status of each Borrower and each Guarantor (other than an Australian Loan Party) or a certified copy of the certificate incorporation of each Australian Loan Party as of a recent date, from the Secretary of State or other relevant Governmental Authority of the state, province or jurisdiction of its organization;
iii.a certificate of the Secretary, Assistant Secretary or, in respect of an Australian Loan Party, director or company secretary or, in respect of the Canadian Loan Parties, chief financial officer, vice president, finance officer or other acceptable officer (or such other corporate officer satisfactory to the Administrative Agent) of each Borrower and each Guarantor dated as of the Third Amendment Effective Date and certifying (1) that attached thereto is a true and complete copy of the organizational documents of such Borrower or Guarantor as in effect on the Third Amendment Effective Date and at all times since a date prior to the date of the resolutions described in clause (2) below (or, if previously delivered and, as applicable, a certification that there have been no changes, amendments or modifications thereto since previously delivered), (2) 
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that (A) in the case of a Borrower or Guarantor other than an Australian Loan Party, attached thereto is a true and complete copy of, or (B) in the case of an Australian Loan Party, attached there is an extract of, resolutions duly adopted by the Board of Directors (or persons performing similar functions) of such Borrower or Guarantor authorizing the Transactions to be entered into by such Borrower or Guarantor pursuant hereto, and the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrowers, the borrowings under the Amended Credit Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, and (3) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Borrower or Guarantor; and;
iv.a certificate, dated the Third Amendment Effective Date and signed by a Financial Officer of the Parent Borrower, certifying (1) both immediately before and after giving effect to this Third Amendment, the extension of the Maturity Date, compliance with the conditions precedent set forth in Section 6(c) and (d) hereof and (2) that the Parent Borrower and its subsidiaries, taken as a whole, will be Solvent on the Third Amendment Effective Date.
Section 7.Representations and Warranties.  As of the date hereof, each Borrower hereby represents and warrants to the Administrative Agent and each of the Lenders as follows:
(a) The representations and warranties set forth in Article III of the Credit Agreement and in each other Loan Document are true and correct in all material respects (provided that to the extent any representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects) on and as of the date hereof with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representation and warranty is true and correct in all material respects (provided that to the extent any such representation and warranty is qualified as to “Material Adverse Effect” or otherwise as to “materiality”, such representation and warranty is true and correct in all respects) as of such earlier date.
(b) No Default or Event of Default exists or would exist immediately after giving effect to the transactions contemplated by the Third Amendment.
Section 8.Miscellaneous:
(a)Confirmation. The provisions of the Credit Agreement, as amended by this Third Amendment, are hereby ratified and confirmed by the Borrowers and shall remain in full force and effect following the effectiveness of this Third Amendment.  The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Credit Agreement or the other Loan Documents or for any purpose except as expressly set forth herein or a consent to any further or future action on the part of the Borrowers or the other Loan Parties that would require the waiver or consent of the Administrative Agents or the Lenders.
(b)Ratification and Affirmation. Each of the Borrowers and Guarantors hereby (a) acknowledges the terms of this Third Amendment and (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended or modified hereby.
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(c)Loan Document.  This Third Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Amended Credit Agreement relating to Loan Documents shall apply hereto.
(d)Exiting Lenders.  The obligations of each Lender identified as an Exiting Lender on the signature pages to this Third Amendment (each, an “Exiting Lender”) under the Credit Agreement are terminated and the Exiting Lenders are released of their Commitments (as defined in the Credit Agreement) as of the Third Amendment Effective Date.  Notwithstanding the foregoing or anything else herein to the contrary, the Agents, each Exiting Lender, each other Lender and each of the Loan Parties acknowledges and agrees (i) if the Third Amendment Effective Date is not a Business Day with respect to any Loan, then each Exiting Lender will receive payment of its outstanding Loans on the first Business Day to occur after the Third Amendment Effective Date (which payment shall be a permitted non-ratable payment hereunder to such Exiting Lender), (ii) until such Exiting Lender receives payment in full in an amount equal to its outstanding Loans and all unpaid interest and fees thereon, such Exiting Lender’s Loans and all other Obligations related thereto shall continue to be Obligations guaranteed by the Guarantee Agreements and secured by the Security Documents to the extent applicable to Loans and the Exiting Lenders shall continue to be Secured Parties and the Borrowers hereby agree that (iii) failure to repay such Loans and all unpaid interest and fees thereon on the first Business Day to occur after the Third Amendment Effective Date shall be an immediate Event of Default.
(e)Counterparts.  This Third Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Third Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agents, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
(f)NO ORAL AGREEMENT.  THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.
(g)GOVERNING LAW.  THIS THIRD AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
Section 9.No Fiduciary Relationship.  The Loan Parties acknowledge that none of the Agents, the Issuing Banks, the Swing Line Lenders, the Lenders or their respective Affiliates is acting as a fiduciary for or advisor to the Loan Parties.
[SIGNATURES BEGIN NEXT PAGE]
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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as of the date first written above.
BORROWERS:
           CIVEO CORPORATION

By: /s/ Carolyn J. Stone               
Name:  Carolyn J. Stone
Title:    Senior Vice President, Chief Financial Officer   and Treasurer

CIVEO CANADA OPERATIONS GP LTD, on behalf of and in its capacity as general partner of CIVEO CANADA LIMITED PARTNERSHIP

By: /s/ Bradley J. Dodson           
Name:  Bradley J. Dodson 
Title:  Director & President

           CIVEO MANAGEMENT LLC

By: /s/ Carolyn J. Stone           
Name:  Carolyn J. Stone
Title: Senior Vice President, Chief Financial Officer  and Treasurer

CIVEO PTY LIMITED

By: /s/ Carolyn J. Stone               
Signature of Director   

Carolyn J. Stone               
Name of Director

By: /s/ Bradley J. Dodson              
Signature of Director/Company Secretary

Bradley J. Dodson              
Name of Director/Company Secretary

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

GUARANTORS:
CIVEO OFFSHORE LLC

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Senior Vice President and Treasurer

CIVEO USA LLC

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Senior Vice President and Treasurer

CIVEO WATER AND WASTE WATER USA, LLC

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Senior Vice President and Treasurer

CIVEO GP HOLDINGS CORPORATION

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Vice President and Director

CIVEO CANADA OPERATIONS GP LTD., on behalf of and in its capacity as general partner of CIVEO CANADA LIMITED PARTNERSHIP

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President and Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

CIVEO CANADA OPERATIONS GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President and Director

CIVEO LODGE GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President and Director

CIVEO LODGE GP LTD., on behalf of and in its capacity as general partner of CIVEO LODGE EMPLOYEES LIMITED PARTNERSHIP

By: /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson
Title:  President and Director

WATER CANADA GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President, Chief Executive Officer and    Director

RED TABLE CATERING GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President, Chief Executive Officer and Director

  CANADA GP LTD.

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Vice President and Director
[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

CIVEO PREMIUM SERVICES GP LTD.
  
       By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Vice President and Director

NORTHERN CATERING GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President and Director

BUFFALO CATERING GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President and Director

INSTALLATIONS GP LTD.

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Vice President and Director

CROWN SERVICES GP LTD.

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone 
Title:  Vice President and Director

FORT MCMURRAY LODGE SERVICES GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President and Director
[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

CHRISTINA LAKE ENTERPRISES LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President, Chief Executive Officer and Director

CIVEO SERVICES GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  Director

CIVEO PACIFIC NORTHWEST GP LTD.

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson
Title:  President, Chief Executive Officer and Director

WATER CANADA GP LTD, on behalf of and in its capacity as general partner of CIVEO WATER CANADA EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President, Chief Executive Officer and Director

RED TABLE CATERING GP LTD, on behalf of and in its capacity as general partner of RED TABLE EMPLOYEES LIMITED PARTNERSHIP

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  President, Chief Executive Officer and Director

CIVEO PREMIUM SERVICES GP LTD, on behalf of and in its capacity as general partner of CIVEO PREMIUM SERVICES EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Vice President and Director

INSTALLATIONS GP LTD, on behalf of and in its capacity as general partner of CIVEO INSTALLATIONS EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Vice President and Director

CROWN SERVICES GP LTD, on behalf of and in its capacity as general partner of CIVEO CROWN SERVICES EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Vice President and Director

CANADA GP LTD., on behalf of and in its capacity as general partner of CIVEO CANADA EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Vice President and Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

CIVEO SERVICES GP LTD., on behalf of and in its capacity as general partner of CIVEO SERVICES EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson
Title:  Director

CIVEO PACIFIC NORTHWEST GP LTD., on behalf of and in its capacity as general partner of CIVEO PACIFIC NORTHWEST EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson
Title:  President, Chief Executive Officer and Director

CIVEO CANADA OPERATIONS GP LTD., on behalf of and in its capacity as general partner of RED TABLE FOODS LIMITED PARTNERSHIP

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson
Title:  President and Director

CIVEO PACIFIC NORTHWEST GP LTD., on behalf of and in its capacity as general partner of CIVEO PACIFIC NORTHWEST EMPLOYEES LIMITED PARTNERSHIP

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson
Title:  President and Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

      1046567 B.C. LTD.

       By:  /s/ Lisa Curry 
Name:  Lisa Curry
Title:  Vice President, Tax

CIVEO PROPERTY PTY LTD.

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Director

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  Director 

CIVEO HOLDING COMPANY 2 PTY LTD.

By:  /s/ Carolyn J. Stone 
Name:  Carolyn J. Stone
Title:  Director

By:  /s/ Bradley J. Dodson 
Name:  Bradley J. Dodson 
Title:  Director 

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

        ROYAL BANK OF CANADA, 
as Administrative Agent, U.S. Collateral Agent, Canadian Administrative Agent and Canadian Collateral Agent
        
By:       /s/ Ann Hurley    
Name:       Ann Hurley    
Title:           Manager, Agency

        RBC EUROPE LIMITED, 
as Australian Administrative Agent, Australian Collateral Agent and an Issuing Lender
        
By:   /s/ Johnson Tse     
Name:   Johnson Tse
Title:     Authorized Signatory

        ROYAL BANK OF CANADA, as a U.S. Lender, the U.S. Swing Line Lender, an Issuing Bank, and an Extending Lender 
        
By:   /s/ Jay T. Sartain    
Name: Jay T. Sartain
Title:     Authorized Signatory

ROYAL BANK OF CANADA, as a Canadian Lender, the Canadian Swing Line Lender, an Issuing Bank, and an Extending Lender 

By:   /s/ Mike Gaudet     
Name: Mike Gaudet
Title:    Authorized Signatory

ROYAL BANK OF CANADA, as an Australian Lender, an Issuing Bank and an Extending Lender 

By:   /s/ Marcus Rayment    
Name: Marcus Rayment
Title:     Director, Corporate Banking

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

THE BANK OF NOVA SCOTIA, as a Canadian Lender, an Issuing Bank and an Extending Lender

By:  /s/ Scott Nickel  
Name:  Scott Nickel
Title:  Director

 

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

BNS ASIA LIMITED, as an Australian Lender, an Exiting Lender and a Non-Extending Lender 

By:  /s/ Mark Levia 
Name: Mark Levia
Title: Director, Head of Execution & Head of BNSAL
 BANK OF MONTREAL, as a Canadian Lender and an Extending Lender
[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

        
By: /s/ Nicholas Power     
Name: Nicholas Power
Title: Managing Director

By: /s/ Kirk Phillips     
Name: Kirk Phillips
Title: Director

 

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

HSBC BANK CANADA, as a Canadian Lender and an Extending Lender

By:  /s/ Sherry Gauthier 
Name: Sherry Gauthier
Title: Assistant Vice President

By:  /s/ Ilene Morey 
Name: Ilene Morey
Title: Senior Officer – Commercial Banking

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

For and on behalf of THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, SYDNEY BRANCH, as an Australian Lender and an Extending Lender, by its duly authorised attorney pursuant to a power of attorney in the presence of:

By:  /s/ Craig Greenwood 
Name: Craig Greenwood
Title: State Manager, NSW

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

THE TORONTO-DOMINION BANK, as a Canadian Lender, an Issuing Bank and an Extending Lender

By:  /s/ Vanessa Cheung 
Name: Vanessa Cheung
Title: Director, National Accounts

By:  /s/ Jennifer Kerr 
Name: Jennifer Kerr
Title: Manager Commercial Credit, National Accounts

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

[Execution Version]

TORONTO-DOMINION (TEXAS) LLC, as a U.S. Lender and an Non-Extending Lender

By:  /s/ Pradeep Mehra 
Name: Pradeep Mehra
Title: Authorized Signatory

US-DOCS\117434314.2

NATIONAL BANK OF CANADA, as a Canadian Lender, an Australian Lender and an Extending Lender

By:  /s/ Jason Anderson 
Name: Jason Anderson
Title: Director, Energy Services

By:  /s/ Darrell Stelmack 
Name: Darrell Stelmack
Title: Director, Energy Services Group

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

ATB FINANCIAL, as Canadian Lender and an Extending Lender

By:  /s/ Amish Patel 
Name: Amish Patel
Title: Director

By:  /s/ Davinder Jhutty 
Name: Davinder Jhutty
Title: Associate Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

WELLS FARGO BANK N.A., CANADIAN BRANCH, as Canadian Lender, an Exiting Lender and a Non-Extending Lender

By:  /s/ Lindy Couillard 
Name: Lindy Couillard
Title: Vice President

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION, as an Australian Lender, an Exiting Lender and a Non-Extending Lender

By:  /s/ Jay Buckman 
Name: Jay Buckman
Title: Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

SUMITOMO MITSUI BANKING CORPORATION, as a U.S. Lender, an Exiting Lender and a Non-Extending Lender

By:  /s/ Eugene Nirenberg 
Name: Eugene Nirenberg
Title: Executive Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

SUMITOMO MITSUI BANKING CORPORATION, CANADA BRANCH, as a Canadian Lender, an Exiting Lender and a Non-Extending Lender

By:  /s/ Alfred Lee 
Name: Alfred Lee
Title: Managing Director

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

CANADIAN WESTERN BANK, as a Canadian Lender and an Extending Lender

By:  /s/ Jeff Owel 
Name: Jeff Owel
Title: AVP Commercial Accounts

[Signature Page to Third Amendment to Amended and Restated Syndicated Facility Agreement]

ANNEX I

SCHEDULE 2.01
Lenders and Commitments/Loans

																		
	Bank	U.S. Revolving
Commitment	Canadian Revolving
Commitment	Australian Revolving
Commitment	Canadian Term Loans (C$)	Total
Commitments / Loans
	Royal Bank of Canada	$10,000,000.00	$5,061,203.04	$8,440,790.10	$63,690,883.95	$71,032,503.55
	The Bank of Nova Scotia	–	$14,335,621.35	–	$40,731,819.34	$44,732,501.46
	BNS Asia Limited	–	–	–	–	–
	HSBC Bank Canada	–	$16,730,177.00	–	$47,165,625.02	$51,928,404.62
	The Hong Kong and Shanghai Banking Corporation Limited, Sydney Branch	–	–	$19,125,000.00	–	$19,125,000.00
	Bank of Montreal	–	$19,337,990.71	–	$30,310,924.95	$41,958,083.96
	The Toronto-Dominion Bank	–	$12,027,961.44	–	$37,709,534.63	$40,169,405.20
	Toronto-Dominion (Texas) LLC	–	–	–	–	–
	National Bank of Canada	–	$15,454,427.63	$7,434,209.90	$20,763,494.88	$38,383,782.96
	ATB Financial	–	$16,942,712.43	–	$20,712,485.35	$32,399,791.05
	Wells Fargo Bank National Association, Canadian Branch	–	–	–	–	–
	Wells Fargo Bank, National Association	–	–	–		–
	Sumitomo Mitsui Banking Corporation	–	–	–	–	–
	Sumitomo Mitsui Banking Corporation, Canada Branch	–	–	–	–	–
	Canadian Western Bank	–	$22,409,906.40	–	–	$22,409,906.40
	TOTAL	$10,000,000.00	$122,300,000.00	$35,000,000.00	$261,084,768.12	$362,139,379.19

ANNEX II

SCHEDULE 2.04
Amortization

Canadian Term Loans

						
	Date	Amount
	June 30, 2018	C$9,203,085.94
	September 30, 2018	C$9,203,085.94
	December 31, 2018	C$11,503,857.42
	March 31, 2019	C$11,503,857.42
	June 30, 2019	C$11,503,857.42
	September 30, 2019	C$11,503,857.42
	December 31, 2019	C$11,503,857.42
	March 31, 2020	C$11,503,857.42
	June 30, 2020	C$11,503,857.42
	September 30, 2020	C$11,157,468.72
	December 31, 2020	C$11,157,468.72
	March 31, 2021	C$11,157,468.72
	June 30, 2021	C$11,157,468.72
	September 30, 2021	C$11,157,468.72
	December 30, 2021	C$11,157,468.72
	March 31, 2022	C$11,157,468.72
	June 30, 2022	C$11,157,468.72
	September 30, 2022	C$11,157,468.72
	December 31, 2022	C$11,157,468.72
	March 31, 2023	C$11,157,468.72
	Maturity Date	Remaining BalanceMonaker Group, Inc. 8-K

Exhibit
10.1

Convertible
Note

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

MONAKER
GROUP, INC.

CONVERTIBLE
PROMISSORY NOTE

 

$300,000.00

Effective
September 1, 2020

FOR
VALUE RECEIVED, MONAKER GROUP, INC., a Nevada corporation (the “Company”) promises to pay to HOTPLAY
ENTERPRISE LIMITED, or its registered assigns (“Investor”), in lawful money of the United States of America
the principal sum of THREE HUNDRED THOUSAND Dollars ($300,000.00), or such lesser amount as shall equal the then outstanding principal
amount hereof, together with simple interest from the date of this Convertible Promissory Note (this “Note”)
on the then outstanding principal balance at a rate equal to ONE PERCENT (1%) per annum, computed on the basis of the actual number
of days elapsed and a year of 365 days. All then outstanding principal, together with any then unpaid and accrued interest and
other amounts payable hereunder, shall be converted or forgiven as set forth herein. This Note may be prepaid in whole or in part,
at any time and from time to time, without premium or penalty. The Company and the Investor agree and confirm by signing below
that this Note replaces and supersedes in its entirety that prior Convertible Promissory Note executed by the parties on August
31, 2020 (the “Prior Note”), which Prior Note was never funded, never became effective and is terminated and
cancelled by the parties’ entry into this Note.

		1.	Definitions.
                                         As used in this Note, the following capitalized terms have the following meanings:

		(a)	“Charter”
                                         shall mean the Company’s articles of incorporation as may be amended or restated
                                         from time to time.

		(b)	“Common
                                         Stock” shall mean common stock of the Company.

		(c)	“Conversion
                                         Price” shall mean a conversion price equal to $2.00 per share of Common Stock
                                         (as adjusted equitably for any stock splits or stock dividends affecting the Common Stock).

		(d)	“Lien”
                                         shall mean, with respect to any property, any security interest, mortgage, pledge, lien,
                                         claim, charge or other encumbrance.

 

 

 

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

 

    1 

     

    

		(e)	“Obligations”
                                         shall mean and include all loans, advances, debts, liabilities and obligations, howsoever
                                         arising, owed by the Company to Investor of every kind and description, now existing
                                         or hereafter arising under or pursuant to the terms of this Note, including all interest,
                                         fees, charges, expenses, attorneys’ fees and costs and accountants’ fees
                                         and costs chargeable to and payable by the Company hereunder and thereunder, in each
                                         case, whether direct or indirect, absolute or contingent, due or to become due, and whether
                                         or not arising after the commencement of a proceeding under Title 11 of the United States
                                         Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition
                                         interest) and whether or not allowed or allowable as a claim in any such proceeding.

		(f)	“Person”
                                         shall mean and include an individual, a partnership, a corporation (including a business
                                         trust), a joint stock company, a limited liability company, an unincorporated association,
                                         a joint venture or other entity or a governmental authority.

		(g)	“Share
                                         Exchange Agreement” shall mean that certain Share Exchange Agreement entered
                                         into by and among the Company, the Investor and various stockholders of the Investor,
                                         as may be amended from time to time.

		2.	Payments.

		(a)	Interest.
                                         Accrued interest on this Note shall be converted or forgiven as set forth herein.

		(b)	Automatic
                                         Forgiveness in Certain Circumstances. In the event the Share Exchange Agreement is
                                         terminated pursuant to Section 10.1(a) of the Share Exchange Agreement; by Investor and
                                         Principal Stockholder (as such term is defined in the Share Exchange Agreement), pursuant
                                         to Section 10.1(b) of the Share Exchange Agreement; or by the Company pursuant to Sections
                                         10.1(c), 10.1(e)(solely in the event that the Company terminates the Share Exchange pursuant
                                         to Section 10.1(e) because Investor (x) is not able to obtain audited and interim financial
                                         statements in the form required by the Securities and Exchange Commission, or (y) does
                                         not supply all of the information required in order for the Company to file its initial
                                         Proxy Statement, by the date which falls 75 days after the date the Share Exchange Agreement
                                         was entered into
or in the event that the Axion Ventures, Inc. share exchange agreement is terminated), 10.1(g), or 10.1(i), then outstanding principal
amount of this Note, plus all accrued and unpaid interest, shall be forgiven in full and the Company shall have no further obligation
to the Investor hereunder.

		3.	Events
                                         of Default. The occurrence of any of the following shall constitute an “Event
                                         of Default” under this Note:

		(a)	Failure
                                         to Convert. The Company shall fail to convert when due any principal or interest
                                         hereunder into shares of Common Stock of the Company within five (5) business days after
                                         the date required hereunder;

		(b)	Voluntary
                                         Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent
                                         to the appointment of a receiver, trustee, liquidator or custodian of itself or of all
                                         or a substantial part of its property, (ii) make a general assignment for the benefit
                                         of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    2 

     

    

case
or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession
of its property by any official in an involuntary case or other proceeding commenced against it, or (v) take any action for the
purpose of effecting any of the foregoing.

		(c)	Involuntary
                                         Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver,
                                         trustee, liquidator or custodian of the Company, or of all or a substantial part of the
                                         property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
                                         or other relief with respect to the Company, if any, or the debts thereof under any bankruptcy,
                                         insolvency or other similar law now or hereafter in effect shall be commenced and an
                                         order for relief entered or such proceeding shall not be dismissed or discharged within
                                         60 days of commencement.

		4.	Rights
                                         of Investor upon Default. Upon the occurrence of any Event of Default (other than
                                         an Event of Default described in Sections 3(b) or 3(c)) and at any time thereafter
                                         during the continuance of such Event of Default, Investor may, by written notice to the
                                         Company, declare all outstanding Obligations payable by the Company hereunder to be immediately
                                         due and payable without presentment, demand, protest or any other notice of any kind,
                                         all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.
                                         Upon the occurrence of any Event of Default described in Sections 3(b) or 3(c),
                                         immediately and without notice, all outstanding Obligations payable by the Company hereunder
                                         shall automatically become immediately due and payable, without presentment, demand,
                                         protest or any other notice of any kind, all of which are hereby expressly waived, anything
                                         contained herein to the contrary notwithstanding. In addition to the foregoing remedies,
                                         upon the occurrence and during the continuance of any Event of Default, Investor may,
                                         with the written consent of the Investor, exercise any other right, power or remedy granted
                                         to it by this Note or otherwise permitted to it by law, either by suit in equity or by
                                         action at law, or both. Additionally, upon the occurrence of any Event of Default, the
                                         outstanding principal balance of this Note shall bear interest (“Default Interest”)
                                         while such default exists at the lesser of: (a) eighteen percent (18%) per annum and
                                         (b) the maximum legally permissible rate (the “Default Rate”).

		5.	Conversion.

		(a)	Automatic
                                         Conversion in Certain Circumstances. If the Share Exchange Agreement is terminated
                                         by Investor and/or Principal Stockholder (as applicable) pursuant to Sections 10.1(d),
                                         10.1(e) (provided that in the event Investor and/or Principal Stockholder (as applicable)
                                         terminates the Share Exchange Agreement in the event that the Axion Ventures, Inc. share
                                         exchange agreement is terminated, Section 2(b) hereof shall apply), 10.1(f), or 10.1(h)
                                         of the Share Exchange Agreement or by the Company pursuant to Sections 10.1(d), or 10.1(e)(except
                                         as otherwise provided in Section 2(b) above, in which case Section 2(b) above shall apply)
                                         of the Share Exchange Agreement, then the then outstanding principal amount of this Note
                                         together with all accrued and unpaid interest under this Note shall automatically convert
                                         into fully paid and nonassessable shares of Common Stock at a price per share equal to
                                         the Conversion Price. The Company shall cause to be delivered stock certificates to or
                                         as directed by Investor as set forth in this Section 5.

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    3 

     

    

		(b)	Conversion
                                         Procedure.

		(i)	Conversion
                                         Pursuant to Section 5(a). If this Note is to be automatically converted pursuant
                                         to Section 5(a), written notice shall be delivered to Investor at the address
                                         last shown on the records of the Company for Investor or given by Investor to the Company
                                         for the purpose of notice, notifying Investor of the general terms of the conversion
                                         to be effected, specifying the Conversion Price, the principal amount of the Note to
                                         be converted, together with all accrued and unpaid interest and the date on which such
                                         conversion is expected to occur and calling upon Investor to surrender to the Company,
                                         in the manner and at the place designated, this Note. The Company shall, as soon as practicable
                                         thereafter, issue and deliver to Investor a certificate or certificates for the number
                                         of shares to which Investor shall be entitled upon such conversion, or shall otherwise
                                         issue such shares in book-entry form and provide Investor confirmation thereof.

		(ii)	Fractional
                                         Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon
                                         conversion of this Note. In lieu of the Company issuing any fractional shares to Investor
                                         upon the conversion of this Note, the Company shall round up any fractional share of
                                         Common Stock which would otherwise be due to the Investor upon conversion hereof. Upon
                                         conversion of this Note in full and the payment of the amounts specified in this paragraph,
                                         the Company shall be forever released from all its Obligations and liabilities under
                                         this Note and this Note shall be deemed of no further force or effect, whether or not
                                         the original of this Note has been delivered to the Company for cancellation.

		(c)	Cap
                                         on Shares of Common Stock. Notwithstanding anything herein to the contrary, the maximum
                                         number of shares of Common Stock to be issued in connection with the conversion of this
                                         Note (and upon conversion or exercise of any other securities required to be aggregated
                                         with the conversion of this Note pursuant to the applicable rules and requirements of
                                         the NASDAQ Capital Market), or otherwise as provided herein, shall not (i) exceed 19.9%
                                         of the outstanding shares of Common Stock on the date of this Note, (ii) exceed 19.9%
                                         of the combined voting power of the then outstanding voting securities of the Company
                                         on the date of this Note, in each of subsections (i) and (ii) before the issuance of
                                         the Common Stock hereunder in connection with any conversion, or (iii) otherwise exceed
                                         such number of shares of Common Stock that would violate applicable listing rules of
                                         the NASDAQ Capital Market in the event the Company’s stockholders do not approve
                                         the issuance of the Common Stock issuable in connection with a conversion of this Note
                                         (and upon conversion or exercise of any other securities required to be aggregated with
                                         the conversion of this Note pursuant to the applicable rules and requirements of the
                                         NASDAQ Capital Market), or otherwise as provided herein.

		6.	Representations
                                         and Warranties of the Company. The Company represents and warrants to the Investor
                                         that:

		(a)	Due
                                         Incorporation, Qualification, etc. The Company (i) is a corporation duly organized,
                                         validly existing and in good standing under the laws of the State of Nevada; (ii) has
                                         the power and authority to own, lease and operate its properties and carry on its

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    4 

     

    

business
as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction
where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect on the Company.

		(b)	Authority.
                                         The execution, delivery and performance by the Company of the Note and the consummation
                                         of the transactions contemplated thereby (i) are within the power of the Company and
                                         (ii) have been duly authorized by all necessary actions on the part of the Company.

		(c)	Enforceability.
                                         The Note has been, or will be, duly executed and delivered by the Company and constitutes,
                                         or will constitute, a legal, valid and binding obligation of the Company, enforceable
                                         against the Company in accordance with its terms, except as limited by bankruptcy, insolvency
                                         or other laws of general application relating to or affecting the enforcement of creditors’
                                         rights generally and general principles of equity.

		(d)	Non-Contravention.
                                         The execution and delivery by the Company of the Note and the performance and consummation
                                         of the transactions contemplated hereby do not and will not (i) violate the Charter or
                                         bylaws of the Company, or any material judgment, order, writ, decree, statute, rule or
                                         regulation applicable to the Company; or (ii) result in the creation or imposition of
                                         any Lien upon any property, asset or revenue of the Company or the suspension, revocation,
                                         impairment, forfeiture, or nonrenewal of any material permit, license, authorization
                                         or approval applicable to the Company, its business or operations, or any of its assets
                                         or properties.

		(e)	Approvals.
                                         No consent, approval, order or authorization of, or registration, declaration or
                                         filing with, any governmental authority or other Person (including, without limitation,
                                         the shareholders of any Person) is required in connection with the execution and delivery
                                         of the Notes by the Company and the performance and consummation of the transactions
                                         contemplated thereby, other than such as have been obtained and remain in full force
                                         and effect and other than such qualifications or filings under applicable securities
                                         laws as may be required in connection with the transactions contemplated by this Note.

		7.	Representations
                                         and Warranties of Investor. Investor represents and warrants to the Company upon
                                         the acquisition of the Note as follows:

		(a)	Binding
                                         Obligation. Investor has full legal capacity, power and authority to execute and
                                         deliver this Note and to perform its obligations hereunder. This Note constitutes valid
                                         and binding obligations of Investor, enforceable in accordance with its terms, except
                                         as limited by bankruptcy, insolvency or other laws of general application relating to
                                         or affecting the enforcement of creditors’ rights generally and general principles
                                         of equity.

		(b)	Securities
                                         Law Compliance. Investor has been advised that the Note and the underlying securities
                                         have not been registered under the Act and any applicable state securities laws and,
                                         therefore, cannot be resold unless it or they are registered under the Act and applicable
                                         state securities laws or unless an exemption from such registration requirements is available.
                                         Investor is aware that the Company is under no obligation to affect any such registration
                                         with respect to the Note or the underlying securities or to

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    5 

     

    

file
for or comply with any exemption from registration. Investor has not been formed solely for the purpose of making this investment
and is purchasing the Note for its own account for investment, not as a nominee or agent, and not with a view to, or for resale
in connection with, the distribution thereof, and Investor has no present intention of selling, granting any participation in,
or otherwise distributing the same. Investor has such knowledge and experience in financial and business matters that Investor
is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without
impairing Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite period
of time. Investor is an “accredited investor” as such term is defined in Rule 501 of Regulation D under the Act and
shall submit to the Company such further assurances of such status as may be reasonably requested by the Company. The residency
of Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly set
forth beneath Investor’s name on the signature page hereto.

		(c)	Access
                                         to Information. Investor acknowledges that the Company has given Investor access
                                         to the corporate records and accounts of the Company and to all information in its possession
                                         relating to the Company, has made its officers and representatives available for interview
                                         by Investor, and has furnished Investor with all documents and other information required
                                         for Investor to make an informed decision with respect to the purchase of the Note.

		(d)	Tax
                                         Advisors. Investor has reviewed with its own tax advisors the U.S. federal, state
                                         and local and non-U.S. tax consequences of this investment and the transactions contemplated
                                         by this Note. With respect to such matters, Investor relies solely on any such advisors
                                         and not on any statements or representations of the Company or any of its agents, written
                                         or oral. Investor understands that it (and not the Company) shall be responsible for
                                         its own tax liability that may arise as a result of this investment and the transactions
                                         contemplated by this Note.

		(e)	Purchase
                                         Price. Investor shall have delivered to the Company the principal sum of
Three Hundred Thousand Dollars ($300,000.00).

		(f)	No
                                         “Bad Actor” Disqualification Events. Neither (i) the Investor, (ii) any
                                         of its directors, executive officers, general partners or managing members, nor (iii)
                                         any beneficial owner of any of the Company’s voting equity securities (in accordance
                                         with Rule 506(d) of the Act) held by the Investor if such beneficial owner is deemed
                                         to own 20% or more of the Company’s outstanding voting securities (calculated on
                                         the basis of voting power) is subject to any disqualifications described in Rule 506(d)(1)(i)
                                         through (viii) of the Act (“Disqualification Events”), except for
                                         Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act
                                         and disclosed reasonably in advance of the date hereof in writing in reasonable detail
                                         to the Company.

		8.	Miscellaneous.

		(a)	Waivers
                                         and Amendments. Any provision of this Note may be amended, waived or modified only
                                         with the written consent of the Company and of the Investor.

		(b)	Governing
                                         Law. This Note and all actions arising out of or in connection herewith or therewith
                                         shall be governed by and construed in accordance with the laws of the State

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    6 

     

    

of
Florida without regard to the conflicts of law provisions of the State of Florida or of any other state.

		(c)	Survival.
                                         The representations, warranties, covenants and agreements made herein shall survive
                                         the execution and delivery of this Note.

		(d)	Jurisdiction
                                         and Venue. Investor and the Company irrevocably consent to the exclusive jurisdiction
                                         of, and venue in, the state courts in Broward County in the State of Florida, in connection
                                         with any matter based upon or arising out of this Note or the matters contemplated herein
                                         or therein, and agree that process may be served upon them in any manner authorized by
                                         the laws of the State of Florida for such Persons.

		(e)	Waiver
                                         of Jury Trial; Judicial Reference. Investor hereby agrees and the Company hereby
                                         agrees to waive their respective rights to a jury trial of any claim or cause of action
                                         based upon or arising out of this Note.

		(f)	Successors
                                         and Assigns. Subject to the restrictions on transfer set forth herein, the rights
                                         and obligations of the Company and Investor under this Note shall be binding upon and
                                         benefit the successors, assigns, heirs, administrators and transferees of the parties.

		(g)	Transfer
                                         and Replacement of this Note. The Company will keep, at its principal executive office,
                                         books for the recordation of the Investors and recordation of transfer of this Note.
                                         Prior to presentation of this Note for transfer, the Company shall treat the Person in
                                         whose name this Note is recorded as the owner and holder of this Note for all purposes
                                         whatsoever, whether or not this Note shall be overdue, and the Company shall not be affected
                                         by notice to the contrary. Subject to any restrictions on or conditions to transfer set
                                         forth in this Note, the holder of this Note, at its option, may in person or by duly
                                         authorized attorney surrender the same for exchange at the Company’s chief executive
                                         office, and promptly thereafter and at the Company’s expense, except as provided
                                         below, receive in exchange therefor this Note in the principal requested by such holder,
                                         dated the date to which interest shall have been paid on this Note or, if no interest
                                         shall have yet been so paid, dated the date of this Note and recorded in the name of
                                         such Person or Persons as shall have been designated in writing by such holder or its
                                         attorney for the same principal amount as the then unpaid principal amount of this Note.
                                         Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership
                                         of and the loss, theft, destruction or mutilation of this Note and (a) in the case of
                                         loss, theft or destruction, of indemnity reasonably satisfactory to it; or (b) in the
                                         case of mutilation, upon surrender thereof, the Company, at its expense, will execute
                                         and deliver in lieu thereof a new Note executed in the same manner as this Note, in the
                                         same principal amount as the unpaid principal amount of this Note and dated the date
                                         to which interest shall have been paid on this Note or, if no interest shall have yet
                                         been so paid, dated the date of this Note.

		(h)	Transfer
                                         of this Note or Securities Issuable on Conversion Thereof. Subject to the proviso
                                         in the following sentence, neither this Note nor the securities issued upon conversion
                                         hereof may be transferred by Investor without the prior written consent of the Company.
                                         Investor shall have no further restrictions on transferability of the underlying securities
                                         following the earlier of: (a) consummation of the Share Exchange Agreement and (b) the
                                         date that is six months from the date of this Note, provided that

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    7 

     

    

all
transfers of this note and/or any securities underlying this Note shall comply with applicable law.

		(i)	Assignment
                                         by the Company. The rights, interests or obligations of the Company hereunder may
                                         not be assigned, by operation of law or otherwise, in whole or in part, by the Company
                                         without the prior written consent of the Investor.

		(j)	Entire
                                         Agreement. This Note constitutes and contains the entire agreement among the
Company and Investor and supersedes any and all prior agreements, negotiations, correspondence, understandings and communications
among the parties, whether written or oral, respecting the subject matter hereof, including, but not limited to, the Prior Note.

		(k)	Notices.
                                         All notices, requests, demands, consents, instructions or other communications required
                                         or permitted hereunder shall be in writing and faxed, mailed, emailed or delivered to
                                         each party as follows: (i) if to Investor, at Investor’s address, facsimile number
                                         or electronic mail address set forth beneath Investor’s name on the signature page
                                         hereto, or at such other address, facsimile number or electronic mail address as Investor
                                         shall have furnished the Company in writing, or (ii) if to the Company, at the Company’s
                                         address, facsimile number or electronic mail address set forth beneath the Company’s
                                         name on the signature page hereto, or at such other address, facsimile number or electronic
                                         mail address as the Company shall have furnished to Investor in writing. All such notices
                                         and communications will be deemed effectively given the earlier of (i) when received,
                                         (ii) when delivered personally, (iii) one business day after being deposited with an
                                         overnight courier service of recognized standing, (iv) four days after being deposited
                                         in the U.S. mail, first class with postage prepaid, (v) if sent via facsimile, upon confirmation
                                         of facsimile transfer or (vi) if sent via electronic mail, when directed to the relevant
                                         electronic mail address, if sent during normal business hours of the recipient, or if
                                         not sent during normal business hours of the recipient, then on the recipient’s
                                         next business day.

		(l)	Expenses.
                                         The Company and Investor shall be responsible for their own legal fees and other
                                         expenses incurred in connection with the negotiation, drafting and execution of this
                                         Note.

		(m)	Severability
                                         of this Note. If any provision of this Note shall be judicially determined to be
                                         invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
                                         provisions shall not in any way be affected or impaired thereby.

		(n)	Usury.
                                         If any interest is paid on this Note that is deemed to be in excess of the then legal
                                         maximum rate, then that portion of the interest payment representing an amount in excess
                                         of the then legal maximum rate shall be deemed a payment of principal and applied against
                                         the principal of this Note.

		(o)	Waivers.
                                         The Company hereby waives notice of default, presentment or demand for payment, protest
                                         or notice of nonpayment or dishonor and all other notices or demands relative to this
                                         instrument.

		(p)	Review
                                         and Knowledge. Each party herein expressly represents and warrants to all other parties
                                         hereto that (a) before executing this Note, said party has fully informed itself of the
                                         terms, contents, conditions and effects of this Note; (b) said party has relied solely
                                         and completely upon its own judgment in executing this Note; (c) said party has

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    8 

     

    

had
the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing this Note; (d)
said party has acted voluntarily and of its own free will in executing this Note; and (e) this Note is the result of arm’s
length negotiations conducted by and among the parties and their respective counsel.

		(q)	Counterparts.
                                         This Note and any signed agreement or instrument entered into in connection with
                                         this Note, may be executed in one or more counterparts, all of which shall constitute
                                         one and the same instrument. Any such counterpart, to the extent delivered by means of
                                         a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic
                                         mail (any such delivery, an “Electronic Delivery”) shall be treated
                                         in all manner and respects as an original executed counterpart and shall be considered
                                         to have the same binding legal effect as if it were the original signed version thereof
                                         delivered in person. No party shall raise the use of Electronic Delivery to deliver a
                                         signature or the fact that any signature or agreement or instrument was transmitted or
                                         communicated through the use of Electronic Delivery as a defense to the formation of
                                         a contract, and each such party forever waives any such defense, except to the extent
                                         such defense relates to lack of authenticity.

 

(Signature
Page Follows)

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective September 1, 2020

    9 

     

    

The
parties have caused this Note to be duly executed and delivered as of the date first written above.

 

	 	COMPANY:
	 	 
	 	MONAKER
    GROUP, INC.
	 	 
	 	 
	 	a
Nevada corporation

 

	 	By:	/s/
    William Kerby
	 	Name:	William
    Kerby
	 	Title:	CEO
	 	Address:	2893
    Executive Park Dr. #201

Weston Florida USA 33331

 

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    10 

     

    

The
parties have caused this Note to be duly executed and delivered as of the date first written above.

 

Investor:

HOTPLAY
ENTERPRISE LIMITED

 

 

	 	By:	/s/
        Athid Nanthawaroon 

        /s/
        Nithinan Boonyawattanapisut

	 	 	 
	 	Name:	Athid
        Nanthawaroon

        Nithinan
        Boonyawattanapisut

	 	 	 
	 	Title:	Director
	 	 	 
	 	Address:	 

 

Monaker
Group, Inc. – Convertible Promissory Note ($300,000)

Effective
September 1, 2020

    11

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