Document:

f10q0912ex10vi_excelcorp.htm

 

Exhibit 10.6

Representation Agreement

THIS REPRESENTATION AGREEMENT including all exhibits and schedules attached hereto (this “Agreement”) is made this 12th day March of 2012 (the “Effective Date”), by and between Hickory Farms, Inc., 1505 Holland Rd., Maumee, OH 43537 (“PRINCIPAL” herein), and Excel Corporation, 1438 Broadway, New York NY 10018. 17th floor (“AGENT” herein) (each a “Party” and together the “Parties”).

	
  

	
A.

	
WHEREAS, PRINCIPAL owns or otherwise has all necessary rights to the trademarks, packaging, designs, images, copyrights and other intellectual property (as further specified on Schedule A, collectively called the “Property”) in the country or countries identified on Schedule B (the “Territory”).

	
  

	
B.

	
WHEREAS, PRINCIPAL desires to designate AGENT as the licensing agent for PRINCIPAL in the Territory for negotiating and servicing license agreements only, excluding any sales of current and future Hickory Farm product as wholesale of which AGENT will not receive or be entitled to any sort of commissions unless specified in writing from PRINCIPAL to AGENT, with respect to commercial exploitation, including the manufacture, publication, distribution, sale, promotion and other commercial exploitation of whatever kind, size or nature, which utilizes all or any part of the Property (said items of merchandise, publications, products, services and the like so utilizing all or any part of the Property) are hereinafter referred to severally and collectively as the “Articles”.

NOW THEREFORE, in consideration of the promises and the mutual covenants of the Parties hereinafter set forth, the Parties agree as follows:

	
  

	
1.

	
Appointment as Licensing AGENT.  During the Term (as defined in Section 2) and upon the terms and conditions of this Agreement, PRINCIPAL hereby appoints AGENT, and AGENT accepts the appointment as PRINCIPAL’s licensing agent in the Territory for negotiating and, if requested by PRINCIPAL, thereafter servicing, any license and other similar arrangements with respect to the commercial exploitation of the Property in connection with the Articles in the Territory.  During the Term, and provided that AGENT is not in breach of any provisions of this Agreement, PRINCIPAL agrees not to appoint any third party as a licensing agent in the Territory for negotiating and, if requested by PRINCIPAL, thereafter servicing, any license and other similar arrangements with respect to the commercial exploitation of the Property in connection with the Articles in the Territory.  Any servicing by the AGENT of such license and other similar arrangements shall be limited to assistance with the initial implementation and start-up of such arrangement and shall be at the sole discretion of PRINCIPAL.  PRINCIPAL shall have the right but not the obligation to engage AGENT for such servicing.

 

  

 

  

 

	
 

	
2.

	
Term and Termination.

 

	
  

	
2.1

	
Term.  Unless earlier terminated pursuant to Section 2.2., the term of this Agreement shall be for a period of one (1) year commencing upon the Effective Date (the “Term”), and unless otherwise agreed to by the Parties in writing not later than thirty (30) days prior to the expiration of the Term, shall automatically terminate on the first anniversary of the Effective Date.

	
  

	
2.2

	
Termination.

	
  

	
(a)

	
PRINCIPAL shall have the right to terminate immediately upon written notice if, upon the six month anniversary of the Effective Date, AGENT has not submitted to PRINCIPAL, a minimum of two bona fide and substantive MOUs with different Prospective Licensees (as such terms are defined in Section 3.1) for PRINCIPAL’S review and approval. In the event AGENT fails to deliver these bona fide and substantive MOUs, PRINCIPAL will have at its sole discretion the right to terminate this Agreement.  The determination of whether an MOU constitutes a “bona fide and substantive MOU” shall be at the reasonable discretion of PRINCIPAL.

	
  

	
(b)

	
Further, this Agreement may be terminated by a Party in the following circumstances:

 

	
  

	
i.

	
if a Party commits a curable breach of this Agreement, and fails to cure such breach within thirty (30) days (or such other time period agreed to by the Parties) after receiving written notice of such breach from the non-breaching Party, the non-breaching Party may terminate the Agreement upon further written notice to the breaching Party;

	
  

	
ii.

	
if a Party commits a non-curable breach of this Agreement, the non-breaching Party may terminate the Agreement immediately upon written notice to the breaching Party;

 

  

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iii.

	
if a Party files a petition under any chapter of the Bankruptcy Code, as amended, or for the appointment of a receiver, or if any involuntary petition in bankruptcy is filed against a Party and said petition is not discharged within sixty days, or if a Party ceases to pay its debts as they fall due or becomes insolvent or makes a general assignment for the benefit of creditors, or if the business or property of a Party will come into the possession of its creditors or of any governmental agency or of a receiver, the other Party may terminate this Agreement, effective upon receipt of written notice, provided the Party is legally allowed to take such action.

	
  

	
(c)

	
Upon expiration or termination of this Agreement for any reason, AGENT shall promptly destroy or return (at PRINCIPAL’s election) to PRINCIPAL any Confidential Information (as defined in Section 3.6) and all copies thereof, regardless of the media in which such information may be contained, in its possession or control.  The provisions of Sections 2.2, 3.3, 3.6, 4.3, 5, 6, and 8 shall survive any expiration or termination of this Agreement.

	
  

	
3.

	
Obligations of AGENT.

	
  

	
3.1

	
AGENT shall be responsible for negotiating non-binding memoranda of understanding (“MOUs”) with respect to key commercial terms (in a form and format to be agreed upon by the parties) with other persons, firms, corporations or entities (each such third party that enters into an MOU, a “Prospective Licensee”) on behalf of PRINCIPAL.  Prior to negotiating any MOU with a third party, AGENT shall identify such third party to PRINCIPAL in writing and obtain PRINCIPAL’s written approval before proceeding with any negotiation.  Each MOU shall be subject to PRINCIPAL’s prior approval, shall be in PRINCIPAL'S name, and shall be executed by PRINCIPAL.  AGENT shall submit the MOUs to PRINCIPAL for approval (along with such other information that PRINCIPAL may reasonably request in order to base its decision to approve or reject such MOU). All MOUs so negotiated by AGENT shall provide for PRINCIPAL’s absolute right to approve all uses of the Property. PRINCIPAL reserves the right to withhold approval of any proposed MOU.  A copy of each such MOU executed by the Prospective Licensee shall be furnished by AGENT to PRINCIPAL.  For the avoidance of doubt, whether to enter into an MOU or any license agreement based on such MOU (each a “License Agreement”) with a Prospective Licensee shall be at PRINCIPAL’s sole discretion, and AGENT does not and shall not have the right to execute agreements or bind PRINCIPAL in any way and AGENT shall not hold itself out to any person or entity as having such authority.  Nothing in this Agreement expressly or implicitly compels PRINCIPAL to enter into any MOU, License Agreement or other agreement or arrangement, and neither AGENT nor any Prospective Licensee will have any recourse against any decision by PRINCIPAL not to enter into any such agreement or arrangement.  The responsibilities of AGENT described in this Section 3.1 (and any subsequent servicing of License Agreements as requested by PRINCIPAL) are collectively referred to herein as the “Services”.

 

  

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3.2

	
PRINCIPAL grants to AGENT the limited, revocable, non-exclusive, non-transferable license to use the Property only as reasonably necessary to provide the Services.   All such use shall conform to standards of quality at least comparable to that of PRINCIPAL immediately before the Effective Date, or other standards that PRINCIPAL may from time to time reasonably require with respect to the Property.  Any and all use by AGENT of any trademarks, service marks, logos, or trade dress, and all goodwill associated therewith shall inure solely to the benefit of PRINCIPAL. Except for the limited rights expressly granted herein, AGENT agrees that it shall not acquire any right, title or interest in or to the Property or any materials furnished by PRINCIPAL in connection with this Agreement.

	
  

	
3.3

	
AGENT agrees that all materials created by AGENT and its employees and AGENTS are “works made for hire” (as such term is defined in 17 U.S.C. §101) belonging to PRINCIPAL.  To the extent that any such materials may not be considered “works made for hire,” AGENT agrees to assign, and does hereby assign to PRINCIPAL, all right, title and interest (including all copyright rights and all other intellectual property rights) in and to such materials.  AGENT agrees, at no additional consideration, to execute, and to cause its employees to execute, any and all documents or instruments which may be deemed necessary or appropriate for purposes of transferring or assigning any such intellectual property and other proprietary rights, including, but not limited to, any and all copyright rights in such materials to PRINCIPAL.

 

  

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3.4

	
AGENT shall exert its best efforts in carrying out its obligations hereunder, including the obtaining of MOUs and, if requested by PRINCIPAL and pursuant to PRINCIPAL’s instructions: (a) the servicing of each License Agreement and (b) the collection of amounts due thereunder, short of litigation to collect such amounts.  AGENT shall exercise the rights granted to it herein as an independent contractor and in such status it shall maintain an office and active organizations with adequate personnel to carry out the prescribed functions.

	
  

	
3.5

	
AGENT agrees that in the exercise of its rights hereunder, AGENT will conduct itself and exercise its rights in such a manner that it will not prejudice or tarnish the reputation, trademarks or goodwill of PRINCIPAL or the Property.

	
  

	
3.6

	
AGENT shall hold in strict confidence all confidential and/or proprietary information provided to it at any time by PRINCIPAL in connection with this Agreement (collectively “Confidential Information”).  AGENT shall make such information available only to its own employees having a "need to know” in connection with AGENT’s proper performance hereunder (and shall be responsible for such employees’ compliance hereunder), shall use such information only in connection with AGENT’s proper performance hereunder and shall make no other use or disclosure of such information of any nature whatsoever, whether during or after the Term hereof. At the end of the Term, AGENT shall return all materials, documents and information regarding PRINCIPAL or its business to PRINCIPAL.  Prior to discussing any potential MOUs with any third parties, AGENT shall ensure that each such third party has executed a non-disclosure agreement (“NDA”) regarding the protection of Confidential Information, with such NDA being in a form reasonably acceptable to PRINCIPAL.  At PRINCIPAL’s request, AGENT shall provide executed copies of all such NDAs to PRINCIPAL.

	
  

	
3.7

	
Nothing herein is intended to create an obligation on the part of AGENT, nor the exclusive right to advertise or act as advertising agency for PRINCIPAL.  The parties acknowledge and agree that PRINCIPAL intends to contract for the services of a third party advertising agent aside from AGENT.

 

  

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4.

	
AGENT’S Compensation

	
  

	
4.1

	
Licensing Arrangements Covered and Amounts.  In exchange for the Services, PRINCIPAL shall pay to AGENT the following commission:

	
  

	
(a)

	
25% percent of Net Revenues received by PRINCIPAL during the initial term of any executed License Agreements entered into from the effective date of  each such License Agreement.

 

 

	
  

	
(b)

	
20% percent of Net Revenues received by PRINCIPAL during the first renewal term (if any) of any such executed License Agreements from the effective date of each such License Agreement.

After the expiration of any such second renewal term or 7 years from the execution of the initial term, whichever is earliest, PRINCIPAL shall have no obligation to continue to compensate the AGENT.  “Net Revenues” shall be defined as all fees actually collected from Prospective Licensees under an executed License Agreement, less any (a) applicable sales, use, service, value added or any other similar taxes imposed by any governmental authority with respect to the licensed Property; and (b) refunds on cancellations.

	
  

	
4.2

	
Expenses.  In addition to the payment of fees set forth in Section 4.1, PRINCIPAL will reimburse AGENT for all of its reasonable, demonstrable, actual out-of-pocket travel and related expenses (net of all rebates, discounts and allowances) due and payable to a third party incurred in performance of the Services; provided, however, that such expenses are evidenced by appropriate receipts or other documentary evidence.  All such expenses shall be less than $2,000 annually, shall be itemized, and any individual expense over $300 will be subject to PRINCIPAL’s prior written approval.

	
  

	
4.3

	
Audit Right.  Upon reasonable written notice PRINCIPAL shall have the right to perform an audit of AGENT’s records once every calendar year, for as long as revenue is received by AGENT under this Agreement. AGENT shall reasonably cooperate with PRINCIPAL (and/or its auditors) in connection with such activity.  Should said audit reflect a 5% discrepancy in favor of PRINCIPAL, in addition to the immediate payment of the amount of the discrepancy, said audit will be reimbursed by AGENT to PRINCIPAL.

 

  

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5.

	
Representations and Warranties

	
  

	
5.1

	
Representations and Warranties of PRINCIPAL.  PRINCIPAL hereby represents and warrants that:

	
  

	
(a)

	
PRINCIPAL has rights necessary to grant the licenses granted herein,

	
  

	
(b)

	
PRINCIPAL has the full right, authority and power to enter into this Agreement, and

	
  

	
(c)

	
there is no outstanding assignment, grant, license, encumbrance, agreement contract or other arrangement, either written, oral or implied, that conflicts herewith except as set forth in Schedule E.

	
  

	
5.2

	
Representations and Warranties of AGENT.  AGENT hereby represents and warrants that:

	
  

	
(a)

	
AGENT has the full right, authority and power to enter into this Agreement,

	
  

	
(b)

	
there is no outstanding assignment, grant, license, encumbrance, agreement, contract or other arrangement, either written, oral or implied, that conflicts herewith, except for those disclosed to PRINCIPAL and set forth on Schedule F,

	
  

	
(c)

	
the Services will be performed with reasonable skill and care in a competent and professional manner and at a level of quality not less than that prevailing in the industry, and

	
  

	
(d)

	
it will comply with all applicable federal, state and local laws and regulations in the performance of its obligations hereunder.

	
  

	
6.

	
Indemnification

	
  

	
6.1

	
Indemnification by PRINCIPAL.  PRINCIPAL will indemnify, defend and hold harmless AGENT and its affiliates and each of their respective officers, directors, employees, legal representatives, agents, contractors, successors and assigns from and against all or any losses, claims, demands, costs, damages, expenses, judgments, awards, settlements or liabilities (including reasonable attorneys’ fees and court costs) (collectively, “Losses”) resulting from or arising out of any third party claim, suit, action or proceeding based on (a) a claim that AGENT’s use of the Property as authorized hereunder infringes such third party’s trademark, copyright or other intellectual property right, or (b) PRINCIPAL’s negligence or intentional misconduct.

 

  

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6.2

	
Indemnification by AGENT.  AGENT will indemnify, defend and hold harmless PRINCIPAL and its affiliates and each of their respective officers, directors, employees, legal representatives, agents, contractors, successors and assigns from and against all or any Losses resulting from or arising out of (a) the breach or default by AGENT of any of its warranties, representations or obligations under this Agreement, and/or (b) AGENT’s negligence or intentional misconduct.

	
 

  

	
6.3

	
Indemnification Conditions.  Each Party’s indemnification obligations under this Agreement are conditioned upon (a) the indemnified Party providing the indemnifying Party with prompt written notice of the existence of a claim; provided however, that failure to provide such notice will not relieve the indemnifying Party from its liability or obligation under this Agreement except to the extent of any material prejudice directly resulting from such failure; (b) the indemnifying Party having, as its option, sole control and authority over the defense or settlement of such action; and (c) the indemnified Party reasonably cooperating with the indemnifying Party in the defense of any claim.  The indemnifying Party will not accept any settlement which does not provide the indemnified Party with a complete release or imposes liability not covered by these indemnifications or places restrictions on the indemnified Party without the indemnified Party’s prior written consent, which consent will not be unreasonably withheld or delayed.  The indemnified Party may participate in the defense of any claim through its own counsel, at its own expense.

 

  

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7.

	
Insurance.  During the term of this Agreement, AGENT shall obtain and maintain, at its expense, the following insurance: (a) a Commercial General Liability policy providing for bodily injury and property damage caused by AGENT’s negligence and including coverage for contractual liability, personal injury, products liability, and completed operations with minimum limits of $1 million per occurrence/$2 million aggregate and $1 million Personal and Advertising Injury combined single limit occurrence; (b) an Automobile Liability policy (if and when autos are used) for all non-owned and hired vehicles with limits of not less than $1 million Combined Single Limit Bodily Injury and Property Damage per occurrence, provided, however that AGENT shall not use employee-owned vehicles when performing Services at PRINCIPAL’s site; (c) Commercial general liability, employer’s liability and automobile liability insurance may be arranged under a single policy for the full limits required, or by a combination of underlying policies with the full balance provided by an Umbrella Liability policy; (d) a Workers’ Compensation policy as required by any applicable law or regulation, coverage being statutory based on state of hire; (e) a Professional Liability (Errors & Omissions) policy in the amount of $1 million per claim which policy shall remain in effect for a minimum of two years post completion of the project.  Certificates of insurance evidencing required policies, including relevant endorsements, shall be delivered to PRINCIPAL prior to the commencement of any Services.  All certificates, with the exception of Workers Compensation and Professional Liability, shall be endorsed to include PRINCIPAL, its affiliates and assigns as additional insureds.  All insurance policies shall be primary and non-contributory to PRINCIPAL insurance and/or self insurance.  Certificates shall state that the insurer will provide at least thirty (30) days prior written notice of any cancellation or material change in coverage.  Coverage shall be provided by insurers with a minimum AM Best’s rating of A-.  AGENT shall send the above referenced certificate of insurance to PRINCIPAL at the address identified in the Notices section hereof, Attention:

Dean McDowell

Chief Financial Officer

Hickory Farms, Inc.

1505 Holland Road

Maumee, OH 43537

	
  

	
8.

	
General Provisions

	
  

	
8.1

	
Governing Law.  This Agreement shall be governed by the laws of the State of Ohio, without reference to its choice of law principles.  All actions under this Agreement shall be brought in the state or federal courts located in Toledo, OH, with the Parties hereto agreeing to personal jurisdiction and venue in such courts.

 

  

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8.2

	
Notices  Any notices, requests, demands and other communications hereunder shall be in writing and shall be deemed effective upon receipt or refusal if hand-delivered by registered or certified mail, return receipt requested, postage prepaid, or by a nationally recognized overnight delivery service which provided verification of delivery, addressed as set forth below (or to such other address as the Party entitled to notice will hereafter designate in accordance with the terms of this Agreement):

To PRINCIPAL:        Michael Holton

        Vice President, Brand Marketing

        Hickory Farms, Inc.

        1505 Holland Road

        Maumee, OH 43537

To AGENT:               Excel Branding, Inc.

        1384 Broadway

        17th Floor

        New York, NY 10018

        Attention: Rob Stone

	
  

	
8.3

	
Assigns and Successors.  This Agreement shall inure to the benefit of and be binding upon the parties hereto, their legal representatives, successors and assigns, provided that AGENT shall not assign, transfer, delegate or subcontract this Agreement or any of its rights or obligations without the prior written consent of PRINCIPAL, which such consent will not be unreasonable withheld.  Any purported assignment or other action inconsistent with the foregoing shall be null and void.

	
  

	
8.4

	
Entire Agreement.  This Agreement contains and governs the entire agreement and understanding between the parties concerning its subject matter and supersedes and replaces all prior understanding and agreements between them or any of them respecting the within subject matter, whether written or oral.  There are no representations, agreements, arrangements or understandings, oral or written, between the parties hereto relating to the subject matter of this Agreement which are not fully expressed herein.  Each of the parties hereto acknowledges that no other party, or agent, or attorney of any other party, has made any promise, representation or warranty whatsoever, express or implied, not contained herein concerning the subject matter hereof to induce the other party(ies) to execute this Agreement.  Each party hereto acknowledges that it has not executed this Agreement in reliance upon any such promise, representation or warranty not contained herein.

 

  

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8.5

	
Interpretation.  Section headings are for reference purposes only and are not intended to create substantive rights or obligations.  All references to Sections shall be deemed references to Sections of this Agreement, except as otherwise provided.  As used herein, the singular includes the plural, the plural includes the singular, and words in one gender include the other.  As used herein, the terms “herein,” “hereunder” and “hereof” refer to the whole of this Agreement, the terms “include,” “includes” or “including” shall be deemed to be followed by the words “without limitation,” and “or” is disjunctive but not necessarily exclusive.  Any ambiguities will be clarified in an equitable manner without regard to authorship and minor errors and misspellings will be corrected to give maximal effect to obvious intent.  This Agreement has been negotiated between unrelated parties who are sophisticated and knowledgeable in the matters contained in this Agreement and who have acted in their own self interest.  In addition, each Party has been represented by legal counsel.  The provisions of this Agreement shall be interpreted in a reasonable manner to effect the purposes of the Parties, and this Agreement shall not be interpreted or construed against any Party to this Agreement because that Party or any attorney or representative for that Party drafted this Agreement or participated in the drafting of this Agreement.

	
  

	
8.6

	
Amendment; Waiver; Severability.  No amendment or modification of this Agreement, nor any waiver of any rights, will be effective unless assented to in writing by the Party to be charged, and the waiver of any breach or default will not constitute a waiver of any other right hereunder or any subsequent breach or default.  If, for any reason whatsoever, any one or more provisions of this Agreement shall be found to be inoperative, invalid, or unenforceable in a particular circumstance or inapplicable to a particular person or other entity by a court of competent jurisdiction, such finding shall neither render such provision inoperative, invalid, or unenforceable in any other circumstance or inapplicable to any other person or other entity, nor render any other provision of this Agreement inoperative, invalid, unenforceable, or inapplicable.  In such case, the Parties shall promptly negotiate in good faith to replace that provision with one that achieves the Parties’ intended purpose but avoids the defect of the original provision.

 

  

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8.7

	
Execution.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument, and may be executed by pdf or facsimile.  This Agreement shall become binding when one or more counterparts taken together shall have been executed and delivered by the Parties.  The person signing below represents that they are duly authorized to execute this Agreement for and on behalf of the Party for whom they are signing.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

[Signature page follows]

  

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	Agreed and Accepted by:	 	Agreed and Accepted by:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(Name, Title)	 	(Name, Title)
	 	 	 
	 	 	 
	(Date)	 	(Date)

  

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SCHEDULE A:  Property

Hickory Farms® brand name and any associated logos or images

 

  

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SCHEDULE B:  Territory

North America including Canada, United States, & Mexico

 

  

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SCHEDULE C

[Description of Articles]

 

  

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SCHEDULE D

PRINCIPAL will provide applicable payment to AGENT for net revenues from executed and eligible License Agreements received by PRINCIPAL collected for each calendar quarter within 45 days of the end of that calendar quarter.

 

  

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SCHEDULE E

Hickory Farms® ready-to-eat meals licensed by Go Picnic

 

  

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SCHEDULE F

[Any AGENT conflicts re Agreement]

 

 

19EX-10.1

Exhibit 10.1

CREDIT AGREEMENT

dated as of

November 19, 2012

among

FISHER COMMUNICATIONS, INC.

The Lenders Party Hereto

and

JPMORGAN CHASE BANK,

NATIONAL ASSOCIATION

as Administrative Agent

TABLE OF CONTENTS

Page

ARTICLE I

Definitions

	 	 	 
	SECTION 1.01

SECTION 1.02

SECTION 1.03

SECTION 1.04

	 	Defined Terms

Terms Generally

Accounting Terms; GAAP

Calculation of Financial Covenants, and other Financial Ratios and Results

ARTICLE II

The Credits

	 	 	 
	SECTION 2.01

SECTION 2.02

SECTION 2.03

SECTION 2.04

SECTION 2.05

SECTION 2.06

	 	Commitments

Loans and Borrowings.

Requests for Revolving Borrowings

Letters of Credit

Funding of Borrowings.

Interest Elections.

SECTION 2.07 Termination and Reduction of Commitments; Increase in Revolving Commitments.

	 	 	 
	SECTION 2.08

SECTION 2.09

SECTION 2.10

SECTION 2.11

SECTION 2.12

SECTION 2.13

SECTION 2.14

SECTION 2.15

SECTION 2.16

SECTION 2.17

SECTION 2.18

SECTION 2.19

	 	Repayment and Amortization of Loans; Evidence of Debt.

Prepayment of Loans.

Fees.

Interest.

Alternate Rate of Interest

Increased Costs.

Break Funding Payments

Taxes.

Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

Mitigation Obligations; Replacement of Lenders

Defaulting Lenders

Returned Payments

ARTICLE III

Representations and Warranties

	 	 	 
	SECTION 3.01

SECTION 3.02

SECTION 3.03

SECTION 3.04

SECTION 3.05

SECTION 3.06

SECTION 3.07

SECTION 3.08

SECTION 3.09

SECTION 3.10

SECTION 3.11

SECTION 3.12

SECTION 3.13

SECTION 3.14

SECTION 3.15

SECTION 3.16

SECTION 3.17

SECTION 3.18

SECTION 3.19

SECTION 3.20

SECTION 3.21

SECTION 3.22

	 	Organization; Powers

Authorization; Enforceability

Governmental Approvals; No Conflicts

Financial Condition; No Material Adverse Change.

Properties.

Litigation and Environmental Matters.

Compliance with Laws and Agreements

Investment Company Status

Taxes

ERISA

Disclosure

USA PATRIOT Act.

Material Agreements

Embargoed Person

Solvency.

Capitalization and Subsidiaries

Security Interest in Collateral

Employment Matters

Common Enterprise

FCC Licenses.

Condition of Broadcast Stations

Use of Proceeds

ARTICLE IV

Conditions

	 	 	 
	SECTION 4.01

SECTION 4.02

	 	Effective Date

Each Credit Event

ARTICLE V

Affirmative Covenants

	 	 	 
	SECTION 5.01

SECTION 5.02

SECTION 5.03

SECTION 5.04

SECTION 5.05

SECTION 5.06

SECTION 5.07

SECTION 5.08

SECTION 5.09

SECTION 5.10

SECTION 5.11

SECTION 5.12

SECTION 5.13

SECTION 5.14

SECTION 5.15

SECTION 5.16

SECTION 5.17

SECTION 5.18

SECTION 5.19

	 	Financial Statements; Ratings Change and Other Information

Notices of Events

FCC Information

FCC Licenses and Regulatory Compliance

License Lapse

Existence; Conduct of Business

Payment of Obligations

Maintenance of Properties

Books and Records; Inspection Rights

Compliance with Laws and Contracts

Use of Proceeds and Letters of Credit

Accuracy Of Information

Insurance

Casualty and Condemnation

Depository Banks

Additional Collateral; Further Assurances.

License Subsidiaries.

Landlords’ Waivers

Changes to Certain Representations

ARTICLE VI

Negative Covenants

	 	 	 
	SECTION 6.01

SECTION 6.02

SECTION 6.03

SECTION 6.04

SECTION 6.05

SECTION 6.06

SECTION 6.07

SECTION 6.08

SECTION 6.09

SECTION 6.10

SECTION 6.11

SECTION 6.12

SECTION 6.13

	 	Indebtedness

Liens

Fundamental Changes.

Investments, Loans, Advances, Guarantees and Acquisitions

Asset Sales

Sale and Leaseback Transactions

Swap Agreements

Restricted Payments; Certain Payments of Indebtedness.

Transactions with Affiliates

Restrictive Agreements

Amendment of Material Documents

Financial Covenants.

License Subsidiaries

ARTICLE VII

Events of Default

ARTICLE VIII

The Administrative Agent

ARTICLE IX

Miscellaneous

	 	 	 
	SECTION 9.01

SECTION 9.02

SECTION 9.03

SECTION 9.04

SECTION 9.05

SECTION 9.06

SECTION 9.07

SECTION 9.08

SECTION 9.09

SECTION 9.10

SECTION 9.11

SECTION 9.12

SECTION 9.13

SECTION 9.14

SECTION 9.15

SECTION 9.16

SECTION 9.17

	 	Notices.

Waivers; Amendments.

Expenses; Indemnity; Damage Waiver.

Successors and Assigns.

Survival

Counterparts; Integration; Effectiveness

Severability

Right of Setoff

Governing Law; Jurisdiction; Consent to Service of Process

WAIVER OF JURY TRIAL

Headings

Material Non-Public Information.

Several Obligations; Nonreliance; Violation of Law

Authorization to Distribute Certain Materials to Public Siders.

Interest Rate Limitation

USA PATRIOT Act

Oral Agreements Notice

1

SCHEDULES:

Schedule 1.01A – Commitment Schedule

Schedule 1.01B – Radio Stations

Schedule 1.01C – Television Stations

Schedule 3.05 – Properties

Schedule 3.06 – Disclosed Matters

Schedule 3.13 – Material Agreements

Schedule 3.16 – Capitalization and Subsidiaries

Schedule 3.20 – FCC Licenses

Schedule 6.01 – Existing Indebtedness and Existing Letters of Credit

Schedule 6.02 – Existing Liens

Schedule 6.04 – Investments, Loans, Advances, Guarantees and Acquisitions

Schedule 6.10 – Restrictive Agreements

EXHIBITS:

Exhibit A – Revolving Note

Exhibit B – Compliance Certificate

Exhibit C – Form of Assignment and Assumption

Exhibit D – Form of Opinion of Borrower’s Counsel

Exhibit E – Form of Joinder Agreement

Exhibit F-1 – U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S.
Federal Income Tax Purposes)

Exhibit F-2 – U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S.
Federal Income Tax Purposes)

Exhibit F-3 – U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S.
Federal Income Tax Purposes)

Exhibit F-4 – U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for
U.S. Federal Income Tax Purposes)

CREDIT AGREEMENT dated as of November 19, 2012, among FISHER COMMUNICATIONS, INC., the
LENDERS party hereto, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent.

The parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

"ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate.

"Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period
or for any ABR Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next
1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

"Administrative Agent” means JPMorgan Chase Bank, National Association in its capacity as
administrative agent for the Lenders hereunder.

"Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent.

"Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

"Agency Site” means the Intralinks or other electronic platform site established by the
Administrative Agent to administer this Agreement.

"Alternate Base Rate” means, for any day, a rate of interest per annum equal to the higher of
(i) the Prime Rate for such day, and (ii) the sum of the Federal Funds Effective Rate for such day
plus 0.50% per annum. Any change in the Alternate Base Rate due to a change in the Prime Rate or
the Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

"Applicable Percentage” means, with respect to any Lender, with respect to Revolving Loans or
LC Exposure, a percentage equal to a fraction the numerator of which is such Lender’s Revolving
Commitment and the denominator of which is the aggregate Revolving Commitment of all Revolving
Lenders (if the Revolving Commitments have terminated or expired, the Applicable Percentages shall
be determined based upon the Commitments most recently in effect, giving effect to any
assignments); provided that in the case of Section 2.18 when a Defaulting Lender
shall exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded in the
calculation.

"Applicable Rate” means, for any day, with respect to any ABR Loan or Eurodollar Revolving
Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable
rate per annum set forth below under the caption “ABR Applicable Spread”, “Eurodollar Applicable
Spread” or “Commitment Fee Rate”, as the case may be, based upon the Borrower’s Total Leverage
Ratio as of the most recent determination date; provided, that until the date that is two
(2) years following the Effective Date, the “Applicable Rate” with respect to any ABR Loan or
Eurodollar Revolving Loan shall be the “ABR Applicable Spread” or “Eurodollar Applicable Spread”
per annum set forth below in Category 4:

	 	 	 	 	 	 	 
	Total

	 	ABR Applicable
	 	Eurodollar Applicable
	 	Commitment
	 

	 	 
	 	 
	 	 
	Leverage Ratio

	 	Spread
	 	Spread
	 	Fee Rate
	 

	 	 
	 	 
	 	 
	Category 1

	 	75 bps
	 	175 bps
	 	25.0 bps
	 

	 	

	 	

	 	

	3 2.00 to 1.0

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	Category 2

	 	50 bps
	 	150 bps
	 	25.0 bps
	 

	 	

	 	

	 	

	< 2.00 to 1.0 but

3 1.50 to 1.0

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	Category 3

	 	25 bps
	 	125 bps
	 	20.0 bps
	 

	 	

	 	

	 	

	< 1.50 to 1.0 but

3 1.00 to 1.0

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	Category 4

	 	0.0 bps
	 	100 bps
	 	15.0 bps
	 

	 	

	 	

	 	

	< 1.00 to 1.0

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 

For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of
each fiscal quarter of the Borrower based upon the Borrower’s annual or quarterly consolidated
financial statements delivered pursuant to Section 5.01 and (b) each change in the
Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the
period commencing on and including the date of delivery to the Administrative Agent of such
consolidated financial statements indicating such change and ending on the date immediately
preceding the effective date of the next such change, provided that the Total Leverage
Ratio shall be deemed to be in Category 1 at the option of the Administrative Agent or at the
request of the Required Lenders if the Borrower fails to deliver the annual or quarterly
consolidated financial statements required to be delivered by it pursuant to Section 5.01,
during the period from the expiration of the time for delivery thereof until such consolidated
financial statements are delivered.

"Approved Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary
course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a
Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"Asset Swap Transaction” means a substantially concurrent sale and purchase, or exchange, of a
Broadcasting Asset of the Borrower or any Subsidiary or all the capital stock of, or other Equity
Interests in, a Subsidiary owning a Broadcasting Asset, for a Television Station, Radio Station or
Broadcast Enterprise of another Person or group of affiliated Persons, or at least a majority of
the capital stock of, or other Equity Interests in, a Person or group of affiliated Persons owning
a Television Station, Radio Station or Broadcast Enterprise which is a broadcasting business or a
business reasonably related thereto, provided that (a) the Borrower and its Subsidiaries shall
receive, in exchange for such Broadcasting Asset, or capital stock of, or other Equity Interests
in, such Subsidiary owning a Broadcasting Asset, a Television Station, Radio Station or Broadcast
Enterprise or capital stock of, or other Equity Interests in, a Person or group of affiliated
Persons owning a Television Station, Radio Station or Broadcast Enterprise, (b) no Default will
have occurred and be continuing or will result therefrom (including, without limitation, pursuant
to Section 6.12), and (c) the Borrower shall take such actions as may be required or
reasonably requested to ensure that the Administrative Agent, for the ratable benefit of the
Lenders, has a perfected first priority security interest, to the extent contemplated by the
Security Agreement, in any acquired assets required to become Collateral pursuant to Section
5.16 or any other Loan Document, subject to Liens permitted by Section 6.02, and
provided further that in the case of any exchange involving the acquisition of a Broadcasting
Asset with a value in excess of $25,000,000, (i) the Borrower provides the Administrative Agent
with appropriate supporting documentation if reasonably requested by the Administrative Agent,
including, without limitation, a Compliance Certificate and any acquisition certificate, copies of
any exchange agreement in connection with such transaction, copies of opinions of counsel,
including FCC counsel, delivered in connection therewith and copies of an FCC consent on Form 732
(or any comparable form issued by the FCC) relating to the transfer of control or assignment of the
FCC Licenses of the acquired Television Station or Radio Station and (ii) on a pro forma basis
(including any recurring improvements related to the acquired asset or the assets of the Person
acquired) for the most recently completed four-fiscal quarter period for which financial statements
are available on the date of such acquisition, no Default pursuant to Section 6.12 will
have occurred and be continuing, provided that for purposes of calculating EBITDA pursuant
to this clause (ii), the consolidated EBITDA of such Television Stations, Radio Stations or
Broadcast Enterprises being acquired for such four-fiscal quarter period shall be equal to the
consolidated EBITDA of such Television Stations, Radio Stations or Broadcast Enterprises for the
12-month period immediately preceding such acquisition, and the Borrower shall provide the
Administrative Agent with appropriate supporting documentation if reasonably requested by the
Administrative Agent.

"Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by
the Administrative Agent, in the form of Exhibit C or any other form approved by the Administrative
Agent.

"Authorization” means any filing, recording and registration with, and any validation or
exemption, approval, order, authorization, consent, License, certificate, franchise and permit
from, any Governmental Authority, including, without limitation, FCC Licenses.

"Availability Period” means the period from and including the Effective Date to but excluding
the earlier of the Maturity Date and the date of termination of the Commitments.

"Banking Services” means each and any of the following bank services provided to any Loan
Party by any Lender or any of its Affiliates: (a) credit cards for commercial customers
(including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value
cards and (c) treasury management services (including, without limitation, controlled disbursement,
automated clearinghouse transactions, return items, overdrafts and interstate depository network
services).

"Banking Services Obligations” of the Loan Parties means any and all obligations of the Loan
Parties, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor)
in connection with Banking Services.

"Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator,
custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business appointed for it, or, in the good faith determination of the
Administrative Agent, has taken any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any such proceeding or appointment, provided that a
Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of
any ownership interest, in such Person by a Governmental Authority or instrumentality thereof,
provided, further, that such ownership interest does not result in or provide such
Person with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Person (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts
or agreements made by such Person.

"Beneficial Owner” means, with respect to any U.S. Federal withholding Tax, the beneficial
owner, for U.S. Federal income tax purposes, to whom such Tax relates.

"Board” means the Board of Governors of the Federal Reserve System of the United States of
America.

"Borrower” means Fisher Communications, Inc., a Washington corporation.

"Borrowing” means Loans of the same Type, made, converted or continued on the same date and,
in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

"Borrowing Request” means a request by the Borrower for a Revolving Borrowing in accordance
with Section 2.03.

"Broadcast Enterprise” means any business or line of business which is a broadcasting, media
(including digital media) or entertainment business or a business reasonably related thereto.

"Broadcast Station” means any Television Station or any Radio Station.

"Broadcasting Assets” means collectively, any Television Stations, Radio Stations and any
Non-Station Assets of the Borrower and its Subsidiaries.

"Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banks in the States of New York and Washington are authorized or required by-law to remain closed;
provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the
London interbank market.

"Capital Expenditures” means, without duplication, any expenditure or commitment to expend
money for any purchase or other acquisition of any asset which would be classified as a fixed or
capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in
accordance with GAAP.

"Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP.

"Cash Equivalents” means any of the following types of investments, to the extent owned by the
Borrower or any of its Subsidiaries free and clear of all Liens (other than Liens created under the
Collateral Documents):

(a) readily marketable obligations issued or directly and fully guaranteed or insured by the
United States of America or any agency or instrumentality thereof having maturities of not more
than 360 days from the date of acquisition thereof; provided that the full faith and credit of the
United States of America is pledged in support thereof;

(b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any
commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of
America, any state thereof or the District of Columbia or is the principal banking subsidiary of a
bank holding company organized under the laws of the United States of America, any state thereof or
the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent
of which issues) commercial paper rated as described in clause (c) of this definition and
(iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of
not more than 180 days from the date of acquisition thereof;

(c) commercial paper in an aggregate amount of no more than $5,000,000 per issuer outstanding
at any time issued by any Person organized under the laws of any state of the United States of
America and rated at least “P-2” (or the then equivalent grade) by Moody’s or at least “A-2” (or
the then equivalent grade) by S&P, in each case with maturities of not more than 360 days from the
date of acquisition thereof; and

(d) money market accounts or funds with or issued by Qualified Issuers; and

(e) repurchase agreements with a term of not more than one year for underlying securities of
the types described in clause (a) above entered into with any bank meeting the qualifications
specified in clause (b) above.

"Change in Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities Exchange
Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the
date hereof), of Equity Interests representing more than 50% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of the Borrower; (b) occupation of a
majority of the seats (other than vacant seats) on the board of directors of the Borrower by
Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed
by directors so nominated; or (c) the acquisition of direct or indirect Control of the Borrower by
any Person or group.

"Change in Law” the occurrence after the date of this Agreement (or, with respect to any
Lender, such later date on which such Lender becomes a party to this Agreement) (a) the adoption of
any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in
the interpretation or application thereof by any Governmental Authority or (c) compliance by any
Lender or the Issuing Bank (or, for purposes of Section 2.13(b), by any lending office of
such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request,
guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the date of this Agreement; provided that, notwithstanding anything herein to the
contrary, (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (z) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change
in Law”, regardless of the date enacted, adopted or issued.

"Code” means the Internal Revenue Code of 1986, as amended.

"Collateral” means all assets of each Loan Party, including all of the “Collateral” referred
to in the Collateral Documents and all of the other property that is or is intended under the terms
of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the
benefit of the Secured Parties (or in favor of another Person acting for the benefit of the
Administrative Agent), except (a) real property, (b) assets as to which the Administrative
Agent determines in its reasonable discretion that the cost of obtaining a security interest
therein is excessive in relation to the value of the security to be afforded thereby, (c) assets
constituting Network Affiliation Agreements, Local Marketing Agreements, Joint Sales Agreements, or
Shared Services Agreements which prohibit the granting of a Lien on such agreement, and (d) any
Authorization, permit, or License (including any FCC License) that prohibits the granting of a lien
thereon; provided that the exceptions in the foregoing clauses (b), (c),
and (d) shall only act to exclude assets from the “Collateral” after giving effect to anti
assignment provisions of the UCC and applicable law; and provided further that the
“Collateral” shall include proceeds (including insurance) and receivables from the assets described
in the foregoing clauses (b), (c), and (d).

"Collateral Documents” means, collectively, the Security Agreement, each of the collateral
assignments, Security Agreement Supplements, security agreements, pledge agreements, landlord
estoppel, do not disturb and waivers on leased property or other similar agreements delivered to
the Administrative Agent pursuant to this Agreement, and each of the other agreements, instruments
or documents that creates or purports to create a Lien in favor of the Administrative Agent for the
benefit of the Secured Parties (or in favor of another Person acting for the benefit of the
Administrative Agent).

"Commitment” means, with respect to each Lender, such Lender’s Revolving Commitment. The
initial amount of each Lender Commitment is set forth on the Commitment Schedule, or in the
Assignment and Assumption pursuant to which such Lender shall have assigned or been assigned its
Revolving Commitment, as applicable.

"Commitment Schedule” means Schedule 1.01A attached hereto identified as such.

"Communications Act” means the Communications Act of 1934 (47 U.S.C. 151, et seq.) and any
similar or successor federal statute.

"Communications Laws” means the Communications Act, and any similar or successor federal
statute, together with all published rules, regulations, policies, orders and decisions of the FCC
promulgated thereunder.

"Compliance Certificate” means a compliance certificate of the Borrower in substantially the
form of that certain Compliance Certificate attached as Exhibit B hereto, or in such other
form as acceptable to the Administrative Agent.

"Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net
income (however denominated) or that are franchise Taxes or branch profits Taxes.

"Consolidated Total Funded Debt” means, as of any date of determination and without
duplication, for the Borrower and its Subsidiaries on a consolidated basis, the sum of (a) the
outstanding principal amount of all obligations, whether current or long term, for borrowed money
(including Credit Extensions hereunder) and all obligations evidenced by bonds, debentures, notes,
loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) all direct
obligations arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties and similar instruments, (d) all obligations in respect of the
deferred purchase price of property or services (other than trade accounts payable in the ordinary
course of business), (e) without duplication, all Guarantees with respect to outstanding
Indebtedness of the types specified in clauses (a) through (d) above of Persons other than the
Borrower or any Subsidiary, and (f) all Indebtedness of the types referred to in clauses (a)
through (e) above of any partnership or joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which the Borrower or a Subsidiary is a general
partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower
or such Subsidiary.

"Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting
power, by contract or otherwise. “Controlled” has a meaning correlative thereto.

"Controlled Affiliate” has the meaning assigned to it in Section 3.12(a).

"Credit Extensions” means all Loans and all LC Exposure.

"Credit Party” means the Administrative Agent, the Issuing Bank, or any other Lender.

"Default” means any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date
required to be funded or paid, to (i) fund any portion of its Loans, or (ii) pay over to any Credit
Party any other amount required to be paid by it hereunder, unless, in the case of
clause (i) above, such Lender notifies the Administrative Agent in writing that such
failure is the result of such Lender’s good faith determination that a condition precedent to
funding (specifically identified and including the particular default, if any) has not been
satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public
statement to the effect, that it does not intend or expect to comply with any of its funding
obligations under this Agreement (unless such writing or public statement indicates that such
position is based on such Lender’s good faith determination that a condition precedent
(specifically identified and including the particular default, if any) to funding a loan under this
Agreement cannot be satisfied) or generally under other agreements in which it commits to extend
credit, (c) failed, within three Business Days after request by a Credit Party, acting in good
faith, to provide a certification in writing from an authorized officer of such Lender that it will
comply with its obligations (and is financially able to meet such obligations) to fund prospective
Loans and participations in then outstanding Letters of Credit under this Agreement, provided that
such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit
Party’s receipt of such certification in form and substance satisfactory to it and the
Administrative Agent, or (d) has become the subject of a Bankruptcy Event.

"Disclosed Matters” means the actions, suits and proceedings and the environmental matters
disclosed in Schedule 3.06.

"dollars” or “$” refers to lawful money of the United States of America.

"EBITDA” means, for any period of determination, Net Income for such period plus
(a) without duplication and to the extent deducted in determining Net Income for such period, the
sum of (i) Interest Expense for such period, (ii) income tax expense for such period net of tax
refunds, (iii) all amounts attributable to depreciation and amortization expense (including
amortization in respect of film obligations and other amortized film expense) for such period,
(iv) any extraordinary, unusual or discontinued operations losses for such period, (v) non-cash
charges for such period (such as stock based compensation, amortization of intangibles (including
goodwill, organizational costs and impairments, barter and trade expenses) ) but excluding any
non-cash charge in respect of an item that was included in Net Income in a prior period, (vi)
(A) non-recurring charges for severance payments, shareholder activism and similar activities and
(B) acquisition related charges and expenses related to SFAS No. 141R ( or any successor standard
adopted under U.S. GAAP) not exceeding, in aggregate for both clauses (A) and (B) above, $4,000,000
during any period of determination, all calculated for the Borrower on a consolidated basis in
accordance with GAAP, minus (b) without duplication and to the extent included in Net
Income, (i) any cash payments made during such period in respect of non-cash charges described in
clause (a)(v) taken in a prior period, as well as cash payments for film
obligations and (ii) any extraordinary, unusual or discontinued gains and any non-cash items of
income (other than accruals of income items in the ordinary course of business) for such period,
all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with
GAAP.

"Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

"Embargoed Person” has he meaning assigned to it in Section 3.14.

"Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions or binding agreements issued, promulgated or entered into by any
Governmental Authority, relating in any way to the environment, preservation or reclamation of
natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

"Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

"Equity Interests” means shares of capital stock, partnership interests, membership interests
in a limited liability company, beneficial interests in a trust or other equity ownership interests
in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest.

"ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time.

"ERISA Affiliate” means any trade or business (whether or not incorporated) that, together
with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or,
solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

"ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30 day
notice period is waived); (b) the determination that a Plan is in “at-risk” status under Section
430 of the Code or that a Multiemployer Plan in which the Borrower or any ERISA Affiliate
participates is in “endangered” or “critical” status under Section 432 of the Code; (c) the filing
pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of
the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of
its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of
any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a
trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates
of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate, from of any
Multiemployer Plan in which the Borrower or any ERISA Affiliate participates, of any notice
concerning the imposition of Withdrawal Liability under such Multiemployer Plan or a determination
that such Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the
meaning of Title IV of ERISA.

"Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or
the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Adjusted LIBO Rate.

"Event of Default” has the meaning assigned to such term in Article VII.

"Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured
by net income (however denominated), or with respect to the State of Washington, gross income
(however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a
result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its applicable lending office located in, the jurisdiction imposing such
Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case
of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of
such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other
than pursuant to an assignment request by the Borrower under Section 2.17(b)) or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to
Section 2.15, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or
to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 2.15(f) and (d) any U.S. Federal
withholding Taxes imposed under FATCA.

"Executive Order” has the meaning assigned to it in Section 3.14.

"FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to
comply with) and any current or future regulations or official interpretations thereof.

"FCC” means the Federal Communications Commission.

"FCC Licenses” means, with respect to any Broadcast Station, all authorizations, licenses, or
permits issued by the FCC and granted or assigned to Borrower or any of its Subsidiaries, or under
which Borrower or any of its Subsidiaries has the right to construct and operate any Broadcast
Station, together with any extensions or renewals thereof; provided, however, “FCC
Licenses” shall not be construed to refer to low power, auxiliary, microwave, and satellite earth
station licenses.

"Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if necessary, to the
next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it.

"Financial Officer” means the chief financial officer, executive vice president operations,
controller, chief executive officer, general counsel or vice president human resources of the
Borrower.

"Financial Statements” means the financial statements to be furnished pursuant to
Sections 5.01(a) and (b).

"Fisher Plaza” means the real property and improvements located at 140 Fourth Avenue,
Suite 500, Seattle, Washington, 98109.

"Fixed Charge Coverage Ratio” means, on any date of determination, the ratio of (a) EBITDA
plus Rentals minus (i) expenses for taxes paid in cash (excluding any Taxes paid in connection with
the sale of Fisher Plaza) and (ii) the unfinanced portion of Capital Expenditures to (b) Fixed
Charges, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP for the four fiscal quarter period ending on the date of determination. Notwithstanding
the preceding, for following periods, the fiscal quarters ending December 31, 2012 and March 31,
2013, the Fixed Charge Coverage Ratio shall be determined as follows: (A) for fiscal quarter
ending December 31, 2012, the Fixed Charge Coverage Ratio shall be measured for the two fiscal
quarter period ending on such date and (B) for fiscal quarter ending March 31, 2013, the Fixed
Charge Coverage Ratio shall be measured for the three fiscal quarter period ending on such date.

"Fixed Charges” means, for any period of determination, without duplication, Interest Expense,
plus Rentals, plus scheduled principal payments on Long Term Debt, plus Restricted Payments in the
form of dividends and distributions paid in cash (excluding (i) the $10 per share special dividend
announced by the Borrower on August 27, 2012 and (ii) other special dividends, when aggregated with
share repurchases excluded below, not to exceed $50,000,000 in the aggregate, so long as such
special dividends are made with unrestricted cash and not the proceeds of any Loan), plus scheduled
principal payments on Capital Lease Obligations, plus payments arising from repurchase obligations
(excluding share repurchases, when aggregated with other special dividends excluded above, not to
exceed $50,000,000 in the aggregate, so long as such share repurchases are made with unrestricted
cash and not the proceeds of any Loan), all calculated for the Borrower and its Subsidiaries on a
consolidated basis.

"Foreign Assets Control Regulations” has the meaning assigned to it in Section 3.14.

"Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender, with respect to such
Borrower, that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender, with
respect to such Borrower, that is resident or organized under the laws of a jurisdiction other than
that in which the Borrower is resident for tax purposes.

"GAAP” means generally accepted accounting principles in the United States of America
as in effect from time to time set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and the statements and
pronouncements of the Financial Accounting Standards Board and the rules and regulations of the
Securities and Exchange Commission, or in such other statements by such other entity as may be in
general use by significant segments of the accounting profession, which are applicable to the
circumstances of the Borrower as of the date of determination.

"Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government.

"Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation or to purchase (or to advance or supply funds for the purchase of) any security
for the payment thereof, (b) to purchase or lease property, securities or services for the purpose
of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation or (d) as an account party in respect of any letter of credit or letter of guaranty
issued to support such Indebtedness or obligation; provided, that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business.

"Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

"Indebtedness” of any Person means, without duplication, (a) all obligations of such Person
for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such
Person upon which interest charges are customarily paid, (d) all obligations of such Person under
conditional sale or other title retention agreements relating to property acquired by such Person,
(e) all obligations of such Person in respect of the deferred purchase price of property or
services (excluding current accounts payable incurred in the ordinary course of business), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by
such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.

"Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to
any payment made by or on account of any obligation of any Loan Party under any Loan Document and
(b) to the extent not otherwise described in clause (a), Other Taxes.

"Index Debt” means senior, unsecured, long term indebtedness for borrowed money of the
Borrower that is not guaranteed by any other Person or subject to any other credit enhancement.

"Ineligible Institution” has the meaning assigned to it in Section 9.04(b).

"Interest Election Request” means a request by the Borrower to convert or continue a Revolving
Borrowing in accordance with Section 2.06.

"Interest Expense” means, with reference to any period, total interest expense (including that
attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period
with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including all
commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net costs under Swap Agreements in respect of interest rates to
the extent such net costs are allocable to such period in accordance with GAAP), calculated on a
consolidated basis for the Borrower and its Subsidiaries for such period in accordance with GAAP.

"Interest Payment Date” means (a) with respect to any ABR Loan, the first Business Day of each
calendar quarter and the Maturity Date, and (b) with respect to any Eurodollar Loan, the last day
of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of
a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of three months’ duration after
the first day of such Interest Period.

"Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on
the date of such Borrowing and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months thereafter, as the Borrower may elect; provided, that
(a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall
be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only,
such next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day and (b) any Interest Period pertaining
to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the last calendar month of such Interest
Period) shall end on the last Business Day of the last calendar month of such Interest Period. For
purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is
made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most
recent conversion or continuation of such Borrowing.

"IRS” means the United States Internal Revenue Service.

"Issuing Bank” means JPMorgan Chase Bank, National Association in its capacity as the issuer
of Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.04(i). The Issuing Bank may, in its discretion, arrange for one or more Letters
of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank”
shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

"Joint Sales Agreement” means, with respect to a television or radio broadcast station, a
joint sales agreement or other similar contractual arrangement pursuant to which a Person, other
than the Person holding the broadcast License issued by the FCC with respect to such television or
radio broadcast station or an Affiliate of such Person, obtains the right to (a) set the local
advertising rates for such television or radio broadcast station and/or (b) conduct or manage the
sale of local advertising availabilities on such television or radio broadcast station .

"JPMCB” means JPMorgan Chase Bank, National Association, a national banking association, in
its individual capacity, and its successors.

"LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit.

"LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements
that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of
any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at
such time.

"Lenders” means the Persons listed on the Commitment Schedule and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such
Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the
context otherwise requires, the term “Lenders” includes the Issuing Bank.

"Letter of Credit” means any letter of credit issued pursuant to this Agreement.

"LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate
appearing on Reuters BBA Libor Rates Page 3750 (or on any successor or substitute page of such
Service, or any successor to or substitute for such Service, providing rate quotations comparable
to those currently provided on such page of such Service, as determined by the Administrative Agent
from time to time for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not available at such
time for any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such
Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of the Administrative
Agent in immediately available funds in the London interbank market at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period.

"License” means any authorization, permit, consent, franchise, ordinance, registration,
certificate, license, agreement or other right filed with, granted by or entered into with a
Governmental Authority or other Person (including any FCC License) which permits or authorizes the
use of an electromagnetic transmission frequency or the construction or operation of a broadcast
television or radio station system or any part thereof or any other authorization, permit, consent,
franchise, ordinance, registration, certificate, license, agreement or other right filed with,
granted by or entered into with a Governmental Authority or other Person which is necessary for the
lawful conduct of the business of constructing or operating a broadcast television or radio
station.

"License Subsidiary” means a domestic wholly-owned Subsidiary of the Borrower that is a single
purpose entity the sole purpose of which is to hold Authorizations for Broadcast Stations in
accordance with the terms of Section 5.17 and Section 6.12.

"Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest
of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or
similar right of a third party with respect to such securities.

"Loan Documents” means this Agreement, any promissory notes issued pursuant to the Agreement,
any Letter of Credit applications, the Collateral Documents, the Loan Guaranty, and all other
agreements, instruments, documents and certificates identified in Section 4.01 executed and
delivered to, or in favor of, the Administrative Agent or any Lenders and including all other
pledges, powers of attorney, consents, assignments, contracts, letter of credit agreements and all
other written agreements whether heretofore, now or hereafter executed by or on behalf of any Loan
Party, or any employee of any Loan Party, and delivered to the Administrative Agent or any Lender
in connection with the Agreement or the transactions contemplated thereby. Any reference in the
Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or
schedules thereto, and all amendments, restatements, supplements or other modifications thereto,
and shall refer to the Agreement or such Loan Document as the same may be in effect at any and all
times such reference becomes operative.

"Loan Guarantor” means each Loan Party (other than the Borrower and the Borrower’s foreign
Subsidiaries).

"Loan Guaranty” means each separate Guarantee, in form and substance satisfactory to the
Administrative Agent, delivered by each Loan Guarantor, as it may be amended or modified and in
effect from time to time.

"Loan Parties” means the Borrower, the Borrower’s domestic Subsidiaries and any other Person
who becomes a party to this Agreement pursuant to a Joinder Agreement and their successors and
assigns.

"Loan Party Sharing Arrangement” means any Sharing Arrangement under which a Person, other
than a Loan Party or a Subsidiary of a Loan Party, provides services or obtains the right to
provide programming to, or sells advertising availabilities on, a Broadcast Station.

"Loans” means the loans, advances and extensions of credit made by the Lenders to the Borrower
pursuant to this Agreement.

"Local Marketing Agreement” means, with respect to a television or radio broadcast station, a
local marketing agreement, time brokerage agreement or similar contractual arrangement pursuant to
which a Person, other than the Person holding the broadcast License issued by the FCC with respect
to such television or radio broadcast station or an Affiliate of such Person, obtains the right,
subject to customary licensee preemption rights and other limitations, to exhibit programming and
sell associated advertising availabilities on such television or radio broadcast station
constituting more than fifteen percent (15%) of the broadcast time per week of such television or
radio broadcast station.

"Long Term Debt” means any Indebtedness that, in accordance with GAAP, constitutes (or, when
incurred, constituted) a long term liability.

"Major Radio Network” means ABC Radio Network, Inc., ESPN Radio, Radio Disney, Fox News Radio,
Fox Sports Radio, NBC Radio Network and CBS Radio Network.

"Major Television Network” means any of ABC, Inc., National Broadcasting Company, Inc., CBS,
Inc., FOX Television Network.

"Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations or condition, financial or otherwise, of the Borrower and the other Loan Parties taken
as a whole, (b) the ability of any Loan Party to perform any of its obligations under any Loan
Document to which it is a party, (c) the legality, binding effect, validity or enforceability
against any Loan Party of any Loan Document to which it is a party or (d) the rights and remedies
of or benefits available to the Administrative Agent or the Lenders under any Loan Document.

"Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or
obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and the
other Loan Parties in an aggregate principal amount exceeding $5,000,000. For purposes of
determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any
other Loan Party in respect of any Swap Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such other Loan Party would be
required to pay if such Swap Agreement were terminated at such time.

"Material Stations” means, collectively, (i) the following Television Stations: KOMO-TV 4 in
Seattle, Washington, KATU-TV in Portland, Oregon, KBAK TV and KBFX TV in Bakersfield, California,
and KEPR TV in Pasco, Washington; and (ii) the following Radio Stations: KOMO AM, and KPLZ FM in
Seattle, Washington.

"Maturity Date” means November 19, 2017.

"Moody’s” means Moody’s Investors Service, Inc.

"Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"Net Income” means, for any period, the consolidated net income (or loss) of the Borrower and
its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that
there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it
becomes a Subsidiary or is merged into or consolidated with the Borrower or any of its
Subsidiaries, (b) the income (or deficit) of any Person (other than a Subsidiary) in which the
Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such
income is actually received by the Borrower or such Subsidiary in the form of dividends or similar
distributions and (c) the undistributed earnings of any Subsidiary to the extent that the
declaration or payment of dividends or similar distributions by such Subsidiary is not at the time
permitted by the terms of any contractual obligation (other than under any Loan Document) or
Requirement of Law applicable to such Subsidiary.

"Network Affiliation Agreements” means each agreement entered into by a Television Company
with any Major Television Network pursuant to which a Television Company and such Major Television
Network agree to be affiliated and such Major Television Network agrees that such Television
Company shall serve as that Major Television Network’s primary outlet within any defined market for
television programming provided by such Major Television Network for broadcast by its station
affiliates.

"Non-Station Assets” means all of the assets used and useful for the operation of the
Borrower’s and its Subsidiaries’ broadcasting, media (including digital media) and entertainment
businesses, other than the Broadcast Stations.

"Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all
LC Exposure, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other
obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent, the
Issuing Bank or any indemnified party arising under the Loan Documents or in connection with this
Agreement, and including interest and fees that accrue after the commencement by or against any
Loan Party or any Affiliate thereof of any proceeding under any bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally, naming such Person
as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding.

"OFAC” means Office of Foreign Assets Control of the United States Department of the Treasury.

"Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a
present or former connection between such Recipient and the jurisdiction imposing such Tax (other
than connections arising from such Recipient having executed, delivered, become a party to,
performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or
assigned an interest in any Loan or Loan Document).

"Other Taxes” means all present or future stamp, court or documentary, intangible, recording,
filing or similar Taxes that arise from any payment made under, from the execution, delivery,
performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to
Section 2.17).

"Participant” has the meaning assigned to such term in Section 9.04(c).

"Participant Register” has the meaning assigned to such term in Section 9.04(c).

"Parties” means the Borrower or any of its affiliates.

"PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any
successor entity performing similar functions.

"Permitted Encumbrances” means:

(a) Liens imposed by law for Taxes that are not yet due or are being contested in compliance
with Section 5.07;

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not
overdue by more than 30 days or are being contested in compliance with Section 5.07;

(c) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations;

(d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in
each case in the ordinary course of business;

(e) judgment liens in respect of judgments that do not constitute an Event of Default under
clause (l) of Article VII; and

(f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary
obligations and do not materially detract from the value of the affected property or interfere with
the ordinary conduct of business of the Borrower or any Subsidiary;

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

"Person” means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity.

"Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to
the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in
respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

"Prime Rate” means the rate of interest per annum publicly announced from time to time by
JPMorgan Chase Bank, National Association as its prime rate in effect at its office located at 270
Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective.

"Prohibited Person” means any Person (a) listed in the Annex to the Executive Order or
identified pursuant to Section 1 of the Executive Order; (b) this is owned or controlled by, or
acting for or on behalf of, any Person listed in the Annex to the Executive Order or identified
pursuant to the provisions of Section 1 of the Executive Order; (c) with whom a Lender is
prohibited from dealing or otherwise engaging in any transaction by any terrorism or anti
laundering law, including the Executive Order; (d) who commits, threatens, conspires to commit, or
support “terrorism” as defined in the Executive Order; (e) who is named as a “Specially designated
national or blocked person” on the most current list published by the OFAC at its official website,
at http://www.treas.gov/offices/ enforcement/ofac/sdn/t11sdn.pdf or any replacement website
or other replacement official publication of such list; or (f) who is owned or controlled by a
Person listed above in clause (c) or (e).

"Public Sider” means any representative of a Lender that does not want to receive material
non-public information with the meaning of the federal and state securities laws.

"Qualified Issuer” means any Lender (or affiliate of a Lender) or any financial institution
(a) which has, or whose obligations are guaranteed by an affiliated financial institution which
has, capital and surplus in excess of $500,000,000 and (b) the outstanding short-term debt
securities of which are rated, or whose parent’s outstanding short-term debt securities are rated,
at least A-2 by Standard & Poor’s Ratings Services or at least P-2 by Moody’s Investors Service,
Inc., or carry an equivalent rating by a nationally recognized rating agency if both of the two
named rating agencies cease publishing ratings of investments.

"Radio Affiliation Agreements” means each agreement entered into by a Radio Company with any
Major Radio Network pursuant to which a Radio Company and such Major Radio Network agree to be
affiliated and such Major Radio Network agrees that such Radio Company shall serve as that Major
Radio Network’s outlet within a defined market for radio programming provided by such Major Radio
Network for broadcast by its station affiliates.

"Radio Broadcasting Business” means a business substantially all of which consists of the
construction, ownership, operation, management, promotion, extension or other utilization of any
type of radio broadcasting system or any similar radio broadcasting business, including the
syndication of radio programming, the obtaining of a License or franchise to operate such a system
or business, and activities incidental thereto, such as providing production services, operating
Internet based information services and selling advertising for such services, and developing uses
other than broadcasting for the spectrum used by radio stations.

"Radio Company” means the Borrower and any Subsidiary, to the extent such Person owns or
operates a Radio Station.

"Radio Station” means, at any time (a) each radio broadcast station listed in
Schedule 1.01B hereto, (b) any radio broadcast station licensed by the FCC to the Borrower
or any of its Subsidiaries on, or at any time after, the Effective Date. This definition of “Radio
Station” may be used with respect to any single television or radio station meeting any of the
preceding requirements or all such radio stations, as the context requires.

"Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as
applicable.

"Register” has the meaning assigned to such term in Section 9.04(b).

"Related Parties” means, with respect to any specified Person, such Person’s Affiliates and
the respective directors, officers, employees, agents and advisors of such Person and such Person’s
Affiliates.

"Rentals” means, with reference to any period, the aggregate fixed amounts payable by the
Borrower and its Subsidiaries under any operating leases, calculated on a consolidated basis for
the Borrower and its Subsidiaries for such period in accordance with GAAP.

"Required Lenders” means, at any time, Lenders having Revolving Credit Exposures and unused
Revolving Commitments representing more than 50% of the sum of the total Revolving Credit Exposures
and unused Revolving Commitments at such time, but not less than two Lenders if (a) there is more
than one Lender and (b) one Lender has Revolving Credit Exposures and unused Revolving Commitments
representing more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving
Commitments; provided that the Revolving Credit Exposure of any Defaulting Lender shall be
disregarded in determining Required Lenders at any time.

"Requirement of Law” means, as to any Person, the Certificate of Incorporation and By-Laws or
other organizational or governing documents of such Person, and any law, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its property or to which such Person or any of
its property is subject.

"Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Equity Interests in the Borrower or any Subsidiary, or any
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 such Equity Interests in the Borrower or any option, warrant or other right to
acquire any such Equity Interests in the Borrower.

"Revolving Borrowing” means a Borrowing of Revolving Loans.

"Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such
Lender to make Revolving Loans and to acquire participations in Letters of Credit hereunder,
expressed as an amount representing the maximum possible aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to
time pursuant to (a) Section 2.07 and (b) assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on the
Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender
shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the
Lenders’ Revolving Commitments is $30,000,000.

"Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the
outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure at such time.

"Revolving Lender” means, as of any date of determination, a Lender with a Revolving
Commitment or, if the Revolving Commitments have terminated or expired, a Lender with Revolving
Credit Exposure.

"Revolving Loan” means a Loan made pursuant to Section 2.03.

"Revolving Note” means a promissory note made by the Borrower in favor of a Revolving Lender
evidencing Revolving Loans made by such Revolving Lender, substantially in the form of
Exhibit A.

"S&P” means Standard & Poor’s.

"Schedule Effective Date” means, with respect to Schedule 3.13, the effective date of
such Schedule or any restatement of such Schedule, which effective date shall be stated on such
Schedule or restatement as provided in Section 5.19.

"SEC” means the Securities and Exchange Commission of the United State of America.

"Secured Obligations” means all Obligations, together with all (a) Banking Services
Obligations owing to one or more Lenders or their respective Affiliates and (b) Secured Swap
Obligations owing to one or more Secured Swap Providers.

"Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing
Bank, each Secured Swap Provider, Lender and Affiliate to whom Secured Obligations are owed, each
co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to
Article VIII, and the other Persons the Secured Obligations owing to which are or are
purported to be secured by the Collateral under the terms of the Collateral Documents.

"Secured Swap Obligations” means any and all obligations of the Loan Parties, whether absolute
or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all
renewals, extensions and modifications thereof and substitutions therefor) in connection with all
Swap Agreements owing to one or more Secured Swap Providers.

"Secured Swap Providers” means any Person that, at the time it entered into a Swap Agreement
permitted under Section 6.07, was a Lender or an Affiliate of a Lender; provided
that at or prior to the time that any transaction relating to such Swap Agreement is executed, such
Lender or Affiliate party thereto (other than JPMCB) shall have delivered written notice to the
Administrative Agent that such a transaction has been entered into and that it constitutes a
Secured Obligation entitled to the benefits of the Collateral Documents.

"Security Agreement” means that certain Pledge and Security Agreement, dated as of the date
hereof, between the Loan Parties and the Administrative Agent, for the benefit of the
Administrative Agent and the other Secured Parties, and any other pledge or security agreement
entered into, after the date of this Agreement by any other Loan Party (as required by this
Agreement or any other Loan Document), or any other Person, as the same may be amended, restated or
otherwise modified from time to time.

"Security Agreement Supplement” has the meaning specified in the Security Agreement.

"Shared Services Agreement” means, with respect to a television or radio broadcast station, a
shared services agreement or other similar contractual arrangement pursuant to which a Person,
other than the Person holding the broadcast License issued by the FCC with respect to such
television or radio broadcast station or an Affiliate of such Person, provides certain technical,
business, management, administrative, back-office or other services in support of the business or
operation of a second television or radio broadcast station owned by another Person (who is not an
Affiliate of the first Person).

"Shared Services Party” means, with respect to any Shared Services Station, any Person (other
than a Loan Party or a Person any equity of which is owned by a Loan Party) that (a) holds, or
Controls a Person that holds, the broadcast License issued by the FCC with respect to such Shared
Services Station, (b) in connection therewith, is a party to a Sharing Arrangement with any Loan
Party with respect to such Shared Services Station, and (c) incurs any Indebtedness that is
required to be guaranteed by, or secured by any assets of, the Borrower or any of its Subsidiaries.

"Shared Services Station” means a television or radio broadcast station, other than a
Broadcast Station, (including, without limitation, certain licenses (including all permits,
licenses and authorizations of the FCC with respect to such station), equipment, real property,
contracts and intellectual property and other assets related to the operation of such station) that
is subject to a Sharing Arrangement entered into by a Loan Party.

"Sharing Arrangement” means any Shared Services Agreement, Joint Sales Agreement or Local
Marketing Agreement.

"Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject with respect to
the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board). Such reserve percentage shall include those imposed
pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding
and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in any reserve percentage.

"Strategic Shared Services Party” means any Person, other than a Shared Services Party, that
is a party to a Sharing Arrangement with any Loan Party.

"Strategic Sharing Arrangement” means, with respect to any Shared Services Station, any
Sharing Arrangement between a Loan Party or its Affiliates and a Strategic Shared Services Party.

"Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of
which is subordinated to payment of the Secured Obligations to the written satisfaction of the
Administrative Agent.

"subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation,
limited liability company, partnership, association or other entity with respect to which the
securities or other ownership interests representing more than 50% of the equity or more than 50%
of the ordinary voting power or, in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned, controlled or held by the parent.

"Subsidiary” means any subsidiary of the Borrower.

"Swap Agreement” means any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more
rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions; provided that no phantom stock or
similar plan providing for payments only on account of services provided by current or former
directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap
Agreement.

"Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

"Television Broadcasting Business” means a business substantially all of which consists of the
construction, ownership, operation, management, promotion, extension or other utilization of any
type of television broadcasting system or any similar television broadcasting business, including
the syndication of television programming, the obtaining of a License or franchise to operate such
a system or business, and activities incidental thereto, such as providing production services,
operating Internet-based information services and selling advertising for such services, and
developing uses other than broadcasting for the digital spectrum used by television stations.

"Television Company” means the Borrower and any Subsidiary, to the extent such Person owns or
operates a Television Station.

"Television Station” means, at any time (a) each television broadcast station listed in
Schedule 1.01C hereto, (b) any television broadcast station licensed by the FCC to the
Borrower or any of its Subsidiaries on, or at any time after, the Effective Date. This definition
of “Television Station” may be used with respect to any single television station meeting any of
the preceding requirements or all such television stations, as the context requires.

"Total Leverage Ratio” means, on any date, the ratio of (a) the aggregate amount of
Consolidated Total Funded Debt on such date minus the sum of cash and Cash Equivalents of the
Borrower and its Subsidiaries on such date to (b) the average annual EBITDA for the period of eight
consecutive fiscal quarters ended on such date. For the avoidance of doubt, the average annual
EBITDA for the period of eight consecutive fiscal quarters will be determined by adding the EBITDA
for each of such 8 quarters together and dividing by two.

"Trading with the Enemy Act” has the meaning assigned to it in Section 3.14.

"Transactions” means the execution, delivery and performance by the Borrower of this
Agreement, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of
Credit hereunder.

"Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate, the Alternate Base Rate.

"UCC” means the Uniform Commercial Code as in effect from time to time in the State of
Washington or any other state the laws of which are required to be applied in connection with the
issue of perfection of security interests.

"Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof)
that are contingent in nature or unliquidated at such time, including any Secured Obligation that
is: (a) an obligation to reimburse a bank for drawings not yet made under a letter of credit
issued by it; (b) any other obligation (including any guarantee) that is contingent in nature at
such time; or (c) an obligation to provide collateral to secure any of the foregoing types of
obligations.

"U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the
Code.

"U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 2.15(f)(ii)(B)(3).

"Withdrawal Liability” means liability under Section 4201 of ERISA to a Multiemployer Plan as
a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part 1 of Subtitle E of Title IV of ERISA.

SECTION 1.02 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

SECTION 1.03 Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in
effect from time to time; provided that, if the Borrower notifies the Administrative Agent
that the Borrower requests an amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the application thereof on the operation of
such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. Notwithstanding any other provision contained herein,
all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any election under
Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein.

SECTION 1.04 Calculation of Financial Covenants, and other Financial Ratios and
Results. With respect to the Borrower and its Subsidiaries, (a) in calculating (i) financial
covenants in accordance with the terms of Section 6.12, (ii) other financial ratios or results of
operations and (iii) financial performance in any manner and (b) for financial reporting purposes
under this Agreement, the consolidated financial position and results of operations of (y) each
Shared Services Party, so long as Sharing Arrangements between such Shared Services Party and the
Borrower or any other Loan Party are in full force and effect, and (z) each other entity (the
"consolidated entity”) the accounts of which would be consolidated with those of the Borrower and
its Subsidiaries in the Borrower’s consolidated financial statements if such financial statements
were prepared in accordance with GAAP as of such date, shall be included as if such Shared Services
Party and such consolidated entity are subsidiaries of the Borrower.

ARTICLE II

The Credits

SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each
Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability
Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit
Exposure exceeding such Lender’s Revolving Commitment or (b) the sum of the total Revolving Credit
Exposures exceeding the total Revolving Commitments. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving
Loans.

SECTION 2.02 Loans and Borrowings.

(a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made
by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Commitments of the Lenders are several and no Lender shall be
responsible for any other Lender’s failure to make Loans as required.

(b) Subject to Section 2.12, each Revolving Borrowing shall be comprised entirely of
ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith, provided
that all Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted
into Eurodollar Borrowings in accordance with Section 2.06. Each Lender at its option may
make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to
make such Loan; provided that any exercise of such option shall not affect the obligation
of the Borrower to repay such Loan in accordance with the terms of this Agreement.

(c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less
than $100,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in
an aggregate amount that is an integral multiple of $$100,000 and not less than $$100,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the
entire unused balance of the total Revolving Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.04(e). Borrowings of more
than one Type may be outstanding at the same time; provided that there shall not at any
time be more than a total of three (3) Eurodollar Borrowings outstanding.

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Maturity Date.

SECTION 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the
Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a
Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the
date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m.,
New York City time, one Business Day before the date of the proposed Borrowing; provided
that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.04(e) may be given not later than 10:00 a.m., New
York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request
shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the
Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent
and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the
following information in compliance with Section 2.02:

(i) the aggregate amount of the requested Borrowing and a breakdown of the separate
wires comprising such Borrowing;

(ii) the date of such Borrowing, which shall be a Business Day;

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term
“Interest Period”; and

(v) the location and number of the Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.05.

If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any
requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in
accordance with this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

SECTION 2.04 Letters of Credit. General. Subject to the terms and conditions
set forth herein, the Borrower may request the issuance of Letters of Credit as the applicant
thereof for the support of its or the other Loan Parties’ obligations, in a form reasonably
acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time
during the Availability Period. In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any form of letter of credit application or other
agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank
relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

(a) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter
of Credit), the Borrower shall hand deliver or facsimile (or transmit by electronic communication,
if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the
Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal
or extension, but in any event no less than three Business Days) a notice requesting the issuance
of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and
specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day),
the date on which such Letter of Credit is to expire (which shall comply with paragraph (c)
of this Section), the amount of such Letter of Credit, the name and address of the
beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or
extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a
letter of credit application on the Issuing Bank’s standard form in connection with any request for
a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and
upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be
deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) the LC Exposure shall not exceed $8,500,000 and (ii) the sum of the total Revolving
Credit Exposures shall not exceed the total Commitments.

(b) Expiration Date. Each Letter of Credit shall expire (or be subject to termination
by notice from the Issuing Bank to the beneficiary thereof) at or prior to the close of business on
the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or,
in the case of any renewal or extension thereof, one year after such renewal or extension) and
(ii) the date that is five Business Days prior to the Maturity Date.

(c) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the
Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and
each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of
Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn
under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving
Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the
account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by
the Issuing Bank and not reimbursed by the Borrower on the date due as provided in
paragraph (e) of this Section, or of any reimbursement payment required to be
refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is
absolute and unconditional and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a
Default or reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever.

(d) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative
Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the
date that such LC Disbursement is made, if the Borrower shall have received notice of such LC
Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been
received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York
City time, on (i) the Business Day that the Borrower receives such notice, if such notice is
received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day
immediately following the day that the Borrower receives such notice, if such notice is not
received prior to such time on the day of receipt; provided that the Borrower may, subject
to the conditions to borrowing set forth herein, request in accordance with Section 2.03
that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and, to the
extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced
by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when due, the
Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the
payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage
thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the
Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the
same manner as provided in Section 2.05 with respect to Loans made by such Lender (and
Section 2.05 shall apply, mutatis mutandis, to the payment obligations of
the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the
amounts so received by it from the Revolving Lenders. Promptly following receipt by the
Administrative Agent of any payment from the Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that
Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then
to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a
Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC
Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not
constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC
Disbursement.

(e) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and
irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in
any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by
the Issuing Bank under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Revolving
Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or
responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit
or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder), any error in
interpretation of technical terms or any consequence arising from causes beyond the control of the
Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank
from liability to the Borrower to the extent of any direct damages (as opposed to special,
indirect, consequential or punitive damages, claims in respect of which are hereby waived by the
Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the
Issuing Bank’s failure to exercise care when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of the Issuing
Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed
to have exercised care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to documents presented which
appear on their face to be in substantial compliance with the terms of a Letter of Credit, the
Issuing Bank may, in its sole discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or information to the
contrary, or refuse to accept and make payment upon such documents if such documents are not in
strict compliance with the terms of such Letter of Credit.

(f) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by facsimile) of such demand for payment and whether the Issuing Bank has made
or will make an LC Disbursement thereunder; provided that any failure to give or delay in
giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank
and the Revolving Lenders with respect to any such LC Disbursement.

(g) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then,
unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement
is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that,
if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e)
of this Section, then Section 2.11(c) shall apply. Interest accrued pursuant to
this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and
after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section
to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such
payment.

(h) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by
written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the
successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such
replacement of the Issuing Bank. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to
Section 2.10(b). From and after the effective date of any such replacement, (i) the
successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this
Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to
the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank,
or to such successor and all previous Issuing Banks, as the context shall require. After the
replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and
shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with
respect to Letters of Credit issued by it prior to such replacement, but shall not be required to
issue additional Letters of Credit.

(i) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day (or if such notice is received after 12:00 p.m. on such Business Day, then on the
succeeding Business Day) that the Borrower receives notice from the Administrative Agent or the
Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC
Exposure representing greater than 105% of the total LC Exposure) demanding the deposit of cash
collateral pursuant to this paragraph, the Borrower shall deposit in an account with the
Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving
Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid
interest thereon; provided that the obligation to deposit such cash collateral shall become
effective immediately, and such deposit shall become immediately due and payable, without demand or
other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower
described in clause (h) or (i) of Article VII. Such deposit shall be held
by the Administrative Agent as collateral for the payment and performance of the Secured
Obligations. The Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.
Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such
account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC
Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held
for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such
time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving
Lenders with LC Exposure representing greater than 105% of the total LC Exposure), be applied to
satisfy other Secured Obligations. If the Borrower is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the
extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after
all Events of Default have been cured or waived.

SECTION 2.05 Funding of Borrowings.

(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
by wire transfer of immediately available funds by 10:00 a.m. Pacific time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an
amount equal to such Lender’s Applicable Percentage. The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower maintained with the Administrative Agent in New York City and designated by
the Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to
finance the reimbursement of an LC Disbursement as provided in Section 2.04(e) shall be
remitted by the Administrative Agent to the Issuing Bank.

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with paragraph (a) of this
Section and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
with interest thereon, for each day from and including the date such amount is made available to
the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case
of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in
the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such
amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in such Borrowing.

SECTION 2.06 Interest Elections.

(a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial
Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to
convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this
Section. The Borrower may elect different options with respect to different portions of the
affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders
holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be
considered a separate Borrowing.

(b) To make an election pursuant to this Section, the Borrower shall notify the
Administrative Agent of such election by telephone by the time that a Borrowing Request would be
required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the
Type resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or facsimile to the Administrative Agent of a written Interest Election Request in a form
approved by the Administrative Agent and signed by the Borrower.

(c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

(i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing);

(ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an
Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration.

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then,
unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof,
if an Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar
Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR
Borrowing at the end of the Interest Period applicable thereto.

SECTION 2.07 Termination and Reduction of Commitments; Increase in Revolving
Commitments.

(a) Unless previously terminated, all Commitments shall terminate on the Maturity Date.

(b) The Borrower may at any time terminate the Commitments upon (i) the payment in full of all
outstanding Loans, together with accrued and unpaid interest thereon and on any Letters of Credit,
(ii) the cancellation and return of all outstanding Letters of Credit (or alternatively, with
respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit
(or at the discretion of the Administrative Agent a backup standby letter of credit satisfactory to
the Administrative Agent) equal to 105% of the LC Exposure as of such date), (iii) the payment in
full of the accrued and unpaid fees, and (iv) the payment in full of all reimbursable expenses and
other Obligations together with accrued and unpaid interest thereon.

(c) The Borrower may from time to time reduce, the Revolving Commitments; provided
that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral
multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not reduce the
Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans
in accordance with Section 2.09, the sum of the Revolving Credit Exposures would exceed the
total Revolving Commitments.

(d) The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Commitments under paragraph (b) or (c) of this Section at least three Business
Days prior to the effective date of such termination or reduction, specifying such election and the
effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall
advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this
Section shall be irrevocable; provided that a notice of termination of the
Commitments delivered by the Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such
condition is not satisfied. Any termination or reduction of the Commitments shall be permanent.
Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their
respective Commitments.

(e) The Borrower shall have the right to increase the Revolving Commitment by obtaining
additional Revolving Commitments, either from one or more of the Lenders or another lending
institution provided that (i) any such request for an increase shall be in a minimum amount
of $5,000,000, (ii) the Borrower may make a maximum of three such requests, (iii) the
Administrative Agent and the Issuing Bank have each approved the identity of any such new Lender,
(iv) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder, and
(v) the procedures described in Section 2.07(f) and Section 5.17 have been
satisfied.

(f) Any amendment hereto for an increase to the Revolving Commitment shall be in form and
substance reasonably satisfactory to the Administrative Agent and shall only require the written
signatures of the Administrative Agent, the Borrower and the Lender(s) being added or increasing
their Commitment, subject only to the approval of all Lenders if any such increase would cause the
Revolving Commitment to exceed $80,000,000. As a condition precedent to such an increase, Borrower
shall deliver to the Administrative Agent a certificate of each Loan Party (in sufficient copies
for each Lender) signed by an authorized officer of such Loan Party (i) certifying and attaching
the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) in
the case of the Borrower, certifying that, before and after giving effect to such increase, (A) the
representations and warranties contained in Article III and the other Loan Documents are
true and correct in all material respects, except to the extent that such representations and
warranties (1) are already qualified by materiality, in which case they are true and correct in all
respects, and (2) specifically refer to an earlier date, in which case they are true and correct as
of such earlier date, and (B) no Default exists prior to, at the time of or after giving effect to
such increase.

(g) Within a reasonable time after the effective date of any increase, the Administrative
Agent shall, and is hereby authorized and directed to, revise the Commitment Schedule to
reflect such increase and shall distribute such revised Commitment Schedule to each of the
Lenders and the Borrower, whereupon such revised Commitment Schedule shall replace the old
Commitment Schedule and become part of this Agreement. On the Business Day following any
such increase, all outstanding ABR Loans shall be reallocated among the Lenders (including any
newly added Lenders) in accordance with the Lenders’ respective revised Applicable Percentages.
Eurodollar Loans shall not be reallocated among the Lenders prior to the expiration of the
applicable Interest Period in effect at the time of any such increase.

SECTION 2.08 Repayment and Amortization of Loans; Evidence of Debt.

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity
Date.

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Type thereof and the Interest Period applicable thereto, (ii) the
amount of any principal or interest due and payable or to become due and payable from the Borrower
to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraph (b) or
(c) of this Section shall be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided that the failure of any Lender or
the Administrative Agent to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrower to repay the Loans in accordance with the terms of this
Agreement.

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to
the order of such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in the form of the Revolving Note or otherwise approved by the Administrative Agent.
Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times
(including after assignment pursuant to Section 9.04) be represented by one or more
promissory notes in such form payable to the order of the payee named therein (or, if such
promissory note is a registered note, to such payee and its registered assigns).

SECTION 2.09 Prepayment of Loans.

(a) The Borrower shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part, subject to prior notice in accordance with paragraph (c) of
this Section.

(b) In the event and on such occasion that the total Revolving Credit Exposure exceeds the
aggregate Revolving Commitments, the Borrower shall prepay the Revolving Loans and/or LC Exposure
in an aggregate amount equal to such excess.

(c) The Borrower shall notify the Administrative Agent by telephone (confirmed by facsimile)
of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not
later than 10:00 a.m., Pacific time, three Business Days before the date of prepayment, or (ii) in
the case of prepayment of an ABR Revolving Borrowing, not later than 10:00 a.m., Pacific time one
Business Day before the date of prepayment. Each such notice shall be irrevocable and shall
specify the prepayment date and the principal amount of each Borrowing or portion thereof to be
prepaid; provided that, if a notice of prepayment is given in connection with a conditional
notice of termination of the Commitments as contemplated by Section 2.07, then such notice
of prepayment may be revoked if such notice of termination is revoked in accordance with
Section 2.07. Promptly following receipt of any such notice relating to a Revolving
Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of
an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each
prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans included in the
prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by
Section 2.11.

SECTION 2.10 Fees.

(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a
commitment fee, which shall accrue at the Applicable Rate on the daily amount by which such
Lender’s Revolving Commitment exceeds its Revolving Credit Exposure during the period from and
including the Effective Date to but excluding the date on which such Revolving Commitment
terminates; provided that, if such Lender continues to have any Revolving Credit Exposure
after its Revolving Commitment terminates, then such commitment fee shall continue to accrue on the
daily amount of such Lender’s Revolving Credit Exposure from and including the date on which its
Revolving Commitment terminates to but excluding the date on which such Lender ceases to have any
Revolving Credit Exposure. Accrued commitment fees shall be payable in arrears on the first
Business Day of each January, April, July and October and on the date on which the Revolving
Commitments terminate, commencing on the first such date to occur after the date hereof. All
commitment fees shall be computed (subject to Section 9.15) on the basis of a year of 360
days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

(b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each
Revolving Lender a participation fee with respect to its participations in Letters of Credit, which
shall accrue at the same Applicable Rate used to determine the interest rate applicable to
Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any
portion thereof attributable to unreimbursed LC Disbursements) during the period from and including
the Effective Date to but excluding the later of the date on which such Lender’s Revolving
Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure,
and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on
the average daily amount of the LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date of termination of the Revolving Commitments and the date on which
there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of
each calendar quarter shall be payable on the first Business Day of each January, April, July and
October following such last day, commencing on the first such date to occur after the Effective
Date; provided that all such fees shall be payable on the date on which the Commitments
terminate and any such fees accruing after the date on which the Revolving Commitments terminate
shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this
paragraph shall be payable within 10 days after demand. All participation fees and
fronting fees shall be computed (subject to Section 9.15) on the basis of a year of 360
days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

(c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrower and the Administrative
Agent.

(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for
distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid
shall not be refundable under any circumstances (subject to Section 9.15).

SECTION 2.11 Interest.

(a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate
plus the Applicable Rate.

(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate.

(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this
Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans
as provided in paragraph (a) of this Section.

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in the case of Revolving Loans, upon termination of the Commitments;
provided that (i) interest accrued pursuant to Section 2.11(c) shall be payable on
demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an
ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in
the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current
Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of
such conversion.

(e) All interest hereunder shall be computed (subject to Section 9.15) on the basis of
a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times
when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of
365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). The applicable Alternate Base
Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such
determination shall be conclusive absent manifest error.

SECTION 2.12 Alternate Rate of Interest. If prior to the commencement of any Interest
Period for a Eurodollar Borrowing:

(a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or
the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the
cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in
such Borrowing for such Interest Period; then the Administrative Agent shall give notice thereof to
the Borrower and the Lenders by telephone or facsimile as promptly as practicable thereafter and,
until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion
of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar
Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving
Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the
circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of
Borrowings shall be permitted.

SECTION 2.13 Increased Costs.

(a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit or similar
requirement (including any compulsory loan requirement, insurance charge or other
assessment) against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or the
Issuing Bank;

(ii) impose on any Lender or the Issuing Bank or the London interbank market any other
condition, cost or expense (other than Taxes) affecting this Agreement or Eurodollar Loans
made by such Lender or any Letter of Credit or participation therein; or

(iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection
Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
and the result of any of the foregoing shall be to increase the cost to such Lender or such
other Recipient of making or maintaining any Eurodollar Loan (or of maintaining its
obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank
or such other Recipient of participating in, issuing or maintaining any Letter of Credit or
to reduce the amount of any sum received or receivable by such Lender, the Issuing Bank or
such other Recipient hereunder (whether of principal, interest or otherwise), then the
Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may
be, such additional amount or amounts as will compensate such Lender, the Issuing Bank or
such other Recipient, as the case may be, for such additional costs incurred or reduction
suffered.

(b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital or
liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s
or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding
company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a
level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s
holding company could have achieved but for such Change in Law (taking into consideration such
Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s
holding company with respect to capital adequacy and liquidity), then from time to time the
Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or
amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s
holding company for any such reduction suffered.

(c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be,
as specified in paragraph (a) or (b) of this Section shall be delivered to
the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or
the Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10
days after receipt thereof.

(d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right
to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than 270 days prior to the date that such Lender or the Issuing Bank, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the 270-day period referred to above shall be extended to include
the period of retroactive effect thereof.

SECTION 2.14 Break Funding Payments. In the event of (a) the payment of any principal
of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other
than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant
hereto (regardless of whether such notice may be revoked under Section 2.09(c) and is
revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.17, then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar
Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by
such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the
principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would
have been applicable to such Loan, for the period from the date of such event to the last day of
the then current Interest Period therefor (or, in the case of a failure to borrow, convert or
continue, for the period that would have been the Interest Period for such Loan), over (ii) the
amount of interest which would accrue on such principal amount for such period at the interest rate
which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits
of a comparable amount and period from other banks in the eurodollar market. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.

SECTION 2.15 Taxes.

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation
of any Loan Party under any Loan Document shall be made free and clear of and without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law (as
determined in the good faith discretion of an applicable withholding agent) requires the deduction
or withholding of any Tax from any such payment by a withholding agent, then the applicable
withholding agent shall be entitled to make such deduction or withholding and shall timely pay the
full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan
Party shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this
Section 2.15) the applicable Recipient receives an amount equal to the sum it would have
received had no such deduction or withholding been made.

(b) Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the
relevant Governmental Authority in accordance with applicable law, or at the option of the
Administrative Agent timely reimburse it for, Other Taxes.

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by any
Loan Party to a Governmental Authority pursuant to this Section 2.15, such Loan Party shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

(d) Indemnification by Loan Parties. The Loan Parties shall jointly and severally
indemnify each Recipient, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section) payable or paid by such Recipient or required to be withheld or
deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by
the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error.

(e) Indemnification by the Lenders. Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan
Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the
provisions of Section 9.04(c) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set-off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by the
Administrative Agent to the Lender from any other source against any amount due to the
Administrative Agent under this paragraph (e).

(f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to
the Borrower and the Administrative Agent, at the time or times reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender is
subject to backup withholding or information reporting requirements. Notwithstanding anything to
the contrary in the preceding two sentences, the completion, execution and submission of such
documentation (other than such documentation set forth in Section 2.15(f)(ii)(A),
(ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

(ii) Without limiting the generality of the foregoing, in the event that the Borrower
is a U.S. Person,

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request
of the Borrower or the Administrative Agent), executed originals of IRS Form W-9
certifying that such Lender is exempt from U.S. Federal backup withholding tax;

(B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of
the following is applicable:

(1) in the case of a Foreign Lender claiming the benefits of an income
tax treaty to which the United States is a party (x) with respect to
payments of interest under any Loan Document, executed originals of IRS
Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal
withholding Tax pursuant to the “interest” article of such tax treaty and
(y) with respect to any other applicable payments under any Loan Document,
IRS Form W-8BEN establishing an exemption from, or reduction of, U.S.
Federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

(2) executed originals of IRS Form W-8ECI;

(3) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate substantially in the form of Exhibit F-1 to the effect
that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower
within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN;
or

(4) to the extent a Foreign Lender is not the Beneficial Owner,
executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of
Exhibit F-2 or Exhibit F-3, IRS Form W-9, and/or other
certification documents from each Beneficial Owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or
indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate
substantially in the form of Exhibit F-4 on behalf of each such
direct and indirect partner;

(C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), executed
originals of any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in U.S. Federal withholding Tax, duly completed,
together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding
or deduction required to be made; and

(D) if a payment made to a Lender under any Loan Document would be subject to
U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply
with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to
the Borrower and the Administrative Agent at the time or times prescribed by law and
at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the
Borrower and the Administrative Agent to comply with their obligations under FATCA
and to determine that such Lender has complied with such Lender’s obligations under
FATCA or to determine the amount to deduct and withhold from such payment. Solely
for purposes of this clause (D), “FATCA” shall include any amendments made
to FATCA after the date of this Agreement.

Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly
notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 2.15 (including by the payment of additional amounts
pursuant to this Section 2.15), it shall pay to the indemnifying party an amount equal to
such refund (but only to the extent of indemnity payments made under this Section 2.15 with
respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of
such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this
paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this
paragraph (g), in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this paragraph (g) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have
been in if the indemnification payments or additional amounts giving rise to such refund had never
been paid. This paragraph shall not be construed to require any indemnified party to make
available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person.

(h) Survival. Each party’s obligations under this Section 2.15 shall survive
the resignation or replacement of the Administrative Agent or any assignment of rights by, or the
replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document.

(i) Issuing Bank. For purposes of this Section 2.15, the term “Lender”
includes any Issuing Bank.

SECTION 2.16 Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

(a) The Borrower shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.13, 2.14 or 2.15, or otherwise) prior to 10:00 a.m., Pacific
time, on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent at its offices at
1301 Second Avenue, Floor 24, Seattle WA, 98101, except payments to be made directly to the Issuing
Bank as expressly provided herein and except that payments pursuant to Sections 2.13,
2.14, 2.15 and 9.03 shall be made directly to the Persons entitled thereto.
The Administrative Agent shall distribute any such payments received by it for the account of any
other Person to the appropriate recipient promptly following receipt thereof. If any payment
hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended
to the next succeeding Business Day, and, in the case of any payment accruing interest, interest
thereon shall be payable for the period of such extension. All payments hereunder shall be made in
dollars.

(b) Any proceeds of Collateral (other than FCC Licenses) received by the Administrative Agent
(i) not constituting a specific payment of principal, interest, fees or other sum payable under the
Loan Documents (which shall be applied as specified by the Borrower), or (ii) after an Event of
Default has occurred and is continuing and the Administrative Agent so elects or the Required
Lenders so direct, such funds shall be applied ratably first, to pay any fees, indemnities,
or expense reimbursements including amounts then due to the Administrative Agent and the Issuing
Bank from the Borrower (other than in connection with Banking Services Obligations or Secured Swap
Obligations), second, to pay any fees or expense reimbursements then due to the Lenders
from the Borrower (other than in connection with Banking Services Obligations or Secured Swap
Obligations), third, to pay interest then due and payable on the Loans ratably,
fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and to pay any
amounts owing with respect to Banking Services Obligations and Secured Swap Obligations, ratably,
fifth, to pay an amount to the Administrative Agent equal to one hundred five percent
(105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate
amount of any unpaid LC Disbursements, to be held as cash collateral for such Obligations, and
sixth, to the payment of any other Secured Obligation due to the Administrative Agent or
any Lender by the Borrower. Notwithstanding anything to the contrary contained in this Agreement,
unless so directed by the Borrower, or unless a Default is in existence, neither the Administrative
Agent nor any Lender shall apply any payment which it receives to any Eurodollar Loan, except
(a) on the expiration date of the Interest Period applicable to any such Eurodollar Loan or (b) in
the event, and only to the extent, that there are no outstanding ABR Loans and, in any such event,
the Borrower shall pay the break funding payment required in accordance with Section 2.14.
The Administrative Agent and the Lenders shall have the continuing and exclusive right to apply and
reverse and reapply any and all such proceeds and payments to any portion of the Secured
Obligations.

(c) At the election of the Administrative Agent, all payments of principal, interest, LC
Disbursements, fees, premiums, reimbursable expenses (including, without limitation, all
reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under
the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made
following a request by the Borrower pursuant to Section 2.03 or a deemed request as
provided in this Section or may be deducted from any deposit account of the Borrower maintained
with the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the Administrative
Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as
it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such
amounts charged shall constitute Loans and that all such Borrowings shall be deemed to have been
requested pursuant to Sections 2.03, 2.04 or 2.05, as applicable and
(ii) the Administrative Agent to charge any deposit account of the Borrower maintained with the
Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder
or any other amount due under the Loan Documents.

(d) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans or participations in
LC Disbursements resulting in such Lender receiving payment of a greater proportion of the
aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon
than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Loans and participations in LC
Disbursements of other Lenders to the extent necessary so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans and participations in LC Disbursements; provided
that (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest, and (ii) the provisions of this paragraph shall
not be construed to apply to any payment made by the Borrower pursuant to and in accordance with
the express terms of this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or participations in LC Disbursements
to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof
(as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of
set-off and counterclaim with respect to such participation as fully as if such Lender were a
direct creditor of the Borrower in the amount of such participation.

(e) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders or the
Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in
reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be,
the amount due. In such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

(f) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(d) or (e), 2.05(b), 2.16(e) or 9.03(c), then
the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof,
(i) apply any amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the
Administrative Agent shall have exclusive control as cash collateral for, and application to, any
future funding obligations of such Lender under any such Section, in the case of each of
clause (i) and (ii) above, in any order as determined by the Administrative Agent
in its discretion.

SECTION 2.17 Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.13, or if the Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account
of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Sections 2.13 or 2.15, as the case may be, in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such designation or assignment.

(b) If any Lender requests compensation under Section 2.13, or if the Borrower is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.15, or if any Lender becomes
Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights (other than its existing rights to payments pursuant to Sections 2.13 or
2.15) and obligations under this Agreement to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) the Borrower shall have received the prior written consent of the
Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which
consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans and participations in LC Disbursements,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the
Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting
from a claim for compensation under Section 2.13 or payments required to be made pursuant
to Section 2.15, such assignment will result in a reduction in such compensation or
payments. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply.

SECTION 2.18 Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply
for so long as such Lender is a Defaulting Lender:

(a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender pursuant to Section 2.10;

(b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be
included in determining whether all Lenders or the Required Lenders have taken or may take any
action hereunder (including any consent to any amendment, waiver or other modification pursuant to
Section 9.02); provided, that this clause (b) shall not apply to the vote of a
Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent
of such Lender or each Lender affected thereby;

(c) if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

(i) all or any part of the LC Exposure of such Defaulting Lender shall be reallocated
among the non-Defaulting Lenders in accordance with their respective Applicable Percentages
but only to the extent that (x) the sum of all non-Defaulting Lenders’ Revolving Credit
Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all
non-Defaulting Lenders’ Revolving Commitments and (y) the conditions set forth in
Section 4.02 are satisfied at such time;

(ii) if the reallocation described in clause (i) above cannot, or can only
partially, be effected, the Borrower shall within one Business Day following notice by the
Administrative Agent cash collateralize for the benefit of the Issuing Bank only the
Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving
effect to any partial reallocation pursuant to clause (i) above) in accordance with
the procedures set forth in Section 2.04(j) for so long as such LC Exposure is
outstanding;

(iii) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC
Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay
any fees to such Defaulting Lender pursuant to Section 2.04(j) with respect to such
Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is
cash collateralized;

(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to
clause (i) above, then the fees payable to the Lenders pursuant to
Section 2.10 shall be adjusted in accordance with such non-Defaulting Lenders’
Applicable Percentages; and

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither
reallocated nor cash collateralized pursuant to clause (i) or (ii) above,
then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender
hereunder, all commitment fees that otherwise would have been payable to such Defaulting
Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was
utilized by such LC Exposure) and letter of credit fees payable under Section 2.10
with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank
until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

(d) so long as such Lender is a Defaulting Lender, the Issuing Bank shall not be required to
issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and
the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the
non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with
Section 2.18(c), and participating interests in any newly issued or increased Letter of
Credit shall be allocated among non-Defaulting Lenders in a manner consistent with
Section 2.18(c)(i) (and such Defaulting Lender shall not participate therein).

If (i) a Bankruptcy Event with respect to a parent of any Lender shall occur following the date
hereof and for so long as such event shall continue or (ii) the Issuing Bank has a good faith
belief that any Lender has defaulted in fulfilling its obligations under one or more other
agreements in which such Lender commits to extend credit, the Issuing Bank shall not be required to
issue, amend or increase any Letter of Credit, unless the Issuing Bank, as the case may be, shall
have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing Bank,
to defease any risk to it in respect of such Lender hereunder.

(e) In the event that the Administrative Agent, the Borrower, and the Issuing Bank each agrees
that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a
Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion
of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of
the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in
order for such Lender to hold such Loans in accordance with its Applicable Percentage.

SECTION 2.19 Returned Payments. If after receipt of any payment which is applied to
the payment of all or any part of the Secured Obligations, the Administrative Agent or any Lender
is for any reason compelled to surrender such payment or proceeds to any Person because such
payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be
void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any
other reason, then the Secured Obligations or part thereof intended to be satisfied shall be
revived and continued and this Agreement shall continue in full force as if such payment or
proceeds had not been received by the Administrative Agent or such Lender. The provisions of this
Section 2.19 shall be and remain effective notwithstanding any contrary action which may
have been taken by the Administrative Agent or any Lender in reliance upon such payment or
application of proceeds. The provisions of this Section 2.19 shall survive the termination
of this Agreement.

ARTICLE III

Representations and Warranties

The Borrower represents and warrants to the Administrative Agent and the Lenders that:

SECTION 3.01 Organization; Powers. Each of the Borrower and its Subsidiaries is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power, authority, and Authorizations to carry on its business as
now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and
is in good standing in, every jurisdiction where such qualification is required.

SECTION 3.02 Authorization; Enforceability. The Transactions are within the
Borrower’s corporate and each Loan Party’s organizational powers and have been duly authorized by
all necessary corporate and other organizational actions and, if required, stockholder action. The
Loan Documents to which each Loan Party is a party have been duly executed and delivered by such
Loan Party and constitute a legal, valid and binding obligation of such Loan Party, enforceable in
accordance with its terms, subject as to enforcement of remedies to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity
or at law.

SECTION 3.03 Governmental Approvals; No Conflicts. Neither the Transactions nor the
granting of Liens pursuant to the Collateral Documents (including, but not limited to, the
perfection or maintenance of the Liens created under the Collateral Documents and the first
priority nature thereof and the exercise by the Administrative Agent or any Lender of its rights
under the Loan Documents or the remedies in respect of the Collateral (other than FCC Licenses)
pursuant to the Collateral Documents) (a) require any consent, Authorizations, or approval of,
registration or filing with, or any other action by, any Governmental Authority, except such as
have been obtained or made and are in full force and effect and except that (i) certain of the Loan
Documents may have to be filed with the FCC and the Securities and Exchange Commission after the
Effective Date and (ii) the prior approval of the FCC will be required for the Lenders to exercise
certain of their rights with respect to the Broadcast Stations, (b) will violate any applicable law
or regulation or the charter, by-laws or other organizational documents of the Borrower or any of
its Subsidiaries or any order of any Governmental Authority, (c) will violate or result in a
default under any indenture, agreement or other instrument binding upon the Borrower or any of its
Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by
the Borrower or any of its Subsidiaries, and (d) will result in the creation or imposition of any
Lien on any asset of the Borrower or any of its Subsidiaries, except Liens created pursuant to the
Loan Documents.

SECTION 3.04 Financial Condition; No Material Adverse Change.

(a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and
statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended
December 31, 2011, reported on by PricewaterhouseCoopers, independent public accountants, and
(ii) as of and for the fiscal quarter and the portion of the fiscal year ended June 30, 2012,
certified by its chief financial officer. Such financial statements present fairly, in all
material respects, the financial position and results of operations and cash flows of the Borrower
and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP,
subject to year-end audit adjustments and the absence of footnotes in the case of the statements
referred to in clause (ii) above.

(b) Since December 31, 2011, there has been no material adverse change in the business,
assets, operations or condition, financial or otherwise, of the Borrower and the other Loan
Parties, taken as a whole.

SECTION 3.05 Properties.

(a) Each of the Borrower and its Subsidiaries has good and indefeasible title to, or valid
leasehold interests in, all its real and personal property, free of all Liens other than those
permitted by Section 6.02.

(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks,
trade names, copyrights, patents and other intellectual property material to the business of the
Borrower and the other Loan Parties taken as a whole, as currently conducted, a correct and
complete list of which, as of the date of this Agreement, is set forth on Schedule 3.05,
and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any
other Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

SECTION 3.06 Litigation and Environmental Matters.

(a) There are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Financial Officers, threatened against or
affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility
of an adverse determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed
Matters) or (ii) that involve this Agreement or the Transactions.

(b) Except for the Disclosed Matters and except with respect to any other matters that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any
Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability,
(iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of
any basis for any Environmental Liability.

(c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

SECTION 3.07 Compliance with Laws and Agreements. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is
continuing.

SECTION 3.08 Investment Company Status. Neither the Borrower nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

SECTION 3.09 Taxes. Each of the Loan Parties has filed or caused to be filed all
Federal and all other material tax returns which are required to be filed and has paid all taxes
shown to be due and payable on said returns or on any material assessments made against it or any
of its property by any Governmental Authority other than (a) any taxes the amount or validity of
which are currently being contested in good faith by appropriate proceedings and with respect to
which reserves in conformity with GAAP have been provided on the books of the applicable Loan
Party, and (b) taxes imposed by any Governmental Authority with respect to which a failure to make
payment could not, by reason of the amount thereof or of the remedies available to such
Governmental Authority, reasonably be expected to have a Material Adverse Effect. No tax liens
have been filed and no claims are being asserted with respect to any such taxes, except as
permitted by Section 6.02(g).

SECTION 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when
taken together with all other such ERISA Events for which liability is reasonably expected to
occur, could reasonably be expected to result in a Material Adverse Effect. The present value of
all accumulated benefit obligations under each Plan (based on the assumptions used for ongoing
funding purposes in the most recent actuarial report for the Plan) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair
market value of the assets of such Plan.

SECTION 3.11 Disclosure. The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Effect. None of the other reports, financial statements,
certificates or other information furnished by or on behalf of the Borrower to the Administrative
Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document
(as modified or supplemented by other information so furnished) contains any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided that, with
respect to projected financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time delivered and,
if such projected financial information was delivered prior to the Effective Date, as of the
Effective Date.

SECTION 3.12 USA PATRIOT Act.

(a) Neither the Borrower nor any of its Subsidiaries or, to the knowledge of the Financial
Officers, any of their respective Affiliates over which any of the foregoing exercises management
control (each, a “Controlled Affiliate”) is a Prohibited Person, and the Borrower, its Subsidiaries
and, to the knowledge of the Financial Officers, such Controlled Affiliates are in compliance with
all applicable orders, rules and regulations of OFAC.

(b) Neither the Borrower nor any of its Subsidiaries or, to the knowledge of the Financial
Officers, any of their respective Affiliates: (i) is targeted by United States or multilateral
economic or trade sanctions currently in force; (ii) is owned or controlled by, or acts on behalf
of, any Person that is targeted by United States or multilateral economic or trade sanctions
currently in force; (iii) is a Prohibited Person; or (iv) is named, identified or described on any
list of Persons with whom United States Persons may not conduct business, including any such
blocked persons list, designated nationals list, denied persons list, entity list, debarred party
list, unverified list, sanctions list or other such lists published or maintained by the United
States, including OFAC, the United States Department of Commerce or the United States Department of
State.

SECTION 3.13 Material Agreements. All agreements and contracts to which any Loan
Party is a party or is bound as of the date of this Agreement or the most recent Schedule Effective
Date and which are material to the Borrower and the other Loan Parties on a consolidated basis are
listed on Schedule 3.13, as updated in accordance with Section 5.19. No Loan Party
is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement listed on Schedule 3.13, except to the extent
that such default is an immaterial breach or breach of an immaterial provision, or (ii) any
agreement or instrument evidencing or governing Material Indebtedness.

SECTION 3.14 Embargoed Person. (a) None of Borrower’s assets constitute property of,
or are beneficially owned, directly or indirectly, by any Person targeted by economic or trade
sanctions under US law, including but not limited to, the International Emergency Economic Powers
Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq. (the
"Trading With the Enemy Act”), any of the foreign assets control regulations of the Treasury (31
C.F.R., Subtitle B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any
enabling legislation or regulations promulgated thereunder or executive order relating thereto
(which includes, without limitation, (i) Executive Order No. 13224, effective as of September 24,
2001, and relating to Blocking Property and Prohibiting Transaction With Persons Who Commit,
Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and
(ii) the USA PATRIOT Act), if the result of such ownership would be that any Loan made by any
Lender would be in violation of law (“Embargoed Person”); (b) no Embargoed Person has any interest
of any nature whatsoever in the Borrower if the result of such interest would be that any Loan
would be in violation of law; (c) the Borrower has not engaged in business with Embargoed Persons
if the result of such business would be that any Loan made by any Lender would be in violation of
law; and (d) neither the Borrower nor any Controlled Affiliate (i) is or will become a “blocked
person” as described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets
Control Regulations or (ii) engages or will engage in any dealings or transactions, or be otherwise
associated, with any such “blocked person”. For purposes of determining whether or not a
representation is true or a covenant is being complied with under this Section 3.14, the
following shall be disregarded (i) the ownership of publicly traded stock or other publicly traded
securities or (ii) the beneficial ownership of any collective investment fund.

SECTION 3.15 Solvency.

(a) Immediately after the consummation of the Transactions to occur on the Effective Date,
(i) the fair value of the assets of the Borrower and all other Loan Parties (on a consolidated
basis), at a fair valuation, will exceed its or their debts and liabilities, subordinated,
contingent or otherwise; (ii) the present fair saleable value of the property of the Borrower and
all other Loan Parties (on a consolidated basis) will be greater than the amount that will be
required to pay the probable liability of its or their debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the
Borrower and all other Loan Parties (on a consolidated basis) will be able to pay its or their
debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured; and (iv) the Borrower and all other Loan Parties (on a consolidated basis)
will not have unreasonably small capital with which to conduct the business in which it or they are
engaged as such business is now conducted and is proposed to be conducted after the Effective Date.

(b) No Loan Party intends to, or will permit any of its Subsidiaries to, and no Loan Party
believes that it or any of its Subsidiaries will, incur debts beyond its ability to pay such debts
as they mature, taking into account the timing of and amounts of cash to be received by it or any
such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its
Indebtedness or the Indebtedness of any such Subsidiary; provided that as to the
Obligations, the representations set forth in this clause (b) of the Loan Parties other than the
Borrower shall be on a consolidated basis.

SECTION 3.16 Capitalization and Subsidiaries. Schedule 3.16 sets forth (a) a
correct and complete list of the name and relationship to the Borrower of each and all of the
Borrower’s Subsidiaries and (b) the type of entity of the Borrower and each of its Subsidiaries.
All of the issued and outstanding Equity Interests of the Borrower and its Subsidiaries has been
(to the extent such concepts are relevant with respect to such ownership interests) duly authorized
and issued and is fully paid and non-assessable.

SECTION 3.17 Security Interest in Collateral. The provisions of this Agreement and
the other Loan Documents create legal and valid Liens on all the Collateral (other than FCC
Licenses) in favor of the Administrative Agent, for the benefit of the Administrative Agent and the
other Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral
(other than FCC Licenses), securing the Secured Obligations, enforceable against the applicable
Loan Party and all third parties, and having priority over all other Liens on the Collateral (other
than FCC Licenses) except in the case of (a) Permitted Encumbrances, to the extent any such
Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent
pursuant to any applicable law and (b) Liens perfected only by possession (including possession of
any certificate of title) to the extent the Administrative Agent has not obtained or does not
maintain possession of such Collateral (other than FCC Licenses).

SECTION 3.18 Employment Matters. As of the Effective Date, there are no strikes,
lockouts or slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge of the
Financial Officers, threatened. The hours worked by and payments made to employees of the Loan
Parties and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any
other applicable Federal, state, local or foreign law dealing with such matters, except where the
violation, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect. All payments due from any Loan Party or any Subsidiary, or for which any
claim may be made against any Loan Party or any Subsidiary, on account of wages and employee health
and welfare insurance and other benefits, have been paid or accrued as a liability on the books of
the Loan Party or such Subsidiary, except where the failure to do so, individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.19 Common Enterprise. The successful operation and condition of each of the
Loan Parties is dependent on the continued successful performance of the functions of the group of
the Loan Parties as a whole and the successful operation of each of the Loan Parties is dependent
on the successful performance and operation of each other Loan Party. Each Loan Party expects to
derive benefit (and its board of directors or other governing body has determined that it may
reasonably be expected to derive benefit), directly and indirectly, from (a) successful operations
of each of the other Loan Parties and (b) the credit extended by the Lenders to the Borrower
hereunder, both in their separate capacities and as members of the group of companies. Each Loan
Party has determined that execution, delivery, and performance of this Agreement and any other Loan
Documents to be executed by such Loan Party is within its purpose, will be of direct and indirect
benefit to such Loan Party, and is in its best interest.

SECTION 3.20 FCC Licenses.

(a) The Borrower and each of its Subsidiaries holds such validly issued FCC Licenses as are
necessary to operate their respective Broadcast Stations, and each such FCC License is in full
force and effect. The FCC Licenses of each Loan Party as of the Effective Date are listed on
Schedule 3.20, and each of such FCC Licenses has the expiration date indicated on
Schedule 3.20.

(b) As of the Effective Date, no Financial Officer has knowledge of any condition imposed by
the FCC as part of any FCC License which is neither set forth on the face thereof as issued by the
FCC nor contained in the rules and regulations of the FCC applicable generally to stations of the
type, nature, class or location of the Broadcast Station in question. Each Broadcast Station has
been and is being operated in all material respects in accordance with the terms and conditions of
the FCC Licenses applicable to it and the Communications Laws. To the knowledge of the Financial
Officers, each Shared Services Station has been and is being operated in all material respects in
accordance with the terms and conditions of the FCC broadcast licenses applicable to it and the
Communications Laws.

(c) (i) Except as otherwise set forth on Schedule 3.20, no proceedings are pending
or, to the knowledge of any Financial Officer are threatened, which may result in the revocation,
modification, non-renewal or suspension of any of the FCC Licenses, the denial of any pending
applications, the issuance of any cease and desist order or the imposition of any fines,
forfeitures or other administrative actions by the FCC with respect to any Broadcast Station or its
operation, other than any matters which, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect and proceedings affecting the television or radio
broadcasting industry in general. (ii) To the knowledge of the Financial Officers, no proceedings
are pending or threatened, which may result in the revocation, modification, non-renewal or
suspension of any of the FCC broadcast licenses necessary for the operation of any Shared Services
Station, the denial of any pending applications, the issuance of any cease and desist order or the
imposition of any fines, forfeitures or other administrative actions by the FCC with respect to any
Shared Services Station or its operation, other than any matters which, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect and proceedings
affecting the television or radio broadcasting industry in general.

(d) (i) All reports, applications and other documents required to be filed by the Borrower and
any of its Subsidiaries with the FCC with respect to the Broadcast Stations have been timely filed,
and all such reports, applications and documents are true, correct and complete in all respects,
except where the failure to make such timely filing or any inaccuracy therein could not reasonably
be expected to have a Material Adverse Effect, and except as otherwise set forth on
Schedule 3.20, no Financial Officer has knowledge of any matters which could reasonably be
expected to result in the suspension or revocation of or the refusal to renew any of the FCC
Licenses or the imposition on the Borrower or such Subsidiary of any material fines or forfeitures
by the FCC, or which could reasonably be expected to result in the revocation, rescission, reversal
or modification of any Broadcast Station’s authorization to operate as currently authorized under
the Communications Laws. (ii) To the knowledge of the Financial Officers, all reports,
applications and other documents required to be filed by any shared Services Party with the FCC
with respect to the Shared Services Stations have been timely filed, and all such reports,
applications and documents are true, correct and complete in all respects, except where the failure
to make such timely filing or any inaccuracy therein could not reasonably be expected to have a
Material Adverse Effect and no Financial Officer has knowledge of any matters which could
reasonably be expected to result in the suspension or revocation of or the refusal to renew any of
the FCC broadcast licenses necessary for the operation of any Shared Services Station or the
imposition on the Shared Services Party of any material fines or forfeitures by the FCC, or which
could reasonably be expected to result in the revocation, rescission, reversal or modification of
any Shared Services Station’s authorization to operate as currently authorized under the
Communications Laws.

(e) On the Effective Date, there are no unsatisfied or otherwise outstanding notices of
apparent liability for forfeiture orders issued by the FCC with respect to any Broadcast Station or
its respective operations that could reasonably be expected to result in a fine or payment in
excess of $2,000,000 or the loss of an FCC License. After the Effective Date, there are no
unsatisfied or otherwise outstanding material citations issued by the FCC with respect to any
Broadcast Station or its respective operations. The Borrower has delivered to the Lenders true and
complete copies of all FCC Licenses (including any and all amendments and other modifications
thereto) and all pending applications relating thereto in effect on the Effective Date. To the
knowledge of the Financial Officers, there are no unsatisfied or otherwise outstanding material
citations issued by the FCC with respect to any Shared Services Station or its respective
operations.

SECTION 3.21 Condition of Broadcast Stations. All of the material properties,
equipment and systems of the Borrower, its Subsidiaries and the Broadcast Stations are, and all
material properties, equipment and systems to be added in connection with any contemplated
Broadcast Station expansion or construction will be, in condition which is sufficient for the
operation thereof in accordance with past practice of the Broadcast Station in question and are and
will be in compliance with all applicable standards, rules or requirements imposed by (a) any
Governmental Authority including without limitation the FCC and (b) any FCC License, in each case
except where such noncompliance could not reasonably be expected to have a Material Adverse Effect.
To the knowledge of the Financial Officers, all of the material properties, equipment and systems
of the Shared Services Stations are, and all material properties, equipment and systems to be added
in connection with any contemplated Shared Services Station expansion or construction will be, in
condition which is sufficient for the operation thereof in accordance with past practice of the
Shared Services Station in question and are and will be in compliance with all applicable
standards, rules or requirements imposed by (a) any Governmental Authority including without
limitation the FCC and (b) any FCC broadcast license, in each case except where such noncompliance
could not reasonably be expected to have a Material Adverse Effect.

SECTION 3.22 Use of Proceeds. The proceeds of the Revolving Loans will be used for
general corporate purposes of the Borrower and its Subsidiaries, including, without limitation, the
making of Restricted Payments and acquisitions permitted by this Agreement.

ARTICLE IV

Conditions

SECTION 4.01 Effective Date. The obligations of the Lenders to make Loans and of the
Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on
which each of the following conditions is satisfied (or waived in accordance with
Section 9.02):

(a) Credit Agreement and Loan Documents. The Administrative Agent (or its counsel)
shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on
behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may
include facsimile transmission of a signed signature page of this Agreement) that such party has
signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such
other certificates, documents, instruments and agreements as the Administrative Agent shall
reasonably request in connection with the transactions contemplated by this Agreement and the other
Loan Documents, including any promissory notes requested by a Lender pursuant to
Section 2.10 payable to the order of each such requesting Lender.

(b) Legal Opinions. The Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent, the Issuing Bank and the Lenders and dated the
Effective Date) of (i) counsel for the Borrower substantially in the form of Exhibit D and
(ii) FCC counsel to the Loan Parties addressed to the Administrative Agent and the Lenders, which
opinion shall cover such matters incident to the transactions contemplated herein and in the other
Loan Documents as the Administrative Agent may reasonably request and shall be in form and
substance reasonably satisfactory to the Administrative Agent, and in each case covering such other
matters relating to the Borrower and its Subsidiaries, this Agreement or the Transactions as the
Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver
such opinions.

(c) Governmental and Third Party Approvals. All material Authorizations and third
party approvals (including, without limitation, all FCC Licenses and consents) necessary or
appropriate in connection with this Agreement or the other Loan Documents and the other
transactions contemplated herein and in the other Loan Documents shall have been obtained and shall
be in full force and effect, and all applicable waiting periods shall have expired without any
action being taken or threatened by any competent authority which would restrain, prevent or
otherwise impose materially adverse conditions on this Agreement, the other Loan Documents, or any
of the other transactions contemplated herein or therein.

(d) Closing Certificates; Certified Certificate of Incorporation; Good Standing
Certificates. The Administrative Agent shall have received (i) a certificate of each Loan
Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall
(A) certify the resolutions of its Board of Directors, members or other body authorizing the
execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by
name and title and bear the signatures of the Financial Officers and any other officers of such
Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain
appropriate attachments, including the certificate or articles of incorporation or organization of
each Loan Party certified by the relevant authority of the jurisdiction of organization of such
Loan Party and a true and correct copy of its by-laws or operating, management or partnership
agreement, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction
of organization.

(e) Compliance Certificate. The Administrative Agent shall have received a Compliance
Certificate demonstrating compliance with the financial covenants set forth in Section 6.12
as of a date acceptable to the Administrative Agent.

(f) Pro Forma Balance Sheet. A pro forma balance sheet of the Borrower and
Subsidiaries, prepared on a consolidated basis as at the last day of the calendar month immediately
preceding the Effective Date and after giving effect to consummation of all transactions the
subject of the Loan Documents and the funding of and application of the proceeds of the initial
Borrowings, in form and substance satisfactory to the Administrative Agent and each Lender.

(g) Current Financial Statements. A copy of all current Financial Statements,
including (i) the unaudited consolidated Financial Statements, showing the financial condition and
results of operations of Borrower and its consolidated Subsidiaries as of, and for the fiscal
quarter ended on, September 30, 2012, and (ii) the audited consolidated Financial Statements,
showing the financial condition and results of operations of the Borrower and its consolidated
Subsidiaries as of, and for the fiscal year ended on, December 31, 2011, together with the opinion
of its auditors containing only qualifications and emphasis acceptable to the Required Lenders.

(h) No Default Certificate. The Administrative Agent shall have received a
certificate, dated the Effective Date and signed by the President, a Vice President or a Financial
Officer of the Borrower, confirming (i) compliance with the conditions set forth in
paragraphs (a) and (b) of Section 4.02 and (ii) certifying any other
factual matters as may be reasonably requested by the Administrative Agent.

(i) Fees. The Lenders and the Administrative Agent shall have received all fees and
other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced,
reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the
Borrower hereunder.

(j) Equity Interests. Stock certificates (which certificates shall not contain any
restriction on transfer not acceptable to the Administrative Agent) evidencing all of the
certificated equity interests of all Loan Guarantors; undated, blank stock powers executed by the
Borrower or other appropriate Loan Party of the stock or other equity interest evidenced by such
certificates; and duly executed and completed confirmations of all Liens on all equity interests of
all Loan Guarantors.

(k) Transfer Restrictions. Evidence that all restrictions on transfer of any interest
in any equity of each Loan Guarantor contained in any organizational or governance document of such
entity, voting rights, warrant, option or similar agreement related to such entity are waived or
modified in form and substance satisfactory to the Administrative Agent.

(l) Lien Searches. The Administrative Agent shall have received the results of a
recent lien search in each of the jurisdictions where the Loan Parties and assets of the Loan
Parties are located, and such search shall reveal no liens on any of the assets of the Loan Parties
except for liens permitted by Section 6.02 or discharged on or prior to the Effective Date
pursuant to a pay-off letter or other documentation satisfactory to the Administrative Agent.

(m) Solvency. The Administrative Agent shall have received a solvency certificate
from a Financial Officer.

(n) Filings, Registrations and Recordings. Each document (including any Uniform
Commercial Code financing statement) required by the Collateral Documents or under law or
reasonably requested by the Administrative Agent to be filed, registered or recorded in order to
create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected
Lien on the Collateral (other than FCC Licenses) described therein, prior and superior in right to
any other Person (other than with respect to Liens expressly permitted by Section 6.02),
shall be in proper form for filing, registration or recordation.

(o) Insurance. The Administrative Agent shall have received evidence of insurance
coverage and endorsements naming the Administrative Agent, on behalf of the Lenders, as an
additional insured or loss payee, as the case may be, under all insurance policies maintained with
respect to the assets and properties of the Loan Parties that constitutes Collateral (other than
FCC Licenses), in form, scope, and substance reasonably satisfactory to the Administrative Agent
and otherwise in compliance with the terms of Section 5.09 and Section 4.12 of the Security
Agreement.

(p) Letter of Credit Application. The Administrative Agent shall have received a
properly completed letter of credit application (whether standalone or pursuant to a master
agreement, as applicable) if the issuance of a Letter of Credit will be required on the Effective
Date.

(q) PATRIOT Act, Anti-Money Laundering, Etc.. The Administrative Agent shall have
received at least five (5) days prior to the Effective Date all documentation and other information
required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Act.

(r) Other Documents. The Administrative Agent shall have received such other
documents as the Administrative Agent, the Issuing Bank, any Lender or their respective counsel may
have reasonably requested.

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become
effective unless each of the foregoing conditions is satisfied (or waived pursuant to
Section 9.02) at or prior to 3:00 p.m., Pacific time, on November 19, 2012 (and, in the
event such conditions are not so satisfied or waived, the Commitments shall terminate at such
time).

SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of
Credit, is subject to the satisfaction of the following conditions:

(a) The representations and warranties of the Borrower set forth in this Agreement shall be
true and correct in all material respects, except to the extent that such representations and
warranties are already qualified by materiality, in which case they are true and correct in all
respects, on and as of the date of such Borrowing or the date of issuance, amendment, renewal or
extension of such Letter of Credit, as applicable.

(b) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have
occurred and be continuing.

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be
deemed to constitute a representation and warranty by the Borrower on the date thereof as to the
matters specified in paragraphs (a) and (b) of this Section.

ARTICLE V

Affirmative Covenants

Until the date on which the Commitments have expired or been terminated, the principal of and
interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters
of Credit shall have expired or terminated, in each case, without any pending draw, and all LC
Disbursements shall have been reimbursed, the Borrower, on behalf of itself and each other Loan
Party, covenants and agrees with the Lenders that:

SECTION 5.01 Financial Statements; Ratings Change and Other Information. The Borrower
will furnish to the Administrative Agent, including their Public Siders:

(a) within 120 days after the end of each fiscal year of the Borrower, its audited
consolidated balance sheet and related statements of operations, stockholders’ equity and cash
flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by PricewaterhouseCoopers or other
independent public accountants of recognized national standing (without a “going concern” or like
qualification commentary, emphasis or exception arising out of the scope of the audit, or exception
and without any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition
and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied;

(b) within 60 days after the end of each of the first three fiscal quarters of each fiscal
year of the Borrower, its consolidated and consolidating balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and
the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the
end of) the previous fiscal year, all certified by one of its Financial Officers as presenting
fairly in all material respects the financial condition and results of operations of the Borrower
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year end audit adjustments and the absence of footnotes;

(c) concurrently with any delivery of financial statements under clause (a) or
(b) above, a Compliance Certificate of the Borrower (i) in substantially the form of
Exhibit B (i) certifying, in the case of the financial statements delivered under
clause (b), as presenting fairly in all material respects the financial condition and
results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in
accordance with GAAP consistently applied, subject to normal year end audit adjustments and the
absence of footnotes, (ii) certifying as to whether a Default has occurred and, if a Default has
occurred, specifying the details thereof and any action taken or proposed to be taken with respect
thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance with
Sections 6.12(a) and (b) and (iv) stating whether any change in GAAP or in the
application thereof has occurred since the date of the audited financial statements referred to in
Section 3.04 and, if any such change has occurred, specifying the effect of such change on
the financial statements accompanying such certificate;

(d) concurrently with any delivery of financial statements under clause (a) above, a
certificate of the accounting firm that reported on such financial statements stating whether they
obtained knowledge during the course of their examination of such financial statements of any
Default (which certificate may be limited to the extent required by accounting rules or
guidelines);

(e) as soon as available, but in any event not more than 30 days after the end of each fiscal
year of the Borrower, a copy of the plan and forecast, including a projected year end consolidated
and consolidating balance sheet and a quarterly income statement and cash forecast of the Borrower
for the upcoming fiscal year in form reasonably satisfactory to the Administrative Agent;

(f) promptly after the same become publicly available, copies of all periodic and other
reports and other materials distributed by the Borrower to its shareholders generally, other than
those filed with the Securities and Exchange Commission;

(g) promptly after Moody’s or S&P shall have announced a change in the rating established or
deemed to have been established for the Index Debt, written notice of such rating change; and

(h) promptly following any written request therefor, such other information regarding the
operations, business affairs and financial condition of the Borrower or any Subsidiary, or
compliance with the terms of this Agreement, as the Administrative Agent or any Lender may
reasonably request.

The Company further agrees to clearly label the financial statements described in
clauses (a) and (b) (collectively, “Financial Statements”) with a notice stating:
"Confidential Financial Statements to be Provided to All Lenders, Including Public-Siders” before
delivering them to the Administrative Agent.

SECTION 5.02 Notices of Events. The Borrower will furnish to the Administrative Agent
and each Lender prompt written notice of the following:

(a) the occurrence of any Default;

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator
or Governmental Authority against or affecting the Borrower or any Subsidiary thereof that, in the
reasonable determination of a Financial Officer, is reasonably likely to result in the payment or
transfer of property in the amount (in excess of insurance coverage) equal to or greater than
$2,500,000;

(c) the fact that a Loan Party has entered into a Swap Agreement or an amendment to a Swap
Agreement, together with copies of all agreements evidencing such Swap Agreement or amendments
thereto (which shall be delivered within two Business Days);

(d) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that
have occurred, could reasonably be expected to result in liability of the Borrower and its
Subsidiaries in an aggregate amount exceeding $2,500,000; and

(e) any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03 FCC Information. As soon as possible and in any event within five days
after the receipt by the Borrower or any of its Subsidiaries from the FCC or any other Governmental
Authority or filing or receipt thereof by the Borrower or any of its Subsidiaries, the Borrower
will provide to the Administrative Agent and the Lenders (a) any citation, notice of violation or
order to show cause issued by the FCC or any Governmental Authority with respect to the Borrower or
any of its Subsidiaries which is available to the Borrower or any of its Subsidiaries, in each case
which could reasonably be expected to have a Material Adverse Effect and (b) if applicable, a copy
of any notice or application by the Borrower or any of its Subsidiaries requesting authority to or
notifying the FCC of its intent to cease broadcasting on any broadcast station for any period in
excess of ten days.

SECTION 5.04 FCC Licenses and Regulatory Compliance. The Borrower shall, and shall
cause each other Loan Party to, comply in all material respects with all material terms and
conditions of all FCC Licenses, all material Federal, state and local laws, all material rules,
regulations and administrative orders of the FCC and all material state and local commissions or
authorities which are applicable to the Borrower and/or its Subsidiaries or any Loan Party or the
operation of the Broadcast Stations of the Borrower or any of its Subsidiaries or other Loan Party.

SECTION 5.05 License Lapse. As soon as possible and in any event within five days
after the receipt thereof by the Borrower or any other Loan Party, the Borrower will give the
Administrative Agent and the Lenders notice of any lapse, termination or relinquishment of any
material License, permit or other Authorization from the FCC or other Governmental Authority held
by the Borrower or any other Loan Party, or any failure of the FCC or other Governmental Authority
to renew or extend any such License, permit or other Authorization for the usual period thereof and
of any complaint or other matter filed with or communicated to the FCC or other Governmental
Authority, of which any Financial Officer or any Loan Party has knowledge and in any such case
which could reasonably be expected to have a Material Adverse Effect.

SECTION 5.06 Existence; Conduct of Business. The Borrower will, and will cause each
other Loan Party to, (a) do or cause to be done all things necessary (i) to preserve, renew and
keep in full force and effect (A) its legal existence and (B) the rights, qualifications, licenses,
permits, privileges and franchises, governmental authorizations, intellectual property rights,
licenses and permits material to the conduct of the business of the Borrower and the other Loan
Parties taken as a whole, and (ii) maintain all requisite authority to conduct its business in each
jurisdiction in which it operates any Broadcast Station or provides services to any Shared Services
Station; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03 and (b) carry on and conduct its
business in substantially the same manner and in substantially the same fields of enterprise as it
is presently conducted.

SECTION 5.07 Payment of Obligations. The Borrower will, and will cause each other
Loan Party to, pay its obligations, including Tax liabilities, that, if not paid, could result in a
Material Adverse Effect before the same shall become delinquent or in default, except where (a) the
validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such other Loan Party has set aside on its books adequate reserves with respect thereto
in accordance with GAAP and (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect.

SECTION 5.08 Maintenance of Properties. The Borrower will, and will cause each other
Loan Party to, keep and maintain all property material to the conduct of the business of the
Borrower and the other Loan Parties taken as a whole in good working order and condition, ordinary
wear and tear excepted.

SECTION 5.09 Books and Records; Inspection Rights. The Borrower will, and will cause
each other Loan Party to, keep proper books of record and account in which full, true and correct
entries are made of all dealings and transactions in relation to its business and activities. The
Borrower will, and will cause each other Loan Party to, permit any representatives designated by
the Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender
or any consultants, accountants, lawyers and appraisers retained by the Administrative Agent), upon
reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its
books and records, and to discuss its affairs, finances and condition with its officers and
independent accountants, all at such reasonable times and as often as reasonably requested.

SECTION 5.10 Compliance with Laws and Contracts. The Borrower will, and will cause
each other Loan Party to, comply with all laws (including Environmental Laws), rules, regulations
and orders of any Governmental Authority and any material contract or agreement (including all
Requirements of Law) applicable to it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

SECTION 5.11 Use of Proceeds and Letters of Credit. The proceeds of the Loans will be
used only for the purposes set forth in Section 3.22. No part of the proceeds of any Loan
and no Letter of Credit will be used, whether directly or indirectly, for any purpose that entails
a violation of any of the Regulations of the Board, including Regulations T, U and X. Letters of
Credit will be issued only to support the Loan Parties.

SECTION 5.12 Accuracy Of Information. The Borrower will, and will cause each other
Loan Party to, ensure that any information, including financial statements or other documents,
furnished to the Administrative Agent or the Lenders in connection with this Agreement or any
amendment or modification hereof or waiver hereunder contains no material misstatement of fact or
omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and the furnishing of such information
shall be deemed to be representation and warranty by the Borrower on the date thereof as to the
matters specified in this Section 5.12.

SECTION 5.13 Insurance. The Borrower will, and will cause each other Loan Party to,
maintain with financially sound and reputable carriers having a financial strength rating of at
least A- by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and
against such risks (including loss or damage by fire and loss in transit; theft, burglary,
pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general
liability) and such other hazards, as is customarily maintained by companies of established repute
engaged in the same or similar businesses operating in the same or similar locations and (b) all
insurance required pursuant to the Collateral Documents. The Borrower will furnish to the Lenders,
upon request of the Administrative Agent, information in reasonable detail as to the insurance so
maintained and endorsements reasonably requested by the Administrative Agent.

SECTION 5.14 Casualty and Condemnation. The Borrower (a) will furnish to the
Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage
to any material portion of the Collateral or the commencement of any action or proceeding for the
taking of any material portion of the Collateral or interest therein under power of eminent domain
or by condemnation or similar proceeding and (b) will ensure that the proceeds of any such event
(whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and
applied in accordance with the applicable provisions of this Agreement and the Collateral
Documents.

SECTION 5.15 Depository Banks. Not later than six (6) months following the Effective
Date, each Loan Party will maintain JPMCB as its principal depository bank to the extent that the
fees, charges, interest, payments, and other account arrangements are reasonably competitive with
those of similar banks in the marketplace, including for the maintenance of operating,
administrative, cash management, collection activity, and other deposit accounts for the conduct of
its business; provided that the Loan Parties may maintain with banks other than JPMCB
(a) deposit accounts with aggregate balances not to exceed $1,000,000 in all such accounts, (b)
deposit accounts with aggregate balances not to exceed $5,000,000 in all such accounts to secure
reimbursement obligations with respect to letters of credit permitted by Section 6.01(k),
and (c) payroll and benefit accounts; provided further that the accounts described
in the foregoing clauses (a) and (c) shall not be subject to any control agreements in favor of
parties other than Administrative Agent. In the event the Borrower determines JPMCB is not
competitive as described in the first sentence of this Section, the Loan Parties may
maintain their deposit accounts with an institution other than JPMCB; provided that the
Administrative Agent receives a deposit account control agreement for such accounts other than
accounts listed in clauses (a), (b) and (c) above, by the later to occur of (i) six (6) months
following the Effective Date and (ii) the establishment of such account, such control agreement to
be reasonably satisfactory to the Administrative Agent executed by each institution holding any
such deposit accounts and each Loan Party owning such deposit accounts.

SECTION 5.16 Additional Collateral; Further Assurances.

(a) Subject to applicable law, the Borrower shall cause each of its domestic Subsidiaries
formed or acquired after the date of this Agreement in accordance with the terms of this Agreement
to become a Loan Party by executing the Joinder Agreement set forth as Exhibit E hereto
(the “Joinder Agreement”). Upon execution and delivery thereof, each such Person (i) shall
automatically become a Loan Guarantor hereunder and thereupon shall have all of the rights,
benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will grant
Liens to the Administrative Agent, for the benefit of the Administrative Agent and the other
Secured Parties, in any property of such Loan Party which constitutes Collateral (other than FCC
Licenses).

(b) The Borrower and each Loan Guarantor will cause (i) 100% of the issued and outstanding
Equity Interests of each of its domestic Subsidiaries and (ii) 66% (or such greater percentage
that, due to a change in applicable law after the date hereof, (A) could not reasonably be expected
to cause the undistributed earnings of such foreign Subsidiary as determined for U.S. federal
income tax purposes to be treated as a deemed dividend to such foreign Subsidiary’s U.S. parent and
(B) could not reasonably be expected to cause any material adverse tax consequences) of the issued
and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg.
Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote
(within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each foreign Subsidiary directly owned
by the Borrower or any domestic Subsidiary to be subject at all times to a first priority,
perfected Lien in favor of the Administrative Agent pursuant to the terms and conditions of the
Loan Documents or other security documents as the Administrative Agent shall reasonably request.

(c) Without limiting the foregoing, the Borrower will, and will cause each domestic Subsidiary
to, execute and deliver, or cause to be executed and delivered, to the Administrative Agent such
documents, agreements and instruments, and will take or cause to be taken such further actions
(including the filing and recording of financing statements, fixture filings, mortgages, deeds of
trust and other documents and such other actions or deliveries of the type required by
Section 4.01, as applicable), which may be required by law or which the Administrative Agent may,
from time to time, reasonably request to carry out the terms and conditions of this Agreement and
the other Loan Documents and to ensure perfection and priority of the Liens created or intended to
be created by the Collateral Documents, all at the expense of the Loan Parties.

(d) If any material assets, excluding real property with a fair market value less than
$15,000,000 and, so long as applicable Law does not permit a lien on such Licenses, FCC Licenses,
are acquired by the Borrower or any Loan Guarantor after the Effective Date (other than assets
constituting Collateral under the Security Agreement that become subject to the Lien in favor of
the Administrative Agent upon acquisition thereof), the Borrower will notify the Administrative
Agent and the Lenders thereof, and, if requested by the Administrative Agent or the Required
Lenders, the Borrower will cause such assets to be subjected to a Lien securing the Secured
Obligations and will take, and cause the other Loan Parties to take, such actions as shall be
necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens,
including actions described in paragraph (c) of this Section, all at the expense of the
Loan Parties.

SECTION 5.17 License Subsidiaries.

(a) License Subsidiaries must be wholly-owned domestic Subsidiaries of the Borrower created or
formed in accordance with the terms of Section 5.16 and designated by the Borrower as a
“License Subsidiary” hereunder by written prior notice to the Administrative Agent thereof.
License Subsidiaries shall be single purpose entities created and formed only for the sole purpose
of holding Authorizations for Broadcast Stations.

(b) Upon any acquisition permitted under Section 6.04(d), the Borrower shall cause the
acquired Authorizations relating to each acquired Broadcast Station to be acquired by, and held in,
one or more License Subsidiaries.

(c) Upon the occurrence and during the continuance of any Event of Default, the Borrower shall
promptly, but in any event not more than 90 Business Days, cause the all of the Authorizations
relating to each Broadcast Station held by such Borrower and each other Loan Party to be
transferred to a License Subsidiary.

(d) Each License Subsidiary will, and the Borrower will cause each License Subsidiary to,
maintain its Equity Interests and properties subject to a prior first Lien securing the Secured
Obligations.

(e) Each License Subsidiary will, and the Borrower will cause each License Subsidiary to,
(i) be formed and organized, and operate, in each case solely for the purpose of holding the
Authorizations directly, and not hold or own any assets other than (A) the Authorizations, and
(B) licenses with the Subsidiaries of the Borrower related to the use of the Authorizations,
(ii) do all things necessary under applicable law and its organizational documents to observe
organizational formalities and to preserve its existence, and not amend, modify or otherwise change
its certificate of organization or operating agreement, or allow the same to be amended, modified
or otherwise changed, without the prior written consent of Administrative Agent, (iii) maintain all
of its books, records, financial statements and bank accounts separate from those of any Affiliate,
(iv) be, and at all times hold itself out to the public as, a legal entity separate and distinct
from any other entity, including its members, correct any known misunderstanding regarding its
status as a separate entity, conduct business in its own name, not identify itself as a division or
part of its members and maintain and utilize separate stationary, invoices and checks, (v) maintain
adequate capital for the normal obligations reasonably foreseeable in a business of its size and
character and in light of its contemplated business operations, (vi) maintain its assets in such a
manner that it will not be costly or difficult to segregate, ascertain or identify its individual
assets from those of any Affiliate or any other Person and (vii) not be, and not hold itself out to
be, responsible for the debts or obligations of any other Person.

SECTION 5.18 Landlords’ Waivers. Within 120 days after the Effective Date, Borrower
will use commercially reasonable efforts to provide to Administrative Agent a duly executed
landlord’s waiver, in form and substance acceptable to Administrative Agent in its sole discretion,
with respect to Borrower’s leasehold interest in Fisher Plaza.

SECTION 5.19 Changes to Certain Representations. Not later than thirty days after the
last day of each fiscal quarter of Borrower during which any information disclosed on Schedule
3.13 to this Agreement changed, Borrower shall deliver to Administrative Agent an updated
Schedule 3.13 (which updates shall restate (and not supplement) such Schedule in its
entirety); provided, the delivery of an updated Schedule 3.13 shall not be deemed a waiver
of any (a) obligation of any Loan Party under any Loan Document, or (b) representation or warranty
of Borrower with respect to such Schedule during the period such Schedule was effective. Each
representation and warranty made as of a particular Schedule Effective Date shall be deemed made as
of such Schedule Effective Date and at all times thereafter until the Schedule Effective Date of
the next effective succeeding restated Schedule.

ARTICLE VI

Negative Covenants

Until the date on which the Commitments have expired or been terminated, the principal of and
interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters
of Credit shall have expired or terminated, in each case, without any pending draw, and all LC
Disbursements shall have been reimbursed, the Borrower, on behalf of itself and each other Loan
Party, covenants and agrees with the Lenders that:

SECTION 6.01 Indebtedness. The Borrower will not, and will not permit any other Loan
Party to, create, incur, assume or permit to exist any Indebtedness, except:

(a) the Secured Obligations;

(b) Indebtedness, except reimbursement obligations with respect to letters of credit, existing
on the date hereof and set forth in Schedule 6.01, and extensions, renewals and
replacements of any such Indebtedness that do not increase the outstanding principal amount
thereof;

(c) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, Indebtedness of the Borrower to any Loan Guarantor (other than a License Subsidiary)
and of any Loan Guarantor (other than a License Subsidiary) to the Borrower or any other Subsidiary
(other than a License Subsidiary), provided that Indebtedness of the Borrower to any
Subsidiary that is not a Loan Party and Indebtedness of any Loan Guarantor to any Subsidiary that
is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably
satisfactory to the Administrative Agent;

(d) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, Guarantees by the Borrower of Indebtedness or other obligations of any Loan Guarantor
(other than a License Subsidiary) and by any Loan Guarantor (other than a License Subsidiary) of
Indebtedness of the Borrower or any other Loan Guarantor (other than a License Subsidiary),
provided that (i) the Indebtedness so Guaranteed is permitted by this Section 6.01,
and (ii) Guarantees permitted under this clause (d) shall be subordinated to the Secured
Obligations of the applicable Subsidiary on substantially the same terms as the Indebtedness so
Guaranteed is subordinated to the Secured Obligations (if applicable);

(e) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, Indebtedness of the Borrower or any Loan Guarantor (other than a License Subsidiary)
incurred to finance the acquisition, construction or improvement of any fixed or capital assets,
including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition
of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and
extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding
principal amount thereof; provided that (i) such Indebtedness is incurred prior to or
within 90 days after such acquisition or the completion of such construction or improvement and
(ii) the aggregate principal amount of Indebtedness constituting purchase money Indebtedness
permitted by this clause (e) shall not exceed $10,000,000 at any time outstanding;

(f) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, Indebtedness of any Person that becomes a Loan Guarantor (other than a License
Subsidiary) after the date hereof; provided that (i) such Indebtedness exists at the time
such Person becomes a Subsidiary and is not created in contemplation of or in connection with such
Person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by
this clause (f) shall not exceed $10,000,000 at any time outstanding;

(g) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, other unsecured Indebtedness of the Borrower and the Loan Guarantors (other than
License Subsidiaries) in an aggregate principal amount not exceeding $10,000,000 at any time
outstanding;

(h) obligations (contingent or otherwise) existing or arising under any Swap Agreement,
provided that such obligations are (or were) entered into by such Person in the ordinary
course of business for the purpose of directly mitigating risks associated with liabilities,
commitments, investments, assets, or property held or reasonably anticipated by such Person, or
changes in the value of securities issued by such Person, and not for purposes of speculation or
taking a “market view”;

(i) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, Guarantees by Borrower of the Indebtedness of Shared Services Parties in an aggregate
principal amount for all such Guarantees not exceeding $20,000,000 at any time;

(j) letters of credit existing on the Effective Date and described on Schedule 6.01,
provided that such letters of credit shall have expired or terminated without any pending
draw within 60 days after the Effective Date;

(k) so long as there exists no Default before and immediately after the incurrence of such
Indebtedness, all obligations, contingent or otherwise, as an account party in respect of letters
of credit and letters of guaranty in an aggregate amount not exceeding $5,000,000 at any time
outstanding.

SECTION 6.02 Liens. The Borrower will not, and will not permit any other Loan Party
to, create, incur, assume or permit to exist any Lien on any property or asset now owned or
hereafter acquired by it (including any real property), or assign or sell any income or revenues
(including accounts receivable) or rights in respect of any thereof, except:

(a) Liens securing the Secured Obligations;

(b) Permitted Encumbrances;

(c) any Lien on any property or asset of the Borrower or any Loan Guarantor (other than a
License Subsidiary) existing on the date hereof and set forth in Schedule 6.02;
provided that (i) such Lien shall not apply to any other property or asset of the Borrower
or any Loan Guarantor and (ii) such Lien shall secure only those obligations which it secures on
the date hereof;

(d) any Lien existing on any property or asset prior to the acquisition thereof by the
Borrower or any Loan Guarantor (other than a License Subsidiary) or existing on any property or
asset of any Person that becomes a Loan Guarantor (other than a License Subsidiary) after the date
hereof prior to the time such Person becomes a Loan Guarantor (other than a License Subsidiary);
provided that (i) such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not
apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall
secure only those obligations which it secures on the date of such acquisition or the date such
Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof
that do not increase the outstanding principal amount thereof;

(e) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any
Loan Guarantor (other than a License Subsidiary); provided that (i) such security interests
secure Indebtedness permitted by clause (e) of Section 6.01, (ii) such security
interests and the Indebtedness secured thereby are incurred prior to or within 90 days after such
acquisition or the completion of such construction or improvement, (iii) except with respect to
Capital Lease Obligations, the Indebtedness secured thereby does not exceed 80% of the cost of
acquiring, constructing or improving such fixed or capital assets and (iv) such security interests
shall not apply to any other property or assets of the Borrower or any Loan Guarantor;

(f) landlords’ Liens;

(g) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due
or which are being contested in good faith by appropriate proceedings, provided that
adequate reserves are maintained on the books of the Borrower or a Loan Guarantor, as the case may
be, in conformity with GAAP;

(h) Liens that secure Borrower’s or any Loan Party’s obligations under an option to purchase
or sell securities entered into in the ordinary course of such Person’s cash management operations;
and

(i) Liens on cash and Cash Equivalents, provided that such security interests secure
Indebtedness permitted by Section 6.01(k), such cash collateral not to exceed $5,000,000 at
any time.

SECTION 6.03 Fundamental Changes.

(a) The Borrower will not, and will not permit any other Loan Party to, merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it,
or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of
transactions) all any substantial part of its assets, or all or substantially all of the stock of
any Loan Guarantor (in each case, whether now owned or hereafter acquired), or liquidate or
dissolve, except that, if at the time thereof and immediately after giving effect thereto no
Default shall have occurred and be continuing (i) any Loan Guarantor/Person (other than a License
Subsidiary) may merge into the Borrower in a transaction in which the Borrower is the surviving
corporation, (ii) any Loan Guarantor (other than the Borrower) may merge into any Loan Party in a
transaction in which the surviving entity is a Loan Party, (iii) any Loan Guarantor (other than a
License Subsidiary) may sell, transfer, lease or otherwise dispose of its assets to the Borrower or
to another Loan Guarantor, (iv) any Loan Guarantor (other than a License Subsidiary) may liquidate
or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the
best interests of the Borrower and is not materially disadvantageous to the Lenders, and (v) any
sales, transfers and dispositions permitted by Section 6.05 shall not constitute a
violation of this clause (a); provided that any such merger involving a Person that is not a wholly
owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by
Section 6.04.

(b) The Borrower will not, and will not permit any other Loan Party to, engage to any material
extent in any business other than the Television Broadcasting Business and Radio Broadcasting
Business or businesses reasonably related thereto, including, without limitation, any internet
businesses reasonably related to the businesses in which Borrower and the other Loan Parties are
engaged on the Effective Date.

(c) The Borrower will not change its fiscal year from the fiscal year used by the Borrower and
the Loan Guarantors as of the Effective Date.

SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower
will not, and will not permit any other Loan Party to, purchase, hold or acquire (including
pursuant to any merger with any Person that was not a Loan Party and a wholly owned Subsidiary
prior to such merger) any capital stock, evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, Guarantee any Indebtedness of, or make or permit to exist any investment or
any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit (whether
through purchase of assets, merger or otherwise), or enter into any Sharing Arrangement, or other
similar agreement for any new radio station or television station, except:

(a) Cash Equivalents;

(b) investments in existence on the date of this Agreement and described in
Schedule 6.04;

(c) investments by the Borrower and the Loan Guarantors (other than License Subsidiaries) in
Equity Interests in their respective Loan Guarantors (other than License Subsidiaries);

(d) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, acquisitions in the Television Broadcasting Business and
Radio Broadcasting Business (including the acquisition of a television broadcast station or radio
broadcast station and all related assets necessary to operate such television broadcast station or
radio broadcast station, the entering into of any Sharing Arrangement with a Shared Services Party
or other similar arrangement, and the acquisition of all or substantially all of the Television
Broadcasting Business or Radio Broadcasting Business assets of another Person, or any Television
Broadcasting Business, Radio Broadcasting Business or division of another Person), provided
that the Borrower shall (A) if the aggregate consideration for such acquisition (including without
limitation cash paid and assumed debt) is greater than or equal to $20,000,000, provide to the
Administrative Agent a pro forma Compliance Certificate demonstrating compliance with the financial
covenants set forth in Section 6.12 (but for purposes of Total Leverage Ratio, calculating
Consolidated Total Funded Debt as of such date), before, at the time of and after giving effect to
such acquisition and (B) comply with all other provisions of this Agreement including, without
limitation, Section 5.17;

(e) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, Guarantees of Indebtedness permitted by
Section 6.01;

(f) loans or advances made by a Loan Party (other than a License Subsidiary) to its employees
on an arms-length basis in the ordinary course of business consistent with past practices for
travel and entertainment expenses, relocation costs and similar purposes up to a maximum of
$250,000 to any employee and up to a maximum of $1,000,000 in the aggregate at any one time
outstanding;

(g) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, investments in the form of Swap Agreements permitted by
Section 6.07;

(h) investments of any Person existing at the time such Person becomes a Loan Guarantor or
consolidates or merges with the Borrower or any of the Loan Guarantors (including in connection
with a permitted acquisition) so long as such investments were not made in contemplation of such
Person becoming a Subsidiary or of such merger;

(i) investments received in connection with the dispositions of assets permitted by
Section 6.05;

(j) investments constituting a loan permitted by Section 6.01(c);

(k) Guarantees by Loan Parties of the Secured Obligations;

(l) so long as there exists no Default before and immediately after entering into such
arrangements, Sharing Arrangements with Shared Services Parties so long as the aggregate amount of
all Guarantees or other Liens on assets and properties of Borrower and any other Loan Parties or
exposure of Borrower and any other Loan Parties in connection therewith does not exceed $20,000,000
in the aggregate at any time outstanding;

(m) so long as there exists no Default before and immediately after entering into such
arrangements, Strategic Sharing Arrangements; and

(n) Asset Swap Transactions, other than any Asset Swap Transaction resulting in the
disposition of either Television Station KOMO in Seattle, Washington or KATU TV in Portland,
Oregon.

SECTION 6.05 Asset Sales. The Borrower will not, nor will it permit any other Loan
Party to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest
owned by it, including by the entry of Borrower or any of its Subsidiaries into a Loan Party
Sharing Arrangement, nor will the Borrower permit any Loan Party to issue any additional Equity
Interest in such Loan Party (other than to the Borrower or another Loan Party in compliance with
Section 6.04), except:

(a) sales, transfers and dispositions of (i) inventory in the ordinary course of business and
(ii) used, obsolete, worn out or surplus equipment or property in the ordinary course of business;

(b) sales, transfers and dispositions to the Borrower or any Loan Guarantor (other than a
License Subsidiary), provided that sales, transfers and dispositions to a License
Subsidiary shall be limited to Authorizations for Broadcast Stations in accordance with the terms
of Section 5.17 and Section 6.12;

(c) loans or advances made by the Borrower to any Loan Guarantor (other than a License
Subsidiary) and made by any Loan Guarantor (other than a License Subsidiary) to the Borrower or any
other Loan Guarantor;

(d) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, sales, transfers and dispositions of Cash Equivalents and
other investments permitted by clause (i) of Section 6.04;

(e) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, sale and leaseback transactions permitted by
Section 6.06;

(f) dispositions resulting from any casualty or other insured damage to, or any taking under
power of eminent domain or by condemnation or similar proceeding of, any property or asset of the
Borrower or any Loan Guarantor;

(g) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, sales, transfers and other dispositions of assets that are
not permitted by any other paragraph of this Section, provided that (i) the aggregate fair
market value of all assets sold, transferred or otherwise disposed of in reliance upon this
paragraph (g) shall not exceed $25,000,000 during any fiscal year of the Borrower and
(ii) notwithstanding the foregoing, in no event shall the Borrower or any Subsidiary be permitted
to sell, transfer, lease or otherwise dispose of any asset that is (A) Equity Interests in a Loan
Guarantor unless all Equity Interests in such Loan Guarantor are sold and (B) all or any material
portion of the operating assets necessary for the operation of (x) Television Station KOMO in
Seattle, Washington and/or (y) Television Station KATU TV in Portland, Oregon (or any Equity
Interest of any entity owning either such Television Station);

(h) Asset Swap Transactions, other than any Asset Swap Transaction resulting in the
disposition of all or any material portion of the operating assets necessary for the operation of
either Television Station KOMO in Seattle, Washington or KATU TV in Portland, Oregon;

(i) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, the entry of Borrower or any of its Subsidiaries into any
Loan Party Sharing Arrangement other than with respect to Television Station KOMO in Seattle,
Washington or KATU TV in Portland, Oregon; provided that (i) at least five Business Days
prior to the entry into any Loan Party Sharing Arrangement, the Administrative Agent shall have
received, in form and substance reasonably satisfactory to the Administrative Agent, a copy of each
of the definitive documents governing such Loan Party Sharing Arrangement, (ii) at no time shall
more than 15% of EBITDA of Borrower and its Subsidiaries, determined based on the annual average of
the eight consecutive fiscal quarter periods most recently ended, be attributable to Broadcast
Stations that are subject to Loan Party Sharing Arrangements, and (iii) such Loan Party Sharing
Arrangement does not contemplate, and is not related, directly or indirectly, to, the disposition
by Borrower or any of its Subsidiaries of a material portion of the assets of the Broadcast Station
to which such Loan Party Sharing Arrangement relates; and

(j) so long as at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing, sales, transfers and other dispositions of Equity Interests
meeting each of the following qualifications: (i) such Equity Interests were owned by the Borrower
on the Effective Date, (ii) such Equity Interests are in a Person that does not own broadcast tower
assets, (iii) the Borrower, its Subsidiaries and Affiliates collectively have never Controlled such
Person and (iv) the Borrower, its Subsidiaries and Affiliates collectively have never owned 51% or
more of the issued and outstanding Equity Interests.

SECTION 6.06 Sale and Leaseback Transactions. The Borrower will not, nor will it
permit any Loan Party to, enter into any arrangement, directly or indirectly, whereby it shall sell
or transfer any property, real or personal, used or useful in its business, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property that it intends to
use for substantially the same purpose or purposes as the property sold or transferred, except, so
long as at the time thereof and immediately after giving effect thereto no Default shall have
occurred and be continuing, (a) for any such sale of any fixed or capital assets by the Borrower or
any Loan Guarantor (other than a License Subsidiary) that is made for cash consideration in an
amount not less than the fair value of such fixed or capital asset and is consummated within 90
days after the Borrower or such Loan Guarantor acquires or completes the construction of such fixed
or capital asset and (b) the sale and leaseback of interests in real property, fixtures (including
broadcast towers) and equipment, the value of such real property, fixtures and equipment not to
exceed in the aggregate $10,000,000 in any fiscal year of the Borrower, so long as the Borrower
provides to Administrative Agent such duly executed landlords’ waivers as Administrative Agent may
request at any time in its sole discretion, with respect to any such property.

SECTION 6.07 Swap Agreements. The Borrower will not, and will not permit any other
Loan Party to, enter into any Swap Agreement, except, so long as at the time thereof and
immediately after giving effect thereto no Default shall have occurred and be continuing, (a) Swap
Agreements entered into to hedge or mitigate risks to which the Borrower or any Loan Guarantor
(other than a License Subsidiary) has actual exposure (other than those in respect of Equity
Interests of the Borrower or any Loan Guarantor (other than a License Subsidiary)), and (b) Swap
Agreements entered into in order to effectively cap, collar or exchange interest rates (from
floating to fixed rates, from fixed to floating rates, from one floating rate to another floating
rate or otherwise) with respect to any interest bearing liability or investment of the Borrower or
any Loan Guarantor (other than a License Subsidiary).

SECTION 6.08 Restricted Payments; Certain Payments of Indebtedness.

(a) Restricted Payments. The Borrower will not, and will not permit any other Loan
Party to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment,
except (i) the Borrower may make Restricted Payments with respect to its Equity Interests if (A) no
Default exists prior to, at the time of or after giving effect to such Restricted Payment, and
(B) for Restricted Payments in excess of $5,000,000 (but excluding the $10 per share special
dividend announced by the Borrower on August 27, 2012), not later than the proposed date of payment
and not more than 45 days before the proposed date of payment of such Restricted Payment, the
Borrower delivers to the Administrative Agent a Compliance Certificate, completed on a pro forma
basis giving effect to such Restricted Payment, demonstrating compliance with this Agreement (but
for purposes of calculating Total Leverage Ratio, calculating Consolidated Total Funded Debt as of
such date), provided that with respect to the redemption or repurchase of Equity Interests
in the Borrower in an aggregate amount equal to or less than $25,000,000, prior notice shall not be
required, (ii) Subsidiaries may declare and pay dividends ratably with respect to their Equity
Interests, and (iii) the Borrower may make Restricted Payments pursuant to and in accordance with
stock option plans or other benefit plans for management or employees of the Borrower and the Loan
Guarantors.

(b) No Loan Party will, make or agree to pay or make, directly or indirectly, any payment or
other distribution (whether in cash, securities or other property) of or in respect of principal of
or interest on any Indebtedness, or any payment or other distribution (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 Indebtedness, except:

(i) payment of Indebtedness created under the Loan Documents;

(ii) so long as at the time thereof and immediately after giving effect thereto no
Default shall have occurred and be continuing, payment of regularly scheduled interest and
principal payments as and when due in respect of any Indebtedness, other than payments in
respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof;

(iii) so long as at the time thereof and immediately after giving effect thereto no
Default shall have occurred and be continuing, payment of secured Indebtedness that becomes
due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness; and

(iv) so long as at the time thereof and immediately after giving effect thereto no
Default shall have occurred and be continuing, prepayment of any Indebtedness except
Subordinated Indebtedness.

SECTION 6.09 Transactions with Affiliates. The Borrower will not, and will not permit
any other Loan Party to, sell, lease or otherwise transfer any property or assets to, or purchase,
lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) transactions that (i) are in the ordinary
course of business and (ii) are at prices and on terms and conditions not less favorable to the
Borrower or such Loan Party than could be obtained on an arm’s-length basis from unrelated third
parties, (b) transactions between or among the Borrower and any Loan Guarantor not involving any
other Affiliate, (c) any investment permitted by Sections 6.04(c), 6.04(d) or
6.04(j), (d) any Indebtedness permitted under Section 6.01(c), (e) any Restricted
Payment permitted by Section 6.08, (f) loans or advances to employees permitted under
Section 6.04, (g) the payment of board service fees to directors of the Borrower or any
Loan Guarantor who are not employees of the Borrower or any Loan Guarantor, and compensation and
employee benefit arrangements paid to, and indemnities provided for the benefit of, directors,
officers or employees of the Borrower or the Loan Guarantors in the ordinary course of business,
(h) any issuances of securities or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment agreements or arrangements, equity incentive,
cash incentive, stock ownership, stock options, stock ownership plans and similar plans approved by
the Borrower’s board of directors, (i) intercompany transactions not prohibited by this Agreement,
and (j) the entering into of any Sharing Arrangement permitted hereunder.

SECTION 6.10 Restrictive Agreements. The Borrower will not, and will not permit any
other Loan Party to, directly or indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the
Borrower or any other Loan Party to create, incur or permit to exist any Lien upon any of its
property or assets, or (b) the ability of any Loan Party to pay dividends or other distributions
with respect to any shares of its capital stock or to make or repay loans or advances to the
Borrower or any other Loan Party or to Guarantee Indebtedness of the Borrower or any other Loan
Party; provided that (i) the foregoing shall not apply to restrictions and conditions
imposed by law or by any Loan Document, (ii) the foregoing shall not apply to restrictions and
conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope of, any such
restriction or condition), (iii) the foregoing shall not apply to customary restrictions and
conditions contained in agreements relating to the sale of a Loan Guarantor pending such sale,
provided such restrictions and conditions apply only to the Loan Guarantor that is to be sold and
such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to
restrictions or conditions imposed by any agreement relating to secured purchase money
Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the
property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not
apply to customary provisions in leases restricting the assignment thereof.

SECTION 6.11 Amendment of Material Documents. The Borrower will not, nor will it
permit any other Loan Party to, amend, modify or waive any of its rights under (a) agreement
relating to any Indebtedness (other than the Secured Obligations), to the extent any such
amendment, modification or waiver would make such Indebtedness impermissible under Section
6.01, (b) its certificate of incorporation, by-laws, operating, management or partnership
agreement or other organizational documents, to the extent any such amendment, modification or
waiver would be materially adverse to the Lenders, or (c) any Network Affiliation Agreement, Radio
Affiliation Agreement or material retransmission agreement, to the extent any such amendment,
modification or waiver would be materially adverse to the Lenders.

SECTION 6.12 Financial Covenants.

(a) Fixed Charge Coverage Ratio. The Borrower will not permit the Fixed Charge
Coverage Ratio to be less than 1.25 to 1.00 as of the last day of any fiscal quarter of the
Borrower for the four-fiscal quarter period then ended, and demonstrated quarterly in the
Compliance Certificate.

(b) Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio to be
more than 3.50 to 1.00 as of the last day of any fiscal quarter of the Borrower for the four-fiscal
quarter period then ended, and demonstrated quarterly in the Compliance Certificate.

SECTION 6.13 License Subsidiaries. No License Subsidiary will, and the Borrower will
not permit any License Subsidiary to,

(a) incur any Indebtedness or obligation, secured or unsecured, direct or indirect, absolute
or contingent,

(b) have or maintain any employees, or operate as anything other than a holding company for
Authorizations,

(c) make any acquisition, investment, loans or advances to any Person, or enter into any
Sharing Arrangement with a Shared Services Party, or other similar agreement to acquire any radio
station or television stations,

(d) dispose of any assets (other than pursuant to the entry of such License Subsidiary into a
Loan Party Sharing Arrangement pursuant to the terms and subject to the conditions of Section
6.05(i)), provided that, if the related operating company for any particular
Broadcast Station is being sold in accordance with the terms of this Agreement, the related
Authorizations for such Broadcast Station may be sold in connection therewith,

(e) acquire obligations or securities of any other Subsidiary or Affiliate, or acquire any
assets other than Authorizations related to the Broadcast Stations;

(f) engage in or suffer any dissolution, winding-up, liquidation, consolidation or merger in
whole or in part,

(g) permit or allow any Lien on any of its Equity Interests or properties other than Liens
securing the Secured Obligations, or

(h) commingle its funds or other assets with those of any Affiliate or any other Person.

ARTICLE VII

Events of Default

If any of the following events (“Events of Default”) shall occur:

(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation
in respect of any LC Disbursement when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or otherwise;

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount
(other than an amount referred to in clause (a) of this Article) payable under this
Agreement, when and as the same shall become due and payable and such failure shall continue for
five days;

(c) any representation or warranty made or deemed made by or on behalf of any Loan Party or
any Subsidiary in or in connection with this Agreement or any Loan Document or any amendment or
modification thereof or waiver thereunder, or in any report, certificate, financial statement or
other document furnished pursuant to or in connection with this Agreement or any Loan Document or
any amendment or modification thereof or waiver thereunder, shall prove to have been materially
incorrect, except to the extent that such representation or warranty is already qualified by
materiality in which case it is incorrect in any respect, when made or deemed made;

(d) any Loan Party shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02(a), 5.06 (with respect to a Loan Party’s existence) or
5.11 or in Article VI;

(e) any Loan Party shall fail to observe or perform any covenant, condition or agreement
contained in any Loan Document (other than those which constitute a default under another
Section of this Article), and such failure shall continue unremedied for a period
of (i) five days after the earlier of knowledge by a Financial Officer of the Borrower of such
breach or notice thereof from the Administrative Agent to the Borrower (which notice will be given
at the request of any Lender) if such breach relates to terms or provisions of
Section 5.01, 5.02 (other than Section 5.02(a)), 5.03, 5.05
through 5.07, 5.09 or 5.12 of this Agreement or (ii) 30 days after the
earlier of knowledge by a Financial Officer of such breach or notice thereof from the
Administrative Agent (which notice will be given at the request of any Lender) if such breach
relates to terms or provisions of any other Section of this Agreement;

(f) any Loan Party or any Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when and as the same
shall become due and payable, after the expiration of any applicable grace period;

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior
to its scheduled maturity or that enables or permits (with or without the giving of notice, the
lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent
on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;
provided that this clause (g) shall not apply to secured Indebtedness that becomes
due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness;

(h) (i) any Loan Party shall fail to have all Authorizations necessary or required to operate
any of the Broadcast Stations owned by it, or any FCC License relating to the Broadcast Stations
owned by it shall be terminated, forfeited or revoked or shall fail to be renewed for any reason
whatsoever, or shall be modified, in each case, in a manner which would have a Material Adverse
Effect; or (ii) any Loan Party shall fail to have all FCC Licenses necessary or required to operate
any Material Station owned by it, or any FCC License relating to any Material Station owned by it
shall be modified in a manner that could reasonably be expected to result in a Material Adverse
Effect, shall be terminated, forfeited or revoked or shall fail to be renewed for any reason
whatsoever;

(i) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of a Loan Party or any
Subsidiary of any Loan Party or its debts, or of a substantial part of its assets, under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for any Loan Party or any Subsidiary of any Loan Party or for a substantial part
of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60
days or an order or decree approving or ordering any of the foregoing shall be entered;

(j) any Loan Party or any Subsidiary of any Loan Party shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (h) of this Article, (iii) apply for
or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for such Loan Party or Subsidiary of any Loan Party or for a substantial part of
its assets, (iv) file an answer admitting the material allegations of a petition filed against it
in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any
action for the purpose of effecting any of the foregoing;

(k) any Loan Party or any Subsidiary of any Loan Party shall become unable, admit in writing
its inability or fail generally to pay its debts as they become due;

(l) one or more judgments for the payment of money in an aggregate amount in excess of
$5,000,000 shall be rendered against any Loan Party, any Subsidiary of any Loan Party or any
combination thereof and the same shall remain undischarged for a period of 30 consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to attach or levy upon any assets of any Loan Party or any Subsidiary of any Loan
Party to enforce any such judgment or any Loan Party or any Subsidiary of any Loan Party shall fail
within 30 days to discharge one or more non-monetary judgments or orders which, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or
orders, in any such case, are not stayed on appeal or otherwise being appropriately contested in
good faith by proper proceedings diligently pursued;

(m) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other ERISA Events that have occurred, could reasonably be expected to
result in a Material Adverse Effect;

(n) a Change in Control shall occur;

(o) the Loan Guaranty shall fail to remain in full force or effect or any action shall be
taken to discontinue or to assert the invalidity or unenforceability of the Loan Guaranty or any
Loan Guarantor shall deny that it has any further liability under the Loan Guaranty to which it is
a party, or shall give notice to such effect;

(p) any Collateral Document shall for any reason fail to create a valid and perfected first
priority security interest in any Collateral purported to be covered thereby, except as permitted
by the terms of any Collateral Document, or any Collateral Document shall fail to remain in full
force or effect or any action shall be taken to discontinue or to assert the invalidity or
unenforceability of any Collateral Document, or any Loan Party shall fail to comply with any of the
terms or provisions of any Collateral Document and any such failure shall continue for 15 days
after the earlier of knowledge by a Financial Officer of such breach or notice thereof from the
Administrative Agent;

(q) any material provision of any Loan Document for any reason ceases to be valid, binding and
enforceable in accordance with its terms, other than as a result of a change in any applicable Law,
or any Loan Party shall challenge the enforceability of any Loan Document or shall assert in
writing, or engage in any action or inaction based on any such assertion, that any provision of any
of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in
accordance with its terms;

(r) the subordination of any Subordinated Indebtedness is challenged, nullified, or otherwise
deemed unenforceable;

(s) with respect to any Loan Party, a material Network Affiliation Agreement with a Major
Television Network (other than a Network Affiliation Agreement that is not in respect of the
primary affiliation of a Television Station or a Network Affiliation Agreement which is replaced by
another comparable network affiliation agreement with a Major Television Network before it ceases
to be effective and there is no period during which such Loan Party is not broadcasting all
scheduling provided by the preceding or succeeding Major Television Network) ceases to be in full
force and effect;

(t) (i) with respect to any Material Station or any other material Broadcast Station, the
License Subsidiary with respect to such Material Station or Broadcast Station shall at any time
cease to be a wholly-owned Subsidiary of the Borrower; or (ii) the Borrower shall, or after the
creation of any License Subsidiary, any License Subsidiary shall, as applicable, at any time cease
to continue to hold the FCC License relating to such Material Station or Broadcast Station;

(u) Any Sharing Arrangement shall (i) be revoked, cancelled, terminated or expired by its
terms and not renewed or any default has occurred under any Sharing Arrangement, in each case which
would have a Material Adverse Effect or (ii) cause any Loan Party not to comply with the multiple
ownership rules of the Communications Laws, which non-compliance would have a Material Adverse
Effect; or

(v) (i) any event or condition occurs that results in any Material Indebtedness pursuant to
which a Loan Party is a guarantor becoming due prior to its scheduled maturity or that enables or
permits (with or without the giving of notice, the lapse of time or both) the holder or holders of
any such Indebtedness pursuant to which a Loan Party is a guarantor or any trustee or agent on its
or their behalf to cause any such Indebtedness pursuant to which a Loan Party is a guarantor to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity, or (ii) any event or condition occurs that results in any Indebtedness of a
Shared Services Party in an aggregate principal amount exceeding $5,000,000 becoming due prior to
its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse
of time or both) the holder or holders of any such Indebtedness of a Shared Services Party or any
trustee or agent on its or their behalf to cause any such Indebtedness of a Shared Services Party
to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (v) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or
assets securing such Indebtedness;

then, and in every such event (other than an event with respect to the Borrower described in
clause (h) or (i) of this Article), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of the Required Lenders
shall, by written notice to the Borrower, take either or both of the following actions, at the same
or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate
immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared
to be due and payable), and thereupon the principal of the Loans so declared to be due and payable,
together with accrued interest thereon and all fees and other obligations of the Borrower accrued
hereunder, shall become due and payable immediately, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with
respect to the Borrower described in clause (h) or (i) of this Article, the
Commitments shall automatically terminate and the principal of the Loans then outstanding, together
with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder,
shall automatically become due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrower. Upon the occurrence and the continuance
of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders
shall, exercise any rights and remedies provided to the Administrative Agent under the Loan
Documents or at law or equity, including all remedies provided under the UCC.

ARTICLE VIII

The Administrative Agent

Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent
as its agent and authorizes the Administrative Agent to take such actions on its behalf, including
execution of the other Loan Documents, and to exercise such powers as are delegated to the
Administrative Agent by the terms of the Loan Documents, together with such actions and powers as
are reasonably incidental thereto. The Administrative Agent shall also act as the “collateral
agent” under the Loan Documents, and each of the Lenders (including in its capacities as party to a
Swap Agreement and a provider of Banking Services) and the Issuing Bank hereby irrevocably appoints
and authorizes the Administrative Agent to act as the agent of such Lender and the Issuing Bank for
purposes of acquiring, holding and enforcing any and all Liens on Collateral (other than FCC
Licenses) granted by any of the Loan Parties to secure any of the Secured Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the
Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to this Article VIII for purposes of holding
or enforcing any Lien on the Collateral (other than FCC Licenses), or any portion thereof, granted
under the Collateral Documents, (or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this
Article VIII and Article IX (including Section 9.03, as though such co
agents, sub agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as
if set forth in full herein with respect thereto.

The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and
generally engage in any kind of business with the Loan Parties or any Subsidiary of a Loan Party or
other Affiliate thereof as if it were not the Administrative Agent hereunder.

The Administrative Agent shall not have any duties or obligations except those expressly set
forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the
Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any
duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is
required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.02), and (c) except as expressly set forth in the Loan Documents, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to any Loan Party or any of its Subsidiaries that is
communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in
any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it
with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until written notice thereof is given to
the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection with any Loan Document,
(iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or
genuineness of any Loan Document or any other agreement, instrument or document, or (v) the
creation, perfection or priority of Liens on the Collateral (other than FCC Licenses) or the
existence, value or sufficiency of the Collateral (other than FCC Licenses), or (vi) the
satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document,
other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying
thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

Subject to the appointment and acceptance of a successor Administrative Agent as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the
Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, in consultation with the Borrower, to appoint a successor. If no successor shall have been
so appointed by the Required Lenders and shall have accepted such appointment within 30 days after
the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent
which shall be a commercial bank or an Affiliate of any such commercial bank. Upon the acceptance
of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed
to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall
be the same as those payable to its predecessor unless otherwise agreed between the Borrower and
such successor. After the Administrative Agent’s resignation hereunder, the provisions of this
Article and Section 9.03 shall continue in effect for the benefit of such retiring
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while it was acting as Administrative Agent.

Each Lender acknowledges and agrees that the extensions of credit made hereunder are
commercial loans and letters of credit and not investments in a business enterprise or securities.
Each Lender further represents that it is engaged in making, acquiring or holding commercial loans
in the ordinary course of its business and that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a
Lender, and to make, acquire or hold Loans hereunder. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information (which may contain material, non-public information within the
meaning of the United States securities laws concerning the Borrower and its Affiliates) as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other Loan Document or related agreement or
any document furnished hereunder or thereunder and in deciding whether or to the extent to which it
will continue as a lender or assign or otherwise transfer its rights, interests and obligations
hereunder.

ARTICLE IX

Miscellaneous

SECTION 9.01 Notices.

(a) Except in the case of notices and other communications expressly permitted to be given by
telephone (and subject to paragraph (b) below), all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile, as follows:

(i) if to any Loan Party, to the Borrower at:

140 Fourth Avenue, Suite 500

Seattle, Washington 98109

Attention: Chief Financial Officer

Facsimile No: 206-404-8738

	 	 	 	with a copy to:

140 Fourth Avenue, Suite 500

Seattle, Washington 98109

Attention: General Counsel

Facsimile No: 206-404-4885

(ii) if to the Administrative Agent or the Issuing Bank, to JPMorgan Chase Bank,
National Association at:

1301 Second Ave., Floor 24

Seattle, Washington 98101

Attention: Michael Kingsbery

Facsimile No: 206 377 2077

(iii) if to any other Lender, to it at its address (or facsimile number) set forth in
its Administrative Questionnaire.

All such notices and other communications (i) sent by hand or overnight courier service, or
mailed by certified or registered mail, shall be deemed to have been given when received or
(ii) sent by facsimile shall be deemed to have been given when sent, provided that
if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next Business Day for the recipient.

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications (including e-mail and internet or intranet websites) pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not
apply to notices pursuant to Article II or to compliance and no Event of Default
certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the
Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower (on
behalf of the Loan Parties) may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or
communications. All such notices and other communications (i) sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if not given during the normal business hours of the recipient,
such notice or communication shall be deemed to have been given at the opening of business on the
next Business Day for the recipient, and (ii) posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (b)(i) of notification that such notice or communication
is available and identifying the website address therefor.

(c) Any party hereto may change its address or facsimile number for notices and other
communications hereunder by notice to the other parties hereto.

SECTION 9.02 Waivers; Amendments.

(a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent, the Issuing Bank and the Lenders hereunder and under any other Loan Document are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any
provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) of this Section, and
then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. Without limiting the generality of the foregoing, the making of a Loan or
issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge
of such Default at the time.

(b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may
be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by the Borrower and the Required Lenders, (ii) in the case of
any other Loan Document, pursuant to an agreement or agreements in writing entered into by the
Administrative Agent and the Loan Party or Loan Parties that are parties thereto, the
Administrative Agent with the consent of the Required Lenders; provided that no such
agreement shall (A) increase the Commitment of any Lender without the written consent of such
Lender, (B) reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the
rate of interest thereon, or reduce or forgive any interest or fees payable hereunder, without the
written consent of each Lender affected thereby, (C) postpone the scheduled date of payment of the
principal amount of any Loan or LC Disbursement, or any date for the payment of any interest fees
or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment,
or postpone the scheduled date of expiration of any Commitment, without the written consent of each
Lender affected thereby, (D) change Section 2.16(b) or (d) in a manner that would
alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, or (E) change any of the provisions of this Section or the definition of “Required Lenders”
or any other provision of any Loan Document specifying the number or percentage of Lenders required
to waive, amend or modify any rights thereunder or make any determination or grant any consent
thereunder, without the written consent of each Lender, (F) change Section 2.18, without
the consent of the Administrative Agent and each Lender (other than any Defaulting Lender), or
(G) except as provided in clause (c) of this Section or in any Collateral Document, release
all or substantially all of the Collateral or the Loan Guarantors, without the thereunder, without
the written consent of each Lender; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing
Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank,
as the case may be. The Administrative Agent may also amend the Commitment Schedule to reflect
assignments entered into pursuant to Section 9.04.

(c) The Lenders hereby irrevocably authorize the Administrative Agent to, and, so long as
there is no Default at such time, the Administrative Agent shall, promptly upon the request of the
Borrower, release any Liens granted to the Administrative Agent by the Loan Parties on any
Collateral (i) upon the termination of the all Commitments, payment and satisfaction in full in
cash of all Secured Obligations (other than Unliquidated Obligations), and the cash
collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender,
(ii) constituting property being sold or disposed of if the Loan Party disposing of such property
certifies to the Administrative Agent that the sale or disposition is made in compliance with the
terms of this Agreement (and the Administrative Agent may rely conclusively on any such
certificate, without further inquiry), and to the extent that the property being sold or disposed
of constitutes 100% of the Equity Interest of a Loan Guarantor, the Administrative Agent is
authorized to release any Loan Guaranty provided by such Loan Guarantor, (iii) constituting
property leased to a Loan Party under a lease which has expired or been terminated in a transaction
permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such
Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders
pursuant to Article VII. Except as provided in the preceding sentence, the Administrative
Agent will not release any Liens on Collateral without the prior written authorization of the
Required Lenders; provided that, the Administrative Agent may in its discretion, release
its Liens on Collateral valued in the aggregate not in excess of $5,000,000 during any calendar
year without the prior written authorization of the Required Lenders. Any such release shall not
in any manner discharge, affect, or impair the Secured Obligations or any Liens (other than those
expressly being released) upon (or obligations of the Loan Parties in respect of) all interests
retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to
constitute part of the Collateral. Upon request by the Administrative Agent at any time, the
Required Lenders (or such greater number of Lenders as may be required pursuant to Section
9.02(b)) will confirm in writing the Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Loan Guarantor from its
obligations under this Agreement pursuant to this Article. No Lender providing Banking Services or
party to any Swap Agreement that obtains the benefits of Section 2.16(b), any Loan Guaranty
or any Collateral (other than FCC Licenses) by virtue of the provisions hereof or of any Loan
Guaranty or any Collateral Document shall have any right to notice of any action or to consent to,
direct or object to any action hereunder or under any other Loan Document or otherwise in respect
of the Collateral (including the release or impairment of any Collateral) other than in its
capacity as a Lender and, in such case, only to the extent expressly provided in the Loan
Documents.

(d) If, in connection with any proposed amendment, waiver or consent requiring the consent of
“each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained,
but the consent of other necessary Lenders is not obtained (any such Lender whose consent is
necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the
Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided
that, concurrently with such replacement, (i) another bank or other entity which is reasonably
satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase
for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment
and Assumption and to become a Lender for all purposes under this Agreement and to assume all
obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the
requirements of clause (b) of Section 9.04, and (ii) the Borrower shall pay to such
Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and
other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder to
and including the date of termination, including without limitation payments due to such
Non-Consenting Lender under Sections 2.13 and 2.15, and (2) an amount, if any,
equal to the payment which would have been due to such Lender on the day of such replacement under
Section 2.17 had the Loans of such Non-Consenting Lender been prepaid on such date rather
than sold to the replacement Lender.

SECTION 9.03 Expenses; Indemnity; Damage Waiver.

(a) The Borrower shall pay (i) all reasonable out of pocket expenses incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements
of counsel for the Administrative Agent, in connection with the syndication and distribution
(including, without limitation, via the internet or an Agency Site) of the credit facilities
provided for herein, the preparation and administration of the Loan Documents or any amendments,
modifications or waivers of the provisions of the Loan Documents (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all reasonable out-of-pocket
expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees,
charges and disbursements of any counsel for the Administrative Agent, the Issuing Bank or any
Lender, in connection with the enforcement, collection or protection of its rights in connection
with the Loan Documents, including its rights under this Section, or in connection with the Loans
made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

(b) The Borrower shall indemnify the Administrative Agent, the Issuing Bank and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an
"Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
penalties, incremental taxes, liabilities and related expenses, including the reasonable
out-of-pocket fees, charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of the Loan Documents or any agreement or instrument contemplated thereby,
the performance by the parties hereto of their respective obligations hereunder or the consummation
of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of
Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a
demand for payment under a Letter of Credit if the documents presented in connection with such
demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged
presence or release of Hazardous Materials on or from any property owned or operated by the
Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, (iv) the failure of the Borrower to deliver to the
Administrative Agent the required receipts or other required documentary evidence with respect to a
payment made by the Borrower for Taxes pursuant to Section 2.15, or (v) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, penalties, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee. This
Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims or damages arising from any non-Tax claim.

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent or the Issuing Bank under paragraph (a) or (b) of this
Section, each Lender severally agrees to pay to the Administrative Agent or the Issuing
Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, penalty,
liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent or the Issuing Bank in its capacity as such.

(d) To the extent permitted by applicable law, no Loan Party shall assert, and each hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof;
provided that, nothing in this clause (d) shall relieve the Borrower of any
obligation it may have to indemnify an Indemnitee against special, indirect, consequential or
punitive damages asserted against such Indemnitee by a third party.

(e) All amounts due under this Section shall be payable not later than five Business Days
after written demand therefor.

SECTION 9.04 Successors and Assigns.

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may
not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by the Borrower without
such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights
or obligations hereunder except in accordance with this Section. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby (including any Affiliate of the Issuing
Bank that issues any Letter of Credit), Participants (to the extent provided in
paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans at
the time owing to it) with the prior written consent (such consent not to be unreasonably withheld
or delayed) of:

(A) the Borrower, provided that, the Borrower shall be deemed to have consented
to an assignment unless it shall have objected thereto by written notice to the
Administrative Agent within five (5) Business Days after having received notice
thereof; provided further that no consent of the Borrower shall be
required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund
or, if an Event of Default has occurred and is continuing, any other assignee; and

(B) the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment to a Lender, an Affiliate
of a Lender or an Approved Fund.

(ii) Assignments shall be subject to the following additional conditions:

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender
or an assignment of the entire remaining amount of the assigning Lender’s Commitment
or Loans, the amount of the Commitment or Loans of the assigning Lender subject to
each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be
less than $10,000,000 unless each of the Borrower and the Administrative Agent
otherwise consent, provided that no such consent of the Borrower shall be
required if an Event of Default has occurred and is continuing;

(B) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement;

(C) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and
recordation fee of $3,500; and

(D) the assignee, if it shall not be a Lender, shall deliver to the
Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information
(which may contain material non-public information about the Borrower, the Loan
Parties and their Related Parties or their respective securities) will be made
available and who may receive such information in accordance with the assignee’s
compliance procedures and applicable laws, including Federal and state securities
laws.

(E) No such assignment shall be made to a natural person, any Loan Party or
Affiliate of a Loan Party, any Shared Services Party or Affiliate of a Shared
Services Party, or any Strategic Shared Services Party or Affiliate of a Strategic
Shared Services Party.

For the purposes of this Section 9.04(b), the term “Ineligible Institution” have the
following meanings:

"Ineligible Institution” means a (a) natural person, (b) company, investment vehicle or trust
for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof;
provided that, such company, investment vehicle or trust shall not constitute an Ineligible
Institution if it (x) has not been established for the primary purpose of acquiring any Loans or
Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative
thereof, having significant experience in the business of making or purchasing commercial loans,
and (z) has assets greater than $25,000,000 and a significant part of its activities consist of
making or purchasing commercial loans and similar extensions of credit in the ordinary course of
its business, or (c) the Borrower, any other Loan Party, or any Affiliates or Subsidiaries of any
Loan Party.

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv)
of this Section, from and after the effective date specified in each Assignment and
Assumption the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the
assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to
be a party hereto but shall continue to be entitled to the benefits of
Sections 2.13, 2.14, 2.15 and 9.03). Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section 9.04 shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with
paragraph (c) of this Section.

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the
Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary.

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire
(unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such
assignment required by paragraph (b) of this Section, the Administrative Agent shall
accept such Assignment and Assumption and record the information contained therein in the
Register; provided that if either the assigning Lender or the assignee shall have
failed to make any payment required to be made by it pursuant to Section 2.04(d) or
(e), 2.05(b), 2.16(e) or 9.03(c), the Administrative Agent
shall have no obligation to accept such Assignment and Assumption and record the information
therein in the Register unless and until such payment shall have been made in full, together
with all accrued interest thereon. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this paragraph.

(c) Any Lender may, without the consent of the Borrower, the Administrative Agent, or the
Issuing Bank, sell participations to one or more banks or other entities (a “Participant”), other
than an Ineligible Institution, in all or a portion of such Lender’s rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged;
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Bank and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 9.02(b) that affects such Participant.
The Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.13, 2.14 and 2.15 (subject to the requirements and limitations
therein, including the requirements under Section 2.15(f) (it being understood that the
documentation required under Section 2.15(f) shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Section 2.17 as if it were an assignee under
paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment
under Section 2.13 or 2.15, with respect to any participation, than its
participating Lender would have been entitled to receive, except to the extent such entitlement to
receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s
request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the
provisions of Section 2.17(b) with respect to any Participant. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 9.08 as though it
were a Lender; provided that such Participant agrees to be subject to
Section 2.16(d) as though it were a Lender. Each Lender that sells a participation shall,
acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is
necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto.

SECTION 9.05 Survival. All covenants, agreements, representations and warranties made
by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the other parties hereto and shall survive the execution and delivery of
the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of
any investigation made by any such other party or on its behalf and notwithstanding that the
Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any
Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.13, 2.14, 2.15 and 9.03 and
Article VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or
termination of the Letters of Credit and the Commitments or the termination of this Agreement or
any provision hereof.

SECTION 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement, the other Loan Documents and any separate letter agreements with respect to fees
payable to the Administrative Agent constitute the entire contract among the parties relating to
the subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 4.01, this
Agreement shall become effective when it shall have been executed by the Administrative Agent and
when the Administrative Agent shall have received counterparts hereof which, when taken together,
bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile, emailed .pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be
effective as delivery of a manually executed counterpart of this Agreement.

SECTION 9.07 Severability. Any provision of any Loan Document held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

SECTION 9.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrower or such
Loan Guarantor against any of and all the Secured Obligations held by such Lender, irrespective of
whether or not such Lender shall have made any demand under the Loan Documents and although such
obligations may be unmatured. The applicable Lender shall notify the Borrower and the
Administrative Agent of such set-off or application, provided that any failure to give or any delay
in giving such notice shall not affect the validity of any such set-off or application under this
Section. The rights of each Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have.

SECTION 9.09 Governing Law; Jurisdiction; Consent to Service of Process. This
Agreement shall be construed in accordance with and governed by the law of the State of Washington,
but giving effect to federal laws applicable to national banks.

(a) The Borrower on behalf of itself and its Subsidiaries hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of any U.S.
Federal or Washington State court sitting in Seattle, Washington in any action or proceeding
arising out of or relating to any Loan Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such Washington
State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the
Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against any Loan Party or its properties in the courts of any
jurisdiction.

(b) The Borrower on behalf of itself and its Subsidiaries hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement or any other Loan Document in any court referred to in
paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to
the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court.

(c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement or any other Loan Document
will affect the right of any party to this Agreement to serve process in any other manner permitted
by law.

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

SECTION 9.11 Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12 Material Non-Public Information.

(a) EACH LENDER ACKNOWLEDGES THAT INFORMATION FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS AFFILIATES AND THEIR
RELATED PARTIES OR 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, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.

(b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER
OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER,
THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH
LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS
ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.

For purposes of this Section, “Information” means all information received from the
Borrower relating to the Borrower or its business, other than any such information that is
available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis
prior to disclosure by the Borrower; provided that, in the case of information received
from the Borrower after the date hereof, such information is clearly identified at the time of
delivery as confidential.

SECTION 9.13 Several Obligations; Nonreliance; Violation of Law. The respective
obligations of the Lenders hereunder are several and not joint and the failure of any Lender to
make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. Each Lender hereby represents that it is not relying on or
looking to any margin stock for the repayment of the Borrowings provided for herein. Anything
contained in this Agreement to the contrary notwithstanding, neither the Issuing Bank nor any
Lender shall be obligated to extend credit to the Borrower in violation of any Requirement of Law.

SECTION 9.14 Authorization to Distribute Certain Materials to Public Siders.

(a) If the Borrower does not file this Agreement with the SEC, then the Borrower hereby
authorizes the Administrative Agent to distribute the execution version of this Agreement and the
Loan Documents to all Lenders, including their Public-Siders. The Borrower acknowledges its
understanding that Public-Siders and their firms may be trading in any of the Parties’ respective
securities while in possession of the Loan Documents.

(b) The Borrower represents and warrants that none of the information in the Loan Documents
constitutes or contains material non-public information within the meaning of the federal and state
securities laws. To the extent that any of the executed Loan Documents constitutes at any time a
material non-public information within the meaning of the federal and state securities laws after
the date hereof, the Company agrees that it will promptly make such information publicly available
by press release or public filing with the SEC.

SECTION 9.15 Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively the
"Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for,
charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest payable in respect of such Loan hereunder, together with all Charges
payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the
interest and Charges that would have been payable in respect of such Loan but were not payable as a
result of the operation of this Section shall be cumulated and the interest and Charges payable to
such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender.

SECTION 9.16 USA PATRIOT Act. Each Lender that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby
notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow such Lender to identify the Borrower
in accordance with the Act.

SECTION 9.17 Oral Agreements Notice. ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN
MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER
WASHINGTON LAW.

	 
	The Remainder of This Page Is Intentionally Left Blank.

	 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective authorized officers as of the day and year first above written.

FISHER COMMUNICATIONS, INC.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING COMPANY

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – BELLEVUE TV,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – CALIFORNIA TV,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – IDAHO TV,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – OREGON TV, L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – PORTLAND TV,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – SEATTLE RADIO,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – SEATTLE TV, L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – S.E. IDAHO TV,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER BROADCASTING – WASHINGTON TV,

L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER INTERACTIVE NETWORK, L.L.C.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER MEDIA SERVICES COMPANY

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER MILLS INC.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER PROPERTIES INC.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

FISHER RADIO REGIONAL GROUP INC.

By: /s/ Hassan N. Natha

Name: Hassan N. Natha

Title: Chief Financial Officer

2

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Administrative Agent

By: /s/ Chris A. Behrman

Name: Chris A. Behrman

Title: Senior Banker

3

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Issuing Bank and a Lender

By: /s/ Chris A. Behrman

Name: Chris A. Behrman

Title: Senior Banker

SCHEDULES

to the

CREDIT AGREEMENT

by and among

FISHER COMMUNICATIONS, INC.,

THE LENDERS PARTY THERETO,

and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Dated as of November 19, 2012

4

Schedules

This document includes the schedules (the “Schedules”) referred to in the Credit Agreement
(the “Agreement”), dated as of November 19, 2012, by and among Fisher Communications, Inc.
(“Borrower”), the Lenders party thereto, and JPMorgan Chase Bank, National Association.
Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed
to such terms in the Agreement. The section and subsection number headings in these Schedules
correspond to the section and subsections in the Agreement. 

The Schedules are qualified in their entirety by reference to specific provisions of the
Agreement, and are not intended to constitute, and shall not be construed as constituting,
representations or warranties of the parties except as and to the extent expressly provided in the
Agreement.

Any matter or item disclosed on one Schedule shall be deemed to have been disclosed on each
other Schedule in which it is reasonably apparent on the face of such disclosure that the
information is required to be included.  Disclosure of any item on any Schedule shall not
constitute an admission or indication that such item or matter is material or would reasonably be
expected to have a Material Adverse Effect. 

Matters reflected in the Schedules are not necessarily limited to matters required by the
Agreement to be reflected in the Schedules.  To the extent any such additional matters are
included, they are included for informational purposes and do not necessarily include other matters
of a similar nature.  Headings and subheadings have been inserted herein for reference purposes
only and shall not affect in any way the meaning or interpretation of the Schedules or the
Agreement. 

None of the parties to the Agreement assumes any responsibility to any Person that is not a
party to the Agreement or is not an arbiter of disputes under this Agreement for the accuracy of
any information contained herein.

5

Schedule 1.01B

Radio Broadcast Stations

KPLZ-FM

KVI-AM

KOMO-AM

6

Schedule 1.01C

Television Broadcast Stations

	 	 	 
	Call Sign	 	Community of License
	KATU (TV)

	 	Portland, OR
	KBAK-TV

	 	Bakersfield, CA
	KBFX-CD

	 	Bakersfield, CA
	KBOI-TV

	 	Boise, ID
	KCBY-TV

	 	Coos Bay, OR
	KEPR-TV

	 	Pasco, WA
	KIDK (TV)

	 	Idaho Falls, ID
	KIMA-TV

	 	Yakima, WA
	KLEW-TV

	 	Lewiston, ID
	KOMO-TV

	 	Seattle, WA
	KORX-CA

	 	Walla Walla, WA
	KUNP (TV)

	 	La Grande, OR
	KUNP-LD

	 	Portland, OR
	KUNS-DT

	 	Bellevue, WA
	KUNW-CD

	 	Yakima, WA
	KVAL-TV

	 	Eugene, OR
	KVVK-CD

	 	Kennewick, WA
	KXPI-LD

	 	Eugene, OR
	KYUU-LD

	 	Boise, ID

7

Schedule 3.05

Material Intellectual Property

Trademarks:

Fisher Communications

KOMO

KOMO 4

STAR 101.5

KOMO News

KATU

Trade Names:

KOMO

KOMO 4

STAR 101.5

KOMO 1000

KATU

Copyrights:

None

Patents: 

None

8

Schedule 3.06

Disclosed Matters

None

9

Schedule 3.13

Material Agreements

Amended and Restated Change of Control Agreement, dated August 24, 2009, by and between
Fisher Communications, Inc. and Colleen B. Brown.

Form of Change of Control Agreement by and between Fisher Communications, Inc. and Company
Executives.

Primary Television Affiliation Agreement, executed on July 28, 2011, by and between American
Broadcasting Companies and Fisher Broadcasting-Seattle TV.

Primary Television Affiliation Agreement, executed on July 28, 2011, by and between American
Broadcasting Companies and Fisher Broadcasting-Portland TV, LLC.

Purchase and Sale Agreement, by and between Fisher Media Services Company and Hines Global
REIT 100/140 Fourth Ave LLC, dated November 17, 2011.

Lease, by and between Fisher Communications, Inc. and Hines Global REIT 100/140 Fourth Ave
LLC, dated December 15, 2011 (the “Fisher Plaza Lease”).

Form of Director and Executive Officer Indemnification Agreement, entered into by Fisher
Communications, Inc. and each of its directors and executive officers.

Agreement between the Company and FrontFour Capital Group, LLC (and affiliates), dated
March 14, 2012.

10

Schedule 3.16

Subsidiaries

Attached as Attachment 3.16 is a current organizational chart showing (a) the name and
relationship to the Borrower of each and all of the Borrower’s Subsidiaries; and (b) the type of
entity of the Borrower and each of its Subsidiaries.

[OMITTED]

11

Schedule 3.20(a)

FCC Licenses

Attached is a current list of the FCC Licenses for each Loan Party.

	 	 	 	 	 
	Entity	 	FCC License	 	Expiration Date
	Fisher Broadcasting	 	 	 	 
	Company ( a Washington

corporation)

	 	

KXPI-LD (BLDTT-20101217AAV)
	 	

10/1/2014
	 

	 	 
	 	 
	
 
	 	KYUU-LD (BLDTL-20120906ABB)
	 	10/1/2014
	
 
	 	 
	 	 
	Fisher Radio Regional Group

Inc. (a Washington

corporation)

	 	

KORX-CA (BLTTA-20050202ADO)
	 	

2/1/2015
	 

	 	 
	 	 
	
 
	 	KUNW-CD (BLDTA-20111110AHM)
	 	2/1/2015
	
 
	 	 
	 	 
	
 
	 	KUNP-TV (BLCDT-20100125ABW)
	 	2/1/2015
	
 
	 	 
	 	 
	
 
	 	KUNP-LD (BLDTL-20120413ABM)
	 	2/1/2015
	
 
	 	 
	 	 
	
 
	 	KVVK-CD (LBDTA-20100125ACB)
	 	2/1/2015
	
 
	 	 
	 	 
	Fisher Broadcasting – Seattle

TV, L.L.C. (a Delaware LLC)

	 	

KOMO-TV (BLCDT-20080620AKA)
	 	

2/1/2015
	 

	 	 
	 	 
	Fisher Broadcasting – Seattle

Radio, L.L.C. (a Delaware LLC)

	 	

KOMO (BL-19950830AB)
	 	

2/1/2014
	 

	 	 
	 	 
	
 
	 	KPLZ-FM (BLH-20010205AAH)
	 	2/1/2014
	
 
	 	 
	 	 
	
 
	 	KVI (BZ-19800204AH)
	 	2/1/2014
	
 
	 	 
	 	 
	Fisher Broadcasting – Portland

TV, L.L.C. (a Delaware LLC)

	 	

KATU (BLCDT-20050407KXN)
	 	

2/15/2015
	 

	 	 
	 	 
	Fisher Broadcasting – Oregon

TV, L.L.C. (a Delaware LLC)

	 	

KVAL-TV (BLCDT-20090612AGY)
	 	

2/1/2015
	 

	 	 
	 	 
	
 
	 	KCBY-TV (BLCDT-20090612AGE)
	 	2/1/2015
	
 
	 	 
	 	 
	Fisher Broadcasting –

Washington TV, L.L.C. (a

Delaware LLC)

	 	

KIMA-TV (BLCDT-20090811ABV)
	 	

2/1/2015
	 

	 	 
	 	 
	
 
	 	KEPR-TV (BLCDT-20070228ABD)
	 	2/1/2015
	
 
	 	 
	 	 
	
 
	 	KLEW-TV (BLCDT-20100111ADM)
	 	10/1/2014
	
 
	 	 
	 	 
	Fisher Broadcasting – Idaho

TV, L.L.C. (a Delaware LLC)

	 	

KBOI-TV (BLCDT-20120906AAZ)
	 	

10/1/2014
	 

	 	 
	 	 
	Fisher Broadcasting – S.E.

Idaho TV, L.L.C. (a Delaware

LLC)

	 	

KIDK(LD) (BLCDT-20101210ACZ)

KIDK (BLCDT – 20061012ACF)
	 	

10/1/2014
	 

	 	 
	 	 
	Fisher Broadcasting – Bellevue

TV, L.L.C. (a Delaware LLC)

	 	

KUNS-DT (BPCDT-20080620AGX)
	 	

2/1/2015
	 

	 	 
	 	 
	Fisher Broadcasting –

California TV, L.L.C. (a

Delaware LLC)

	 	

KBAK-TV (BLCDT-20060628ABK)
	 	

12/1/2014
	 

	 	 
	 	 
	
 
	 	KBFX-CD (BLTTA20101018ACF)
	 	12/1/2014
	
 
	 	 
	 	 

Schedule 3.20(c)

FCC Licenses

The FCC License for KATU-TV held by Fisher Broadcasting – Portland TV, L.LC. (“FBP”) was renewed
on August 2, 2011 subject a Tolling Agreement by and between FBP and the Federal Communications
Commission. The Tolling Agreement tolls the statute of limitations until August 2, 2013 with
respect to 18 complaints that KATU-TV may have aired broadcasts containing obscene, indecent
and/or profane materials from October 2004 to April 2010. All of the complaints except one
related to third-party supplied content. The sole complaint regarding KATU-produced content was
regarding a KATU news story showing the lethal injection of a cat.

On December 26, 2006, Oregon Alliance to Reform Media (“OARM”) filed with the FCC a petition to
deny the license renewal applications of eight (8) Portland-area commercial television stations,
including that of KATU-TV. OARM claimed that the stations each failed to present adequate
programming related to state and local elections during the 2004 election cycle in their news
and public affairs programming.

On August 15, 2007, FCC Chief, Video Division, Media Bureau denied OARM’s petition to deny
by letter decision.

On September 14, 2007, OARM filed a petition for reconsideration of the Media Bureau’s
August 15, 2007 letter decision.

On July 27, 2011, FCC Chief, Video Division, Media Bureau denied OARM’s petition for
reconsideration by letter decision.

On August 2, 2011, the FCC granted KATU’s FCC License renewal application.

On August 22, 2011, OARM filed an Application for Review of the Media Bureau’s denial of its
December 26, 2006 petition to deny and its denial of OARM’s September 14, 2007 Petition for
Reconsideration.

12

Schedule 3.20(d)

FCC Licenses

See Schedule 3.20(c).

13

Schedule 6.01

Existing Indebtedness

Borrower has the following outstanding letter of credit:

Letter of credit with Wells Fargo Bank in the amount of $3,000,000 to secure Borrower’s
obligations pursuant to the Fisher Plaza Lease.

14

Schedule 6.02

Existing Liens

In connection with the January 2011 Joint Sales Agreement between Borrower and NPG of Idaho,
Inc. (“NPG”), Borrower entered into an Option Agreement pursuant to which NPG has an option to
acquire the assets used in the operations of KIDK-TV until January 2021.

Certificate of deposit with Bank of America in the amount of $125,118.53 to secure potential
environmental remediation costs on real property formerly owned by Borrower.

Liens reflected on the attached lien search results for Delaware and Washington.

[OMITTED]

15

Schedule 6.04

Investments, Loans, Advances, Guarantees and Acquisitions

The Borrower or its Subsidiaries have the following investments, options, and Guarantees:

Borrower owns 1,808,318 shares of Series B Preferred Stock of DataSphere Technologies, Inc.

Fisher Mills, Inc. owns 1,000 shares of common stock of China Products North America, Inc.

Fisher Broadcasting Company owns a 25% limited liability company interest in Deer Point Tower
Venture LLC.

Fisher Broadcasting Company owns a 25% limited liability company interest in Sylvan Tower Co.
LLC.

Fisher Broadcasting – Oregon TV, L.L.C. owns 50% of the issued and outstanding shares of common
stock of South West Oregon Television Broadcasting Corporation, the holder of the FCC broadcast
license for KPIC-TV in Roseburg, Oregon.

Borrower has exercised an option to acquire all of the outstanding membership interests in The
Daily Buzz, LLC (the “LLC Interests”) from ACME Television LLC. The closing of Borrower’s
acquisition of the LLC Interests would occur at a future date to be agreed-upon by Borrower and
ACME. The option exercise may be withdrawn by Borrower in its sole discretion at any time prior
to the closing of the acquisition.

Borrower owns a 7.5% ownership interest in South Sound Broadcasting LLC (“South Sound”). In
addition, Borrower has an option to acquire South Sound’s FM radio station licensed in Oakville,
Washington. The option expires in January 2017.

On November 19, 2012, Fisher Broadcasting – Oregon TV, L.L.C. entered into an Asset Purchase
Agreement (the “Purchase Agreement”) with Newport Television LLC and Newport Television License
LLC to acquire, subject to prior approval from the Federal Communications Commission (the
“FCC”), television station KMTR(TV), together with certain related satellite stations
(collectively, the “Station”), which serve the Eugene, Oregon Nielsen Designated Market Area,
for a total purchase price of $8.5 million. Concurrently, Fisher Broadcasting assigned to
Roberts Media, LLC, an unrelated third party (“Roberts Media”), its rights under the Purchase
Agreement to acquire the FCC licenses with respect to the Station together with certain other of
the Station’s operating and programming assets.

In connection with the Purchase Agreement and the Shared Services Agreement, Roberts
Media has also granted Fisher Broadcasting an option to subsequently acquire the Station
assets held by Roberts Media subject to certain conditions and effective upon the
closing of the acquisition of the Station.

It is expected that Roberts Media will obtain third-party financing for its acquisition
under the Purchase Agreement and Fisher Broadcasting expects that it will guarantee the
indebtedness to be incurred by Roberts Media to finance its portion of the acquisition.
The transaction is subject to approval by the FCC, other regulatory approvals and
customary closing conditions.

16

Schedule 6.10

Restrictive Agreements

None

17

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