Exhibit 10.2
EXECUTION VERSION
MASTER MUTUAL RELEASE AGREEMENT
This MASTER MUTUAL RELEASE AGREEMENT (this “Agreement”), dated as of April 23,
2009, is by and among: (a) each of (i) Westwood One, Inc., a Delaware
corporation (the “Borrower”), (ii) Gores Radio Holdings, LLC, a Delaware limited
liability company (“Gores”), and (iii) the Persons listed on Schedule A hereto,
each of which is a Subsidiary Guarantor (each, a “Subsidiary Guarantor” and,
collectively with the Borrower and Gores, but excluding Gores in its capacity as
a Lender under the Existing Credit Agreement referenced below, the “Borrower,
Guarantor and Gores Parties”); (b) the Persons listed on Schedule B hereto (the
“Existing Credit Agreement Lenders”), each of which is a lender party to the
Credit Agreement dated as of March 3, 2004 (as amended prior to the date hereof,
the “Existing Credit Agreement”) among the Borrower, the lenders party thereto,
JPMorgan Chase Bank, N.A., as administrative agent (the “Existing Administrative
Agent”), and the other parties thereto; (c) the Existing Administrative Agent;
and (d) the Persons listed on Schedule C hereto (the “Existing NPA Noteholders”
and, collectively with the Existing Credit Agreement Lenders and the Existing
Administrative Agent, the “Lender and Agent Parties”), each of which is a holder
of Notes issued under the Note Purchase Agreement dated as of December 3, 2002
(as amended prior to the date hereof, the “Existing NPA”) between the Borrower
and the various financial institutions that are parties thereto, pursuant to
which the Borrower issued (i) $50,000,000 aggregate principal amount of its
4.64% Senior Guaranteed Notes, Series A, due November 30, 2009 (the “Existing
Series A Notes”) and (ii) $150,000,000 aggregate principal amount of its 5.26%
Senior Guaranteed Notes, Series B, due November 30, 2012 (the “Existing Series B
Notes”; the Existing Series A Notes and the Existing Series B Notes being
collectively referred to herein as the “Existing NPA Notes”). The Borrower,
Guarantor and Gores Parties and the Lender and Agent Parties are sometimes
referred to herein collectively as the “Parties” and each individually as a
“Party”. Capitalized terms used in this Agreement and not otherwise defined
shall have the meanings respectively assigned to them in the Securities Purchase
Agreement, dated as of the date hereof (the “Securities Purchase Agreement”)
among the Borrower, the Existing NPA Noteholders and the Existing Credit
Agreement Lenders.
Background
This Agreement is being executed in connection with a debt and equity
restructuring of the Borrower (the “Restructuring”). In connection with the
Restructuring, among other things, (i) Gores is purchasing equity interests in
the Borrower (i.e., in addition to the equity interests previously owned by
Gores in the Borrower); (ii) the Borrower has received commitments from certain
lenders to provide to the Borrower a new revolving line of credit and term loan;
(iii) Gores or Affiliates of Gores have purchased certain of the Existing NPA
Notes from the holders of such Existing NPA Notes listed on Schedule D hereto
(“Sellers of Existing NPA Notes to Gores or Gores Affiliates”) and certain of
the indebtedness outstanding under the Existing Credit Agreement from the
lenders listed on Schedule E hereto (“Sellers of Existing Credit Agreement
Indebtedness to Gores or Gores Affiliates” and, together with Sellers of
Existing NPA Notes to Gores or Gores Affiliates, the “Released Sellers of Debt”)
party to the Existing Credit Agreement (the “Existing Credit Agreement
Indebtedness”) that did not convert their respective Existing NPA Notes and
Existing Credit Agreement Indebtedness to new notes, cash and Preferred Stock on
the terms and conditions of the Restructuring; (iv) the Existing NPA Notes and
Existing Credit Agreement Indebtedness representing an aggregate of $117,500,000
of indebtedness under the Existing NPA Notes and Existing Credit Agreement
Indebtedness (the “Continuing Debt”) are being amended and restated by, and
combined into, $117,500,000 aggregate principal amount of 15.00% Senior Secured
Notes due July 15, 2012 (the “New Notes”), and (v) all interest (including,
without limitation, interest accrued on the Continuing Debt prior to the
issuance of the New Notes), principal, fees and other obligations under or in
respect of indebtedness under the Existing NPA Notes and Existing Credit
Agreement Indebtedness other than the Continuing Debt is being satisfied in full
by a payment of cash and the issuance of Convertible Preferred Stock, all as set
forth in definitive agreements and instruments executed by the Parties
contemporaneously with the execution of this Agreement.
It is a condition of the Restructuring that each of the Parties execute this
Agreement.

 

 

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Agreement
NOW THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, effective on the Restructuring Effective Date, each of the Parties
agrees as follows:

1.  
Definitions. As used herein, the following terms have the following meanings:

  1.1  
“Claims” means any and all past, present and future claims, obligations, suits,
damages, demands, debts, fees, expenses, claims for indemnification or
contribution, rights, causes of action, and other liabilities, and any and all
other claims of whatever kind or character, whether liquidated or unliquidated,
direct or indirect, fixed or contingent, matured or unmatured, known or unknown,
foreseen or unforeseen, in law, equity or otherwise, whether in contract, tort,
or otherwise, provided that Claims does not include the Continuing Debt or the
obligations of the Obligors under the Restructuring Documents.

  1.2  
“Restructuring Documents” means (a) the New Notes, and (b) the documents
executed in order to evidence or carry out the Restructuring and any document,
agreement or instrument executed pursuant thereto, as security therefor, or in
connection therewith, including without limitation the documents, agreements and
instruments listed on Schedule F hereto.

  1.3  
“Restructuring Effective Date” has the meaning given to such term in the
Securities Purchase Agreement.

 

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2.  
Release and Discharge.

  2.1  
(a) For good and valuable consideration (including, without limitation, the
benefits provided to each of the Parties by the Restructuring and the
Restructuring Documents), as of the Restructuring Effective Date, subject to the
provisions of Section 2.2 hereof, each of the Lender and Agent Parties hereby
forever indefeasibly releases and discharges each of the Borrower, Guarantor and
Gores Parties and all of their respective present and former officers,
directors, equityholders, managers, members, affiliates, agents, advisors,
counsel, financial advisors, representatives and principals (collectively, but
excluding Gores in its capacity as a Lender under the Existing Credit Agreement,
the “Borrower, Guarantor and Gores Released Parties”) from, and waives and
relinquishes, any and all Claims in favor of one or more of the Lender and Agent
Parties against the Borrower, Guarantor and Gores Released Parties under the
Existing Credit Agreement and the Existing NPA and the documents and agreements
executed in connection therewith or as a result of the administration thereof or
as a result of any action taken or not taken in connection with the enforcement
or workout thereof prior to the date hereof (collectively, the “Lender and Agent
Released Claims”); provided, however, (x) the release effected hereby expressly
excludes any Claims of the Lender and Agent Parties against the Borrower,
Guarantors, and Gores Released Parties or any other Person under (i) the
Restructuring Documents (regardless of whether such Claims existed prior to the
date hereof if such Claims have been combined into obligations under the
Restructuring Documents), and (ii) Claims arising on or after the date hereof
(clauses (i) and (ii) being collectively referred to as the “Borrower, Guarantor
and Gores Continuing Obligations”), all of which Borrower, Guarantor and Gores
Continuing Obligations will continue in effect in accordance with their terms
and the respective terms of the Restructuring Documents or other documents in
which such Borrower, Guarantor and Gores Continuing Obligations are set forth
and (y) notwithstanding the foregoing, obligations, covenants and agreements of
the Lender and Agent Parties (but not the Borrower) under Section 10.03(c) of
the Existing Credit Agreement shall remain in full force and effect and shall
not be affected by any provision of this Agreement, and the Lender and Agent
Parties agree that, solely among themselves for purposes of such
Section 10.03(c), the Borrower shall be deemed not to have paid any amounts
under paragraphs (a) and (b) of Section 10.03 of the Existing Credit Agreement.
       
(b) For good and valuable consideration (including, without limitation, the
benefits provided to each of the Parties by the Restructuring and the
Restructuring Documents), as of the Restructuring Effective Date, subject to the
provisions of Section 2.2 hereof, each of the Borrower, Guarantor and Gores
Parties hereby forever indefeasibly releases and discharges each of the Lender
and Agent Parties and all of the Released Sellers of Debt and all of their
respective present and former officers, directors, equityholders, managers,
members, affiliates, agents, advisors, counsel, financial advisors,
representatives and principals (collectively, the “Lender and Agent Released
Parties”) from, and waives and relinquishes, any and all Claims in favor of one
or more of the Borrower, Guarantor and Gores Parties against the Lender and
Agent Released Parties under the Existing Credit Agreement and the Existing NPA
and the documents and agreements executed in connection therewith or as a result
of the administration thereof or as a result of any action taken or not taken in
connection with the enforcement or workout thereof prior to the date hereof
(collectively, the “Borrower, Guarantor and Gores Released Claims”).

 

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(c) Each of the Borrower, Guarantor and Gores Parties and Lender and Agent
Parties (collectively, the “Releasing Parties”) knowingly grant the releases set
forth in subsections (a) and (b) of this Section 2.1 notwithstanding that any
such Releasing Party may hereafter discover facts in addition to, or different
from, those which such Releasing Party now knows or believes to be true, and
without regard to the subsequent discovery or existence of such different or
additional facts, and each Releasing Party expressly waives any and all rights
that such Releasing Party may have under any statute or common law principle
which would limit the effect of the foregoing release to those released Claims
actually known or suspected to exist as of or prior to the date hereof.

  2.2  
For the avoidance of doubt, notwithstanding any other provision hereof, (a) it
is understood that the Restructuring Documents do not evidence a new debt of the
Borrower or a novation of the Existing Credit Agreement Indebtedness or the
indebtedness evidenced by the Existing NPA Notes, but rather the amount of the
Continuing Debt evidenced by the New Notes will continue in full force and
effect on the terms and conditions set forth in the Restructuring Documents, and
(b) neither Section 2.1(a) nor any other provisions of this Agreement is
intended to, or does, constitute or effect a release of the Continuing Debt or
the obligations of the Borrower, Guarantor or Gores Parties under the
Restructuring Documents.

3.  
Entire Agreement; Modification; Waiver. This Agreement, together with the
Restructuring Documents, constitutes the entire agreement among the Parties with
respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements, representations, warranties, and understandings of
the Parties, whether oral, written or implied, as to the subject matter hereof.
No amendment or waiver of any provision of this Agreement shall be binding
unless executed in writing by the Parties affected thereby. No waiver of any of
the provisions of this Agreement shall be deemed or constitute a waiver of any
other provision, whether or not similar, nor shall any waiver constitute a
continuing waiver.

4.  
Section 1542 Waiver. To the extent that the foregoing releases are releases to
which Section 1542 of the California Civil Code or similar provisions of other
applicable law applies, it is the intention of the Parties that the foregoing
releases shall be effective as a bar to any and all Claims of whatsoever
character, nature and kind, known or unknown, suspected or unsuspected specified
herein. In furtherance of this intention, the Parties expressly waive any and
all rights and benefits conferred upon them by the provisions of Section 1542 of
the California Civil Code or similar provisions of applicable law, which are as
follows:
     
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH
THE DEBTOR.”

 

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The Parties acknowledge that the foregoing waiver of the provisions of
Section 1542 of the California Civil Code was bargained for separately. Thus,
notwithstanding the provisions of Section 1542, and for the purpose of
implementing a full and complete release and discharge of the Parties, and each
of them, each Party expressly acknowledges that this Agreement is intended to
include in its effect without limitation all of the claims, causes of action and
liabilities which the Parties, and each of them do not know or suspect to exist
in their favor at the time of execution of this Agreement, and this Agreement
contemplates extinguishment of all such claims, causes of action and
liabilities.

5.  
Further Documents. Each Party agrees, at Borrower’s cost and expense, to execute
such additional documents, instruments, and agreements, and to do and perform at
Borrower’s cost and expense, such acts and things necessary or proper or
reasonably requested, to effectuate or further evidence the terms and provisions
of this Agreement and the transactions contemplated by this Agreement.

6.  
Representations and Warranties. Each Party represents and warrants to the other
Parties that: (i) it is duly authorized to execute and deliver this Agreement,
and this Agreement and the transactions contemplated hereby have been duly
authorized by all necessary corporate, limited liability company, or other
applicable action of such Party; (ii) the actions taken by such Party under this
Agreement do not: (A) conflict with any agreement binding upon such Party or its
properties or (B) violate or conflict with any order or decree binding upon such
Party or its properties; (iii) such Party has obtained all consents and
approvals necessary for it to enter into this Agreement; (iv) this Agreement is
enforceable against such Party in accordance with its terms (except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or limiting creditors’ rights generally or by
equitable principles relating to enforceability); and (v) such Party has not
assigned, transferred, or encumbered any Claim that would otherwise, but for
such assignment, transfer, or encumbrance, be released pursuant to this
Agreement.

7.  
Headings. The descriptive headings of the several sections of this Agreement are
inserted for convenience of reference only and do not constitute a part of this
Agreement.

8.  
GOVERNING LAW; JURISDICTION. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
ANY CONFLICTS OF LAW PROVISION THAT WOULD REQUIRE THE APPLICATION OF THE LAW OF
ANY OTHER JURISDICTION.

 

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9.  
Counterparts; Fax Signatures. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page by facsimile or other electronic transmission
shall be effective as delivery of a manually executed counterpart.

10.  
Effectiveness of Agreement. This Agreement will become effective upon the
occurrence of the Restructuring Effective Date so long as each of the Parties
has executed and delivered a counterpart signature page of this Agreement. The
provisions of this Agreement shall be binding upon the parties hereto and shall
inure to the benefit of the Lender and Agent Released Parties and the Borrower,
Guarantor and Gores Released Parties, and this Agreement may be enforced by any
of the Lender and Agent Released Parties or Borrower, Guarantor and Gores
Released Parties even if such person is not a party to this Agreement

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

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IN WITNESS WHEREOF, each of the Parties has executed or caused to be executed
this Agreement as of the date first set forth above.

            BORROWER:

WESTWOOD ONE, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            GORES:

GORES RADIO HOLDINGS, LLC
      By:   /s/ Steven G. Eisner         Name:   Steven G. Eisner       
Title:   Vice President   

            SUBSIDIARY GUARANTORS:

METRO NETWORKS COMMUNICATIONS, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President        METRO NETWORKS COMMUNICATIONS, LIMITED
PARTNERSHIP
      By:   METRO NETWORKS         COMMUNICATIONS, INC.,        as General
Partner   

            By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M.
Sherwood, III        Title:   President   

 

 

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            METRO NETWORKS, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            METRO NETWORKS SERVICES, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            SMARTROUTE SYSTEMS, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            WESTWOOD NATIONAL RADIO CORPORATION
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            WESTWOOD ONE PROPERTIES, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            WESTWOOD ONE RADIO, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

 

 

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            WESTWOOD ONE RADIO NETWORKS, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            WESTWOOD ONE STATIONS — NYC, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

            TLAC, INC.
      By:   /s/ Roderick M. Sherwood, III         Name:   Roderick M. Sherwood,
III        Title:   President   

 

 

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                      LENDER AND AGENT PARTIES:    
 
                    GORES RADIO HOLDINGS, LLC    
 
                    By:   The Gores Group, LLC,             its Manager    
 
               
 
      By:   /s/ Steven G. Eisner
 
Name: Steven G. Eisner    
 
          Title:   Vice President    

[Signature page to Master Mutual Release Agreement]

 

 

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                      ING LIFE INSURANCE AND ANNUITY COMPANY         RELIASTAR
LIFE INSURANCE COMPANY         SECURITY LIFE OF DENVER INSURANCE COMPANY
(successor by merger to Southland Life Insurance Company)    
 
                    By:   ING Investment Management LLC,
as Agent    
 
               
 
      By:   /s/ Christopher P. Lyons
 
Name: Christopher P. Lyons    
 
          Title:   Senior Vice President    

[Signature page to Master Mutual Release Agreement]

 

 

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                      NEW YORK LIFE INSURANCE COMPANY    
 
                    By:   /s/ Gail A. McDermott                           Name:
Gail A. McDermott             Title:   Vice President    
 
                    NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION    
 
                    By:   New York Life Investment Management LLC,
its Investment Manager    
 
               
 
      By:   /s/ Gail A. McDermott    
 
               
 
          Name: Gail A. McDermott    
 
          Title:   Managing Director    
 
                    NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION INSTITUTIONALLY OWNED
LIFE INSURANCE SEPARATE ACCOUNT (BOLI 3)    
 
                    By:   New York Life Investment Management LLC,
its Investment Manager    
 
               
 
      By:   /s/ Gail A. McDermott    
 
               
 
          Name: Gail A. McDermott    
 
          Title:   Managing Director    

[Signature page to Master Mutual Release Agreement]

 

 

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                  ALLSTATE LIFE INSURANCE COMPANY    
 
           
 
  By:  /s/ Breege Farrell
 
   
 
    Name:  Breege Farrell    
 
           
 
  By: /s/ Allen Dick
 
   
 
    Name: Allen Dick    
 
      Authorized Signatories    

[Signature page to Master Mutual Release Agreement]

 

 

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            MONUMENTAL LIFE INSURANCE COMPANY
      By:   /s/ Bill Henricksen         Name:   Bill Henricksen        Title:  
Vice President     

[Signature page to Master Mutual Release Agreement]

 

 

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                      MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY    
 
                    By:   Babson Capital Management LLC
as Investment Adviser    
 
               
 
      By:   /s/ Elisabeth A. Perenick
 
Name: Elisabeth A. Perenick    
 
          Title:   Managing Director    
 
                    C.M. LIFE INSURANCE COMPANY    
 
                    By:   Babson Capital Management LLC
as Investment Adviser    
 
               
 
      By:   /s/ Elisabeth A. Perenick    
 
               
 
          Name: Elisabeth A. Perenick    
 
          Title:   Managing Director    
 
                    MASSMUTUAL ASIA LIMITED    
 
                    By:   Babson Capital Management LLC
as Investment Adviser    
 
               
 
      By:   /s/ Elisabeth A. Perenick    
 
               
 
          Name: Elisabeth A. Perenick    
 
          Title:   Managing Director    

[Signature page to Master Mutual Release Agreement]

 

 

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            NATIONWIDE LIFE INSURANCE COMPANY
NATIONWIDE MUTUAL INSURANCE COMPANY
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
NATIONWIDE LIFE INSURANCE COMPANY OF AMERICA
SCOTTSDALE INSURANCE COMPANY
      By:   /s/ Thomas A. Gleason         Name:   Thomas A. Gleason       
Title:   Authorized Signatory     

[Signature page to Master Mutual Release Agreement]

 

 

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                      HARTFORD FIRE INSURANCE COMPANY    
 
                    By:   Hartford Investment Management Company,            
Its Agent and Attorney-in-Fact    
 
               
 
      By:   /s/ Ralph D. Witt
 
Name: Ralph D. Witt    
 
          Title:   Vice President    

[Signature page to Master Mutual Release Agreement]

 

 

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                      PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY    
 
                    By:   Prudential Investment Management, Inc.,
as investment manager    
 
               
 
      By:   /s/ Paul H. Procyk
 
Name: Paul H. Procyk    
 
          Title:   Vice President    

[Signature page to Master Mutual Release Agreement]

 

 

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                      AMERITAS LIFE INSURANCE CORP.    
 
                    By:   Summit Investment Partners, as Agent    
 
               
 
      By:   /s/ Andrew S. White
 
Name: Andrew S. White    
 
          Title:   Managing Director — Private Placements    
 
                    ACACIA LIFE INSURANCE COMPANY    
 
                    By:   Summit Investment Partners, as Agent    
 
               
 
      By:   /s/ Andrew S. White    
 
               
 
          Name: Andrew S. White    
 
          Title:   Managing Director — Private Placements    

[Signature page to Master Mutual Release Agreement]

 

 

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            JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and Lender
      By:   /s/ Neil R. Boylan         Name:   Neil R. Boylan       Title:  
Managing Director     

[Signature page to Master Mutual Release Agreement]

 

 

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            BANK OF AMERICA, N.A.
      By:   /s/ F. A. Zagar         Name:   F.A. Zagar        Title:   SVP     

[Signature page to Master Mutual Release Agreement]

 

 

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            SUNTRUST BANK
      By:   /s/ Kip Hurd         Name:   Kip Hurd        Title:   First Vice
President     

[Signature page to Master Mutual Release Agreement]

 

 

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            E.SUN COMMERCIAL BANK, LTD.,
LOS ANGELES BRANCH
      By:   /s/ Homer Hou         Name:   Homer Hou        Title:   AVP & Credit
Manager     

[Signature page to Master Mutual Release Agreement]

 

 

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            THE BANK OF NEW YORK MELLON
      By:   /s/ Gordon B. Berger         Name:   Gordon B. Berger       
Title:   Managing Director     

[Signature page to Master Mutual Release Agreement]

 

 

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            UNION BANK, N.A.
      By:   /s/ Daniel J. Isenberg         Name:   Daniel J. Isenberg       
Title:   Vice President     

[Signature page to Master Mutual Release Agreement]

 

 

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            BANK OF TOKYO-MITSUBISHI UFJ TRUST COMPANY
      By:   /s/ David Noda         Name:   David Noda        Title:   VP and
Manager     

[Signature page to Master Mutual Release Agreement]

 

 

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            FIRST COMMERCIAL BANK, NEW YORK AGENCY
      By:   /s/ Jenn-Hwa Wang         Name:   Jenn-Hwa Wang        Title:   VP &
General Manager     

[Signature page to Master Mutual Release Agreement]

 

 

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SCHEDULE A
List of Subsidiary Guarantors
Metro Networks Communications, Inc.
Metro Networks Communications, Limited Partnership
Metro Networks, Inc.
Metro Networks Services, Inc.
Smartroute Systems, Inc.
Westwood National Radio Corporation
Westwood One Properties, Inc.
Westwood One Radio, Inc.
Westwood One Radio Networks, Inc.
Westwood One Stations — NYC, Inc.
TLAC, Inc.

 

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SCHEDULE B
List of Existing Credit Agreement Lenders
Gores Radio Holdings, LLC
JPMorgan Chase Bank, N.A.
Bank of America, N.A.
Bank of Tokyo-Mitsubishi UFJ Trust Company
First Commercial Bank, New York Agency
SunTrust Bank
E. Sun Commercial Bank, Ltd., Los Angeles Branch
The Bank of New York Mellon
Union Bank, N.A.

 

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SCHEDULE C
List of Existing NPA Noteholders
Gores Radio Holdings, LLC
Ameritas Life Insurance Corp.
Acacia Life Insurance Company
Nationwide Mutual Insurance Company
Scottsdale Insurance Company
Nationwide Life Insurance Company
Nationwide Life Insurance Company of America
Nationwide Life and Annuity Insurance Company
Massachusetts Mutual Life Insurance Company
C.M. Life Insurance Company
MassMutual Asia Limited
Prudential Retirement Insurance and Annuity Company
Allstate Life Insurance Company
Reliastar Life Insurance Company
Security Life of Denver Insurance Company (successor by merger to Southland Life
Insurance Company)
ING Life Insurance and Annuity Company
Monumental Life Insurance Company
New York Life Insurance Company
New York Life Insurance and Annuity Corporation
New York Life Insurance and Annuity Corporation Institutionally Owned Life
Insurance Separate Account (BOLI 3)
Hartford Fire Insurance Company

 

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SCHEDULE D
List of Sellers of Existing NPA Notes to Gores or Gores Affiliates
Barclays Bank PLC

 

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SCHEDULE E
List of Sellers of Existing Credit Agreement Indebtedness to Gores or Gores
Affiliates
BMO Capital Markets Financing, Inc.
National Australia Bank Limited
Sumitomo Mitsui Banking Corporation
Mizuho Corporate Bank, Ltd.
The Norinchukin Bank
Mega International Commercial Bank Co., Ltd.
Hua Nan Commercial Bank, Ltd.
Bank of Communications Co., Ltd.

 

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SCHEDULE F
List of Restructuring Documents

1.  
Securities Purchase Agreement, dated as of April 23, 2009, by and among the
Company, Gores and the various financial institutions that are parties thereto.

2.  
Amended and Restated Guarantee, dated as of April 23, 2009, executed by each of
the Subsidiary Guarantors.

3.  
Amended and Restated Intercreditor and Collateral Trust Agreement, dated as of
April 23, 2009, by and among the Company, the Subsidiary Guarantors, Gores, the
various financial institutions that are parties thereto and the Collateral
Trustee.

4.  
Subordination Agreement (Wells Fargo), dated as of April 23, 2009, by and among
the Company, the Subsidiary Guarantors, Gores, Wells Fargo Foothill, LLC and the
various financial institutions that are parties thereto.

5.  
Subordination Agreement (Gores), dated as of April 23, 2009, by and among the
Company, the Subsidiary Guarantors, Gores and the various financial institutions
that are parties thereto.

6.  
Shared Security Agreement, dated as of February 28, 2008, by and among the
Company, the Subsidiary Guarantors, the Existing Administrative Agent and the
Collateral Trustee.

7.  
First Amendment to Security Agreement, dated as of April 23, 2009, by and among
the Company, the Subsidiary Guarantors and the Collateral Trustee.

8.  
Short-Form Trademarks Security Agreement, dated as of February 28, 2008, by and
between the Company and Metro Networks Communications, Inc.

9.  
Amendment to Trademarks Security Agreement, dated as if April 23, 2009, by and
between the Company and Metro Networks Communications, Inc.

10.  
Shared Deed of Trust, Assignment of Rents, Security Agreement and Fixture
Filing, dated as of February 28, 2008, executed by the Company.

11.  
First Amendment to Shared Deed of Trust, Assignment of Rents, Security Agreement
and Fixture Filing, dated as of April 23, 2009, executed by the Company.

12.  
Mortgage and Security Agreement, dated as of February 28, 2008, by and between
the Company and the Collateral Trustee.

13.  
Amendment to Mortgage and Security Agreement, dated as of April 23, 2009, by and
between the Company and the Collateral Trustee.

 

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14.  
Mortgage and Security Agreement, dated as of April 9, 2009, by and between the
Company and the Collateral Trustee.

15.  
Amendment to Mortgage and Security Agreement, dated as of April 23, 2009, by and
between the Company and the Collateral Trustee.

16.  
Deposit Accounts Control Agreement, dated as of April 10, 2008, by and among the
Company, Westwood One Stations-NYC, Inc., the Collateral Trustee and Bank of
America, N.A.

17.  
Collateral Account Control Agreement, dated as of April 10, 2008, by and among
the Company, the Collateral Trustee and Banc of America Securities LLC.

18.  
UCC-1 Financing Statements naming the Borrower as Debtor and the Collateral
Trustee as Secured Party.

19.  
UCC-1 Financing Statements naming each of the Subsidiary Guarantors as Debtor
and the Collateral Trustee as Secured Party.

 

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