Document:

Exhibit

EXHIBIT 4-A-1

EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.
UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, AS NOMINEE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR EUROCLEAR BANK, S.A./N. V.  (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM,” AND, TOGETHER WITH EUROCLEAR, THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK MELLON, LONDON BRANCH, HAS AN INTEREST HEREIN.
TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

FORD MOTOR CREDIT COMPANY LLC
FLOATING RATE 
EURO MEDIUM-TERM NOTES 
DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE

    
No. R-1    

FORD MOTOR CREDIT COMPANY LLC, a limited liability company, duly formed and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor company under the Indenture hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear and Clearstream, or registered assigns, the principal sum outstanding hereunder up to an aggregate of €5,250,000,000 Euros (or its equivalent in other currencies) less the principal amount outstanding under the Ford Motor Credit Company LLC Euro Fixed Rate Note Due Nine Months or More from the Date of Issue dated as of even date herewith and the Ford Motor Credit Company LLC Medium-Term Notes Due Nine Months or More from the Date of Issue - Series B and to pay interest on the principal amount outstanding hereunder at the rate per annum in accordance with the terms of the Pricing Supplements attached hereto commencing on the date specified in the attached Pricing Supplements (each such date an “Interest Payment Date”) at the rate specified in the attached Pricing Supplements, until the principal hereof is paid or made available for

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payment.  If the Interest Payment Date is not a Business Day, the Interest Payment Date will be postponed to the next Business Day; provided that when the Pricing Supplement specifies that the interest rate for this global Security is based on EURIBOR or LIBOR, if the next Business Day is in the next calendar month, the Interest Payment Date will be the immediately preceding Business Day.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th day next preceding such Interest Payment Date (whether or not a Business Day) unless otherwise specified in a Pricing Supplement.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder hereof on such Regular Record Date and may either be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this global Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities evidenced by this global Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Pricing Supplement may also contain such other additional terms as are not otherwise inconsistent with the terms of this Security or the Indenture.   As used herein, unless otherwise defined in the Pricing Supplement, the term “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in London or The City of New York. 
Payment of the principal of and any interest on this global Security will be made by The Bank of New York Mellon, London Branch, as Paying Agent, and will be made in the currency specified in the attached Pricing Supplements (the “Applicable Currency”), and all payments of principal of, the redemption price (if any), and interest and additional amounts (if any), on this global Security, will be payable in the Applicable Currency, provided, that if the Applicable Currency is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Applicable Currency is no longer being used or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this global Security will be made in U.S. dollars until the Applicable Currency is again available to the Company or so used. The amount payable on any date in the Applicable Currency will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, in the event the Board of Governors of the Federal Reserve System has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/ Applicable Currency exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Applicable Currency. Any payment in respect of this global Security so made in U.S. dollars will not constitute an event of default under this global Security or the Indenture. Neither the Trustee nor The Bank of New York Mellon, London Branch shall have any responsibility for any calculation or conversion in connection with the foregoing.
This global Security is a global security evidencing a portion of a duly authorized issuance of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 16, 2015 (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This global Security represents a portion of the series designated as the Company’s Euro Medium-Term Notes Due Nine Months or More from the Date of Issue (herein called the “Notes”). 
Notices with respect to this global Security will be published in a newspaper in The City of New York.  It is expected that publication will be made in The Wall Street Journal.  Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.

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This global Security is subject to redemption, as set forth hereunder and in the Pricing Supplements.
This global Security is only subject to redemption in accordance with the attached Pricing Supplements, upon not less than 30 nor more than 60 days’ prior notice given in the manner provided in the Indenture, at a redemption price specified in such Pricing Supplement, together with any accrued and unpaid interest to such redemption date.
All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law.
If an Event of Default with respect to the Notes shall occur and be continuing, the principal of such Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of a particular series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this global Security shall be conclusive and binding upon such Holder and upon all future Holders of this global Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this global Security.
No reference herein to the Indenture and no provision of this global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this global Security at the times, place and rate, and in the coin or currency, herein prescribed.
If at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Securities evidenced hereby and a successor Depository is not appointed by the Company within 90 days after the Company receives such notice, the Company shall execute, and the Trustee shall authenticate and deliver, Securities in definitive registered form without coupons, in denominations of €100,000 (or its equivalent in other currencies) or any amount in excess thereof which is an integral multiple of €1,000 (or its equivalent in other currencies), unless otherwise specified in a Pricing Supplement, (such denominations referred to herein as “authorized denominations”), of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  In addition, the Company may at any time determine that the Securities evidenced hereby shall no longer be represented by a global security.  Notes (including Notes denominated in pounds sterling) in respect of which the issue proceeds are to be accepted in the United Kingdom or which issue otherwise constitutes a contravention of Section 19 of the Financial Services and Markets Act 2000 and which have a maturity of less than one year shall have a minimum denomination and redemption value of £100,000 (or if the Notes are denominated in a currency other than pounds sterling, as specified in the Pricing Supplement, at least the equivalent thereof in such currency using the spot rate as of the date of issue). In such event, the Company shall execute and the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, shall authenticate and deliver Securities in definitive registered form without coupons, in authorized denominations, and of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  Upon the exchange of this global Security for such Securities in definitive registered form without coupons, in authorized denominations, this global Security shall be cancelled by the Trustee.  Securities in definitive registered form issued in exchange for this global Security shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.
 

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As provided in the Indenture and subject to certain limitations set forth therein, the transfer of a Security may be registered on the Security Register upon surrender of such Security for registration of transfer at the corporate trust office of the Trustee or at such other office in The City of New York or another city as the Company may designate where the principal of and interest on such Security are payable, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations, and of like tenor and in the same aggregate principal amount shall be issued to the designated transferee or transferees.  No service charge shall be charged for any registration of transfer or exchange of a Security, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange; provided, however, that for so long as any Securities are evidenced by this global Security, this global Security may be transferred in whole but not in part, only to another nominee of the Depository or to a successor Depository selected or approved by the Company or to a nominee of such successor Depository.
Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner hereof for all purposes, whether or not such Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this global Security that are defined in the Indenture and not herein otherwise defined shall have the meanings assigned to them therein.
Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, Ford Motor Credit Company LLC has caused this instrument to be signed by its Chairman of the Board, or its President, or one of its Vice Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or in facsimile, and its corporate seal to be imprinted hereon.

	
		
	Dated:  February 17, 2017
	FORD MOTOR CREDIT COMPANY LLC

	 
	 

	 
	By: 
      Chairman of the Board

	 
	 

	[COMPANY SEAL]
	 

	 
	By:
     Chief Financial Officer and Treasurer

Attest: 

By:  ________________________
        Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the global Securities of the series designated herein referred to in the within-mentioned Indenture.

THE BANK OF NEW YORK MELLON
   As Trustee,

By:  _________________________
        Authorized Officer

Dated:  February 17, 2017

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
______________________________________________________________________

______________________________________________________________________
(Print or Type Name and Address including Zip Code of Assignee)

the within global Security, and all rights thereunder, hereby irrevocably constituting and appointing 
________________________________________________________________attorney to transfer said global Security on the books of the Company, with full power of substitution in the premises.

Dated__________________

NOTE:  The signature to this assignment must correspond with the name as written upon the face of the within global Security in every particular without alteration or enlargement or any change whatsoever and must be guaranteed by a commercial bank or trust company having its principal office or correspondent in The City of New York or by a member of the New York Stock Exchange.

NOTE: Medallion Guarantee Stamp - We cannot complete the transfer if this stamp is not affixed to this assignment.  This stamp can be obtained from a financial institution that is a member of the Securities Transfer Association Medallion Program, New York Exchange Medallion Program or Global Note Exchange Medallion Program.Exhibit

EXHIBIT 10.1

AMENDMENT NO. 3 TO FINANCING AGREEMENT
AMENDMENT NO. 3, dated as of December 5, 2017 (this “Amendment”), to the Financing Agreement, dated as of September 24, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Financing Agreement”), by and among Remark Holdings, Inc., a Delaware corporation (the “Parent”), each subsidiary of the Parent listed as a “U.S. Borrower” on the signature pages thereto (together with the Parent and each other Person that executes a Joinder Agreement (as defined therein) and becomes a “U.S. Borrower” thereunder, each a “U.S. Borrower” and, collectively, jointly and severally, the “U.S. Borrowers”), KanKan Limited, a company organized under the laws of the British Virgin Islands (the “BVI Borrower” and together with the U.S. Borrowers, each, a “Borrower” and, collectively, the “Borrowers”), each subsidiary of the Parent listed as a “Guarantor” on the signature pages thereto (together with each other Person that executes a joinder agreement and becomes a “Guarantor” thereunder or otherwise guaranties all or any part of the Obligations (as defined therein), each a “Guarantor” and, collectively, the “Guarantors”), the lenders from time to time party thereto (each a “Lender” and, collectively, the “Lenders”), MGG Investment Group LP (“MGG”), as collateral agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Collateral Agent”), and MGG, as administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent” and together with the Collateral Agent, each an “Agent” and, collectively, the “Agents”).
WHEREAS, the Loan Parties have requested that the Lenders amend certain terms and conditions of the Financing Agreement as more fully set forth herein, and the Lenders are willing to amend certain terms and conditions of the Financing Agreement on the terms set forth herein;
NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.   Definitions.  All terms used herein that are defined in the Financing Agreement and not otherwise defined herein shall have the meanings assigned to them in the Financing Agreement.
 
2.   Amendments. 

(a)   New Definitions.  Section 1.01 of the Financing Agreement is hereby amended by adding the following defined terms thereto in appropriate alphabetical order:

“Third Amendment” means Amendment No. 3 to Financing Agreement, dated as of December 5, 2017, among the Borrowers, the Guarantors, the Lenders, and the Agents.
“Third Amendment Effective Date” shall have the meaning specified therefor in Section 4 of the Third Amendment.

(b)   Amendment and Restatement of Certain Definitions.  Section 1.01 of the Financing Agreement is hereby amended by amending and restating the definitions of the following terms, to read in their entirety as follows:

“Permitted Intercompany Investments” means Investments made by (a) a U.S. Loan Party to or in another U.S. Loan Party, (b) a Subsidiary that is not a U.S. Loan Party to or in another Subsidiary that is not a Loan Party, (c) a Subsidiary that is not a U.S. Loan Party to or in a Loan Party, so long as, in the case of a loan or advance, the parties thereto are party to the Intercompany Subordination Agreement and (d) a U.S. Loan Party to or in a Subsidiary that is not a U.S. Loan Party so long as (i) the aggregate amount of all such Investments outstanding at any time made by the U.S. Loan Parties to or in Subsidiaries that are not U.S. Loan Parties does not exceed (A) the aggregate amount of $15,000,000 in the case of Subsidiaries of the Parent that are not U.S. Loan Parties, and whose primary business is the operation of the KanKan social media channel; provided, that both before and after giving effect to such Investment, (x) the Loan Parties shall be in compliance with Section 7.03(d) and (y) all Second Future Equity Raise Amounts (as defined in the Side Letter and without giving effect to the “best efforts” qualifier in Section 6 of the Side Letter) shall have been deposited in an account subject to a Control Agreement and (B) $350,000 in the case of all other Subsidiaries of the Parent that are not U.S. Loan Parties (not including any Subsidiary covered by subclause (A)), and (ii) no Default or Event of Default has occurred and is continuing either before or after giving effect to such Investment.”
“Fee Letter” means the fee letter, dated as of the Effective Date, as amended and restated as of the Third Amendment Effective Date, among the Borrowers and the Agents.
“Side Letter” means the side letter, dated as of the Effective Date and amended and restated as of the Third Amendment Effective Date, by and between the Collateral Agent and the Administrative Borrower.
(c)   Amendment to Section 7.03(a).  Section 7.03(a) of the Financing Agreement is hereby amended and restated to read in its entirety as follows:

“(a)    “Consolidated Gross Revenue of KanKan.” Permit the consolidated gross revenues of KanKan HK Limited and any other Subsidiary of the Parent that participates in the KanKan social media channel business for any fiscal quarter period of the Parent and its Subsidiaries for which the fiscal quarter ends on a date set forth below to be less than the amount set forth opposite such date:

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	Fiscal Quarter End
	Consolidated Revenue

	December 31, 2017
	$2,500,000

	March 31, 2018
	$3,000,000

	June 30, 2018 and the last day of each fiscal quarter ended thereafter
	$4,000,000”

(d)   Amendment to Section 7.03(b).  Section 7.03(b) of the Financing Agreement is hereby amended and restated to read in its entirety as follows:

“(b)    “Consolidated EBITDA of Vegas.com and its Subsidiaries.” Permit Consolidated EBITDA of Vegas.com and its Subsidiaries for any four fiscal quarter period of Vegas.com and its Subsidiaries to be less than $7,500,000 at the end of any fiscal quarter.”
3.   Representations and Warranties.  Each Loan Party hereby represents and warrants to the Agents and the Lenders as follows:

(a)   Representations and Warranties; No Event of Default.  The representations and warranties herein, in Article VI of the Financing Agreement and in each other Loan Document, certificate or other writing delivered by or on behalf of the Loan Parties to any Agent or any Lender pursuant to the Financing Agreement or any other Loan Document on or immediately prior to the Third Amendment Effective Date are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such date as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such earlier date), and no Default or Event of Default has occurred and is continuing as of the Third Amendment Effective Date or would result from this Amendment becoming effective in accordance with its terms.

(b)   Organization, Good Standing, Etc.  Each Loan Party (i) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to conduct its business as now conducted and as presently contemplated, and to execute and deliver this Amendment, and to consummate the transactions contemplated hereby and by the Financing Agreement, as amended hereby, and (iii) is duly qualified to do business in, and is in good standing in each jurisdiction where the character of the properties owned or leased by it or in 

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which the transaction of its business makes such qualification necessary except (solely for the purposes of this subclause (iii)) where the failure to be so qualified and be in good standing could not reasonably be expected to have a Material Adverse Effect.

(c)   Authorization, Etc.  The execution and delivery by each Loan Party of this Amendment and each other Loan Document to which it is or will be a party, and the performance by it of the Financing Agreement, as amended hereby, (i) are within the power and authority of such Loan Party and have been duly authorized by all necessary action, (ii) do not and will not contravene any of its Governing Documents, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of its properties, (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its operations or any of its properties, except (solely for the purposes of this subclause (iv)) to the extent that such default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal could not reasonably be expected to have a Material Adverse Effect and (v) do not contravene any applicable Requirement of Law or any Contractual Obligation binding on or otherwise affecting it or any of its properties, except (solely for the purposes of this subclause (v)) to the extent it could not reasonably be expected to have a Material Adverse Effect.

(d)   Enforceability of Loan Documents.  This Amendment is, and each other Loan Document to which any Loan Party is or will be a party, when delivered hereunder, will be, a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by principles of equity.

(e)   Governmental Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required in connection with the due execution, delivery and performance by any Loan Party of this Amendment.

4.   Conditions to Effectiveness.  This Amendment shall become effective as of the date when, and only when, all of the following conditions have been satisfied as determined in Collateral Agent’s discretion (such date, the “Third Amendment Effective Date”):

(a)   Collateral Agent shall have received this Amendment duly executed by the Loan Parties, each Agent and each Lender; 

(b)   Collateral Agent shall have received the Fee Letter (as amended and restated on the Third Amendment Effective Date), duly executed by the Borrowers and the Agents;

(c)   Collateral Agent shall have received the Side Letter (as amended and restated on the Third Amendment Effective Date), duly executed by the Borrowers and the Agents;

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(d)   The Borrowers shall have paid on or before the Third Amendment Effective Date all fees, costs and expenses then invoiced and payable, if any, pursuant to this Amendment and Section 2.06 (including fees provided for in the Fee Letter) and 12.04 of the Financing Agreement; and

(e)   The representations and warranties contained in this Amendment, in Article VI of the Financing Agreement and in each other Loan Document, certificate or other writing delivered to any Agent or any Lender pursuant hereto or thereto on or prior to the Third Amendment Effective Date are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct on and as of such earlier date in all respects subject to such qualification) on and as of such date as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to an earlier date in which case such representation or warranty shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of such earlier date, and no Default or Event of Default has occurred and is continuing as of the Third Amendment Effective Date (as defined below) or would result from this Amendment becoming effective in accordance with its terms.

5.   Continued Effectiveness of the Financing Agreement and Other Loan Documents.  Each Loan Party hereby (a) acknowledges and consents to this Amendment, (b) confirms and agrees that the Financing Agreement and each other Loan Document (including the Shareholder Letter) to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Third Amendment Effective Date, all references in any such Loan Document to “the Financing Agreement”, the “Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Financing Agreement shall mean the Financing Agreement as amended by this Amendment (c) confirms and agrees that, to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent, for the benefit of the Agents and the Lenders, or to grant to the Collateral Agent, for the benefit of the Agents and the Lenders, a security interest in or Lien on any Collateral as security for the Obligations of the Loan Parties from time to time existing in respect of the Financing Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects and (d) with respect to each Loan Party that is a Guarantor, confirms and agrees that all of the provisions of and obligations under its Guaranty are hereby ratified and confirmed in all respects.  This Amendment does not and shall not affect any of the obligations of the Loan Parties, other than as expressly provided herein, including, without limitation, the Loan Parties’ obligations to repay the Loans in accordance with the terms of Financing Agreement or the obligations of the Loan Parties under any Loan Document to which they are a party, all of which obligations shall remain in full force and effect.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Agent or any Lender under the Financing Agreement or any 

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other Loan Document nor constitute a waiver of any provision of the Financing Agreement or any other Loan Document.

6.   Release.  Each Loan Party hereby acknowledges and agrees that:  (a) neither it nor any of its Subsidiaries has any claim or cause of action against any Agent or any Lender (or any of the directors, officers, employees, agents, attorneys or consultants of any of the foregoing) and (b) the Agents and the Lenders have heretofore properly performed and satisfied in a timely manner all of their obligations to the Loan Parties, and all of their Subsidiaries and Affiliates.  Notwithstanding the foregoing, the Agents and the Lenders wish (and the Loan Parties agree) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of their rights, interests, security and/or remedies.  Accordingly, for and in consideration of the agreements contained in this Amendment and other good and valuable consideration, each Loan Party (for itself and its Subsidiaries and Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release, waive and forever discharge the Agents and the Lenders, together with their respective Affiliates and Related Funds, and each of the directors, officers, employees, agents, attorneys and consultants of each of the foregoing (collectively, the “Released Parties”), from any and all debts, claims, allegations, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done, in each case prior to the Third Amendment Effective Date, directly arising out of, connected with or related to the Financing Agreement or any other Loan Document or any act, event or transaction related or attendant thereto (other than this Amendment or the agreements of any Agent or any Lender contained therein) or the possession, use, operation or control of any of the assets of any Loan Party, or the making of any Loans or other advances, or the management of such Loans or other advances or the Collateral.  Each Loan Party represents and warrants that it has no knowledge of any claim by any Releasor against any Released Party or of any facts or acts or omissions of any Released Party which on the date hereof would be the basis of a claim by any Releasor against any Released Party which would not be released hereby.  The foregoing release does not release or discharge, or operate to waive performance by, the Agents or the Lenders of their express agreements and obligations stated in the Loan Documents on or after the Third Amendment Effective Date.

7.   Miscellaneous.

(a)   This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment. 
 
(b)   Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

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(c)   This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

(d)   Each Loan Party hereby acknowledges and agrees that this Amendment constitutes a “Loan Document” under the Financing Agreement.  Accordingly, it shall be an immediate Event of Default under the Financing Agreement if (i) any representation or warranty made by any Loan Party under or in connection with this Amendment shall have been incorrect in any respect when made or deemed made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment.

(e)   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 portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.
[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the date set forth on the first page hereof.

	
			
	U.S. BORROWERS:

	 
	 
	 

	REMARK HOLDINGS, INC.

	BANKS.COM, INC.

	BIKINI.COM LLC

	FILELATER.COM LLC

	ROOMLIA, INC.

	TAXEXTENSION LLC

	VEGAS.COM, LLC

	 
	 
	 

	By:
	/s/ Douglas Osrow

	 
	Name:
	Douglas Osrow

	 
	Title:
	Chief Financial Officer

	
			
	BVI BORROWER:

	 
	 
	 

	KANKAN LIMITED

	 
	 
	 

	By:
	/s/ Kai-Shing Tao

	 
	Name:
	Kai-Shing Tao

	 
	Title:
	Chief Executive Officer

	
			
	GUARANTORS:

	 
	 
	 

	CASINO TRAVEL & TOURS, LLC

	CTT TOURS, LLC

	CT&T TRANSPORTATION, LLC

	INTAC INTERNATIONAL, INC.

	LV.COM, LLC

	REMARK TRAVEL, INC.

	SLAPTV LLC

	REMARK HOLDINGS SPV, INC.

	 
	 
	 

	By:
	/s/ Douglas Osrow

	 
	Name:
	Douglas Osrow

	 
	Title:
	Chief Financial Officer

Amendment No. 3 to Financing Agreement

	
			
	GUARANTORS:

	 
	 
	 

	RAAD PRODUCTIONS, LLC

	 
	 
	 

	By:
	/s/ Douglas Osrow

	 
	Name:
	Douglas Osrow

	 
	Title:
	Chief Financial Officer

Amendment No. 3 to Financing Agreement

	
				
	 	COLLATERAL AGENT AND ADMINISTRATIVE AGENT:

	 
	 	 
	 
	 

	 	MGG INVESTMENT GROUP LP

	 	 
	 
	 

	 	By:
	MGG GP LLC,

	 	its general partner

	 	 
	 
	 

	 	By:
	/s/ Kevin F. Griffin

	 	 
	Name:
	Kevin F. Griffin

	 	 
	Title:
	Chief Executive Officer

Amendment No. 3 to Financing Agreement

	
			
	LENDERS:

	 
	 
	 

	MGG FUNDING II LLC

	 
	 
	 

	By:
	/s/ Kevin Griffin

	 
	Name:
	Kevin Griffin

	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 
	 

	
			
	 
	 
	 

	MGG SF DRAWDOWN UNLEVERED FUND LP

	 
	 
	 

	By:
	/s/ Kevin Griffin

	 
	Name:
	Kevin Griffin

	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 
	 

	
			
	 
	 
	 

	MGG SF EVERGREEN FUND LP

	 
	 
	 

	By:
	/s/ Kevin Griffin

	 
	Name:
	Kevin Griffin

	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 
	 

	
				
	 	 
	 
	 

	 	MGG SF EVERGREEN MASTER FUND (CAYMAN) LP

	 
	 	 
	 
	 

	 	By:
	/s/ Kevin Griffin

	 	 
	Name:
	Kevin Griffin

	 	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 	 
	 

Amendment No. 3 to Financing Agreement

	
			
	 
	 
	 

	MGG SF DRAWDOWN MASTER FUND (CAYMAN) LP

	 
	 
	 

	By:
	/s/ Kevin Griffin

	 
	Name:
	Kevin Griffin

	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 
	 

	
			
	 
	 
	 

	MGG OFFSHORE FUNDING I, LLC

	 
	 
	 

	By:
	/s/ Kevin Griffin

	 
	Name:
	Kevin Griffin

	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 
	 

	
				
	 	 
	 
	 

	 	MGG CANADA FUND LP

	 
	 	 
	 
	 

	 	By:
	/s/ Kevin Griffin

	 	 
	Name:
	Kevin Griffin

	 	 
	Title:
	Chief Executive Officer and Chief Investment Officer

	 	 
	 

Amendment No. 3 to Financing Agreement

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