<SEC-DOCUMENT>0001104659-23-080327.txt : 20230712
<SEC-HEADER>0001104659-23-080327.hdr.sgml : 20230712
<ACCEPTANCE-DATETIME>20230712161521
ACCESSION NUMBER:		0001104659-23-080327
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20230707
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230712
DATE AS OF CHANGE:		20230712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Direct Digital Holdings, Inc.
		CENTRAL INDEX KEY:			0001880613
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				872306185
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41261
		FILM NUMBER:		231084375

	BUSINESS ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1310
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		832-402-1051

	MAIL ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1310
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURSUANT TO SECTION 13 OR 15(D)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed since
last report)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<tr style="vertical-align: top">
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    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>

<tr style="vertical-align: top">
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    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Exchange Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (the &#8220;Exchange Act&#8221;) (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_90B_edei--EntityEmergingGrowthCompany_c20230707__20230707_zw6XmeSzrab1"><ix:nonNumeric contextRef="AsOf2023-07-07" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#120;</ix:nonNumeric></span></span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; width: 10%; font-size: 10pt"><span style="font-size: 10pt"><b>Item 1.01</b></span></td>
    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
July 7, 2023, Direct Digital Holdings, Inc. (the &#8220;<b>Company</b>&#8221;) entered into a Credit Agreement (the &#8220;<b>Credit Agreement</b>&#8221;),
by and among East West Bank (&#8220;<b>EWB</b>&#8221;), as lender, and Direct Digital Holdings, LLC, the Company, Huddled Masses LLC,
Colossus Media, LLC and Orange142, LLC, as borrowers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Credit Agreement provides for a revolving credit facility (the &#8220;<b>Credit Facility</b>&#8221;) in the original principal amount
of up to $5 million, subject to a borrowing base determined based on eligible accounts, and an up to $5 million uncommitted incremental
revolving facility. Loans under the Credit Facility mature on July 7, 2025 (the &#8220;<b>Maturity Date</b>&#8221;), unless the Credit
Facility is otherwise terminated pursuant to the terms of the Credit Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Borrowings
under the Credit Facility bear interest at a rate per annum equal to the one-month Term Secured Overnight Financing Rate, as administered
by the CME Group Benchmark Administration Limited (&#8220;<b>CBA</b>&#8221;) (or a successor administrator of the secured overnight financing
rate) and displayed by Bloomberg LP (or any successor thereto, or replacement thereof, as approved by EWB) and as determined by EWB on
the first day of the applicable interest period, <i>plus</i> 0.10% (10 basis points), <i>plus</i> 3.00% per annum (the &#8220;<b>Loan
Rate</b>&#8221;); provided, that, in no event shall the Loan Rate be less than 0.50% of the Loan Rate effective as of the date of the
Credit Agreement nor more than the maximum rate of interest allowed under applicable law. Upon an event of default under the Credit Agreement,
the outstanding principal amounts of any advances will accrue interest at a rate per annum equal to the Loan Rate plus five percent (5%),
but in no event in excess of the maximum rate of interest allowed under applicable law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">At
the Company&#8217;s option, the Company may at any time prepay the outstanding principal balance of the Credit Facility in whole or in
part, without fee, penalty or premium. All accrued but unpaid interest on outstanding advances under the Credit Agreement are payable
in monthly installments on the last day of each monthly interest period until the Maturity Date when the then outstanding principal balance
of the advances and all accrued but unpaid interest thereon becomes due and payable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Company and the other borrowers are required to maintain compliance at all times with the following financial covenants on a consolidated
basis: (i) a fixed charge coverage ratio of not less than 1.25 to 1.0, beginning with the fiscal quarter ended on June 30, 2023 and at
the end of each fiscal quarter thereafter; (ii) a total funded debt-to-EBITDA ratio of 3.50 to 1.00 as of the last day of each fiscal
quarter from June 30, 2023 through December 31, 2023, 3.25 to 1.00 as of the last day of each fiscal quarter from March 31, 2024 through
March 31, 2025 and 3.00 to 1.00 as of the last day of each fiscal quarter from June 30, 2025 and thereafter; and (iii) a liquidity covenant
requiring the Company and the other borrowers to maintain minimum liquid assets at all times (calculated using unencumbered cash and cash
equivalents and marketable securities), in one or more accounts held with EWB <i>plus</i> Revolving Credit Availability in the amount
of $1,000,000. Revolving Credit Availability is defined as an amount such that the ratio of the value of eligible accounts to the aggregate
amount of all outstanding advances under the credit agreement at such time is not less than 2.0 to 1.0.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
obligations under the Credit Facility are secured by all or substantially all of the borrowers&#8217; assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Credit Agreement contains customary representations and warranties and includes affirmative and negative covenants applicable to the borrowers
thereto and their respective subsidiaries. The affirmative covenants include, among others, covenants requiring the Company to maintain
its legal existence and governmental compliance, deliver certain financial reports and maintain insurance coverage. The negative covenants
include, among others, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness and dividends
and other distributions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Credit Agreement also includes customary events of default, including, among other things, non-payment defaults, covenant defaults, inaccuracy
of representations and warranties, defaults under any of the loan documents, certain cross-defaults to other indebtedness, certain bankruptcy
and insolvency events, invalidity of guarantees or grant of security interest, certain ERISA-related transactions and events, certain
orders of forfeiture, change of control, certain undischarged attachments, sequestrations, or similar proceedings, and certain undischarged
or non-stayed judgments, in certain cases subject to certain thresholds and grace periods. The occurrence of an event of default could
result in the acceleration of the obligations under the Credit Agreement of the Company or other borrowers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the Credit Agreement is attached hereto
as Exhibit 10.1 and is incorporated by reference herein. The foregoing description of the Credit Agreement is qualified in its entirety
by reference to the full text of the Credit Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; width: 10%; font-size: 10pt"><span style="font-size: 10pt"><b>Item 2.03</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The disclosures set forth in Item 1.01 of this
Current Report on Form 8-K are incorporated by reference herein.<b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; width: 10%; font-size: 10pt"><span style="font-size: 10pt"><b>Item 9.01</b></span></td>
    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-size: 10pt"><b>Financial Statements and Exhibits.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&#160;Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT&#160;INDEX</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; width: 8%"><span style="font-size: 10pt"><b>Exhibit&#160;No.</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 90%"><span style="font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-top: 1pt"><a href="tm2321088d1_ex10-1.htm">10.1*</a></td>
    <td style="padding-top: 1pt">&#160;</td>
    <td style="text-align: justify; padding-top: 1pt"><a href="tm2321088d1_ex10-1.htm"><span style="font-size: 10pt; background-color: white">Credit Agreement, dated July 7, 2023, by and among Direct Digital Holdings, Inc., Direct Digital Holdings, LLC, Huddled Masses LLC, Colossus Media, LLC, and Orange142, LLC, as borrowers, and East West Bank, as lender. </span></a></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">* Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and attachments have been omitted. A copy of any omitted schedule or
attachment will be furnished supplementally to the Securities and Exchange Commission upon request.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center; width: 50%"><b>July 12, 2023<br />
</b> (Date)</td>
<td style="text-align: center; width: 50%"><b>Direct Digital Holdings,&#160;Inc.</b> <br />
(Registrant)</td></tr>
<tr>
<td style="font-size: 10pt">&#160;</td>
<td style="text-align: center; font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#160;</td>
<td style="border-bottom: Black 1pt solid; text-align: center">/s/ Mark Walker</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#160;</td>
<td style="text-align: center">Mark Walker</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt">&#160;</td>
<td style="text-align: center"><i>Chief Executive Officer</i></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&#160;</p>


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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.1</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-top: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CREDIT AGREEMENT</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">by and among</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DIRECT DIGITAL HOLDINGS,&nbsp;INC.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DIRECT DIGITAL HOLDINGS, LLC</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>COLOSSUS MEDIA, LLC</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HUDDLED MASSES LLC</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ORANGE142, LLC</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">and</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EAST WEST BANK</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-top: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Dated as of July&nbsp;7, 2023</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;I. DEFINITIONS</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">1</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.01</FONT></TD><TD STYLE="width: 80%">Definitions</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;1</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.02</FONT></TD><TD>Accounting Matters</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;19</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03</FONT></TD><TD>Other Definitional Provisions</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;19</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;II. ADVANCES</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">19</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.01</FONT></TD><TD STYLE="width: 80%">Advances</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;19</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02</FONT></TD><TD>General Provisions Regarding Interest, Etc</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;20</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.03</FONT></TD><TD>Unused Facility Fee</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;22</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.04</FONT></TD><TD>Use of Proceeds</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;22</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.05</FONT></TD><TD>Late Charges</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;22</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06</FONT></TD><TD>Funding Loss</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;22</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.07</FONT></TD><TD>Uncommitted Increase in Commitment</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;22</TD></TR></TABLE>

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  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;III. PAYMENTS</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">23</FONT></TD></TR>
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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.01</FONT></TD><TD STYLE="width: 80%">Method of Payment</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;23</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.02</FONT></TD><TD>Prepayments</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;23</TD></TR></TABLE>

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  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;IV. SECURITY</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">23</FONT></TD></TR>
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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.01</FONT></TD><TD STYLE="width: 80%">Collateral</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;23</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02</FONT></TD><TD>Setoff</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;24</TD></TR></TABLE>

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  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;V. CONDITIONS PRECEDENT</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">24</FONT></TD></TR>
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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.01</FONT></TD><TD STYLE="width: 80%">Initial Extension of Credit</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;24</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.02</FONT></TD><TD>All Extensions of Credit</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;25</TD></TR></TABLE>

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  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;VI. REPRESENTATIONS AND WARRANTIES</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">26</FONT></TD></TR>
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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.01</FONT></TD><TD STYLE="width: 80%">Corporate Existence</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;26</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.02</FONT></TD><TD>Financial Statements, Etc</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;26</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.03</FONT></TD><TD>Action; No Breach</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.04</FONT></TD><TD>Operation of Business</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.05</FONT></TD><TD>Litigation and Judgments</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.06</FONT></TD><TD>Rights in Properties; Liens</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.07</FONT></TD><TD>Enforceability</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.08</FONT></TD><TD>Approvals</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.09</FONT></TD><TD>Taxes</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;27</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10</FONT></TD><TD>Use of Proceeds; Margin Securities</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;28</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11</FONT></TD><TD>ERISA</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;28</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.12</FONT></TD><TD>Disclosure</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;28</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13</FONT></TD><TD>Subsidiaries, Ventures, Etc</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;28</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.14</FONT></TD><TD>Agreements</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;28</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.15</FONT></TD><TD>Compliance with Laws</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;29</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.16</FONT></TD><TD>Regulated Entities</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;29</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.17</FONT></TD><TD>Environmental Matters</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;29</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.18</FONT></TD><TD>Intellectual Property</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;30</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.19</FONT></TD><TD>Foreign Assets Control Regulations and Anti-Money Laundering</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;30</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.20</FONT></TD><TD>Patriot Act</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;30</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.21</FONT></TD><TD>Solvency</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;30</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.22</FONT></TD><TD>Anti-Corruption Laws</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;31</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.23</FONT></TD><TD>Beneficial Ownership Regulation&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">31</TD></TR></TABLE>

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  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;VII. AFFIRMATIVE COVENANTS</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">31</FONT></TD></TR>
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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01</FONT></TD><TD STYLE="width: 80%">Reporting Requirements</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;31</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.02</FONT></TD><TD>Maintenance of Existence; Conduct of Business</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;32</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.03</FONT></TD><TD>Maintenance of Properties</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;33</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.04</FONT></TD><TD>Taxes and Claims</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;33</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.05</FONT></TD><TD>Insurance</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;33</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06</FONT></TD><TD>Inspection Rights</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;33</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.07</FONT></TD><TD>Keeping Books and Records</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.08</FONT></TD><TD>Compliance with Laws</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.09</FONT></TD><TD>Compliance with Agreements</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10</FONT></TD><TD>Further Assurances</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11</FONT></TD><TD>ERISA</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.12</FONT></TD><TD>Depository Relationship</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.13</FONT></TD><TD>Subsidiaries</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;34</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.14</FONT></TD><TD>Keepwell&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.15</FONT></TD><TD>Deposit Account Control Agreements</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;35</TD></TR></TABLE>

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  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;VIII. NEGATIVE COVENANTS</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">35</FONT></TD></TR>
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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.01</FONT></TD><TD STYLE="width: 80%">Debt</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">&#9;35</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02</FONT></TD><TD>Limitation on Liens</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;35</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.03</FONT></TD><TD>Mergers, Etc</TD>
                                                                                                                                                 <TD STYLE="text-align: right">&#9;35</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.04</FONT></TD><TD>Restricted Payments&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.05</FONT></TD><TD>Loans and Investments&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.06</FONT></TD><TD>Limitation on Issuance of Equity&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.07</FONT></TD><TD>Transactions with Affiliates&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.08</FONT></TD><TD>Disposition of Assets&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.09</FONT></TD><TD>Sale and Leaseback&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.10</FONT></TD><TD>Nature of Business&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.11</FONT></TD><TD>Environmental Protection&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.12</FONT></TD><TD>Accounting&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.13</FONT></TD><TD>No Negative Pledge&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.14</FONT></TD><TD>Subsidiaries&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.15</FONT></TD><TD>Hedge Agreements&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.16</FONT></TD><TD>OFAC&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.17</FONT></TD><TD>Payments under Term Loan Agreement&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;IX. FINANCIAL COVENANTS</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">38</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.01</FONT></TD><TD STYLE="width: 80%">Fixed Charge Coverage Ratio&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right; width: 10%">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.02</FONT></TD><TD>Total Funded Debt to EBITDA Ratio&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.03</FONT></TD><TD>Liquid Assets. Borrowers&#9;</TD>
                                                                                                                                                 <TD STYLE="text-align: right">39</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 90.5%"><FONT STYLE="text-transform: uppercase">Article&nbsp;X. DEFAULT</FONT></TD>
  <TD STYLE="text-align: right; width: 9.5%"><FONT STYLE="text-transform: uppercase">39</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01</FONT></TD><TD STYLE="width: 80%">Events of Default&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right; width: 10%">39</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.02</FONT></TD><TD>Remedies Upon Default&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.03</FONT></TD><TD>Performance by Lender&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">41</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 90%"><FONT STYLE="text-transform: uppercase">Article&nbsp;XI. MISCELLANEOUS</FONT></TD>
  <TD STYLE="text-align: right; width: 10%"><FONT STYLE="text-transform: uppercase">42</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.01</FONT></TD><TD STYLE="width: 80%">Expenses&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right; width: 10%">42</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.02</FONT></TD><TD>INDEMNIFICATION&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.03</FONT></TD><TD>Limitation of Liability&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.04</FONT></TD><TD>No Duty&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.05</FONT></TD><TD>Lender Not Fiduciary&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.06</FONT></TD><TD>Equitable Relief&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.07</FONT></TD><TD>No Waiver; Cumulative Remedies&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.08</FONT></TD><TD>Successors and Assigns&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.09</FONT></TD><TD>Survival&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.10</FONT></TD><TD>ENTIRE AGREEMENT; AMENDMENT&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.11</FONT></TD><TD>Notices&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.12</FONT></TD><TD>Governing Law; Venue; Service of Process</TD>
                                                                                                                                                  <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.13</FONT></TD><TD>Counterparts&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.14</FONT></TD><TD>Severability&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.15</FONT></TD><TD>Headings&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.16</FONT></TD><TD>Participations, Etc&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.17</FONT></TD><TD>Construction&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.18</FONT></TD><TD>Independence of Covenants&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.19</FONT></TD><TD>WAIVER OF JURY TRIAL&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.20</FONT></TD><TD>Additional Interest Provision&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.21</FONT></TD><TD>Ceiling Election&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.22</FONT></TD><TD>USA Patriot Act Notice&#9;</TD>
                                                                                                                                                  <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.23</FONT></TD><TD>Confidentiality.</TD>
                                                                                                                                                  <TD STYLE="text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.24</FONT></TD><TD>Intercreditor Legend.</TD>
                                                                                                                                                  <TD STYLE="text-align: right">48</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 15%">6.13</TD>
  <TD STYLE="text-align: justify; width: 85%">Subsidiaries, Ventures, Etc.</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">6.18</TD>
  <TD STYLE="text-align: justify">Intellectual Property</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">8.01</TD>
  <TD STYLE="text-align: justify">Existing Debt</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">8.02</TD>
  <TD STYLE="text-align: justify">Existing Liens</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">8.05</TD>
  <TD STYLE="text-align: justify">Existing Investments</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 6%">A.</TD>
  <TD STYLE="text-align: justify; width: 16%">Eligible Account Report</TD>
  <TD STYLE="text-align: justify">1.01</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">B.</TD>
  <TD STYLE="text-align: justify">Compliance Certificate</TD>
  <TD STYLE="text-align: justify">1.01</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify">C.</TD>
  <TD STYLE="text-align: justify">Revolving Credit Note</TD>
  <TD STYLE="text-align: justify">2.01</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CREDIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS CREDIT AGREEMENT (this
 &#8220;<B><I>Agreement</I></B>&#8221;), dated as of July&nbsp;7, 2023 (the &#8220;<B><I>Closing Date</I></B>&#8221;) is by and among
Direct Digital Holdings,&nbsp;Inc., a Delaware corporation (&#8220;<B><I>DDH Holdings</I></B>&#8221;), Direct Digital Holdings, LLC,
a Texas limited liability company (&#8220;<B><I>Direct Digital</I></B>&#8221;), Colossus Media, LLC, a Delaware limited liability company
(&#8220;<B><I>Colossus</I></B>&#8221;), Huddled Masses LLC, a Delaware limited liability company (&#8220;<B><I>HM</I></B>&#8221;), Orange142,
LLC, a Delaware limited liability company (&#8220;<B><I>Orange</I></B>&#8221; and together with DDH Holdings, Direct Digital, Colossus
and HM, &#8220;<B><I>Borrowers</I></B>&#8221; and each individually a &#8220;<B><I>Borrower</I></B>&#8221;), and East West Bank, a California
state bank (&#8220;<B><I>Lender</I></B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrowers have requested
that Lender extend credit to Borrowers as described in this Agreement. Lender is willing to make such credit available to Borrowers upon
and subject to the provisions, terms and conditions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I.<BR>
DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Definitions</B>.
As used in this Agreement, all exhibits, appendices and schedules&nbsp;hereto and in any note, certificate, report or other Loan Documents
made or delivered pursuant to this Agreement, the following terms will have the meanings given such terms in this <B><I>Article&nbsp;I
</I></B>or in the provision, section&nbsp;or recital referred to below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Acquisition</I></B>&#8221;
means the acquisition by any Person of (a)&nbsp;a majority of the Equity Interests of another Person, (b)&nbsp;all or substantially all
of the assets of another Person or (c)&nbsp;all or substantially all of a business unit or line of business of another Person, in each
case (i)&nbsp;whether or not involving a merger or consolidation with such other Person, and (ii)&nbsp;whether in one transaction or
a series of related transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Advance</I></B>&#8221;
means an advance by Lender to Borrowers pursuant to <B><I>Article&nbsp;II</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Advance Request
Form</I></B>&#8221; means a certificate, in a form approved by Lender, properly completed and signed by Borrowers requesting a Revolving
Credit Advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Affiliate</I></B>&#8221;
means, as to any Person, any other Person (a)&nbsp;that directly or indirectly, through one or more intermediaries, Controls or is Controlled
by, or is under common Control with, such Person; (b)&nbsp;that directly or indirectly beneficially owns or holds five percent (5%) or
more of any class of voting stock of such Person; or (c)&nbsp;five percent (5%) or more of the voting stock of which is directly or indirectly
beneficially owned or held by the Person in question; provided, however, in no event shall Lender be deemed an Affiliate of Borrowers,
any of their Affiliates or the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Agreement</I></B>&#8221;
has the meaning set forth in the Introductory Paragraph&nbsp;hereto, as the same may, from time to time, be amended, modified, restated,
renewed, waived, supplemented, or otherwise changed, and includes all schedules, exhibits and appendices attached or otherwise identified
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Beneficial Ownership
Certification</I></B>&#8221; means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which
certification shall be substantially in form and substance satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Beneficial Ownership
Regulation</I></B>&#8221; means 31 C.F.R. &sect;1010.230.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Borrowers</I></B>&#8221;
means the Persons identified as such in the Introductory Paragraph&nbsp;hereof, and their successors and assigns, and &#8220;<B><I>Borrower</I></B>&#8221;
means any one of the Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Business Day</I></B>&#8221;
means any day other than a Saturday or a Sunday or any day on which commercial banks in Los Angeles, California, are authorized or required
to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Capital Expenditure</I></B>&#8221;
shall mean any expenditure by a Person for (a)&nbsp;an asset which will be used in a year or years subsequent to the year in which the
expenditure is made and which asset is properly classified in relevant financial statements of such Person as equipment, real property,
a fixed asset or a similar type of capitalized asset in accordance with GAAP or (b)&nbsp;an asset relating to or acquired in connection
with an acquired business, and any and all acquisition costs related to <B><I>(a)</I></B>&nbsp;or&nbsp;<B><I>(b)</I></B>&nbsp;above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Cash and Cash
Equivalents</I></B>&#8221; shall mean, with respect to any Person,&nbsp;an unrestricted or unencumbered (A)&nbsp;cash and (B)&nbsp;any
of the following: (x)&nbsp;marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued
by an agency thereof and backed by the full faith and credit of the United States; (y)&nbsp;marketable direct obligations issued by any
state of the United States of America or any political subdivision of any such state or any public instrumentality thereof which, at
the time of acquisition, has one of the two highest ratings obtainable from any two of S&amp;P Global Ratings, Moody&#8217;s Investors
Service,&nbsp;Inc. or Fitch Investors (or, if at any time no two of the foregoing shall be rating such obligations, then from such other
nationally recognized rating services as may be acceptable to Lender) and is not listed for possible down-grade in any publication of
any of the foregoing rating services; (z)&nbsp;domestic certificates of deposit or domestic time deposits or repurchase agreements issued
by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia having
combined capital and surplus of not less than $500,000,000.00, which commercial bank has a rating of at least either &#8220;AA&#8221;
or such comparable rating from S&amp;P Global Ratings or Moody&#8217;s Investors Service,&nbsp;Inc., respectively; (aa)&nbsp;money market
funds having assets under management in excess of $1,000,000,000.00; (bb)&nbsp;any unrestricted stock, shares, certificates, bonds, debentures,
notes or other instrument which constitutes a &#8220;security&#8221; under the Security Act of 1993, which are freely tradable on any
nationally recognized securities exchange and are not otherwise encumbered by such transferee; (cc)&nbsp;lines of credit; (dd)&nbsp;unfunded,
but unconditionally committed and unencumbered capital commitments of the direct or indirect members or limited partners of such Person&nbsp;(or,
to the extent encumbered by a subscription facility (or the like), such capital commitments, less any amounts drawn and outstanding under
a subscription facility (or the like)) or such other assets or properties as Lender may (in its sole discretion) deem acceptable as evidenced
by Lender&#8217;s written confirmation, excluding any and all retirement accounts and deferred profit-sharing accounts. To constitute
 &#8220;<I>Cash and Cash Equivalents</I>&#8221; the foregoing items described in <B><I>(A)</I></B>&nbsp;and&nbsp;<B><I>(B)</I></B>&nbsp;above
must be: (i)&nbsp;owned solely in the name of such Person&nbsp;or its wholly owned direct or indirect subsidiaries, as set forth on such
Person&#8217;s balance sheet (and not jointly with any other person or entity) in a non-margin account identified as being owned by solely
in the name of such Person&nbsp;or its wholly owned direct or indirect subsidiaries, as set forth on such Person&#8217;s balance sheet;
and (ii)&nbsp;free and clear of any lien, security interest, assignment, right of setoff or other encumbrance of any kind except Permitted
Liens hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Cash Flow Available
for Debt Service</I></B>&#8221; means, for Borrowers and the Subsidiaries, on a Consolidated Basis, for any period, (a)&nbsp;EBITDA,
<I>minus</I> (b)&nbsp;cash taxes paid or payable or Permitted Tax Distributions made during such period, <I>minus</I> (c)&nbsp;all Capital
Expenditures not financed with Debt for borrowed money permitted hereunder during such period, <I>minus</I> (d)&nbsp;distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Change in Control</I></B>&#8221;
shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
 &#8220;person&#8221; or &#8220;group&#8221; (as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act) other
than Direct Digital Management, LLC or its Control Affiliates shall become, or obtain rights (whether by means of warrants, options or
otherwise) to become, the &#8220;beneficial owner&#8221; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of forty percent (40%) or more of the voting power of the total outstanding Equity Interests of DDH Holdings entitled
to vote for members of the board of directors or equivalent governing body of DDH Holdings on a fully-diluted basis (and taking into
account all such Equity Interests that such &#8220;person&#8221; or &#8220;group&#8221; has the right to acquire pursuant to any option
right); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of DDH Holdings
cease to be composed of individuals (i)&nbsp;who were members of that board or equivalent governing body on the first (1<SUP>st</SUP>)
day of such period, (ii)&nbsp;whose election or nomination for election to that board or equivalent governing body was approved by individuals
referred to in clause (i)&nbsp;above constituting at the time of such election or nomination for election at least a majority of that
board or equivalent governing body or (iii)&nbsp;whose election or nomination for election to that board or other equivalent governing
body was approved by individuals referred to in clauses (i)&nbsp;and (ii)&nbsp;above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body, in each case with respect to clauses (i), (ii)&nbsp;and (iii), as a result
of hostile proxy contest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
occurrence of any event (whether in one or more transactions) which results in DDH Holdings, Direct Digital Management, LLC and its Control
Affiliates, collectively, failing to own, directly or indirectly, legally and beneficially (free and clear of Liens, other than Permitted
Liens), 100% of the Equity Interests (on a fully diluted basis) of Direct Digital;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as otherwise permitted by Section&nbsp;8.03 or Section&nbsp;8.08, the occurrence of any event (whether in one or more transactions) which
results in Direct Digital failing to own, directly or indirectly, legally and beneficially (free and clear of Liens, other than Permitted
Liens), 100% of the Equity Interests (on a fully diluted basis) of each of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Code</I></B>&#8221;
means the Internal Revenue Code of 1986, as amended, and the regulations promulgated and rulings issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Collateral</I></B>&#8221;
means all property and assets granted as collateral security for the Obligations, whether real or personal property, whether granted
directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral
mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor&#8217;s
lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended
as a security device, or any other security or lien interest or Hedge Agreement whatsoever, whether created by law, contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Commitment</I></B>&#8221;
means the obligation of Lender to make Revolving Credit Advances pursuant to <B><I>Section&nbsp;2.01</I></B> in an aggregate principal
amount up to but not exceeding Five Million Dollars ($5,000,000), subject to termination pursuant to <B><I>Section&nbsp;10.02</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Commitment Fee</I></B>&#8221;
means Fifty Thousand and No/100 Dollars ($50,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Commodity Exchange
Act</I></B>&#8221; means the Commodity Exchange Act (7&nbsp;U.S.C. &sect;1 <I>et&nbsp;seq</I>.), and any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Compliance Certificate</I></B>&#8221;
means a certificate, substantially in the form of <B><I>Exhibit&nbsp;B</I></B> attached hereto, prepared by and executed by an officer
of Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Conforming Changes</I></B>&#8221;
has the meaning specified in <B><I>Section&nbsp;2.02(b)</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Consolidated
Basis</I></B>&#8221; shall mean, with respect to DDH Holdings and its Subsidiaries as the context may require, the consolidation in accordance
with GAAP of the accounts and other items of DDH Holdings and its Subsidiaries, it being understood that any reference to Borrowers and
their Subsidiaries in any financial definitions or calculations herein shall be deemed to refer to DDH Holdings and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Constituent
Documents</I></B>&#8221; means (i)&nbsp;in the case of a corporation, its articles or certificate of incorporation and bylaws; (ii)&nbsp;in
the case of a general partnership, its partnership agreement and certificate of formation or other instrument filed in connection with
its formation; (iii)&nbsp;in the case of a limited partnership, its certificate of limited partnership and partnership agreement; (iv)&nbsp;in
the case of a trust, its trust agreement; (v)&nbsp;in the case of a joint venture, its joint venture agreement; (vi)&nbsp;in the case
of a limited liability company, its articles&nbsp;of organization and operating agreement or regulations; and (vii)&nbsp;in the case
of any other entity, its organizational and governance documents and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Control</I></B>&#8221;
the possession, directly or indirectly, of the power to direct or cause direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract, or otherwise. &#8220;<B><I>Controlling</I></B>&#8221; and &#8220;<B><I>Controlled</I></B>&#8221;
have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Control Affiliate</I></B>&#8221;
shall mean, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls
or is controlled by or is under common control with the Person, and each of that Person&#8217;s senior executive officers, directors,
partners and, for any Person that is a limited liability company, that Person&#8217;s managers and members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Debt</I></B>&#8221;
means as to any Person at any time (without duplication): (a)&nbsp;all obligations of such Person for borrowed money, (b)&nbsp;all obligations
of such Person evidenced by bonds, notes, debentures, or other similar instruments, (c)&nbsp;all obligations of such Person to pay the
deferred purchase price of property or services, except trade accounts payable of such Person arising in the ordinary course of business
that are not past due by more than ninety (90) days, (d)&nbsp;all Finance Lease Obligations of such Person, (e)&nbsp;all Debt or other
obligations of others Guaranteed by such Person, (f)&nbsp;all obligations secured by a Lien existing on property owned by such Person,
whether or not the obligations secured thereby have been assumed by such Person or are non-recourse to the credit of such Person, (g)&nbsp;any
other obligation for borrowed money or other financial accommodations which in accordance with GAAP would be shown as a liability on
the balance sheet of such Person, (h)&nbsp;any repurchase obligation or liability of a Person with respect to accounts, chattel paper
or notes receivable sold by such Person, (i)&nbsp;any liability under a sale and leaseback transaction that is not a Finance Lease Obligation,
(j)&nbsp;any obligation under any so-called &#8220;<I>synthetic leases</I>&#8221;, (k)&nbsp;any obligation arising with respect to any
other transaction that is the functional equivalent of borrowing but which does not constitute a liability on the balance sheets of a
Person, (l)&nbsp;all reimbursement obligations of such Person (whether contingent or otherwise) in respect of letters of credit, bankers&#8217;
acceptances, surety or other bonds and similar instruments, (m)&nbsp;all liabilities of such Person in respect of unfunded vested benefits
under any Plan, and (n)&nbsp;all obligations of such Person in respect of Disqualified Equity Interests. The term &#8220;<B><I>Debt</I></B>&#8221;
shall exclude obligations under an operating lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Debt Service</I></B>&#8221;
means, for any Person as of any date of determination, the sum of (a)&nbsp;all regularly scheduled principal payments that are paid in
cash with respect of all Debt, (b)&nbsp;all interest expense that is paid in cash with respect to all Debt, (c)&nbsp;payments with respect
to Finance Lease Obligations, and (d)&nbsp;all other regularly scheduled payments, in each case, for such Person during the trailing
twelve-month period ending on the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Default</I></B>&#8221;
means an Event of Default or the occurrence of an event or condition which with notice or lapse of time or both would become an Event
of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Default Interest
Rate</I></B>&#8221; means a rate per annum equal to the Loan Rate <U>plus</U> five percent (5%), but in no event in excess of the Maximum
Lawful Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Delaware LLC</I></B>&#8221;
means any limited liability company organized or formed under the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Delaware LLC
Division</I></B>&#8221; means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to <I>Section&nbsp;18-217</I>&nbsp;of
the Delaware Limited Liability Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Designated Jurisdiction</I></B>&#8221;
means any country or territory to the extent that such country or territory itself is the subject of any Sanction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Direct Digital
Management</I></B>&#8221; means Direct Digital Management, LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Disqualified
Equity Interest</I></B>&#8221; means any Equity Interest that, by its terms (or the terms of any security or other Equity Interests into
which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a)&nbsp;matures or is mandatorily
redeemable (other than solely for Equity Interests that are not Disqualified Equity Interests), pursuant to a sinking fund obligation
or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence
of a change of control or asset sale event shall be subject to the prior repayment in full of the Advances and all other Obligations
that are accrued and payable and the termination of the Commitment), (b)&nbsp;is redeemable at the option of the holder thereof, in whole
or in part, (c)&nbsp;provides for scheduled payments of dividends in cash, or (d)&nbsp;is or becomes convertible into or exchangeable
for Debt or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety
one (91) days after the Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the benefit of employees
of any Obligated Party or any Subsidiary of an Obligated Party or by any such plan to such employees, such Equity Interests shall not
constitute Disqualified Equity Interests solely because they may be required to be repurchased by any Obligated Party or any of its Subsidiaries
in order to satisfy applicable statutory or regulatory obligations or as a result of such employee&#8217;s termination, death or disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Dollars</I></B>&#8221;
and &#8220;<B><I>$</I></B>&#8221; mean lawful money of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Domestic Subsidiary</I></B>&#8221;
means any Subsidiary that is organized under the laws of any political subdivision of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>EBITDA</I></B>&#8221;
means, for any period, for DDH Holdings and its Subsidiaries on a Consolidated Basis, an amount equal to (a)&nbsp;Net Income for such
period <U>plus</U>, (b)&nbsp;to the extent deducted in determining such Net Income, the sum, without duplication, of (i)&nbsp;Interest
Expense during such period, (ii)&nbsp;all federal, state, local and/or foreign income taxes payable by DDH Holdings and its Subsidiaries
during such period, (iii)&nbsp;depreciation expenses of DDH Holdings and its Subsidiaries during such period, (iv)&nbsp;amortization
expenses of DDH Holdings and its Subsidiaries during such period, (v)&nbsp;any non-cash loss or expense resulting from any impairment
charge or asset write-off or write-down related to intangible assets, long-lived assets and other assets that occurs during such period,
(vi)&nbsp;one-time loss associated with debt refinancing, (vii)&nbsp;without duplication, non-recurring actual, documented legal or consulting
expenses or retention bonuses paid in an amount up to $500,000 during any 12 month period, (viii)&nbsp;any cash payments (including all
premiums) made with respect to the Key Executive Policies required pursuant to Section&nbsp;4.21 of the Term Loan Agreement, and (iv)&nbsp;reasonable
and documented one-time, non-recurring severance and retention expenses in an aggregate amount not to exceed $750,000 for employees and
management of the Borrowers, in each case to the extent paid on or before June&nbsp;30, 2024, and <U>minus</U> (c)&nbsp;any extraordinary,
non-recurring and/or non-cash gains or income during such period as reported in the monthly and annual financials of DDH Holdings and
its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Eligible Account
Report</I></B>&#8221; means, as of any date of preparation, a certificate setting forth the Eligible Accounts (in a form acceptable to
Lender in substantially the form of <B><I>Exhibit&nbsp;A</I></B> attached hereto) prepared by and certified by a Responsible Officer
of Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Eligible Accounts</I></B>&#8221;
means, at any time, all accounts receivable of Borrowers and their Subsidiaries that are Guarantors created in the ordinary course of
business that are acceptable to Lender in its Permitted Discretion and satisfy the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account complies with all applicable laws, rules, and regulations, including, without limitation, usury laws, the Federal Truth in Lending
Act, and Regulation Z of the Board of Governors of the Federal Reserve System;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account has not been outstanding for more than ninety (90) days past the original date of invoice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account does not represent a commission and the account was created in connection with (i)&nbsp;the sale of goods by a Borrower or a
Subsidiary in the ordinary course of business and such sale has been consummated and such goods have been shipped and delivered and received
by the account debtor, or (ii)&nbsp;the performance of services by a Borrower or a Subsidiary in the ordinary course of business and
such services have been completed and accepted by the account debtor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account arises from an enforceable contract, the performance of which has been completed by a Borrower or a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account does not arise from the sale of any good that is on a bill-and-hold, guaranteed sale, sale-or-return, sale on approval, consignment,
or any other repurchase or return basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Borrower or a Subsidiary has good and indefeasible title to the account and the account is not subject to any Lien except Liens in favor
of Lender and Term Loan Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account does not arise out of a contract with or order from, an account debtor that, by its terms, prohibits or makes void or unenforceable
the grant of a security interest by a Borrower or a Subsidiary to Lender in and to such account;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account is not subject to any setoff, counterclaim, defense, dispute, recoupment, or adjustment other than normal discounts for prompt
payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account debtor is not insolvent or the subject of any bankruptcy or insolvency proceeding and has not made an assignment for the benefit
of creditors, suspended normal business operations, dissolved, liquidated, terminated its existence, ceased to pay its debts as they
become due, or suffered a receiver or trustee to be appointed for any of its assets or affairs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account is not evidenced by chattel paper or an instrument;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
default exists under the account by any party thereto beyond any applicable notice and cure period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account debtor has not returned or refused to retain, or otherwise notified a Borrower or a Subsidiary of any dispute concerning, or
claimed nonconformity of, any of the goods from the sale of which the account arose;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account is not owed by an Affiliate, employee, officer, director or shareholder of any Borrower or a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account is payable in Dollars by the account debtor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account is not owed by an account debtor whose accounts Lender in its Permitted Discretion has chosen to exclude from Eligible Accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
with respect to BidSwitch GmbH, the account shall be ineligible if the account debtor is domiciled in any country other than the United
States of America and/or Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account shall be ineligible if more than twenty-five percent (25%) of the aggregate balances then outstanding on accounts owed by such
account debtor and its Affiliates to any Borrower or a Subsidiary are more than ninety (90) days past the dates of their original invoices;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
account shall be ineligible if the account debtor is the United States of America or any department, agency, or instrumentality thereof,
and the Federal Assignment of Claims Act of 1940, as amended, shall not have been complied with;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
with respect to BidSwitch GmbH, the account shall be ineligible to the extent the aggregate of all accounts owed by the account debtor
and its Affiliates to which the account relates exceeds twenty-five percent (25%) of all accounts owed by all of Borrower&#8217;s and
its Subsidiaries&#8217; account debtors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Account is otherwise acceptable in the Permitted Discretion of Lender; provided that Lender shall have the right to create and adjust
eligibility standards and related reserves from time to time in its Permitted Discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of the Eligible Accounts owed by an
account debtor to Borrower or a Subsidiary shall be reduced by the amount of all &#8220;<I>contra accounts</I>&#8221; and other obligations
owed by Borrower or a Subsidiary to such account debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Environmental
Laws</I></B>&#8221; means any and all federal, state, and local laws, regulations, judicial decisions, orders, decrees, plans, rules,
permits, licenses, and other governmental restrictions and requirements pertaining to health, safety, or the environment, including,
without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42&nbsp;U.S.C. &sect;9601 <I>et&nbsp;seq.</I>,
the Resource Conservation and Recovery Act of 1976, 42&nbsp;U.S.C. &sect;6901 <I>et&nbsp;seq.</I>, the Occupational Safety and Health
Act, 29&nbsp;U.S.C. &sect;651 <I>et&nbsp;seq.</I>, the Clean Air Act, 42&nbsp;U.S.C. &sect;7401 <I>et&nbsp;seq.</I>, the Clean Water
Act, 33&nbsp;U.S.C. &sect;1251 <I>et&nbsp;seq.</I>, and the Toxic Substances Control Act, 15&nbsp;U.S.C. &sect;2601 <I>et&nbsp;seq.</I>,
as the same may be amended or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Environmental
Liabilities</I></B>&#8221; means, as to any Person, all liabilities, obligations, responsibilities, Remedial Actions, losses, damages,
punitive damages, consequential damages, treble damages, costs, and expenses, (including, without limitation, all reasonable fees, disbursements
and expenses of counsel, expert and consulting fees and costs of investigation and feasibility studies), fines, penalties, sanctions,
and interest incurred as a result of any claim or demand, by any Person, whether based in contract, tort, implied or express warranty,
strict liability, criminal or civil statute, including any Environmental Law, permit, order or agreement with any Governmental Authority
or other Person, arising from environmental, health or safety conditions or the Release or threatened Release of a Hazardous Material
into the environment, resulting from the past, present, or future operations of such Person or its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Equity Cure</I></B>&#8221;
means the cash contributions made to Direct Digital in immediately available funds by one or more holders of Equity Interests therein
as additional common equity contributions to Direct Digital (that do not constitute Disqualified Equity Interests) and which are designated
an &#8220;Equity Cure&#8221; by Direct Digital under <B><I>Section&nbsp;10.04 </I></B>at the time contributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Equity Interests</I></B>&#8221;
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other
ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or
trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>ERISA</I></B>&#8221;
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations and published interpretations
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>ERISA Affiliate</I></B>&#8221;
means any corporation or trade or business which is a member of the same controlled group of corporations (within the meaning of <I>Section&nbsp;414(b)&nbsp;</I>of
the Code) as any Borrower or is under common control (within the meaning of <I>Section&nbsp;414(c)&nbsp;</I>of the Code) with any Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Event of Default</I></B>&#8221;
has the meaning specified in <B><I>Section&nbsp;10.01</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Exchange Act</I></B>&#8221;
means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Excluded Account</I></B>&#8221;
means any deposit account (including, for the avoidance of doubt, any cash, cash equivalents or other property contained therein): (i)&nbsp;solely
to the extent, and for so long as, such deposit account is pledged to secure performance of obligations arising under clause (vi)&nbsp;of
the defined term &#8220;Permitted Liens&#8221;, and whether such pledge is by escrow or otherwise, in all cases with a balance no greater
than such obligations under clause (vi)&nbsp;of the defined term &#8220;Permitted Liens&#8221;; (ii)&nbsp;used exclusively for payroll,
payroll taxes and other employee wage and benefit payments with a balance no greater than such payroll, payroll taxes and other employee
wage and benefit payments obligations that are to be paid within any two-week period; (iii)&nbsp;constituting a &#8220;zero balance&#8221;
deposit account; or (iv)&nbsp;consisting of a disbursement account established with a payment processor to process vendor payments so
long as the average monthly balance in such account does not exceed $250,000 at any one time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Excluded Hedge
Obligation</I></B>&#8221; means, with respect to any Obligated Party, any Hedge Obligations if, and to the extent that, all or a portion
of such Obligated Party&#8217;s Guarantee of (whether such Guarantee arises pursuant to a Guaranty, by such Obligated Party&#8217;s being
jointly and severally liable for such Hedge Obligations, or otherwise (any such Guarantee, an &#8220;<B><I>Applicable Guarantee</I></B>&#8221;)),
or the grant by such Obligated Party of a security interest to secure, such Hedge Obligations (or any Applicable Guarantee thereof) is
or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission
(or the application or official interpretation of any thereof) by virtue of such Obligated Party&#8217;s failure for any reason not to
constitute an Eligible Contract Participant (as defined in the Commodity Exchange Act), and any and all Guarantees of such Obligated
Parties&#8217; Hedge Obligations by other Obligated Parties at the time the Applicable Guarantee of such Obligated Party or the grant
of such security interest becomes effective with respect to such related Hedge Obligations. If any Hedge Obligations arise under a Master
Agreement governing more than one Hedge Agreement, then such exclusion shall apply only to the portion of such Hedge Obligations that
is attributable to Hedge Agreements for which such Applicable Guarantee or security interest is or becomes illegal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Excluded Taxes</I></B>&#8221;
means (a)&nbsp;backup withholding taxes, (b)&nbsp;franchise taxes, (c)&nbsp;taxes imposed on or measured by net income (however denominated),
in each case, (i)&nbsp;imposed on (or measured by) Lender&#8217;s net income by the jurisdiction under the laws of which Lender is organized
or in which its principal office is located or in which its applicable lending office is located or (ii)&nbsp;that are taxes imposed
as a result of a present or former connection between Lender and the jurisdiction imposing such tax (other than connections arising from
Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected
a security interest under, or engaged in any other transaction pursuant to or enforced any Loan Document or sold or assigned an interest
in any Advance, and (d)&nbsp;taxes attributable to Lender&#8217;s failure to provide Borrowers with any forms or other documentation
required by applicable law or reasonably requested by Borrowers in order for Borrowers to determine whether or not payments pursuant
to any Loan Document are subject to withholding or information reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Finance Lease
Obligation</I></B>&#8221; shall mean the amount of Debt under a lease of Property by a Person that would be shown as a liability on a
balance sheet of such Person prepared for financial reporting purposes in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Fixed Charge
Coverage Ratio</I></B>&#8221; means the ratio of (a)&nbsp;Cash Flow Available for Debt Service for the trailing twelve-month period ending
on the date of determination, to (b)&nbsp;Debt Service, in each case for Borrowers and the Subsidiaries on a Consolidated Basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Funding Loss</I></B>&#8221;
means the amount (which shall be payable on demand by Lender) necessary to promptly compensate Lender for, and hold it harmless from,
any loss, cost or expense incurred by Lender as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
payment or prepayment of any Term SOFR Amount on a day other than the last day of the relevant Interest Period (whether voluntary, mandatory,
automatic, by reason of acceleration, or otherwise); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
failure by Borrowers to borrow a Term SOFR Amount bearing or selected to bear interest based upon the Term SOFR Rate on the date or in
the amount selected by Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">including any loss of anticipated profits and
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Term SOFR Amount or from fees
payable to terminate the deposits from which such funds were obtained. Borrowers shall also pay any customary administrative fees charged
by Lender in connection with the foregoing. For purposes of calculating amounts payable by Borrowers to Lender hereunder, Lender shall
be deemed to have funded the Term SOFR Amount based upon the Term SOFR Rate by a matching deposit or other borrowing in the London inter&#45;bank
market for a comparable amount and for a comparable period, whether or not such Term SOFR Amount was in fact so funded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>GAAP</I></B>&#8221;
means generally accepted accounting principles, applied on a consistent basis, as set forth in Opinions of the Accounting Principles
Board of the American Institute of Certified Public Accountants and/or in statements of the Financial Accounting Standards Board and/or
their respective successors and which are applicable in the circumstances as of the date in question. Accounting principles are applied
on a &#8220;consistent basis&#8221; when the accounting principles applied in a current period are comparable in all material respects
to those accounting principles applied in a preceding period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Governmental
Authority</I></B>&#8221; means any nation or government, any state or political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory, or administrative functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Guarantee</I></B>&#8221;
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other
obligation of any other Person as well as any obligation or liability, direct or indirect, contingent or otherwise, of such Person
(a)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation or liability
(whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or
services, to operate Property, to take-or-pay, or to maintain net worth or working capital or other financial statement conditions
or otherwise) or (b)&nbsp;entered into for the purpose of indemnifying or assuring in any other manner the obligee of such Debt or
other obligation or liability of the payment thereof or to protect the obligee against loss in respect thereof (in whole or in
part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.
The term &#8220;<B><I>Guarantee</I></B>&#8221; used as a verb has a corresponding meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Guarantor</I></B>&#8221;
means any Person who from time to time guarantees all or any part of the Obligations, including, the Subsidiary Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Guaranty</I></B>&#8221;
means a written guaranty of each Guarantor in favor of Lender, in form and substance satisfactory to Lender, as the same may be amended,
modified, restated, renewed, replaced, extended, supplemented or otherwise changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Hazardous Material</I></B>&#8221;
means any substance, product, waste, pollutant, material, chemical, contaminant, constituent, or other material which is or becomes listed,
regulated, or addressed under any Environmental Law, including, without limitation, asbestos, petroleum, and polychlorinated biphenyls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Hedge Agreement</I></B>&#8221;
means (a)&nbsp;any and all interest rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b)&nbsp;any
and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association,&nbsp;Inc., any International Foreign Exchange
Master Agreement, or any other master agreement (any such master agreement, together with any related schedules and annexes, a &#8220;<B><I>Master
Agreement</I></B>&#8221;) and (c)&nbsp;any and all Master Agreements and any and all related confirmations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Hedge Bank</I></B>&#8221;
means any Person that, at the time it enters into an interest rate Hedge Agreement permitted under this Agreement, is Lender or an Affiliate
of Lender, in its capacity as a party to such Hedge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Hedge Obligations</I></B>&#8221;
means, for any Person, any and all obligations (whether absolute or contingent and howsoever and whensoever created) of such Person to
pay or perform under any agreement, contract or transaction that constitutes a &#8220;<I>swap</I>&#8221; within the meaning of <I>Section&nbsp;1a(47)
</I>of the Commodity Exchange Act arising, evidenced or acquired under (a)&nbsp;any and all Hedging Agreements, (b)&nbsp;any and all
cancellations, buy backs, reversals, terminations or assignments of any Hedging Agreements, and (c)&nbsp;any and all renewals, extensions
and modifications of any Hedging Agreements and any and all substitutions of any Hedging Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Immaterial Subsidiary</I></B>&#8221;
means any Subsidiary that does not (i)&nbsp;conduct any business operations, (ii)&nbsp;have any assets in excess of $25,000, (iii)&nbsp;incur
any liabilities in excess of $25,000, (iv)&nbsp;engage in any transactions with the Borrowers, or (v)&nbsp;have any Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Intercreditor
Agreement</I></B>&#8221; means that certain Intercreditor Agreement of even date herewith, by and among Term Loan Lender and Lender,
as amended, restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Interest Expense</I></B>&#8221;
means, for any period, the interest expense of Borrowers and their Subsidiaries for the period in question, determined on a Consolidated
Basis and consistent with practices as of the date hereof or otherwise in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Interest Payment
Date</I></B>&#8221; means (a)&nbsp;with respect to any principal amount bearing interest based upon the Prime Rate, the first day of
each and every calendar month during the term of the Notes and (b)&nbsp;with respect to each Term SOFR Amount, the last day of each Interest
Period applicable to such Term SOFR Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Interest Period</I></B>&#8221;
means, for any Revolving Credit Advance, the period commencing on the date of such Revolving Credit Advance and ending on the numerically
corresponding day in the calendar month that is one month thereafter; provided, however, that: (i)&nbsp;the first day of an Interest
Period must be a U.S. Government Securities Business Day; (ii)&nbsp;no Interest Period shall extend beyond the Maturity Date; (iii)&nbsp;no
Interest Period shall extend beyond the scheduled payment date of any principal payment required with respect to such Revolving Credit
Advance; (iv)&nbsp;any Interest Period that would otherwise expire on a day that is not a U.S. Government Securities Business Day shall
be extended to the next succeeding U.S. Government Securities Business Day, unless the result of such extension would be to extend such
Interest Period into another calendar month, in which event the Interest Period shall end on the immediately preceding U.S. Government
Securities Business Day; and (v)&nbsp;any Interest Period that begins on the last U.S. Government Securities Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall
end on the last U.S. Government Securities Business Day of the next succeeding calendar month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Investment</I></B>&#8221;
means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan,
advance or capital contribution to any Person or the acquisition of any material assets of another Person, other than equipment purchases
made by the Borrower as part of the operation of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Liabilities</I></B>&#8221;
means, at any particular time, all amounts which, in conformity with GAAP, would be included as liabilities on a balance sheet of a Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Lien</I></B>&#8221;
means any lien, mortgage, security interest, tax lien, pledge, charge, hypothecation, assignment, preference, priority, or other encumbrance
of any kind or nature whatsoever (including, without limitation, any conditional sale or title retention agreement), whether arising
by contract, operation of law, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Liquid Assets</I></B>&#8221;
shall mean, with respect to any Person, (a)&nbsp;unencumbered Cash and Cash Equivalents (as defined below) and (b)&nbsp;marketable securities,
each valued in accordance with GAAP, consistently applied (or other principles acceptable to Lender), as reasonably determined by such
Person and reasonably approved by Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Loan Documents</I></B>&#8221;
means this Agreement, the Intercreditor Agreement, and all promissory notes, security agreements, pledge agreements, deeds of trust,
assignments, letters of credit, guaranties, Hedge Agreements and other instruments, documents, and agreements executed and delivered
pursuant to or in connection with this Agreement, as such instruments, documents, and agreements may be amended, modified, renewed, restated,
extended, supplemented, replaced, consolidated, substituted, or otherwise changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Loan Rate</I></B>&#8221;
means the Term SOFR Rate, <I>plus </I>the Term SOFR Adjustment, <I>plus</I> 3.00% per annum; <I>provided</I>, <I>that</I>, in no event
shall the Loan Rate be less than 0.50% of the Loan Rate effective on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Master Agreement</I></B>&#8221;
has the meaning set forth in the definition of &#8220;<I>Hedge Agreement</I>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Material Adverse
Event</I></B>&#8221; means any act, event, condition, or circumstance which could materially and adversely affect: (a)&nbsp;the operations,
business, properties, liabilities (actual or contingent), or condition (financial or otherwise) of Borrowers or Borrowers and the Subsidiaries,
taken as a whole; (b)&nbsp;the ability of any Obligated Party to perform its obligations under any Loan Document to which it is a party;
or (c)&nbsp;the legality, validity, binding effect or enforceability against any Obligated Party of any Loan Document to which it is
a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Maturity Date</I></B>&#8221;
means 3:00&nbsp;P.M.&nbsp;Dallas, Texas time on July&nbsp;7, 2025, or such earlier date on which the Commitment terminates as provided
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Maximum Lawful
Rate</I></B>&#8221; means, at any time, the maximum rate of interest which may be charged, contracted for, taken, received or reserved
by Lender in accordance with applicable Texas law (or applicable United States federal law to the extent that such law permits Lender
to charge, contract for, receive or reserve a greater amount of interest than under Texas law). The Maximum Lawful Rate shall be calculated
in a manner that takes into account any and all fees, payments, and other charges in respect of the Loan Documents that constitute interest
under applicable law. Each change in any interest rate provided for herein based upon the Maximum Lawful Rate resulting from a change
in the Maximum Lawful Rate shall take effect without notice to Borrowers at the time of such change in the Maximum Lawful Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Multiemployer
Plan</I></B>&#8221; means a multiemployer plan defined as such in <I>Section&nbsp;3(37) </I>of ERISA to which contributions have been
made by any Borrower or any ERISA Affiliate and which is covered by Title&nbsp;IV of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Net Income</I></B>&#8221;
means the net income (or loss) of Borrowers and their Subsidiaries for the period in question, determined on a Consolidated Basis and
consistent with practices as of the date hereof or otherwise in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Notes</I></B>&#8221;
means, collectively, all promissory notes (and &#8220;<B><I>Note</I></B>&#8221; means any of such Notes) executed at any time by Borrowers
and payable to the order of Lender, as amended, renewed, replaced, extended, supplemented, consolidated, restated, modified, otherwise
changed and/or increased from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Obligated Party</I></B>&#8221;
means each Borrower, each Guarantor and any other Person who is or becomes party to any agreement that guarantees or secures payment
and performance of the Obligations or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Obligations</I></B>&#8221;
means all obligations, indebtedness, and liabilities of Borrowers, each Guarantor and any other Obligated Party to Lender or any Affiliate
of Lender, or both, now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated,
joint, several, or joint and several, including, without limitation, the obligations, indebtedness, and liabilities under this Agreement,
all Hedge Obligations under any Secured Hedge Agreements, the other Loan Documents, any cash management or treasury services agreements
and all interest accruing thereon (whether a claim for post-filing or post-petition interest is allowed in any bankruptcy, insolvency,
reorganization or similar proceeding) and all attorneys&#8217; fees and other expenses incurred in the enforcement or collection thereof;
<I>provided, however</I>, that any other term or provision of this Agreement or any other Loan Document to the contrary notwithstanding,
the &#8220;<B><I>Obligations</I></B>&#8221; of any Obligated Party shall exclude, as to such Obligated Party, Excluded Hedge Obligations
of such Obligated Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Operating Agreement
of Direct Digital&#8221;</I></B> means the Second Amended and Restated Limited Liability Company Agreement of Direct Digital dated February&nbsp;15,
2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Patriot Act</I></B>&#8221;
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>PBGC</I></B>&#8221;
means the Pension Benefit Guaranty Corporation or any entity succeeding to all or any of its functions under ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Permitted Discretion</I></B>&#8221;
means a determination in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business
judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<B><I>Permitted
Indebtedness</I></B>&#8221; means: (i)&nbsp;Debt to Lender arising under this Agreement or any other Loan Document; (ii)&nbsp;Term Loan
Debt in accordance with the Intercreditor Agreement that matures after the Maturity Date; (iii)&nbsp;Debt existing on the date hereof
which is disclosed in <B><I>Schedule 8.01</I></B>; (iv)&nbsp;Debt of up to $200,000 outstanding at any time secured by a Lien described
in clause (viii)&nbsp;of the defined term &#8220;Permitted Liens,&#8221; provided such Debt does not exceed the cost of the equipment
or intellectual property financed with such Debt; (v)&nbsp;</FONT>amounts billed to a Borrower by its suppliers for goods delivered to
or services performed for such Borrower in the ordinary course of business; (vi)&nbsp;reimbursement obligations in connection with trade
letters of credit entered into in the ordinary course of business and, to the extent not subject to an Excluded Account, cash management
services (including credit cards, debit cards and other similar instruments) that are secured by cash and issued on behalf of any Borrower
or a Subsidiary thereof in an amount not to exceed $200,000 at any time outstanding; (vii)&nbsp;Debt secured by a Lien described in clause
(xi)&nbsp;of the defined term &#8220;Permitted Liens&#8221;; (viii)&nbsp;Debt; extensions, refinancings and renewals of any items of
Permitted Indebtedness; <U>provided that</U> the principal amount is not increased or the terms modified to impose materially more burdensome
terms upon any Borrower or its Subsidiary, as the case may be; and (ix)&nbsp;other unsecured Debt in an amount not to exceed $200,000
in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Permitted
Investment</I></B>&#8221; means: (i)&nbsp;Investments existing as of the date hereof which are disclosed on <B><I>Schedule
8.05</I></B>; (ii)&nbsp;(a)&nbsp;marketable direct obligations issued or unconditionally guaranteed by the United States of America
or any agency or any State thereof maturing within one year from the date of acquisition thereof currently having a rating of at
least A-2 or P-2 from either Standard&nbsp;&amp; Poor&#8217;s Corporation or Moody&#8217;s Investors Services, (b)&nbsp;commercial
paper maturing no more than one year from the date of creation thereof and currently having a rating of at least A-2 or P-2 from
either Standard&nbsp;&amp; Poor&#8217;s Corporation or Moody&#8217;s Investors Service, (c)&nbsp;certificates of deposit issued by
any bank with assets of at least $250,000,000 maturing no more than one year from the date of investment therein, and (d)&nbsp;money
market accounts; (iii)&nbsp;repurchases of stock from current or former employees, directors, or consultants of the Borrower under
the terms of applicable repurchase agreements at the original issuance price of such securities in an aggregate amount not to exceed
$250,000 in any fiscal year; <U>provided that</U> no Event of Default has occurred, is continuing or could exist after giving effect
to the repurchases; (iv)&nbsp;Investments (including debt obligations) received in connection with the bankruptcy or reorganization
of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in
the ordinary course of Borrowers&#8217; business; (v)&nbsp;Investments consisting of notes receivable of, or prepaid royalties and
other credit extensions to, customers and suppliers who are not Affiliates, in the ordinary course of business; <U>provided that</U>
this subparagraph (vi)&nbsp;shall not apply to Investments of any Borrower in any Obligated Party; (vii)&nbsp;Investments consisting
of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or
directors relating to the purchase of capital stock or other Equity Interests of a Borrower pursuant to employee stock purchase
plans or other similar agreements approved by such Borrower&#8217;s Board of Directors (or, if not a corporation, its equivalent
authorizing body); (viii)&nbsp;Investments consisting of travel advances in the ordinary course of business; (ix)&nbsp;Investments
in newly-formed Subsidiaries; provided that any such Subsidiary that is or is expected to become an After-Acquired Subsidiary
complies with <B><I>Section&nbsp;7.13 </I></B>hereof; and (x)&nbsp;additional Investments that do not exceed $200,000 in the
aggregate in any fiscal year if, at the time of such Investment and after giving effect thereto, the Borrower is in compliance with
the Financial Covenants in <B><I>Article&nbsp;IX</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Permitted Liens</I></B>&#8221;
means any and all of the following: (i)&nbsp;Liens in favor of the Lender; (ii)&nbsp;Liens in favor of the Term Loan Lender securing
the Debt under the Term Loan Documents, subject to the Intercreditor Agreement; (iii)&nbsp;Liens existing as of the date hereof which
are disclosed in <B><I>Schedule 8.02</I></B> hereto; (iv)&nbsp;Liens for taxes, fees, assessments or other governmental charges or levies,
either not delinquent or being contested in good faith by appropriate proceedings; <U>provided that</U> Borrowers maintain adequate reserves
therefor in accordance with GAAP; (v)&nbsp;Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen,
landlords and other like Persons arising in the ordinary course of any Borrower&#8217;s business and imposed without action of such parties;
(vi)&nbsp;Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder;
(vii)&nbsp;Liens on deposits held in an Excluded Account; (viii)&nbsp;Liens on equipment or software or other intellectual property constituting
purchase money Liens and Liens in connection with Finance Lease Obligations securing Indebtedness permitted in clause (iv)&nbsp;of &#8220;Permitted
Indebtedness&#8221;; (ix)&nbsp;Liens incurred in connection with Subordinated Debt; (x)&nbsp;leasehold interests in leases or subleases
and licenses granted in the ordinary course of business and not interfering in any material respect with the business of the licensor;
(xi)&nbsp;Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly
paid on or before the date they become due; (xii)&nbsp;Liens on insurance proceeds securing the payment of financed insurance premiums
that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not
to any other property or assets); (xiii)&nbsp;statutory and common law rights of set-off and other similar rights as to deposits of cash
and securities in favor of banks, other depository institutions and brokerage firms; (xiv)&nbsp;easements, zoning restrictions, rights-of-way
and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially
impair the value or marketability of the related property; (xv)&nbsp;(A)&nbsp;Liens on cash securing obligations permitted under clause
(vi)&nbsp;of the definition of Permitted Indebtedness and (B)&nbsp;security deposits in connection with real property leases, the combination
of (A)&nbsp;and (B)&nbsp;in an aggregate amount not to exceed $300,000 at any time; (xvi)&nbsp;sales, transfers or other dispositions
of assets permitted by <B><I>Section&nbsp;8.08</I></B> and, in connection therewith, customary rights and restrictions contained in agreements
relating to such transactions pending the completion thereof or during the term thereof, and any option or other agreement to sell, transfer,
license, sublicense, lease, sublease or dispose of an asset permitted by <B><I>Section&nbsp;8.08</I></B>, in each case, such terms being
agreed to and such transactions entered into in the ordinary course of business; and (xvii)&nbsp;Liens incurred in connection with the
extension, renewal or refinancing of the Debt secured by Liens of the type described in clauses&nbsp;(i)&nbsp;through (xvi)&nbsp;above;
<U>provided that</U> any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and
the principal amount of the Debt being extended, renewed or refinanced (as may have been reduced by any payment thereon) does not increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Permitted Tax
Distributions</I></B>&#8221; means, quarterly tax distributions by Direct Digital to its direct or indirect constituent members in the
amount necessary to satisfy the U.S. federal, state and local income tax obligations of such members based on the taxable income of Direct
Digital and its Subsidiaries on a Consolidated Basis for such taxable year, in an aggregate amount determined in accordance with the
terms of the organizational documents of Direct Digital. Direct Digital may make such distributions after the end of the taxable year,
or make such distributions on a quarterly basis during the taxable year to reflect estimated tax obligations of the members and their
direct or indirect equityholders. For the avoidance of doubt, Permitted Tax Distributions based on estimates shall be made on a &#8220;rolling
basis&#8221; and will be trued-up at least annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&#8220;Permitted
Warrant Transaction&#8221;</I></B></FONT> means the repurchase by Direct Digital Holdings of the warrants issued in February&nbsp;2022
for cash in a single transaction or series of transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Person</I></B>&#8221;
means any individual, corporation, limited liability company, business trust, association, company, partnership, joint venture, Governmental
Authority, or other entity, and shall include such Person&#8217;s heirs, administrators, personal representatives, executors, successors
and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Plan</I></B>&#8221;
means any employee benefit or other plan established or maintained by any Borrower or any ERISA Affiliate and which is covered by Title
IV of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Prime Rate</I></B>&#8221;
means, for any day, the rate of interest announced from time to time by Lender as its &#8220;<I>base</I>&#8221; or &#8220;<I>prime</I>&#8221;
rate of interest, which Borrowers hereby acknowledge and agree may not be the lowest interest rate charged by Lender and is set by Lender
in its sole discretion, changing when and as said prime rate changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Principal Office</I></B>&#8221;
means the principal office of Lender, presently located at 5001 Spring Valley Road, Suite&nbsp;825W, Dallas, Texas 75224.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Priority Collateral</I></B>&#8221;
means the Collateral in which the Lender has a first priority security interest under the Security Agreement, subject to the Intercreditor
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Prohibited Transaction</I></B>&#8221;
means any non-exempt transaction set forth in <I>Section&nbsp;406</I> of ERISA or <I>Section&nbsp;4975</I> of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Property</I></B>&#8221;
of a Person means any and all property, whether real, personal, tangible, intangible or mixed, of such Person, or any other assets owned,
operated or leased by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Public Company
Costs</I></B>&#8221; shall mean actual documented costs relating to compliance with the Sarbanes-Oxley Act of 2002, as amended, and other
actual documented expenses arising out of or incidental to DDH Holdings&#8217; status as a reporting company, including actual documented
costs, fees and expenses (including reasonable legal, accounting and other professional fees) relating to compliance with provisions
of the Securities Act of 1933, as amended, and the Exchange Act, registration and reporting obligations, permitted securities offerings,
the rules&nbsp;of securities exchange companies with listed equity securities, directors&#8217; compensation, fees and expense reimbursement,
shareholder meetings and reports to shareholders, indemnification and reimbursement of directors, officers and employees in respect of
liabilities relating to their serving in any such capacity, directors&#8217; and officers&#8217; insurance and other executive costs,
legal and other professional fees, and listing fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Redemption/Exchange
Transactions</I></B>&#8221; means the transactions pursuant to which Direct Digital redeems Class&nbsp;A Common Units for either (A)(1)&nbsp;a
stock exchange payment or (2)&nbsp;a cash exchange payment, in each case in accordance with the Operating Agreement of Direct Digital
or (B)&nbsp;the direct purchase by DDH Holdings of vested Class&nbsp;A Common Units and paired voting stock pursuant to any call right,
in accordance with the Operating Agreement of Direct Digital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Related Indebtedness</I></B>&#8221;
has the meaning set forth in <B><I>Section&nbsp;11.20</I></B> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Release</I></B>&#8221;
means, as to any Person, any release, spill, emission, leaking, pumping, injection, deposit, disposal, disbursement, leaching, or migration
of Hazardous Materials into the indoor or outdoor environment or into or out of property owned by such Person, including, without limitation,
the movement of Hazardous Materials through or in the air, soil, surface water, ground water, or property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&#8220;Relevant
Governmental Body&#8221;</I></B></FONT> means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New
York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank
of New York, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Remedial Action</I></B>&#8221;
means all actions required to (a)&nbsp;clean up, remove, treat, or otherwise address Hazardous Materials in the indoor or outdoor environment,
(b)&nbsp;prevent the Release or threat of Release or minimize the further Release of Hazardous Materials so that they do not migrate
or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, or (c)&nbsp;perform pre-remedial studies
and investigations and post-remedial monitoring and care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Reportable Event</I></B>&#8221;
means any of the events set forth in <I>Section&nbsp;4043</I> of ERISA that requires the Borrower or Subsidiary to notify the PBGC of
such event, and the reporting of which is not otherwise waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Responsible
Officer</I></B>&#8221; means (a)&nbsp;for any Borrower, the chief executive officer, president, chief financial officer, or treasurer
of such Borrower or any Person designated by a Responsible Officer to act on behalf of a Responsible Officer; <I>provided that</I> such
designated Person may not designate any other Person to be a Responsible Officer. Any document delivered hereunder that is signed by
a Responsible Officer of Borrowers shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or
other action on the part of Borrowers and such Responsible Officer shall be conclusively presumed to have acted on behalf of Borrowers
and (b)&nbsp;for each other Person, (i)&nbsp;in the case of a corporation, its chief executive officer, president, chief financial officer,
treasurer, assistant treasurer or controller, and a secretary or assistant secretary for the purposes of delivering incumbency certificates,
or as a second Responsible Officer in any case where two Responsible Officers are acting on behalf of such corporation; (ii)&nbsp;in
the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity
as general partner; or (iii)&nbsp;in the case of a limited liability company, the Responsible Officer of the managing member, acting
on behalf of such managing member in its capacity as managing member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Revolving Credit
Advance</I></B>&#8221; means any Advance made by Lender to Borrowers pursuant to <B><I>Section&nbsp;2.01(a)</I></B>&nbsp;of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Revolving Credit
Availability</I></B>&#8221; an amount such that the ratio of the value of Eligible Accounts to the aggregate amount of all Revolving
Credit Advances at such time outstanding shall not be less than 2.0 to 1.0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Revolving Credit
Note</I></B>&#8221; means the promissory note of Borrowers payable to the order of Lender, in substantially the form of <B><I>Exhibit&nbsp;C
</I></B>hereto, and all amendments, extensions, renewals, replacements, and modifications thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>RICO</I></B>&#8221;
means the Racketeer Influenced and Corrupt Organization Act of 1970.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Sanction(s)</I></B>&#8221;
means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty&#8217;s Treasury (&#8220;<B><I>HMT</I></B>&#8221;) or other relevant sanctions authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Secured Hedge
Agreement</I></B>&#8221; means any Hedge Agreement permitted under this Agreement entered into by and between any Obligated Party and
any Hedge Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Security Agreement</I></B>&#8221;
means the Security Agreement dated of even date herewith of Borrowers and the other Obligated Parties party thereto in favor of Lender,
in form and substance satisfactory to Lender, as the same may be amended, restated, supplemented, modified, or changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Security Documents</I></B>&#8221;
means the Security Agreement, each Guaranty, and each and every other security agreement, pledge agreement, mortgage or other collateral
security agreement required by or delivered to Lender from time to time to secure the Obligations or any portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&#8220;Specified
Financial Covenants&#8221;</I></B></FONT> has the meaning set forth in <B><I>Section&nbsp;10.04</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Specified Obligated
Party</I></B>&#8221; means any Obligated Party that is not an Eligible Contract Participant (determined prior to giving effect to <B><I>Section&nbsp;7.14
</I></B>hereof or any other &#8220;<I>keepwell, support or other agreement</I>&#8221; (as defined in the Commodity Exchange Act), or
any similar provision contained in any Guaranty).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Subordinated
Debt</I></B>&#8221; means any Debt of Borrowers (other than the Obligations) that has been subordinated to the Obligations by written
agreement, in form and content satisfactory to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Subsidiary</I></B>&#8221;
means (a)&nbsp;any corporation of which at least a majority of the outstanding shares of stock having by the terms thereof ordinary voting
power to elect a majority of the board of directors of such corporation (irrespective of whether or not at the time stock of any other
class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned or controlled by any Borrower or one or more of the Subsidiaries or by any Borrower and one or more of the
Subsidiaries; and (b)&nbsp;any other entity (i)&nbsp;of which at least a majority of the ownership, equity or voting interest is at the
time directly or indirectly owned or controlled by one or more of Borrowers and the Subsidiaries and (ii)&nbsp;which is treated as a
subsidiary in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Subsidiary Guarantors</I></B>&#8221;
means each Domestic Subsidiary of each Borrower formed or acquired after the date hereof who from time to time guarantees all or any
part of the Obligations, and &#8220;<B><I>Subsidiary Guarantor</I></B>&#8221; means any one of the Subsidiary Guarantors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Tax Receivable
Agreement</I></B>&#8221; means that certain tax receivable agreement to be entered into by and among DDH Holdings, Direct Digital and
Direct Digital Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term Loan Agreement</I></B>&#8221;
means that certain Term Loan and Security Agreement dated as of December&nbsp;3, 2021, by and between Term Loan Lender and Borrowers
as amended, restated or modified as of the Closing Date and from time to time thereafter as permitted by the terms of the Intercreditor
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term Loan Debt</I></B>&#8221;
means the secured indebtedness of Borrowers under the Term Loan Agreement in a principal amount not to exceed Twenty-Five Million Five-Hundred-Twenty
Thousand Dollars ($25,520,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term Loan Documents</I></B>&#8221;
means the Term Loan Agreement and the Other Documents (as defined in the Term Loan Agreement) executed in connection therewith, in each
case, as amended, restated or modified from time to time as permitted by the terms of the Intercreditor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term Loan Lender</I></B>&#8221;
means Lafayette Square Loan Servicing, LLC and the other lenders and financial institutions from time to time party to the Term Loan
Agreement and their successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term Loan Priority
Collateral</I></B>&#8221; means all Collateral that is not Priority Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term SOFR Adjustment</I></B>&#8221;
means 0.10% (10 basis points).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term SOFR Administrator</I></B>&#8221;
means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the secured overnight financing rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term SOFR Amount</I></B>&#8221;
means each principal amount for which the Term SOFR Rate applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Term SOFR Rate</I></B>&#8221;
means the one (1)&nbsp;month Term Secured Overnight Financing Rate, as administered by the Term SOFR Administrator and displayed by Bloomberg
LP (or any successor thereto, or replacement thereof, as approved by Lender) and as determined by Lender on the first day of the applicable
Interest Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Total Debt</I></B>&#8221;
means all Debt of Borrowers and the Subsidiaries at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Total Funded
Debt</I></B>&#8221; means Total Debt, other than Debt described in <B><I>clauses&nbsp;(c)</I></B>, <B><I>(e)</I></B>, <B><I>(h)</I></B>,
<B><I>(i)</I></B>, <B><I>(j)</I></B>, <B><I>(k)</I></B>, <B><I>(l)</I></B>&nbsp;(solely with respect to the undrawn portion of any letters
of credit), and <B><I>(m)</I></B>&nbsp;of the definition of &#8220;<I>Debt</I>&#8221; herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Total Funded
Debt to EBITDA Ratio</I></B>&#8221; means the ratio of (a)&nbsp;Total Funded Debt of Borrowers and the Subsidiaries, on a Consolidated
Basis, as of such date, to (b)&nbsp;EBITDA for Borrowers and the Subsidiaries, on a Consolidated Basis, for the four (4)&nbsp;fiscal
quarters ending on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>UCC</I></B>&#8221;
means the Chapters 1 through 11 of the Texas Business and Commerce Code, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>Unfunded Pension
Liability</I></B>&#8221; means the excess, if any, of (a)&nbsp;the funding target as defined under <I>Section&nbsp;430(d)</I>&nbsp;of
the Code without regard to the special at risk rules&nbsp;of <I>Section&nbsp;430(i)</I>&nbsp;of the Code, over (b)&nbsp;the value of
plan assets as defined under <I>Section&nbsp;430(g)(3)(A)</I>&nbsp;of the Code determined as of the last day of each calendar year, without
regard to the averaging which may be allowed under <I>Section&nbsp;310(g)(3)(B)</I>&nbsp;of the Code and reduced for any prefunding balance
or funding standard carryover balance as defined and provided for in <I>Section&nbsp;430(f)</I>&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B><I>U.S. Government
Securities Business Day</I></B>&#8221; means any day except for (a)&nbsp;a Saturday, (b)&nbsp;a Sunday or (c)&nbsp;a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire
day for purposes of trading in United States government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Accounting
Matters</B>. Any accounting term used in this Agreement or the other Loan Documents shall have, unless otherwise specifically provided
therein, the meaning customarily given such term in accordance with GAAP, and all financial computations thereunder shall be computed,
unless otherwise specifically provided therein, in accordance with GAAP consistently applied; provided, that all financial covenants
and calculations in the Loan Documents shall be made in accordance with GAAP as in effect on the date of this Agreement unless Borrowers
and Lender shall otherwise specifically agree in writing; provided, further that all obligations of any Person that are or would have
been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be accounted for as
operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating
lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with FASB ASC
842 (on a prospective or retroactive basis or otherwise) to be treated as capital lease obligations in the financial statements. That
certain items or computations are explicitly modified by the phrase &#8220;in accordance with GAAP&#8221; shall in no way be construed
to limit the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Other
Definitional Provisions</B>. All definitions contained in this Agreement are equally applicable to the singular and plural forms of the
terms defined. The words &#8220;<I>hereof</I>&#8221;, &#8220;<I>herein</I>&#8221;, and &#8220;<I>hereunder</I>&#8221; and words of similar
import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise
specified, all Article&nbsp;and Section&nbsp;references pertain to this Agreement. Terms used herein that are defined in the UCC, unless
otherwise defined herein, shall have the meanings specified in the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;II.<BR>
ADVANCES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Advances</B>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Revolving
Credit Advances</B>. Subject to the terms and conditions of this Agreement, Lender agrees to make one or more Revolving Credit Advances
to Borrowers from time to time from the date hereof to and including the Maturity Date in an aggregate principal amount at any time outstanding
up to but not exceeding the amount of the Commitment, provided that the aggregate amount of all Revolving Credit Advances at any time
outstanding shall not exceed the lesser of (i)&nbsp;the amount of the Commitment or (ii)&nbsp;Revolving Credit Availability. Subject
to the foregoing limitations, and the other terms and provisions of this Agreement, Borrowers may borrow, repay, and reborrow hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Revolving Credit Note</B>. The obligation of Borrowers to repay the Revolving Credit Advances and interest thereon shall be evidenced
by the Revolving Credit Note executed by Borrowers payable to the order of Lender, in the principal amount of the Commitment as originally
in effect and dated the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payments
on Revolving Credit Advances</B>. All accrued but unpaid interest on the Revolving Credit Advances outstanding from time to time shall
be payable in monthly installments on each Interest Payment Date until the Maturity Date when the then outstanding principal balance
of the Revolving Credit Note and all accrued but unpaid interest thereon shall be due and payable. Borrowers may from time to time during
the term of this Agreement borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations,
terms and conditions of this Agreement and of the Loan Documents; <I>provided</I>, <I>however</I>, that the unpaid principal of the Revolving
Credit Note shall not at any time exceed the principal amount stated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Borrowing
Procedure</B>. Borrowers shall give Lender notice of each Revolving Credit Advance by means of an Advance Request Form&nbsp;containing
the information required therein and delivered (by hand or by mechanically confirmed facsimile) to Lender no later than 1:00&nbsp;p.m.&nbsp;(Texas
time) on the day on which the Revolving Credit Advance is desired to be funded. Advances shall be in a minimum amount of $10,000. Lender
at its option may accept telephonic requests for such Advances, provided that such acceptance shall not constitute a waiver of Lender&#8217;s
right to require delivery of an Advance Request Form&nbsp;in connection with subsequent Advances. Any telephonic request for a Revolving
Credit Advance by Borrowers shall be promptly confirmed by submission of a properly completed Advance Request Form&nbsp;to Lender, but
failure to deliver an Advance Request Form&nbsp;shall not be a defense to payment of the Advance. Lender shall have no liability to Borrowers
for any loss or damage suffered by Borrowers as a result of Lender&#8217;s honoring of any requests, execution of any instructions, authorizations
or agreements or reliance on any reports communicated to it telephonically, by facsimile or electronically and purporting to have been
sent to Lender by Borrowers and Lender shall have no duty to verify the origin of any such communication or the identity or authority
of the Person sending it. Subject to the terms and conditions of this Agreement, each Revolving Credit Advance shall be made available
to Borrowers by depositing the same, in immediately available funds, in an account of Borrowers designated by Borrowers maintained with
Lender at the Principal Office.</FONT> At no time shall there be more than five&nbsp;(5)&nbsp;Term SOFR Amounts outstanding under this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General
Provisions Regarding Interest, Etc</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Repayment
of Advances</B>. Borrowers shall repay the unpaid principal amount of all Advances on the Maturity Date, unless sooner due by reason
of acceleration by Lender as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest
Rate</B>. The unpaid principal balance of the Notes shall bear interest from the date hereof through the Maturity Date at a per
annum rate which shall be, except as otherwise provided in this Agreement, the lesser of (A)&nbsp;the Loan Rate in effect from day
to day, or (B)&nbsp;the Maximum Lawful Rate. The determination by Lender of the Loan Rate shall, in the absence of manifest error,
be conclusive and binding in all respects. Notwithstanding anything herein to the contrary, in the event that (i)&nbsp;Term SOFR is
permanently or indefinitely unavailable or unascertainable, or ceases to be published by the Term SOFR Administrator or its
successor, (ii)&nbsp;the Term SOFR Administrator or its successor invokes its insufficient admissions policy, (iii)&nbsp;Term SOFR
is determined to be no longer representative by the Term SOFR Administrator,&nbsp; (iv)&nbsp;Term SOFR can no longer be lawfully
relied upon in contracts of this nature by one or both of the parties, or (v)&nbsp;Term SOFR does not accurately and fairly reflect
the cost of making or maintaining the type of loans or advances under this Agreement and in any such case, such circumstances are
unlikely to be temporary, then all references to the Loan Rate herein will instead be to a replacement rate determined by Lender in
its reasonable judgment, including any adjustment to the replacement rate to reflect a different credit spread, term or other
mathematical adjustment deemed necessary by the Lender in its reasonable judgment. Lender will provide reasonable notice to
Borrowers of such replacement rate, which will be effective on the date of the earliest event set forth in clauses (i)-(v)&nbsp;of
this paragraph.&nbsp; If there is any ambiguity as to the date of occurrence of any such event, Lender&#8217;s judgment will be
dispositive. Lender may also from time to time, in Lender&#8217;s sole discretion, make any technical, administrative or operational
changes (including changes to the timing and frequency of determining rates and making payments of interest, timing of borrowing
requests or prepayment, conversion or continuation notices, length or applicability of lookback periods, the applicability of
breakage provisions, and other technical, administrative or operational matters) (&#8220;<B><I>Conforming Changes</I></B>&#8221;)
that Lender decides may be appropriate to reflect the adoption and implementation of such replacement rate and to permit the
administration of the loans by Lender an administratively and operationally practicable manner. If there is any ambiguity as to the
date of occurrence of any such event, Lender&#8217;s judgment will be dispositive. Lender does not warrant or accept responsibility
for, and shall not have any liability with respect to (a)&nbsp;the administration of, submission of, calculation of or any other
matter related to any replacement rate, any component definition thereof or rates referenced in the definition thereof or any
alternative, comparable or successor rate thereto, including whether the composition or characteristics of any such alternative,
comparable or successor rate will be similar to, or produce the same value or economic equivalence of, or have the same volume or
liquidity as the immediately preceding interest index rate or any other interest rate index, or (b)&nbsp;the effect, implementation
or composition of any Conforming Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Default
Interest Rate</B>. Any outstanding principal of any Advance and (to the fullest extent permitted by law) any other amount payable by
Borrowers under this Agreement or any other Loan Document that is not paid in full when due (whether at stated maturity, by acceleration,
or otherwise) shall bear interest at the Default Interest Rate for the period from and including the due date thereof to but excluding
the date the same is paid in full. Additionally, upon the occurrence and during the continuance of an Event of Default all outstanding
and unpaid principal amounts of all of the Obligations shall, to the extent permitted by law, bear interest at the Default Interest Rate
until such time as Lender shall waive in writing the application of the Default Interest Rate to such Event of Default situation. Interest
payable at the Default Interest Rate shall be payable from time to time on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Computation
of Interest</B>. Interest on the Advances and all other amounts payable by Borrowers hereunder is computed on a 365/360 basis; that is,
by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the
actual number of days the principal balance is outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Application
of Payments</B>. Except as expressly provided this Agreement to the contrary, all payments on the Notes shall be applied in the following
order of priority: (a)&nbsp;the payment or reimbursement of any Funding Loss, expenses, costs or obligations (other than the outstanding
principal balance hereof and interest hereon) for which Borrowers shall be obligated or Lender shall be entitled pursuant to the provisions
of this Agreement or the other Loan Documents; (b)&nbsp;the payment of accrued but unpaid interest hereon; and (c)&nbsp;the payment of
all or any portion of the principal balance of the Advances then outstanding hereunder. If an Event of Default exists, then Lender may,
at the sole option of Lender, apply any such payments, at any time and from time to time, to any of the items specified in <B><I>clauses&nbsp;(a)</I></B>,
<B><I>(b)</I></B>&nbsp;or&nbsp;<B><I>(c)</I></B>&nbsp;above without regard to the order of priority otherwise specified in this <B><I>Section&nbsp;2.02(e)</I></B>&nbsp;and
any application to the outstanding principal balance hereof may be made in either direct or inverse order of maturity. Payments by check
or draft shall not constitute payment in immediately available funds until the required amount is actually received by Lender. Payments
in immediately available funds received by Lender in the place designated for payment on a Business Day prior to 3:00&nbsp;p.m.&nbsp;Dallas,
Texas time at said place of payment shall be credited prior to the close of business on the Business Day received, while payments received
by Lender on a day other than a Business Day or after 3:00&nbsp;p.m.&nbsp;Dallas, Texas time on a Business Day shall not be credited
until the next succeeding Business Day. If any payment of principal or interest on the Notes shall become due and payable on a day other
than a Business Day, such payment shall be made on the next succeeding Business Day. Acceptance by Lender of any payment in an amount
less than the full amount then due shall be deemed an acceptance on account only, and the failure to pay the entire amount then due may
become an Event of Default. Borrowers agree that all payments of any Obligation due hereunder shall be final, and if any such payment
is recovered in any bankruptcy, insolvency or similar proceedings instituted by or against Borrowers, all obligations due hereunder shall
be automatically reinstated in respect of the obligation as to which payment is so recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Unused
Facility Fee</B>. Borrowers agree to pay to Lender an unused facility fee on the daily unused amount of the Commitment for the period
from and including the date of this Agreement to and including the Maturity Date, at the rate of 0.40% per annum based on a 360-day year
and the actual number of days elapsed. For the purpose of calculating the unused facility fee hereunder, the Commitment shall be deemed
utilized by the amount of all outstanding Revolving Credit Advances. Accrued unused facility fees shall be payable quarterly in arrears
on the first (1st) Business Day of each April, July, October, and January&nbsp;during the term of this Agreement and on the Maturity
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Use
of Proceeds</B>. The proceeds of the Revolving Credit Advances shall be used by Borrowers for working capital in the ordinary course
of business and other general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Late
Charges</B>. If a payment required by this Agreement is more than ten (10)&nbsp;days late, Borrowers will be charged 6.000% of the unpaid
portion of the regularly scheduled payment or $5.00, whichever is greater.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Funding
Loss</B>. Borrowers shall pay to Lender any amounts required to compensate Lender for any Funding Loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Uncommitted
Increase in Commitment</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Request
for Increase</B>. So long as no Default or Event of Default has occurred and is continuing, upon notice to Lender, Borrower may from
time to time, request an increase in the aggregate Commitment (a &#8220;<B><I>Revolving Facility Increase</I></B>&#8221;) by an amount
(for all such requests) not exceeding $5,000,000; <I>provided</I> that (i)&nbsp;any such request for an increase shall be in a minimum
amount of $1,000,000, (ii)&nbsp;Borrower may make a maximum of three such requests, and (iii)&nbsp;Lender shall not be required or otherwise
obligated to provide any portion of such Revolving Facility Increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Conditions
to Effectiveness of Increase</B>. As a condition precedent to any such increase, (i)&nbsp;Borrowers shall deliver to Lender a certificate
of the Borrowers dated as of the effective date of the Revolving Facility Increase (the &#8220;</FONT><B><I>Increase Effective Date</I></B>&#8221;)
signed by a Responsible Officer of Borrowers, in each case in form and substance satisfactory to Lender, (A)&nbsp;certifying and attaching
the resolutions adopted by Borrowers approving or consenting to such increase, and (B)&nbsp;certifying that, before and after giving
effect to such increase, (1)&nbsp;the representations and warranties contained in <B><I>Article&nbsp;VI</I></B> and the other Loan Documents
are true and correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct as of such earlier date, and (2)&nbsp;no Default exists, (ii)&nbsp;in
Lender&#8217;s discretion, Borrowers shall pay a Commitment Fee in the amount of 1.0% of the amount of the Revolving Facility Increase,
and (iii)&nbsp;Borrowers shall submit additional information and documentation as the Lender may reasonably request from Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;III.<BR>
PAYMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Method
of Payment</B>. All payments of principal, interest, and other amounts to be made by Borrowers under this Agreement and the other Loan
Documents shall be made in immediately available funds in Dollars at the Principal Office (or at such other place as Lender, in Lender&#8217;s
sole discretion, may have established by delivery of written notice thereof to Borrowers from time to time), without offset, in lawful
money of the United States of America, which shall at the time of payment be legal tender in payment of all debts and dues, public and
private. Payments by check or draft shall not constitute payment in immediately available funds until the required amount is actually
received by Lender in full. Payments in immediately available funds received by Lender in the place designated for payment on a Business
Day prior to 11:00&nbsp;a.m.&nbsp;(Dallas, Texas time) at such place of payment shall be credited prior to the close of business on the
Business Day received, while payments received by Lender on a day other than a Business Day or after 11:00&nbsp;a.m.&nbsp;(Dallas, Texas
time) on a Business Day shall not be credited until the next succeeding Business Day. If any payment of principal or interest on the
Notes shall become due and payable on a day other than a Business Day, then such payment shall be made on the next succeeding Business
Day. Any such extension of time for payment shall be included in computing interest which has accrued and shall be payable in connection
with such payment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Prepayments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voluntary
Prepayments</B>. Borrowers may prepay all or any portion of the Notes at any time without fee, premium or penalty, all or any portion
of the outstanding principal balance hereof; <I>provided</I>, <I>that</I>, (i)&nbsp;such prepayment shall also include any and all accrued
but unpaid interest on the amount of principal being so prepaid through and including the date of prepayment, plus any other sums which
have become due to Lender under the other Loan Documents on or before the date of prepayment, but which have not been fully paid and
(ii)&nbsp;such prepayment shall also include any Funding Loss. Prepayments shall be in a minimum of $10,000. Notwithstanding the provisions
of this paragraph, Borrowers must consult with Lender prior to making any prepayments when a Hedge Agreement has been executed between
Borrowers and Lender in connection with the Notes. Borrowers acknowledge that partial prepayments of the Notes may require the Hedge
Agreement to be amended, and full prepayment will terminate the Hedge Agreement. Full and partial prepayments will trigger an early termination
valuation under the Hedge Agreement. Thus, an early termination fee may occur under the Hedge Agreement upon partial and full prepayment
of the Notes. Notwithstanding the provisions of this paragraph, Borrowers shall remain obligated to pay any fee due and owing under the
Hedge Agreement, including but not limited to any fee owed upon early termination of the Hedge Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mandatory
Prepayment of Revolving Credit Advances</B>. Borrowers must pay on DEMAND the amount by which at any time the unpaid principal balance
of the Revolving Credit Note exceeds the lesser of (i)&nbsp;the amount of the Commitment or (ii)&nbsp;Revolving Credit Availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IV.<BR>
SECURITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Collateral</B>.
To secure full and complete payment and performance of the Obligations, Borrowers and each Guarantor shall execute and deliver or cause
to be executed and delivered all of the Security Documents required by Lender covering the Property and Collateral described in such
Security Documents. Each Obligated Party shall execute and cause to be executed such further documents and instruments, including without
limitation, Uniform Commercial Code financing statements, as Lender, in its sole discretion, deems necessary or desirable to create,
evidence, preserve, and perfect its liens and security interests in the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Setoff</B>.
If an Event of Default shall have occurred and be continuing, Lender shall have the right to set off and apply against the Obligations
in such manner as Lender may determine, at any time and without notice to Borrowers, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing from Lender to Borrowers whether or not the Obligations
are then due. As further security for the Obligations, Borrowers hereby grant to Lender a security interest in all money, instruments,
and other property of Borrowers now or hereafter held by Lender, including, without limitation, property held in safekeeping. In addition
to Lender&#8217;s right of setoff and as further security for the Obligations, Borrowers hereby grant to Lender a security interest in
all deposits (general or special, time or demand, provisional or final) and other accounts of Borrowers now or hereafter on deposit with
or held by Lender and all other sums at any time credited by or owing from Lender to Borrowers. The rights and remedies of Lender hereunder
are in addition to other rights and remedies (including, without limitation, other rights of setoff) which Lender may have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;V.<BR>
CONDITIONS PRECEDENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Initial
Extension of Credit</B>. The obligation of Lender to make the initial Advance under any Note is subject to the condition precedent that
Lender shall have received on or before the day of such Advance all of the following, each dated (unless otherwise indicated) the date
hereof, in form and substance satisfactory to Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Resolutions</B>.
Resolutions of the applicable governing body of each Borrower and each other Obligated Party which authorize the execution, delivery,
and performance by such Person of this Agreement and the other Loan Documents to which such Person is or is to be a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Incumbency
Certificate</B>. A certificate of incumbency certified by a Responsible Officer certifying the names of the individuals or other Persons
authorized to sign this Agreement and each of the other Loan Documents to which each Borrower and each other Obligated Party is or is
to be a party (including the certificates contemplated herein) on behalf of such Person together with specimen signatures of such individual
Persons;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Constituent
Documents</B>. The Constituent Documents for each Borrower and each other Obligated Party certified as of a date acceptable to Lender
by the appropriate government officials of the state of incorporation or organization of each such party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Governmental
Certificates</B>. Certificates of the appropriate government officials of the state of incorporation or organization of each Borrower,
each other Obligated Party and each Pledgor as to the existence and good standing of each such party, each dated within fifteen&nbsp;(15)
days (or such longer period acceptable to Lender) prior to the date of the initial Advance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notes</B>.
The Notes executed by Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Intercreditor
Agreement</B>. A fully executed copy of the Intercreditor Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Term
Loan Documents</B>. Executed copies of the Term Loan Documents in form reasonably acceptable to Lender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Security
Documents</B>. The Security Documents executed by Borrowers, the other Obligated Parties and the Pledgors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financing
Statements</B>. UCC financing statements reflecting each of the Obligated Parties, as debtors, and Lender, as secured party, which are
required to grant a Lien which secures the Obligations and covering such Collateral as Lender may request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance
Matters</B>. Copies of insurance certificates describing all insurance policies required by <B><I>Section&nbsp;7.05</I></B> together
with loss payable and lender endorsements in favor of Lender with respect to all insurance policies covering Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UCC
Search</B>. The results of a Uniform Commercial Code search showing all financing statements and other documents or instruments on file
against each Borrower, and each other Obligated Party in the appropriate filing offices, such search to be as of a date no more than
fifteen (15)&nbsp;days (or such longer period acceptable to Lender) prior to the date of the initial Advance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Attorneys&#8217;
Fees and Expenses</B>. Evidence that the costs and expenses (including reasonable attorneys&#8217; fees) referred to in <B><I>Section&nbsp;11.01</I></B>,
to the extent incurred, shall have been paid in full by Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KYC
Information</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the reasonable request of Lender made at least five (5)&nbsp;days prior to the date hereof, Borrowers shall have provided to Lender,
and Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable &#8220;know
your customer&#8221; and anti-money-laundering rules&nbsp;and regulations, including, without limitation, the Patriot Act; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
least five (5)&nbsp;days prior to the date hereof, if any Borrower qualifies as a &#8220;legal entity customer&#8221; under the Beneficial
Ownership Regulation, such Borrower shall deliver, to Lender, a Beneficial Ownership Certification in relation to such Borrower;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Existing
Debt of Obligated Parties</B>. All of the existing Debt of each Obligated Party (<I>other than</I> Debt permitted to exist pursuant to
<B><I>Section&nbsp;8.01</I></B>) will be repaid in full and all security interests related thereto shall be terminated on or prior to
the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Opinions
of Counsel</B>. Customary opinions of legal counsel to Borrowers, each Obligated Party and each Pledgor as to such other matters as Lender
may reasonably request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Closing
Fees</B>. Evidence that the Commitment Fee and any other fees due at closing have been paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Minimum
EBITDA</B>. Evidence that Borrowers had EBITDA of not less than $8,000,000 for the trailing twelve-month period ending December&nbsp;31,
2022, in form and substance acceptable to Lender; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>All
Extensions of Credit</B>. The obligation of Lender to make any Advance or issue any Letter of Credit (including the initial Advance and
the initial Letter of Credit) is subject to the following additional conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Request
for Advance or Letter of Credit</B>. Lender shall have received in accordance with this Agreement, as the case may be, an Advance Request
Form&nbsp;or Letter of Credit Request Form&nbsp;pursuant to Lender&#8217;s requirements dated the date of such Advance or Letter of Credit
and executed by a Responsible Officer of Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Default</B>. No Event of Default shall have occurred and be continuing, or would result from or after giving effect to such Advance or
Letter of Credit as evidenced by a Compliance Certificate;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No
Material Adverse Event</B>. No Material Adverse Event has occurred, and no circumstance exists that could be a Material Adverse Event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Representations
and Warranties</B>. All of the representations and warranties contained in <B><I>Article&nbsp;VI</I></B> hereof and in the other Loan
Documents shall be true and correct in all material respects on and as of the date of such Advance with the same force and effect as
if such representations and warranties had been made on and as of such date, except that for purposes of this <B><I>Section&nbsp;5.02(d)</I></B>,
the representations and warranties contained in <B><I>Section&nbsp;6.02</I></B> shall be deemed to refer to (i)&nbsp;Borrowers and the
Subsidiaries and (ii)&nbsp;the most recent financial statements furnished pursuant to <B><I>clauses&nbsp;(a)&nbsp;</I></B>and&nbsp;</FONT><B><I>7.01(c</I></B>)&nbsp;of
<B><I>Section&nbsp;7.01 </I></B>and any representations and warranties made as of an earlier date shall be true and correct in all material
respects as of such earlier date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Additional
Documentation</B>. Lender shall have received such additional approvals, or documents as Lender or its legal counsel may reasonably request
consistent with the transaction contemplated in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VI.<BR>
REPRESENTATIONS AND WARRANTIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To induce Lender to enter
into this Agreement, and except as set forth on the Schedules, Borrowers represents and warrants to Lender that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Corporate
Existence</B>. Each Borrower and each Subsidiary (a)&nbsp;is duly incorporated or organized, as the case may be, validly existing, and
in good standing under the laws of the jurisdiction of its incorporation or organization; (b)&nbsp;has all requisite power and authority
to own its assets and carry on its business as now being or as proposed to be conducted; and (c)&nbsp;is qualified to do business in
all jurisdictions in which the nature of its business makes such qualification necessary and where failure to so qualify could result
in a Material Adverse Event. Each Borrower and each of the other Obligated Parties has the power and authority to execute, deliver, and
perform its obligations under this Agreement and the other Loan Documents to which it is or may become a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Financial
Statements, Etc</B>. Borrowers have delivered to Lender audited financial statements of Borrowers as at and for the fiscal year ended
December&nbsp;31, 2022 and unaudited financial statements of Borrowers as of March&nbsp;31, 2023. Such financial statements are true
and correct, have been prepared in accordance with GAAP, and fairly and accurately present, on a Consolidated Basis, the financial condition
of Borrowers as of the respective dates indicated therein and the results of operations for the respective periods indicated therein.
No Borrower nor any Subsidiary nor any other Obligated Party has any material contingent liabilities, liabilities for taxes, unusual
forward or long&#45;term commitments, or unrealized or anticipated losses from any unfavorable commitments except as referred to or reflected
in such financial statements. No Material Adverse Event has occurred since the effective date of the financial statements referred to
in this <B><I>Section&nbsp;6.02</I></B>. All projections delivered by Borrowers to Lender have been prepared in good faith, with care
and diligence and use assumptions that are reasonable under the circumstances at the time such projections were prepared and delivered
to Lender and all such assumptions are disclosed in the projections (it being understood for purposes that such projections are subject
to significant uncertainties and contingencies, many of which are beyond the control of the Borrowers, that no assurance is given that
any particular projections will be realized, and that actual results may differ from the projected results). No Borrower nor any Subsidiary
has any material Guarantees, contingent liabilities, liabilities for taxes, or any long&#45;term leases or unusual forward or long&#45;term
commitments, or any Hedge Agreement or other transaction or obligation in respect of derivatives, that are not reflected in the most&#45;recent
financial statements referred to in this <B><I>Section&nbsp;6.02</I></B>. Other than the Debt listed on <B><I>Schedule&nbsp;8.01</I></B>,
Debt reflected on the financial statements delivered pursuant to <B><I>Sections 1.01(j)</I></B>, <B><I>7.01(a)&nbsp;</I></B>and <B><I>7.01(c)</I></B>,
and Debt otherwise permitted by <B><I>Section&nbsp;8.01</I></B>, each Borrower and each Subsidiary has no Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Action;
No Breach</B>. The execution, delivery, and performance by each Borrower and each other Obligated Party of this Agreement and the other
Loan Documents to which such Person is or may become a party and compliance with the terms and provisions hereof and thereof have been
duly authorized by all requisite action on the part of such Person and do not and will not (a)&nbsp;violate or conflict with, or result
in a breach of, or require any consent under (i)&nbsp;the Constituent Documents of such Person, (ii)&nbsp;any applicable law, rule, or
regulation or any order, writ, injunction, or decree of any Governmental Authority or arbitrator, or (iii)&nbsp;any agreement or instrument
to which such Person is a party or by which it or any of its Properties is bound or subject, or (b)&nbsp;constitute a default under any
such agreement or instrument, or result in the creation or imposition of any Lien upon any of the revenues or assets of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Operation
of Business</B>. Borrowers and each of the Subsidiaries possess all licenses, permits, franchises, patents, copyrights, trademarks, and
tradenames, or rights thereto, necessary to conduct their respective businesses substantially as now conducted and as presently proposed
to be conducted, and Borrowers and each of the Subsidiaries are not in violation of any valid rights of others with respect to any of
the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Litigation
and Judgments</B>. There is no action, suit, investigation, or proceeding before or by any Governmental Authority or arbitrator pending,
or to the knowledge of Borrowers, threatened against or affecting any Borrower or any of the Subsidiaries, that would, if adversely determined,
would constitute a Material Adverse Event on the business, condition (financial or otherwise), operations, or properties of any Borrower
or any of the Subsidiaries or the ability of any Borrower to pay and perform the Obligations. There are no outstanding judgments against
any Borrower or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Rights
in Properties; Liens</B>. Borrowers and each of the Subsidiaries have good and indefeasible title to or valid leasehold interests in
their respective Properties, including the Properties reflected in the financial statements described in <B><I>Section&nbsp;6.02</I></B>,
and none of the Properties of Borrowers or any Subsidiary is subject to any Lien, except Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Enforceability</B>.
This Agreement constitutes, and the other Loan Documents to which Borrowers or any other Obligated Party is a party, when delivered,
shall constitute legal, valid, and binding obligations of such Person, enforceable against such Person in accordance with their respective
terms, except as limited by bankruptcy, insolvency, or other laws of general application relating to the enforcement of creditors&#8217;
rights.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Approvals</B>.
No authorization, approval, or consent of, and no filing or registration with, any Governmental Authority or third party is or will be
necessary for the execution, delivery, or performance by Borrowers of this Agreement and the other Loan Documents to which each Borrower
is or may become a party or the validity or enforceability thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes</B>.
Each Borrower and each Subsidiary have filed all tax returns (federal, state, and local) required to be filed, including all income,
franchise, employment, Property, and sales tax returns, and have paid all of their respective liabilities for taxes, assessments, governmental
charges, and other levies that are due and payable, except where the failure to file such tax returns or to pay such taxes would not
reasonably be expected to result in a Material Adverse Event. No Borrower knows of any pending investigation of any Borrower or any of
the Subsidiaries by any taxing authority or of any pending but unassessed tax liability of Borrowers or any of the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Use
of Proceeds; Margin Securities</B>. No Borrower nor any Subsidiary is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations G, T, U, or
X of the Board of Governors of the Federal Reserve System), and no part of the proceeds of any Advance will be used to purchase or carry
any margin stock or to extend credit to others for the purpose of purchasing or carrying margin stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>ERISA</B>.
Each Plan that is intended to qualify under <I>Section&nbsp;401(a)</I>&nbsp;of the Code has received a favorable determination letter
from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of
Borrowers, nothing has occurred which would prevent, or cause the loss of, such qualification. No application for a funding waiver or
an extension of any amortization period pursuant to <I>Section&nbsp;412</I> of the Code has been made with respect to any Plan. There
are no pending or, to the knowledge of Borrowers, threatened claims, actions or lawsuits, or action by any Governmental Authority, with
respect to any Plan. There has been no Prohibited Transaction or violation of the fiduciary responsibility rules&nbsp;with respect to
any Plan. No ERISA Event has occurred or is reasonably expected to occur. No Plan has any Unfunded Pension Liability. No Obligated Party
or ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title&nbsp;IV of ERISA with respect to any Plan
(other than premiums due and not delinquent under <I>Section&nbsp;4007</I> of ERISA). No Obligated Party or ERISA Affiliate has incurred,
or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under <I>Section&nbsp;4219
</I>of ERISA, would result in such liability) under <I>Section&nbsp;4201</I> or&nbsp;<I>4243</I> of ERISA with respect to a Multiemployer
Plan. No Obligated Party or ERISA Affiliate has engaged in a transaction that could be subject to <I>Section&nbsp;4069</I> or&nbsp;<I>4212(c)</I>&nbsp;of
ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Disclosure</B>.
No written statement, information, report, representation, or warranty made by any Borrower or any other Obligated Party in this Agreement
or in any other Loan Document or furnished to Lender in connection with this Agreement or any of the transactions contemplated hereby
contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements herein or therein
not misleading. There is no fact known to any Borrower which is a Material Adverse Event, or which might in the future be a Material
Adverse Event that has not been disclosed in writing to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Subsidiaries,
Ventures, Etc</B>. Borrowers have no Subsidiaries, or joint ventures or partnerships other than those listed on <B><I>Schedule&nbsp;6.13
</I></B>and <B><I>Schedule&nbsp;6.13</I></B> sets forth the jurisdiction of incorporation or organization of each such Person and, percentage
of Borrowers&#8217; ownership interest in such Person and whether each such Person is an Immaterial Subsidiary. All of the outstanding
capital stock or other ownership interest of each Person described in <B><I>Schedule&nbsp;6.13</I></B> has been validly issued, is fully
paid, and is non-assessable (except with respect to limited liability company interests). There are no outstanding subscriptions, options,
warrants, calls, rights or other agreements or commitments (other than stock or similar options granted to employees or directors and
directors&#8217; qualifying shares) of any nature relating to any Equity Interests of Borrowers or any Subsidiary, except as created
by the Loan Documents. Each Domestic Subsidiary of Borrowers is a Subsidiary Guarantor (other than any Immaterial Subsidiary). Taken
in the aggregate, all Immaterial Subsidiaries under this Agreement do not have any material assets, liabilities or business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Agreements</B>.
No Borrower nor any Subsidiary is a party to any indenture, loan, or credit agreement, or to any lease or other agreement or instrument,
or subject to any charter or corporate or other organizational restriction which could create or cause a Material Adverse Event on the
business, condition (financial or otherwise), operations, or properties of Borrowers or any Subsidiary, or the ability of Borrowers to
pay and perform its obligations under the Loan Documents to which it is a party. No Borrower nor any Subsidiary is in default in any
material respect in the performance, observance, or fulfillment of any of the obligations, covenants, or conditions contained in any
agreement or instrument material to its business to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Compliance
with Laws</B>. No Borrower nor any Subsidiary is in violation in any material respect of any law, rule, regulation, order, or decree
of any Governmental Authority or arbitrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Regulated
Entities</B>. No Borrower nor any Subsidiary is (a)&nbsp;an &#8220;<I>investment company</I>&#8221; or a company &#8220;<I>controlled</I>&#8221;
by an &#8220;<I>investment company</I>&#8221; within the meaning of the Investment Company Act of 1940, as amended, or (b)&nbsp;subject
to regulation under the Federal Power Act, the Interstate Commerce Act, any state public utilities code, or any other federal or state
statute, rule&nbsp;or regulation limiting its ability to incur Debt, pledge its assets or perform its obligations under the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Environmental
Matters</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower, each Subsidiary, and all of their respective properties, assets, and operations are in compliance in all material respects
with all Environmental Laws. No Borrower is aware of, nor has Borrower received notice of, any past, present, or future conditions, events,
activities, practices, or incidents which may interfere with or prevent the compliance or continued compliance of Borrowers and the Subsidiaries
with all Environmental Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrower and each Subsidiary have obtained all permits, licenses, and authorizations that are required under applicable Environmental
Laws, and all such permits are in good standing and each Borrower and the Subsidiaries are in compliance with all of the terms and conditions
of such permits except to the extent that it would not cause a Material Adverse Event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Hazardous Materials exist on, about, or within or have been used, generated, stored, transported, disposed of on, or Released from any
of the properties or assets of any Borrower or any Subsidiary except in accordance with Environmental Laws. The use which Borrowers and
the Subsidiaries make and intend to make of their respective properties and assets will not result in the use, generation, storage, transportation,
accumulation, disposal, or Release of any Hazardous Material on, in, or from any of their properties or assets except in accordance with
Environmental Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Borrower nor any Subsidiary nor any of their respective currently or previously owned or, to any Borrower&#8217;s knowledge, leased properties
or operations is subject to any outstanding or threatened order from or agreement with any Governmental Authority or other Person or
subject to any judicial or docketed administrative proceeding with respect to (i)&nbsp;failure to comply with Environmental Laws, (ii)&nbsp;Remedial
Action, or (iii)&nbsp;any Environmental Liabilities arising from a Release or threatened Release;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no conditions or circumstances associated with the currently or previously owned or, to any Borrower&#8217;s knowledge, leased properties
or operations of any Borrower or any Subsidiary that could reasonably be expected to give rise to any Environmental Liabilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Borrower nor any of the Subsidiaries is a treatment, storage, or disposal facility requiring a permit under the Resource Conservation
and Recovery Act, 42&nbsp;U.S.C. &sect;6901 <I>et&nbsp;seq.</I>, regulations thereunder or any comparable provision of state law. Borrowers
and the Subsidiaries are in compliance in all material respects with all applicable financial responsibility requirements of all Environmental
Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Borrower nor any Subsidiary has filed or failed to file any notice required under applicable Environmental Law reporting a Release except
to the extent that it would not cause a Material Adverse Event; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Lien arising under any Environmental Law has attached to any property or revenues of any Borrower or the Subsidiaries except to the extent
that it would not cause a Material Adverse Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Intellectual
Property</B>. All material copyrights, trademarks and patents owned or used by Borrowers and the Subsidiaries is listed, together with
application or registration numbers, where applicable, in <B><I>Schedule&nbsp;6.18</I></B>. Each Person identified on <B><I>Schedule&nbsp;6.18
</I></B>owns, or is licensed to use, all intellectual property necessary to conduct its business as currently conducted except for such
Intellectual Property the failure of which to own or license could be a Material Adverse Event. Each Person identified on <B><I>Schedule&nbsp;6.18
</I></B>will maintain the patenting and registration of all copyrights, trademarks and patents with the United States Patent and Trademark
Office, the United States Copyright Office, or other appropriate Governmental Authority, and each Person identified on <B><I>Schedule&nbsp;6.18
</I></B>will promptly patent or register, as the case may be, all new copyrights, trademarks and patents and notify Lender in writing
five&nbsp;(5)&nbsp;Business Days prior to filing any such new patent or registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Foreign
Assets Control Regulations and Anti-Money Laundering</B>. Each Obligated Party and each Subsidiary of each Obligated Party is and will
remain in compliance in all material respects with all United States economic sanctions laws, Executive Orders and implementing regulations
as promulgated by the United States Treasury Department&#8217;s Office of Foreign Assets Control (&#8220;<B><I>OFAC</I></B>&#8221;),
and all applicable anti&#45;money laundering and counter&#45;terrorism financing provisions of the Bank Secrecy Act and all regulations
issued pursuant to it. No Obligated Party and no Subsidiary, and to Borrowers&#8217; knowledge, no Affiliate, or any director, officer,
employee, agent, affiliate or representative of any Obligated Party, is an individual or entity that is, or is owned or controlled by
any individual or entity that is (a)&nbsp;currently the subject or target of any Sanctions, (b)&nbsp;a Person designated by the United
States government on the list of the Specially Designated Nationals and Blocked Persons (the &#8220;<B><I>SDN List</I></B>&#8221;) with
which a United States Person cannot deal with or otherwise engage in business transactions, or included on HMT&#8217;s Consolidated List
of Financial Sanctions Targets and the Investment Ban List or any similar list enforced by any other relevant sanctions authority, (c)&nbsp;a
Person who is otherwise the target of United States economic sanction laws such that a United States Person cannot deal or otherwise
engage in business transactions with such Person, or (d)&nbsp;located, organized or resident in a Designated Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Patriot
Act</B>. The Obligated Parties, each of their Subsidiaries, and, to Borrowers&#8217; knowledge, each of their Affiliates are in compliance
with (a)&nbsp;the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department
(31&nbsp;CFR, Subtitle&nbsp;B Chapter&nbsp;V, as amended), and all other enabling legislation or executive order relating thereto, (b)&nbsp;the
Patriot Act, and (c)&nbsp;all other federal or state laws relating to &#8220;<I>know your customer</I>&#8221; and anti&#45;money laundering
rules&nbsp;and regulations. No part of the proceeds of any Revolving Loan will be used directly or indirectly for any payments to any
government official or employee, political party, official of a political party, candidate for political office, or anyone else acting
in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States
Foreign Corrupt Practices Act of 1977.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Solvency</B>.
Borrowers and their Subsidiaries, on a Consolidated Basis, are solvent and have not entered into any transaction with the intent to hinder,
delay or defraud a creditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Anti-Corruption
Laws</B>. Each Obligated Party and each Subsidiary of each Obligated Party has conducted their businesses in compliance with the United
States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions,
and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Beneficial
Ownership Regulation</B>. The information included in the Beneficial Ownership Certification is true and correct in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VII.<BR>
AFFIRMATIVE COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Borrower covenants and
agrees that, as long as the Obligations or any part thereof are outstanding, or Lender has any Commitment hereunder, such Borrower will
perform and observe the following positive covenants, unless Lender shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Reporting
Requirements</B>. Borrowers will furnish to Lender:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual
Financial Statements</B>. As soon as available, and in any event, within one hundred twenty (120) days after the fiscal year of Borrowers,&nbsp;a
copy of the annual audit report of Borrowers and the Subsidiaries for such fiscal year containing, on a Consolidated and Consolidating
Basis, balance sheets and statements of income, retained earnings, and cash flow as at the end of such fiscal year and for the twelve&#45;month
period then ended, in each case setting forth in comparative form the figures for the preceding fiscal year, all in reasonable detail
and audited and certified by independent certified public accountants of recognized standing acceptable to Lender, to the effect that
such report has been prepared in accordance with GAAP and containing no material qualifications or limitations on scope;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compliance
Certificate</B>. As soon as available, and in any event within forty-five (45) days after the end of each fiscal quarter of Borrowers,
and together with the delivery of the financial statements required pursuant to <B><I>Section&nbsp;7.01(a)</I></B>&nbsp;above, a Compliance
Certificate executed by a Responsible Officer of Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Monthly
Financial Statements</B>. As soon as available, and in any event within thirty (30) days after the end of each calendar month, a copy
of an unaudited financial report of Borrowers and the Subsidiaries as of the end of such month and for the portion of the fiscal year
then ended, containing, on a consolidated and consolidating basis, balance sheets and statements of income, retained earnings, and cash
flow, all in reasonable detail certified by a Responsible Officer of Borrowers to have been prepared in accordance with GAAP and to fairly
and accurately present (subject to year-end audit adjustments) the financial condition and results of operations of Borrowers and the
Subsidiaries, on a consolidated and consolidating basis, at the date and for the periods indicated therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Eligible
Account Report</B>. As soon as available, and in any event within thirty (30) days after the end of each calendar month, an Eligible
Account Report, in substantially the form of <B><I>Exhibit&nbsp;A </I></B>attached hereto, certified by a Responsible Officer of Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Accounts
Receivable and Accounts Payable Aging</B>. As soon as available, and in any event within thirty (30) days after the end of each calendar
month, an account receivable aging, classifying Borrowers&#8217; and the Subsidiaries&#8217; accounts receivable in categories of 0&#45;30,
31&#45;60, 61&#45;90 and over ninety&nbsp;(90) days from date of invoice, and in such form and detail as Lender shall require, and account
payable aging classifying Borrowers&#8217; and the Subsidiaries&#8217; accounts payable by categories of 0&#45;30, 31&#45;60 and over
sixty&nbsp;(60), from date of invoice, also in such detail as Lender shall reasonably require, and in each case certified by a Responsible
Officer of Borrowers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Management
Letters</B>. Promptly upon receipt thereof, a copy of any management letter or written report submitted to Borrowers or any Subsidiary
by independent certified public accountants with respect to the business, condition (financial or otherwise), operations, or properties
of Borrowers or any Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice
of Litigation</B>. Promptly after the commencement thereof, notice of all actions, suits, and proceedings before any Governmental Authority
or arbitrator affecting any Borrower or any Subsidiary which, if determined adversely to such Borrower or such Subsidiary, could cause
or create a Material Adverse Event on the business, condition (financial or otherwise), operations, or properties of such Borrower or
such Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice
of Material Adverse Event</B>. As soon as possible and in any event within five&nbsp;(5)&nbsp;Business Days after the occurrence thereof,
written notice of any event or circumstance that could reasonably be expected to result in a Material Adverse Event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ERISA
Reports</B>. Promptly after the filing or receipt thereof, copies of all reports, including annual reports, and notices which any Borrower
or any Subsidiary files with or receives from the PBGC or the U.S. Department of Labor under ERISA; and as soon as possible and in any
event within ten&nbsp;(10)&nbsp;days after any Borrower or any Subsidiary knows or has reason to know that any Reportable Event or Prohibited
Transaction has occurred with respect to any Plan or that the PBGC or any Borrower or any Subsidiary has instituted or will institute
proceedings under Title IV of ERISA to terminate any Plan, a certificate of a Responsible Officer of such Borrower setting forth the
details as to such Reportable Event or Prohibited Transaction or Plan termination and the action that such Borrower proposes to take
with respect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Annual
Projections</B>. As soon as available, but in any event not more than forty-five (45) days after the end of each fiscal year of Borrowers,
forecasts prepared by management of Borrowers and approved by the members of Borrowers, in form and substance reasonably satisfactory
to Lender, of financial projections of Borrowers and the Subsidiaries on a monthly basis for the current fiscal year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KYC</B>.
Promptly following any request therefor, Borrowers shall provide information and documentation reasonably requested by Lender for purposes
of compliance with applicable &#8220;know your customer&#8221; requirements under the Patriot Act, the Beneficial Ownership Regulation
or other applicable anti-money laundering laws, including but not limited to a Beneficial Ownership Certification form acceptable to
Lender; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General
Information</B>. Promptly, such other information concerning Borrowers, or any Subsidiary or Obligated Party as Lender may from time
to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Maintenance
of Existence; Conduct of Business</B>. Borrowers will preserve and maintain, and will cause each Subsidiary to preserve and
maintain, its existence and all of its leases, privileges, licenses, permits, franchises, qualifications, and rights the failure of
which to maintain would result in a Material Adverse Event. Borrowers will conduct, and will cause each Subsidiary to conduct, its
business in an orderly and efficient manner in accordance with good business practices. Without limitation, Borrowers will not make
(and will not permit any of the Subsidiaries to make) any material change in its credit collection policies if such change would
materially impair the collectability of any account, nor will it rescind, cancel or modify any account except in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Maintenance
of Properties</B>. Borrowers will maintain, keep, and preserve, and cause each Subsidiary to maintain, keep, and preserve, all of its
Properties (tangible and intangible) necessary or useful in the proper conduct of its business in good working order and condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Taxes
and Claims</B>. Borrowers will pay or discharge, and will cause each Subsidiary to pay or discharge, at or before maturity or before
becoming delinquent (a)&nbsp;all taxes, levies, assessments, and governmental charges imposed on it or its income or profits or any of
its property, and (b)&nbsp;all lawful claims for labor, material, and supplies, which, if unpaid, might become a Lien upon any of its
property; provided, however, that no Borrower nor any Subsidiary shall be required to pay or discharge (i)&nbsp;any tax, levy, assessment,
or governmental charge or (ii)&nbsp;such Lien for labor, material or supplies, which is (y)&nbsp;being contested in good faith by appropriate
proceedings diligently pursued, and for which adequate reserves have been established or (z)&nbsp;where such failure to pay or discharge
would not reasonably be expected to result in a Material Adverse Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insurance</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall, and shall cause each of the Subsidiaries to, maintain insurance with financially sound and reputable insurance companies in such
amounts and covering such risks as is usually carried by corporations engaged in similar businesses and owning similar Properties in
the same general areas in which Borrowers and the Subsidiaries operate, <I>provided that</I> in any event Borrowers will maintain and
cause each of the Subsidiaries to maintain workmen&#8217;s compensation insurance, property insurance, comprehensive general liability
insurance, reasonably satisfactory to Lender. Each insurance policy covering Collateral shall name Lender as loss payee and each insurance
policy covering liabilities shall name Lender as additional insured, and each such insurance policy shall provide that such policy will
not be cancelled or reduced without thirty&nbsp;(30) days prior written notice to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the continuance of an Event of Default, all proceeds of insurance shall be paid over to Lender for application to the Obligations. So
long as no Event of Default is continuing, subject to <B><I>Section&nbsp;7.05(c)</I></B>, all proceeds of insurance in excess of $50,000
shall be paid over to Lender for application to the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
may apply the net proceeds of a casualty or condemnation (each a &#8220;<B><I>Loss</I></B>&#8221;) to the repair, restoration, or replacement
of the assets suffering such Loss, so long as (i)&nbsp;such repair, restoration, or replacement is completed within two hundred seventy&nbsp;(270)
days after the date of such Loss (or such longer period of time agreed to in writing by Lender), (ii)&nbsp;while such repair, restoration,
or replacement is underway, all of such net proceeds are on deposit with Lender in a separate deposit account over which Lender has exclusive
control, and (iii)&nbsp;such Loss did not cause an Event of Default. If an Event of Default occurs pursuant to which Lender exercises
its rights to accelerate the Obligations as provided in <B><I>Section&nbsp;10.02</I></B> or such repair, restoration, or replacement
is not completed within two hundred seventy&nbsp;(270) days of the date of such Loss (or such longer period of time agreed to in writing
by Lender), then Lender may immediately and without notice to any Person apply all of such net proceeds to the Obligations, regardless
of any other prior agreement regarding the disposition of such net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Inspection
Rights</B>. Upon reasonable prior notice to Borrowers from Lender, and at any reasonable time and from time to time, Borrowers shall,
and shall cause each of the Subsidiaries to, (a)&nbsp;permit representatives of Lender to examine, inspect, review, evaluate and make
physical verifications and appraisals of the inventory and other Collateral in any manner and through any medium that Lender considers
advisable, (b)&nbsp;to examine, copy, and make extracts from its books and records, (c)&nbsp;to visit and inspect its Properties, and
(d)&nbsp;to discuss its business, operations, and financial condition with its officers, employees, and independent certified public
accountants, in each instance, at Borrowers&#8217; expense; provided, that so long as no Default or Event of Default has occurred and
is continuing such inspection rights shall be limited to no more than twice per calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Keeping
Books and Records</B>. Borrowers will maintain, and will cause each Subsidiary to maintain, proper books of record and account in which
full, true, and correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Compliance
with Laws</B>. Borrowers will comply, and will cause each Subsidiary to comply, in all material respects with all applicable laws, rules,
regulations, orders, and decrees of any Governmental Authority or arbitrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Compliance
with Agreements</B>. Borrowers will comply, and will cause each Subsidiary to comply, in all material respects with all agreements, contracts,
and instruments binding on it or affecting its properties or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Further
Assurances</B>. Borrowers will, and will cause each Subsidiary to, execute and deliver such further agreements and instruments and take
such further action (including promptly completing any registration or stamping of documents as may be applicable) as may be requested
by Lender to carry out the provisions and purposes of this Agreement and the other Loan Documents and to create, preserve, and perfect
the Liens of Lender in the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>ERISA</B>.
Borrowers will comply, and will cause each Subsidiary to comply, with all minimum funding requirements, and all other material requirements,
of ERISA, if applicable, so as not to give rise to any liability thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Depository
Relationship</B>. To induce Lender to establish the interest rates provided for in the Notes, Borrowers shall, and shall cause each of
the Subsidiaries to, use Lender as its principal depository bank and Borrowers shall, and shall cause each of the Subsidiaries to, maintain
Lender as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit
accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Subsidiaries</B>.
Concurrently upon the formation or acquisition of any Subsidiary, after the date hereof (an &#8220;<B><I>After-Acquired
Subsidiary</I></B>&#8221;), Borrowers shall cause the After-Acquired Subsidiary to deliver all of its Constituent Documents to
Lender and (a)&nbsp;if such Subsidiary is a Domestic Subsidiary, other than an Immaterial Subsidiary, execute a Guaranty in favor of
Lender and such Loan Documents as shall be required by Lender to create first priority Liens in the Priority Collateral and second
priority Liens in the Term Loan Priority Collateral (in each case, subject to Liens permitted under <B><I>Section&nbsp;8.02</I></B>)
in favor of Lender in such After-Acquired Subsidiary&#8217;s assets and such other documents as Lender deems reasonably necessary in
connection with such actions and execute any other amendment to this Agreement as deemed necessary by Lender and (b)&nbsp;execute
and deliver or cause to be delivered to Lender all Security Documents, stock certificates, stock powers and other agreements and
instruments as may be required by the Security Agreement or otherwise requested by Lender to ensure that Lender has a perfected Lien
on all Priority Collateral held by Borrowers or any other Obligated Party with respect to such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Keepwell</B>.
Borrowers hereby absolutely, unconditionally and irrevocably undertake to provide such funds or other support to each Specified Obligated
Party with respect to such Hedge Obligations as may be needed by such Specified Obligated Party from time to time to honor all of its
obligations under its Guaranty and the other Loan Documents in respect of such Hedge Obligations and to cause such Specified Obligated
Party to be an Eligible Contract Participant (as defined in the Commodity Exchange Act) with respect to all Hedge Obligations (but, in
each case, only up to the maximum amount of such liability that can be hereby incurred without rendering Borrowers&#8217; obligations
and undertakings under this <B><I>Section&nbsp;7.14</I></B> voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The obligations and undertakings of Borrowers under this <B><I>Section&nbsp;7.14</I></B> shall
remain in full force and effect until the Obligations have been indefeasibly paid and performed in full. Borrowers intend this <B><I>Section&nbsp;7.14
</I></B>to constitute, and this <B><I>Section&nbsp;7.14</I></B> shall be deemed to constitute, a Guarantee of the obligations of, and
a &#8220;<I>keepwell, support, or other agreement</I>&#8221; (as defined in the Commodity Exchange Act) for the benefit of, each Specified
Obligated Party for all purposes of the Commodity Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Deposit
Account Control Agreements</B>. No Borrower shall maintain any deposit accounts, except with respect to which the Lender has notice,
setting forth the information included for Accounts on </FONT><B><I>Schedule 3.10</I></B> to the Security Agreement. Each deposit account
maintained by any Borrower shall be subject to an account control agreement satisfactory in form and substance satisfactory to the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;VIII.<BR>
NEGATIVE COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Borrower covenants and
agrees that, as long as the Obligations or any part thereof are outstanding, or Lender has any Commitment hereunder, Borrower will perform
and observe the following negative covenants, unless Lender shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Debt</B>.
No Borrower will incur, create, assume, or permit to exist, and will not permit any Subsidiary to incur, create, assume, or permit to
exist, any Debt (other than Permitted Indebtedness), unless</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is not then an Event of Default or Default that has occurred and is continuing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
Debt constitutes Subordinated Debt and matures after the Maturity Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
giving effect to such additional Debt, such Borrower&#8217;s Debt is less than 2.5 times its EBITDA over the preceding 12 month period
as reported in its most recent quarterly or annual financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Limitation
on Liens</B>. No Borrower will incur, create, assume, or permit to exist, and will not permit any Subsidiary to incur, create, assume,
or permit to exist, any Lien upon any of its property, assets, or revenues, whether now owned or hereafter acquired, other than Permitted
Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Mergers,
Etc</B>. No Borrower will, nor will it permit any Subsidiary to, become a party to a merger or consolidation, or any Acquisition, or
wind-up, dissolve, or liquidate, including, in each case, including pursuant to a Delaware LLC Division, other than as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
necessary in order to effect the Redemption/Exchange Transactions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Immaterial Subsidiary may (i)&nbsp;wind-up, dissolve or liquidate if Borrowers determine in good faith that such liquidation or dissolution
is in the best interests of the Borrowers and not disadvantageous to Lender, (ii)&nbsp;merge into another Immaterial Subsidiary if such
merger results in an Immaterial Subsidiary as the surviving entity, or (iii)&nbsp;merge into another Subsidiary if such merger results
in a Subsidiary Guarantor as the surviving entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Restricted
Payments</B>. No Borrower shall, and nor shall it allow any Subsidiary to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase
or redeem any class of stock or other Equity Interest other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant
to employee, director or consultant repurchase plans or other similar agreements; provided, however, in each case (other than any such
repurchase or redemption in the ordinary course of business in connection with an employee incentive plan or other transaction permitted
by <B><I>Section&nbsp;8.07</I></B>) the repurchase or redemption price does not exceed the original consideration paid for such stock
or Equity Interest,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conversion of any of its convertible securities into other securities of such Borrower pursuant to the terms of such convertible securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
payment of cash in lieu of fractional shares upon the conversion of any such convertible securities, not to exceed $500,000 in the aggregate,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant
to the Redemption/Exchange Transactions, or</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
both before and after giving effect to such Permitted Warrant Transaction (taken in the aggregate if consummated through a series of
substantially simultaneous transactions), (x)&nbsp;there shall not then be an Event of Default or Default that has occurred and is continuing,
and (y</FONT>)&nbsp;each of the Financial Covenants in <B><I>Article&nbsp;IX</I></B> shall be satisfied, then a Permitted Warrant Transaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
or pay any cash dividend or make a cash distribution on any class of stock or other Equity Interest, except (i)&nbsp;that a Subsidiary
may pay dividends or make distributions to any Borrower and any such Borrower may make Permitted Tax Distributions to its direct and
indirect equity holders, (ii)&nbsp;with respect to the payment of Public Company Costs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lend
money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of $250,000
in the aggregate at any one time outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waive,
release or forgive any Indebtedness owed by any employees, officers or directors in excess of $250,000 in the aggregate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any payments on Subordinated Debt; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
any other any dividend or other distribution (whether in cash, securities or other Property) with respect to any capital stock or other
Equity Interest of a Person, or any other payment (whether in cash, securities or other Property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any capital stock or other Equity
Interest or on account of any return of capital to such Person&#8217;s stockholders, partners or members (or the equivalent Person thereof)
(each of the foregoing <B><I>Sections 8.04(a)</I></B>&nbsp;&#8211; <B><I>(f)</I></B>, collectively, the &#8220;<B><I>Restricted Payments</I></B>&#8221;),
unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall not then be an Event of Default or Default that has occurred and is continuing,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restricted Payment is not with respect to Disqualified Equity Interests; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
before and after giving effect to such Restricted Payment, (x)&nbsp;each of the Financial Covenants in <B><I>Article&nbsp;IX</I></B>
shall be satisfied, and (y)&nbsp;the Borrowers&#8217; Total Debt shall be less than 2.5 times their EBITDA over the preceding 12-month
period reported in its most recent quarterly or annual financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Loans
and Investments</B>. No Borrower will make, and will not permit any Subsidiary to make, any advance, loan, extension of credit, or capital
contribution to or investment in, or purchase, or permit any Subsidiary to purchase, any stock, bonds, notes, debentures, or other securities
of, any Person, other than Permitted Investments; provided that no Event of Default has occurred and is continuing or would occur after
giving effect to such Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Limitation
on Issuance of Equity</B>. No Borrower will, nor will it permit any Subsidiary to, at any time issue, sell, assign, or otherwise dispose
of Disqualified Equity Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Transactions
with Affiliates</B>. No Borrower will enter into, nor will it permit any Subsidiary to enter into, any transaction, including, without
limitation, the purchase, sale, or exchange of property or the rendering of any service, with any Affiliate of such Borrower or such
Subsidiary, except (a)&nbsp;in the ordinary course of and pursuant to the reasonable requirements of such Borrower&#8217;s or such Subsidiary&#8217;s
business and upon fair and reasonable terms no less favorable to such Borrower or such Subsidiary than would be obtained in a comparable
arm&#8217;s-length transaction with a Person not an Affiliate of Borrowers or such Subsidiary, (b)&nbsp;the payment of management fees
as permitted pursuant to <B><I>Section&nbsp;8.19</I></B>, (c)&nbsp;compensation and employee benefit, incentive and severance arrangements
paid to, and indemnities provided for the benefit of, directors, officers or employees any Borrower or their respective Subsidiaries
in the ordinary course of business, (d)&nbsp;any issuances of securities or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by the governing body of Direct
Digital or DDH Holdings, as applicable, (e)&nbsp;transactions pursuant to the Tax Receivable Agreement, (f)&nbsp;transactions pursuant
to the Redemption/Exchange Transactions, and (g)&nbsp;Borrower's repurchase of warrants in connection with a Permitted Warrant Transaction,
provided that the repurchase is upon fair and reasonable terms no less favorable to Borrower than would be obtained in a comparable arm&#8217;s-length
transaction with a Person not an Affiliate of Borrowers or any Subsidiary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Disposition
of Assets</B>. Except as permitted by Section&nbsp;8.06, no Borrower will sell, lease, assign, transfer, or otherwise dispose of any
of its assets, or permit any Subsidiary to do so with any of its assets, except (a)&nbsp;dispositions of inventory in the ordinary course
of business, (b)&nbsp;dispositions, for fair value, of worn-out and obsolete equipment not necessary or useful to the conduct of business,
or (c)&nbsp;for the avoidance of doubt, pursuant to the Redemption/Exchange Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Sale
and Leaseback</B>. No Borrower will enter into, nor will it permit any Subsidiary to enter into, any arrangement with any Person pursuant
to which it leases from such Person real or personal property that has been or is to be sold or transferred, directly or indirectly,
by it to such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Nature
of Business</B>. No Borrower will, nor will it permit any Subsidiary to, engage in any business other than the businesses in which they
are engaged as of the date hereof and businesses reasonably related thereto and logical extensions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Environmental
Protection</B>. No Borrower will, nor will it permit any Subsidiary to, (a)&nbsp;use (or permit any tenant to use) any of their respective
properties or assets for the handling, processing, storage, transportation, or disposal of any Hazardous Material, (b)&nbsp;generate
any Hazardous Material, (c)&nbsp;conduct any activity that is likely to cause a Release or threatened Release of any Hazardous Material,
or (d)&nbsp;otherwise conduct any activity or use any of their respective properties or assets in any manner that is likely to violate
any Environmental Law or create any Environmental Liabilities for which Borrowers or any Subsidiary would be responsible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Accounting</B>.
No Borrower will, nor will it permit any Subsidiary to, change its fiscal year or make any change (a)&nbsp;in accounting treatment or
reporting practices, except as required by GAAP and disclosed to Lender, or (b)&nbsp;in tax reporting treatment, except as required by
law and disclosed to Lender.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>No
Negative Pledge</B>. No Borrower will, nor will it permit any Subsidiary to, enter into or permit to exist any arrangement or agreement,
other than pursuant to this Agreement, any Loan Document, or the Term Loan Documents, which directly or indirectly prohibits any Borrower
or any Subsidiary from creating or incurring a Lien on any of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Subsidiaries</B>.
No Borrower will, directly or indirectly, form or acquire any Subsidiary unless such Subsidiary complies with the requirements of <B><I>Section&nbsp;7.13</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Hedge
Agreements</B>. No Borrower will, nor shall it permit any Subsidiary to, enter into any Hedge Agreement, except (a)&nbsp;Hedge Agreements
entered into to hedge or mitigate risks to which Borrowers or any Subsidiary have actual exposure (other than those in respect of Equity
Interests or any Term Loan Debt) which have terms and conditions reasonably acceptable to Lender, and (b)&nbsp;other Hedge Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to
another floating rate or otherwise) with respect to any Debt of Borrowers or any Subsidiary which have terms and conditions reasonably
acceptable to Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>OFAC</B>.
No Borrower will, nor shall it permit any Subsidiary to, fail to comply with the laws, regulations and executive orders referred to in
<B><I>Sections&nbsp;6.19</I></B> and&nbsp;<B><I>6.20</I></B>. No Borrower shall, directly or indirectly, use the proceeds of any Loan,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity,
to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding,
is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Payments
under Term Loan Agreement</B>. No Borrower will, nor will it permit any Subsidiary to, directly or indirectly, make any optional or voluntary
payment, prepayment, repurchase or redemption of any Term Loan Debt not otherwise permitted under the terms of the Intercreditor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;IX.<BR>
FINANCIAL COVENANTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Borrower covenants and
agrees that, as long as the Obligations or any part thereof are outstanding, or Lender has any Commitment hereunder, such Borrower will,
at all times, observe and perform the following financial covenants, unless Lender shall otherwise consent in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Fixed
Charge Coverage Ratio</B>. Borrowers will maintain a Fixed Charge Coverage Ratio of not less than 1.25 to 1.0, beginning with the fiscal
quarter of Borrowers ending June&nbsp;30, 2023. This ratio shall be calculated at the end of each fiscal quarter of Borrowers using the
results of the twelve-month period ending with such fiscal quarter end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Total
Funded Debt to EBITDA Ratio</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;30,
    2023 and the last day of <BR>
each fiscal quarter through and<BR>
 including December&nbsp;31, 2023</FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.50:1.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;31,
    2024 and the last day of <BR>
each fiscal quarter through and <BR>
including March&nbsp;31, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.25:1:00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;30,
    2025 and thereafter </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3:00:1.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This ratio shall be calculated at the end of
each fiscal quarter of Borrowers using the results of the twelve-month period ending with such fiscal quarter end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Liquid
Assets.&nbsp;&nbsp;&nbsp;Borrowers</B> and the Subsidiaries, on a Consolidated Basis, shall maintain minimum Liquid Assets
at all times, in one or more accounts held with Lender <I>plus</I> Revolving Credit Availability in the amount of $1,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;X.<BR>
DEFAULT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Events
of Default</B>. Each of the following shall be deemed an &#8220;<I>Event of Default</I>&#8221;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall fail to pay the Obligations, or any part thereof shall not be paid when due or declared due and, other than with respect to payments
of principal, such failure shall continue unremedied for three&nbsp;(3)&nbsp;days after such payment became due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers
shall breach any provision of <B><I>Section&nbsp;7.01</I></B>, <B><I>Article&nbsp;VIII</I></B> or <B><I>Article&nbsp;IX</I></B> of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
representation or warranty made or deemed made by any Borrower, any other Obligated Party or any Pledgor (or any of their respective
officers) in any Loan Document or in any certificate, report, notice, or financial statement furnished at any time in connection with
this Agreement shall be false, misleading, or erroneous in any material respect (without duplication of any materiality qualifier contained
therein) when made or deemed to have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Borrower or any Obligated Party shall fail to perform, observe, or comply with any covenant, agreement, or term contained in this Agreement
or any other Loan Document (other than as covered by <B><I>Section&nbsp;10.01(a)</I></B>&nbsp;and&nbsp;<B><I>(b)</I></B>&nbsp;above),
and such failure continues for more than thirty (30) days following the date such failure first began.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Borrower, any Subsidiary, any Obligated Party or any Pledgor shall commence a voluntary 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 seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official of it or a substantial part of its
property or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against it or shall make a general assignment for the benefit of creditors or shall generally fail to pay
its debts as they become due or shall take any corporate action to authorize any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Borrower, any Subsidiary, or any Obligated Party shall fail to pay when due any principal of or interest on any Debt in excess of $250,000
(other than the Obligations), or the maturity of any such Debt shall have been accelerated, or any such Debt shall have been required
to be prepaid prior to the stated maturity thereof, or any event shall have occurred that permits (or, with the giving of notice or lapse
of time or both, would permit) any holder or holders of such Debt or any Person acting on behalf of such holder or holders to accelerate
the maturity thereof or require any such prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement or any other Loan Document shall cease to be in full force and effect or shall be declared null and void or the validity or
enforceability thereof shall be contested or challenged by Borrowers, any Subsidiary, any Obligated Party, any Pledgor or any of their
respective shareholders, or Borrowers, any Obligated Party or any Pledgor shall deny that it has any further liability or obligation
under any of the Loan Documents, or any lien or security interest created by the Loan Documents shall for any reason cease to be a valid,
first priority perfected security interest in and lien upon any Priority Collateral or a valid, a second priority perfected security
interest in and lien upon the Term Loan Priority Collateral or any other Collateral purported to be covered thereby; provided that, Borrowers
shall have fifteen (15) days to have this Agreement or any other Loan Document reinstated, or to have any such security interest perfected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Any
of the following events shall occur or exist with respect to Borrowers</B>: (i)&nbsp;any Prohibited Transaction involving any Plan; (ii)&nbsp;any
Reportable Event with respect to any Plan; (iii)&nbsp;the filing under <I>Section&nbsp;4041</I> of ERISA of a notice of intent to terminate
any Plan or the termination of any Plan; (iv)&nbsp;any event or circumstance that might constitute grounds entitling the PBGC to institute
proceedings under <I>Section&nbsp;4042</I> of ERISA for the termination of, or for the appointment of a trustee to administer, any Plan,
or the institution by the PBGC of any such proceedings; or (v)&nbsp;complete or partial withdrawal under <I>Section&nbsp;4201</I> or
<I>4204</I> of ERISA from a Multiemployer Plan or the reorganization, insolvency, or termination of any Multiemployer Plan; and in each
case above, such event or condition, together with all other events or conditions, if any, have subjected or could in the reasonable
opinion of Lender subject Borrowers to any tax, penalty, or other liability to a Plan, a Multiemployer Plan, the PBGC, or otherwise (or
any combination thereof) which in the aggregate could reasonably be expected to result in a Material Adverse Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Guarantor or any other Obligated Party is a corporation, partnership or other entity, such Person shall be the subject of a bankruptcy
or receivership proceeding or shall have dissolved, liquidated or otherwise ceased doing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Borrower, any of the Subsidiaries, or any Obligated Party, or any of their material properties, revenues, or assets, shall become subject
to an order of forfeiture, seizure, or divestiture (whether under RICO or otherwise) and the same shall not have been discharged within
sixty (60) days from the date of entry thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A
Change in Control shall occur</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
involuntary proceeding shall be commenced against any Borrower, any Subsidiary, any Obligated Party or any Pledgor seeking liquidation,
reorganization, or other relief with respect to it or its debts under any bankruptcy, insolvency, or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official for it or a substantial
part of its property, and such involuntary proceeding shall remain undismissed and unstayed for a period of sixty (60) days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Borrower, any Subsidiary or any Obligated Party shall fail to discharge within a period of thirty (30) days after the commencement thereof
any attachment, sequestration, or similar proceeding or proceedings involving an aggregate amount in excess of Two Hundred Fifty Thousand
Dollars ($250,000) against any of its assets or properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
final judgment or judgments for the payment of money in excess of Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate shall
be rendered by a court or courts against any Borrower, any of the Subsidiaries, or any Obligated Party and the same shall not be discharged
(or provision shall not be made for such discharge), or a stay of execution thereof shall not be procured, within thirty (30) days from
the date of entry thereof and such Borrower or the relevant Subsidiary or Obligated Party shall not, within said period of thirty (30)
days, or such longer period during which execution of the same shall have been stayed, appeal therefrom and cause the execution thereof
to be stayed during such appeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Event of Default (as defined in the Term Loan Agreement) under the Term Loan Documents shall occur and be continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Remedies
Upon Default</B>. If any Event of Default shall occur and be continuing, Lender may without notice terminate the Commitment and declare
the Obligations or any part thereof to be immediately due and payable, and the same shall thereupon become immediately due and payable,
without notice, demand, presentment, notice of dishonor, notice of acceleration, notice of intent to accelerate, notice of intent to
demand, protest, or other formalities of any kind, all of which are, to the maximum extent permitted by law, hereby expressly waived
by Borrowers; provided, however, that upon the occurrence of an Event of Default under <B><I>Section&nbsp;10.01(e)</I></B>&nbsp;or <B><I>Section&nbsp;10.01(l)</I></B>,
and so long as continuing, the Commitment shall automatically terminate, and the Obligations shall become immediately due and payable
without notice, demand, presentment, notice of dishonor, notice of acceleration, notice of intent to accelerate, notice of intent to
demand, protest, or other formalities of any kind, all of which are, to the maximum extent permitted by law, hereby expressly waived
by Borrowers. If any Event of Default shall occur and be continuing, Lender may exercise all rights and remedies available to it in law
or in equity, under the Loan Documents, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Performance
by Lender</B>. If Borrowers shall fail to perform any covenant or agreement contained in any of the Loan Documents, Lender may perform
or attempt to perform such covenant or agreement on behalf of Borrowers. In such event, Borrowers shall, at the request of Lender, promptly
pay any amount reasonably expended by Lender in connection with such performance or attempted performance to Lender, together with interest
thereon at the Default Interest Rate from and including the date of such expenditure to but excluding the date such expenditure is paid
in full. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance
of any obligation of Borrowers under this Agreement or any other Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Equity
Cure</B></FONT>. Notwithstanding the foregoing, and subject to the last sentence of this Section&nbsp;10.04, the Borrowers may cure (and
shall be deemed to have cured) (any such cure, an &#8220;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Equity Cure</I></B></FONT>&#8221;)
an Event of Default arising out of a breach of any of the financial covenants set forth in Sections 9.01, 9.02 or 9.03 (the &#8220;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Specified
Financial Covenants</I></B></FONT>&#8221;) if (i)&nbsp;the Borrowers receive, within 10 Business Days after the date on which the Specified
Financial Covenants are first required to be tested pursuant to the terms hereof, cash proceeds in an amount which, if treated as income
for the preceding fiscal quarter, would result in compliance with such Specified Financial Covenants, and (ii)&nbsp;Lender receives written
notice from the Borrowers that such payment has been made and that it is to be deemed an Equity Cure hereunder. Upon any Equity Cure
of a Specified Financial Covenant, any Event of Default that occurred and is continuing from a breach of such Specified Financial Covenant
shall be deemed cured with no further action required by Lender. An Equity Cure may not be used to cure an Event of Default more than
twice in any calendar year (or be in an aggregate amount of such cash proceeds in any calendar year of more than $2,000,000), or more
than four times during the term of this Agreement (including any extension thereof), or be in an amount greater than necessary to cure
the Specified Financial Covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;XI.<BR>
MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Expenses</B>.
Each Borrower hereby agrees, jointly and severally, to pay on demand: (a)&nbsp;all reasonable and documented costs and out-of-pocket
expenses of Lender in connection with the preparation, negotiation, execution, and delivery of this Agreement and the other Loan Documents
and any and all amendments, modifications, renewals, extensions, and supplements thereof and thereto, including, without limitation,
the reasonable fees and expenses of outside legal counsel, advisors, consultants, and auditors for Lender; (b)&nbsp;all costs and expenses
of Lender in connection with any Default and the enforcement of this Agreement or any other Loan Document, including, without limitation,
the reasonable and documented fees and out-of-pocket expenses of legal counsel, advisors, consultants, and auditors for Lender; (c)&nbsp;all
transfer, stamp, documentary, or other similar taxes, assessments, or charges levied by any Governmental Authority in respect of this
Agreement or any of the other Loan Documents; (d)&nbsp;all reasonable and documented costs, expenses, assessments, and other charges
incurred in connection with any filing, registration, recording, or perfection of any Lien contemplated by this Agreement or any other
Loan Document; and (e)&nbsp;all other reasonable and documented costs and expenses incurred by Lender in connection with (i)&nbsp;this
Agreement or any other Loan Document, (ii)&nbsp;the servicing and administration of the Obligations, (iii)&nbsp;any litigation, dispute,
suit, proceeding or action arising from or related to the Obligations or any Loan Document, or (iv)&nbsp;the enforcement of its rights
and remedies, and the protection of its interests in bankruptcy, insolvency or other legal proceedings, including, without limitation,
all costs, expenses, and other charges incurred in connection with evaluating, observing, collecting, examining, auditing, appraising,
selling, liquidating, or otherwise disposing of the Collateral or other assets of Borrowers. Each Borrower authorizes Lender, at its
sole option, to (i)&nbsp;cause a Revolving Credit Advance on or after the date of this Agreement, (ii)&nbsp;debit any other Borrower
account with Lender, or (iii)&nbsp;make demand upon Borrowers, for payment of all reasonable attorneys&#8217; fees and out-of-pocket
expenses incurred by Lender in connection with the negotiation and documentation of this Agreement and the other Loan Documents by counsel
retained by Lender, which attorney&#8217;s fees and expenses become due through the date of this Agreement and/or after the date of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>INDEMNIFICATION</B>.
EACH BORROWER SHALL INDEMNIFY LENDER AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS, AND AGENTS
(COLLECTIVELY, THE &#8220;<B><I>INDEMNIFIED PARTIES</I></B>&#8221; AND INDIVIDUALLY AN &#8220;<B><I>INDEMNIFIED PARTY</I></B>&#8221;)
FROM, AND HOLD EACH OF THEM HARMLESS AGAINST, ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, DISBURSEMENTS,
COSTS, AND EXPENSES (INCLUDING ATTORNEYS&#8217; FEES) TO WHICH ANY OF THEM MAY&nbsp;BECOME SUBJECT WHICH DIRECTLY OR INDIRECTLY ARISE
FROM OR RELATE TO (a)&nbsp;ANY OF THE LOAN DOCUMENTS INCLUDING THE NEGOTIATION, EXECUTION, DELIVERY, PERFORMANCE, ADMINISTRATION, OR
ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS, (b)&nbsp;ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS, (c)&nbsp;ANY BREACH BY
ANY BORROWER OF ANY REPRESENTATION, WARRANTY, COVENANT, OR OTHER AGREEMENT CONTAINED IN ANY OF THE LOAN DOCUMENTS, (d)&nbsp;ANY ACTION
TAKEN OR NOT TAKEN BY LENDER (OR ANY TRUSTEE UNDER ANY SECURITY INSTRUMENT) THAT IS ALLOWED OR PERMITTED UNDER ANY OF THE LOAN DOCUMENTS,&nbsp;INCLUDING
THE PROTECTION OR ENFORCEMENT OF ANY LIEN, SECURITY INTEREST, OR OTHER RIGHT, REMEDY, OR RECOURSE CREATED OR AFFORDED BY THE LOAN DOCUMENTS
OR AT LAW OR IN EQUITY, (e)&nbsp;ANY DISPUTE AMONG OR BETWEEN ANY OF THE OBLIGATED PARTIES OR BETWEEN OR AMONG ANY PARTNERS, VENTURERS,
EMPLOYEES, OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, MANAGERS, TRUSTEES, OR OTHER RESPONSIBLE PARTIES OF BORROWERS, (f)&nbsp;THE PRESENCE,
RELEASE, THREATENED RELEASE, DISPOSAL, REMOVAL, OR CLEANUP OF ANY HAZARDOUS MATERIAL LOCATED ON, ABOUT, WITHIN, OR AFFECTING ANY OF THE
PROPERTIES OR ASSETS OF BORROWERS OR ANY OF THE SUBSIDIARIES OR ANY OTHER OBLIGATED PARTY, (g)&nbsp;THE USE OR PROPOSED USE OF ANY LETTER
OF CREDIT, (h)&nbsp;ANY AND ALL TAXES (OTHER THAN EXCLUDED TAXES), LEVIES, DEDUCTIONS, OR CHARGES IMPOSED ON LENDER OR ANY OF LENDER&#8217;S
CORRESPONDENTS IN RESPECT OF ANY LETTER OF CREDIT, OR (i)&nbsp;ANY INVESTIGATION, LITIGATION, OR OTHER PROCEEDING,&nbsp;INCLUDING, WITHOUT
LIMITATION, ANY THREATENED INVESTIGATION, LITIGATION, OR OTHER PROCEEDING, RELATING TO ANY OF THE FOREGOING INCLUDING THOSE BROUGHT OR
INITIATED BY . WITHOUT LIMITING ANY PROVISION OF THIS AGREEMENT OR OF ANY OTHER LOAN DOCUMENT,&nbsp;IT IS THE EXPRESS INTENTION OF THE
PARTIES HERETO THAT THE INDEMNIFIED PARTIES BE INDEMNIFIED FROM AND HELD HARMLESS AGAINST ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES,
PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS, AND EXPENSES (INCLUDING REASONABLE ATTORNEYS&#8217; FEES) ARISING OUT OF OR RESULTING FROM
THE STRICT LIABILITY, SOLE CONTRIBUTORY OR ORDINARY NEGLIGENCE OF ANY OF THE INDEMNIFIED PARTIES; PROVIDED, HOWEVER, THAT THE INDEMNITY
SET FORTH IN THIS <B><I>SECTION&nbsp;11.02</I></B> WILL NOT APPLY TO CLAIMS CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LENDER
OR ANY OF ITS OFFICERS, EMPLOYEES, AGENTS, ADVISORS, OR REPRESENTATIVES, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION IN FINAL
AND NON APPEALABLE JUDGMENT.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">LENDER MAY&nbsp;EMPLOY AN
ATTORNEY OR ATTORNEYS OF ITS OWN CHOOSING TO PROTECT OR ENFORCE ITS RIGHTS, REMEDIES, AND RECOURSES, AND TO ADVISE AND DEFEND THE INDEMNIFIED
PARTIES WITH RESPECT TO THOSE ACTIONS AND OTHER MATTERS. EACH BORROWER SHALL REIMBURSE LENDER FOR THE ATTORNEYS&#8217; REASONABLE FEES
AND OUT-OF-POCKET EXPENSES (INCLUDING EXPENSES AND COSTS FOR EXPERTS AND/OR CONSULTANTS) OF THE INDEMNIFIED PARTIES IMMEDIATELY ON RECEIPT
OF WRITTEN DEMAND FROM LENDER, WHETHER ON A MONTHLY OR OTHER TIME INTERVAL, AND WHETHER OR NOT AN ACTION IS ACTUALLY COMMENCED OR CONCLUDED.
ALL OTHER REIMBURSEMENT AND INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT SHALL BECOME DUE AND PAYABLE WHEN ACTUALLY INCURRED BY LENDER
OR ANY OF THE OTHER THE INDEMNIFIED PARTIES. ANY PAYMENTS NOT MADE WITHIN TEN (10)&nbsp;DAYS AFTER WRITTEN DEMAND FROM LENDER SHALL BEAR
INTEREST AT THE DEFAULT INTEREST RATE FROM THE DATE OF THAT DEMAND UNTIL FULLY PAID. THE PROVISIONS OF THIS <B><I>SECTION&nbsp;11.02
</I></B>SHALL SURVIVE REPAYMENT AND PERFORMANCE OF THE OBLIGATIONS, THE RELEASE OF ANY LIENS SECURING THE OBLIGATIONS, ANY FORECLOSURE
(OR ACTION IN LIEU OF FORECLOSURE), THE TRANSFER BY ANY BORROWER OF ANY OF ITS RIGHTS, TITLE, AND INTERESTS IN OR TO ANY COLLATERAL SECURING
THE OBLIGATIONS, AND THE EXERCISE BY LENDER OF ANY OR ALL REMEDIES SET FORTH IN ANY LOAN DOCUMENT. NOTWITHSTANDING THE FOREGOING THIS
SECTION&nbsp;11.02 SHALL NOT APPLY WITH RESPECT TO EXCLUDED TAXES OR TO ANY OTHER TAXES (OTHER THAN ANY TAXES THAT REPRESENT LOSSES,
CLAIMS, DAMAGES,&nbsp;ETC. ARISING FROM ANY NON-TAX CLAIM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Limitation
of Liability</B>. Neither Lender nor any Affiliate, officer, director, employee, attorney, or agent of Lender shall have any liability
with respect to, and, to the maximum extent permitted by law, each Borrower hereby waives, releases, and agrees not to sue any of them
upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by such Borrower in connection with,
arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated
by this Agreement or any of the other Loan Documents. To the maximum extent permitted by law, each Borrower hereby waives, releases,
and agrees not to sue Lender or any of Lender&#8217;s Affiliates, officers, directors, employees, attorneys, or agents for punitive damages
in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents,
or any of the transactions contemplated by this Agreement or any of the other Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>No
Duty</B>. All attorneys, accountants, appraisers, and other professional Persons and consultants retained by Lender shall have the right
to act exclusively in the interest of Lender and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation
of any type or nature whatsoever to Borrowers or any of Borrowers&#8217; shareholders or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Lender
Not Fiduciary</B>. The relationship between Borrowers and Lender is solely that of debtor and creditor, and Lender has no fiduciary or
other special relationship with Borrowers, and no term or condition of any of the Loan Documents shall be construed so as to deem the
relationship between Borrowers and Lender to be other than that of debtor and creditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Equitable
Relief</B>. Borrowers recognizes that in the event Borrowers fail to pay, perform, observe, or discharge any or all of the Obligations,
any remedy at law may prove to be inadequate relief to Lender. Borrowers therefore agree that Lender, if Lender so requests, shall be
entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>No
Waiver; Cumulative Remedies</B>. No failure on the part of Lender to exercise and no delay in exercising, and no course of dealing with
respect to, any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, power, or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right,
power, or privilege. The rights and remedies provided for in this Agreement and the other Loan Documents are cumulative and not exclusive
of any rights and remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Successors
and Assigns</B>. This Agreement is binding upon and shall inure to the benefit of Lender and Borrowers and their respective successors
and assigns, except that Borrowers may not assign or transfer any of its rights or obligations under this Agreement without the prior
written consent of Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Survival</B>.
All representations and warranties made in this Agreement or any other Loan Document or in any document, statement, or certificate furnished
in connection with this Agreement shall survive the execution and delivery of this Agreement and the other Loan Documents, and no investigation
by Lender or any closing shall affect the representations and warranties or the right of Lender to rely upon them. Without prejudice
to the survival of any other obligation of Borrowers hereunder, the obligations of Borrowers under <B><I>Sections&nbsp;11.01</I></B>
and&nbsp;<B><I>11.02</I></B> shall survive repayment of the Notes and termination of the Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>ENTIRE
AGREEMENT; AMENDMENT</B>. THIS AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS REFERRED TO HEREIN EMBODY THE FINAL, ENTIRE AGREEMENT
AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN
OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY&nbsp;NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. The provisions of this Agreement
and the other Loan Documents to which Borrowers are parties may be amended or waived only by an instrument in writing signed by the parties
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Notices</B>.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing
(including by facsimile transmission) and mailed, faxed or delivered, to the address, facsimile number or subject to the last
sentence hereof electronic mail address specified for notices below the signatures hereon or to such other address as shall be
designated by such party in a notice to the other parties. All such other notices and other communications shall be deemed to have
been given or made upon the earliest to occur of (i)&nbsp;actual receipt by the intended recipient or (ii)&nbsp;(A)&nbsp;if
delivered by hand or courier, when signed for by the designated recipient; (B)&nbsp;if delivered by mail, four (4)&nbsp;Business
Days after deposit in the mail, postage prepaid; (C)&nbsp;if delivered by facsimile when sent and receipt has been confirmed by
telephone; and (D)&nbsp;if delivered by electronic mail (which form of delivery is subject to the provisions of the last sentence
below) when delivered; provided, however, that notices and other communications pursuant to <B><I>Article&nbsp;II</I></B> shall not
be effective until actually received by Lender. Electronic mail and intranet websites may be used only to distribute only routine
communications, such as financial statements and other information, and to distribute Loan Documents for execution by the parties
thereto and may not be used for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Governing
Law; Venue; Service of Process</B>. <FONT STYLE="text-transform: uppercase">This Agreement AND ANY CONTROVERSY, DISPUTE, CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, ANY BREACH THEREOF, the transactions contemplated thereby,
OR ANY OTHER DISPUTE BETWEEN OR AMONG LENDER AND ANY OF THE OBLIGATED PARTIES (whether in contract, tort or otherwise) shall be governed
by and construed in accordance with the laws of the State of Texas; <I>provided that</I> Lender shall retain all rights under federal
law. If, for any reason, a court of competent jurisdiction determines that Texas law should not apply to the provisions of the loan documents
pertaining to THE CREATION, PERFECTION, ENFORCEMENT, OR VALIDITY OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE APPLICABLE
LOAN DOCUMENTS, THEN SUCH PROVISIONS (BUT ONLY THOSE PROVISIONS) SHALL BE GOVERNED BY, CONSTRUED, AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE WHERE THE APPLICABLE COLLATERAL IS LOCATED. This Agreement has been entered into in DALLAS County, Texas, and is
performable for all purposes in DALLAS County, Texas. The parties hereby agree that any lawsuit, action, or proceeding that is brought
(whether in contract, tort or otherwise) arising out of or relating to any of the Loan Documents, the transactions contemplated thereby,
or the acts, conduct, OR OMISSIONs of Lender OR ANY OF ITS AGENTS, SUCCESSORS OR ASSIGNS OR OF ANY OF THE OBLIGATED PARTIES in the negotiation,
administration or enforcement of any of the Loan Documents shall be brought in a state or federal court of competent jurisdiction located
in DALLAS County, Texas. EACH Borrower hereby irrevocably and unconditionally (a)&nbsp;submits to the exclusive jurisdiction of such
courts, (b)&nbsp;waives any objection it may now or hereafter have as to the venue of any such lawsuit, action, or proceeding brought
in any such court, and (c)&nbsp;further waives any claim that it may now or hereafter have that any such court is an inconvenient forum.
Each of the parties hereto agree that service of process upon it may be made by certified or registered mail, return receipt requested
at the address for notices REFERENCED in <B><I>Section&nbsp;11.11</I></B> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Counterparts</B>.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed
and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement.&nbsp;
Delivery of an executed signature page&nbsp;of this Agreement and all other documents executed in connection with the Loan by facsimile
or other electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Severability</B>.
Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate
the remainder of this Agreement and the effect thereof shall be confined to the provision held to be invalid or illegal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Headings</B>.
The headings, captions, and arrangements used in this Agreement are for convenience only and shall not affect the interpretation of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Participations,
Etc</B>. Lender shall have the right at any time and from time to time to grant participations in, and sell and transfer, the Obligations
and any Loan Documents; provided, that so long as no Default or Event of Default has occurred and is continuing, the Borrowers shall
have the right to consent to any such sale or transfer of the Obligations. Each actual or proposed participant or assignee, as the case
may be, shall be entitled to receive all information received by Lender regarding Borrowers and the Subsidiaries, including, without
limitation, information required to be disclosed to a participant or assignee pursuant to Banking Circular 181 (Rev., August&nbsp;2,
1984), issued by the Comptroller of the Currency (whether the actual or proposed participant or assignee is subject to the circular or
not).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Construction</B>.
Borrowers and Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity
to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall
be construed as if jointly drafted by Borrowers and Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Independence
of Covenants</B>. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted
by any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another
covenant shall not avoid the occurrence of a Default if such action is taken or such condition exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>WAIVER
OF JURY TRIAL</B>. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT
TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING
TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY OR THE ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION, OR
ENFORCEMENT THEREOF. EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <B><I>SECTION&nbsp;11.19</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Additional
Interest Provision</B>. It is expressly stipulated and agreed to be the intent of Borrowers and Lender at all times to comply
strictly with the applicable Texas law governing the maximum rate or amount of interest payable on the indebtedness evidenced by any
Note, any Loan Document, and the Related Indebtedness (or applicable United States federal law to the extent that it permits Lender
to contract for, charge, take, reserve or receive a greater amount of interest than under Texas law). If the applicable law is ever
judicially interpreted so as to render usurious any amount (i)&nbsp;contracted for, charged, taken, reserved or received pursuant to
any Note, any of the other Loan Documents or any other communication or writing by or between Borrowers and Lender related to the
transaction or transactions that are the subject matter of the Loan Documents, (ii)&nbsp;contracted for, charged, taken, reserved or
received by reason of Lender&#8217;s exercise of the option to accelerate the maturity of any Note and/or any and all indebtedness
paid or payable by Borrowers to Lender pursuant to any Loan Document other than any Note (such other indebtedness being referred to
in this <B><I>Section</I></B>&nbsp;as the &#8220;<B><I>Related Indebtedness</I></B>&#8221;), or (iii)&nbsp;Borrowers will have paid
or Lender will have received by reason of any voluntary prepayment by Borrowers of any Note and/or the Related Indebtedness, then it
is Borrowers&#8217; and Lender&#8217;s express intent that all amounts charged in excess of the Maximum Lawful Rate shall be
automatically canceled, <I>ab initio</I>, and all amounts in excess of the Maximum Lawful Rate theretofore collected by Lender shall
be credited on the principal balance of any Note and/or the Related Indebtedness (or, if any Note and all Related Indebtedness have
been or would thereby be paid in full, refunded to Borrowers), and the provisions of any Note and the other Loan Documents shall
immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the
execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount
otherwise called for hereunder and thereunder; provided, however, if any Note has been paid in full before the end of the stated
term of any such Note, then Borrowers and Lender agree that Lender shall, with reasonable promptness after Lender discovers or is
advised by Borrowers that interest was received in an amount in excess of the Maximum Lawful Rate, either refund such excess
interest to Borrowers and/or credit such excess interest against such Note and/or any Related Indebtedness then owing by Borrowers
to Lender. Borrowers hereby agree that as a condition precedent to any claim seeking usury penalties against Lender, Borrowers will
provide written notice to Lender, advising Lender in reasonable detail of the nature and amount of the violation, and Lender shall
have sixty (60) days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess
interest to Borrowers or crediting such excess interest against the Note to which the alleged violation relates and/or the Related
Indebtedness then owing by Borrowers to Lender. All sums contracted for, charged, taken, reserved or received by Lender for the use,
forbearance or detention of any debt evidenced by any Note and/or the Related Indebtedness shall, to the extent permitted by
applicable law, be amortized or spread, using the actuarial method, throughout the stated term of such Note and/or the Related
Indebtedness (including any and all renewal and extension periods) until payment in full so that the rate or amount of interest on
account of any Note and/or the Related Indebtedness does not exceed the Maximum Lawful Rate from time to time in effect and
applicable to such Note and/or the Related Indebtedness for so long as debt is outstanding. In no event shall the provisions of
Chapter&nbsp;346 of the Texas Finance Code (which regulates certain revolving credit loan accounts and revolving triparty accounts)
apply to this Note and/or any of the Related Indebtedness. Notwithstanding anything to the contrary contained herein or in any of
the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the
time of such acceleration or to collect unearned interest at the time of such acceleration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Ceiling
Election</B>. To the extent that Lender is relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable
on any such Note and/or any other portion of the Obligations, Lender will utilize the weekly ceiling from time to time in effect as provided
in such Chapter 303, as amended. To the extent United States federal law permits Lender to contract for, charge, take, receive or reserve
a greater amount of interest than under Texas law, Lender will rely on United States federal law instead of such Chapter 303 for the
purpose of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect, Lender
may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303 or
under other applicable law by giving notice, if required, to Borrowers as provided by applicable law now or hereafter in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>USA
Patriot Act Notice</B>. Lender hereby notifies Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain,
verify and record information that identifies Borrowers, which information includes the names and addresses of Borrowers and other information
that will allow Lender to identify Borrowers in accordance with the Patriot Act. Borrowers shall, promptly following a request by Lender,
provide all documentation and other information that Lender requests in order to comply with its ongoing obligations under applicable
 &#8220;know your customer&#8221; and anti-money laundering rules&nbsp;and regulations, including the Patriot Act. Lender will require
the legal entity to provide identifying information about each beneficial owner and/or individuals who have significant responsibility
to control, manage or direct the legal entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Confidentiality.
</B>LENDER ACKNOWLEDGES THAT INFORMATION RECEIVED FROM ANY BORROWER RELATING TO SUCH BORROWER OR ANY SUBSIDIARY OR THEIR BUSINESSES OR
THE COLLATERAL FURNISHED TO SUCH PERSON PURSUANT TO THIS AGREEMENT MAY&nbsp;INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING SUCH BORROWER,&nbsp;ITS
SUBSIDIARIES AND ITS OTHER AFFILIATES AND THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING
THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES
AND APPLICABLE LAW,&nbsp;INCLUDING FEDERAL AND STATE SECURITIES LAWS. ALL INFORMATION,&nbsp;INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS,
FURNISHED BY ANY BORROWER PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT MAY&nbsp;CONTAIN MATERIAL NON-PUBLIC INFORMATION
CONCERNING THE BORROWERS, THEIR SUBSIDIARIES AND THEIR OTHER AFFILIATES AND THEIR RESPECTIVE SECURITIES. ACCORDINGLY, LENDER REPRESENTS
TO THE BORROWER THAT SUCH PERSON HAS IDENTIFIED A CREDIT CONTACT WHO MAY&nbsp;RECEIVE INFORMATION THAT MAY&nbsp;CONTAIN SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW,&nbsp;INCLUDING FEDERAL AND STATE SECURITIES LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Intercreditor
Legend.</B> Anything herein to the contrary notwithstanding, the Liens and security interests securing the obligations evidenced by this
agreement, the exercise of any right or remedy with respect hereto and certain of the rights of the holder hereof are subject to the
provisions of the Intercreditor Agreement, dated as July&nbsp;7, 2023 (as amended, restated, supplemented, substituted, replaced or otherwise
modified from time to time, the &#8220;<B><I>Intercreditor Agreement</I></B>&#8221;), by and between Lafayette Square Loan Servicing,
LLC (in its capacity as agent for the LS Facility Lenders and together with its successors and assigns, the &#8220;<B><I>LS Facility
Agent</I></B>&#8221;), for and on behalf of the LS Facility Creditors and each other LS Facility Claimholder (each as defined in the
Intercreditor Agreement) from time to time, and East West Bank, acting on behalf of each A/R Facility Claimholder (each as defined in
the Intercreditor Agreement). In the event of any conflict between the terms of the Intercreditor Agreement and this agreement, the terms
of the Intercreditor Agreement shall govern and control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B><I>Remainder of Page&nbsp;Intentionally Left
Blank;<BR>
Signature Page&nbsp;Follows.</I></B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties hereto have duly
executed this Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3">BORROWERS:</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3"><B>DIRECT DIGITAL HOLDINGS,&nbsp;INC.</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Keith W. Smith</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 5%">Name:</TD>
                              <TD STYLE="width: 42%">Keith W. Smith</TD></TR>
                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD>
                              <TD>President</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3"><B>DIRECT DIGITAL HOLDINGS, LLC</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Keith W. Smith</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:</TD>
                              <TD>Keith W. Smith</TD></TR>
                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD>
                              <TD>President</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3"><B>COLOSSUS MEDIA, LLC</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Keith W. Smith</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:</TD>
                              <TD>Keith W. Smith</TD></TR>
                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD>
                              <TD>President</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3"><B>HUDDLED MASSES LLC</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Keith W. Smith</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:</TD>
                              <TD>Keith W. Smith</TD></TR>
                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD>
                              <TD>President</TD></TR>

<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3"><B>ORANGE142, LLC</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD></TD><TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Keith W. Smith</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:</TD>
                              <TD>Keith W. Smith</TD></TR>
                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD>
                              <TD>President</TD></TR>
                                                                      </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Address for Notices:</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">c/o Direct Digital Holdings,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">1177 West Loop South</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Suite&nbsp;1310</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Houston, Texas 77027</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Email: ksmith@directdigitalholdings.com</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Phone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832.402.1051</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">LENDER:</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EAST
WEST BANK</B></FONT>,</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">a California state bank</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Hamilton LaRoe</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Hamilton LaRoe</TD></TR>
                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>First Vice President</TD></TR>
                                                                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Address for Notices:</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">5001 Spring Valley Road; Suite&nbsp;825W</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Dallas, Texas 75244</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Attention: Hamilton LaRoe</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">Email: Hamilton.LaRoe@EastWestBank.com</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature Page to</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Credit Agreement</P><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries,
Ventures, Etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual
Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing
Debt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing
Liens</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing
Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 6.13 &#8211; Subsidiaries, Ventures,
Etc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 6.18 &#8211; Intellectual Property</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 8.01 &#8211; Existing Debt</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 8.02 &#8211; Existing Liens</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 8.05 &#8211; Existing Investments</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit B</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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<XBRL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>drct-20230707_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>drct-20230707_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.19a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://directdigitalholdings.com/role/Cover" xlink:href="drct-20230707.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://directdigitalholdings.com/role/Cover" xlink:title="00000001 - Document - Cover">
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="loc_deiDocumentInformationLineItems" />
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.23.2</span><table class="report" border="0" cellspacing="2" id="idm140381717734576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Jul. 07, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jul.  07,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-41261<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Direct Digital Holdings, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001880613<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">87-2306185<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1177 West Loop South<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1310<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Houston<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">77027<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">832<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">402-1051<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=DRCT_ClassAcommonstockparvaluedollarpershareMember', window );">Class A common stock, par value $0.001 per share</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A common stock, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DRCT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=DRCT_WarrantstopurchaseClassAcommonstockMember', window );">Warrants to purchase Class A common stock</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Warrants to purchase Class A common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DRCTW<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
