Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On August 31, 2020, Link Media Holdings, Inc. ("Link"), a wholly-owned subsidiary of Boston Omaha Corporation ("BOC"), which owns and operates BOC's billboard businesses, borrowed $5,500,000 in a term loan under its existing credit facility with First National Bank of Omaha (the "Lender").

On August 12, 2019, Link entered into a Credit Agreement (the "Credit Agreement") with the Lender. Under the Credit Agreement, Link borrowed $18,060,000 under Term Loan 1. The Credit Agreement was filed with the Securities and Exchange Commission (the "Commission") on a Form 8-K filed with the Commission on August 13, 2019. On October 25, 2019, Link entered into a First Amendment to Credit Agreement (the "First Amendment") with the Lender, and filed the First Amendment with the Commission on a Form 8-K filed with the Commission on October 29, 2019. On June 25, 2020, Link entered into a Second Amendment to Credit Agreement (the "Second Amendment") with the Lender, and filed the Second Amendment with the Commission on a Form 8-K filed with the Commission on June 25, 2020.

Link borrowed the funds through a Term Loan 2 Note dated August 31, 2020 (the "Term Loan 2 Note"), and the $5,500,000 amount represents the Term Loan 2 Commitment as set forth in the Second Amendment.

The foregoing summary of transactions contained in this Item 2.03 does not purport to be a complete description and is qualified in its entirety by reference to the terms and conditions of the Credit Agreement, the First Amendment, the Second Amendment and the Term Loan 2 Note, a copy of which is attached as Exhibit 10.1 and incorporated herein by reference. Capitalized terms used in this Item 2.03 have the meaning given to such terms in the Second Amendment and Credit Agreement, as applicable.

Item 9.01.           FINANCIAL STATEMENTS AND EXHIBITS.

(d)           Exhibits. The Exhibit Index set forth below is incorporated herein

by reference.

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