Document:

EXHIBIT 10.28

 Exhibit 10.28 
 EXECUTION COPY 
  
  
  
 AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of 
 March 6, 2009

 among 
 XM SATELLITE RADIO
INC., 
 XM SATELLITE RADIO HOLDINGS INC., 
 The Lenders Party Hereto, 
 and 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
  
  
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	ARTICLE I.	  	
		
	Definitions	  	
			
	 SECTION 1.01
	  	Defined Terms	  	1
	 SECTION 1.02
	  	Classification of Loans	  	31
	 SECTION 1.03
	  	Terms Generally	  	31
	 SECTION 1.04
	  	Accounting Terms; GAAP	  	32
		
	ARTICLE II.	  	
		
	The Credits	  	
			
	 SECTION 2.01
	  	Loans	  	32
	 SECTION 2.02
	  	[Reserved]	  	33
	 SECTION 2.03
	  	[Reserved]	  	33
	 SECTION 2.04
	  	[Reserved]	  	33
	 SECTION 2.05
	  	[Reserved]	  	33
	 SECTION 2.06
	  	[Reserved]	  	33
	 SECTION 2.07
	  	Interest Elections	  	33
	 SECTION 2.08
	  	[Reserved]	  	34
	 SECTION 2.09
	  	Repayment of Loans; Evidence of Debt	  	35
	 SECTION 2.10
	  	Prepayment of Loans	  	35
	 SECTION 2.11
	  	Fees	  	36
	 SECTION 2.12
	  	Interest	  	36
	 SECTION 2.13
	  	Alternate Rate of Interest	  	37
	 SECTION 2.14
	  	Increased Costs	  	37
	 SECTION 2.15
	  	Break Funding Payments	  	38
	 SECTION 2.16
	  	Taxes	  	38
	 SECTION 2.17
	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	40
	 SECTION 2.18
	  	Mitigation Obligations; Replacement of Lenders	  	42
		
	ARTICLE III.	  	
		
	Representations and Warranties	  	
			
	 SECTION 3.01
	  	Organization; Powers	  	42
	 SECTION 3.02
	  	Authorization; Enforceability	  	43
	 SECTION 3.03
	  	Governmental Approvals; No Conflicts	  	43
	 SECTION 3.04
	  	Financial Condition; No Material Adverse Change	  	43
	 SECTION 3.05
	  	Litigation	  	44
	 SECTION 3.06
	  	Compliance with Laws and Agreements	  	44
	 SECTION 3.07
	  	Investment Company Status	  	44
	 SECTION 3.08
	  	Taxes	  	44

  

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	 SECTION 3.09
	  	ERISA	  	45
	 SECTION 3.10
	  	Federal Reserve Regulations	  	45
	 SECTION 3.11
	  	Title to Properties; Possession Under Leases	  	45
	 SECTION 3.12
	  	Subsidiaries	  	46
	 SECTION 3.13
	  	Disclosure	  	46
	 SECTION 3.14
	  	Environmental Matters	  	47
	 SECTION 3.15
	  	Security Documents	  	47
	 SECTION 3.16
	  	Solvency	  	48
	 SECTION 3.17
	  	Chief Executive Offices	  	49
	 SECTION 3.18
	  	Deposit Accounts, Securities Accounts and Uncertificated Securities	  	49
	 SECTION 3.19
	  	Designated Senior Indebtedness	  	49
		
	ARTICLE IV.	  	
		
	Conditions	  	
			
	 SECTION 4.01
	  	Closing Date	  	49
		
	ARTICLE V.	  	
		
	Affirmative Covenants	  	
			
	 SECTION 5.01
	  	Financial Statements; and Other Information	  	52
	 SECTION 5.02
	  	Notices of Material Events	  	55
	 SECTION 5.03
	  	Existence; Conduct of Business	  	55
	 SECTION 5.04
	  	Obligations and Taxes	  	55
	 SECTION 5.05
	  	Maintenance of Properties; Insurance	  	56
	 SECTION 5.06
	  	Books and Records; Inspection Rights	  	56
	 SECTION 5.07
	  	Compliance with Laws	  	56
	 SECTION 5.08
	  	UBS Account	  	57
	 SECTION 5.09
	  	Compliance with Environmental Laws	  	57
	 SECTION 5.10
	  	Further Assurances	  	57
	 SECTION 5.11
	  	Cooperation	  	59
	 SECTION 5.12
	  	Separate Corporate Existence	  	59
		
	ARTICLE VI.	  	
		
	Negative Covenants	  	
			
	 SECTION 6.01
	  	Incurrence of Indebtedness and Issuance of Disqualified Stock	  	60
	 SECTION 6.02
	  	Liens	  	62
	 SECTION 6.03
	  	Merger, Consolidation or Sale of Assets	  	63
	 SECTION 6.04
	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	63
	 SECTION 6.05
	  	Sale and Leaseback Transactions	  	65
	 SECTION 6.06
	  	Restricted Payments	  	65
	 SECTION 6.07
	  	Transactions with Affiliates	  	67
	 SECTION 6.08
	  	Negative Pledge	  	69
	 SECTION 6.09
	  	Liquidity Test	  	69
	 SECTION 6.10
	  	Line of Business	  	69

  

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	 SECTION 6.11
	  	Amendments or Waivers	  	69
	 SECTION 6.12
	  	Minimum EBITDA	  	69
	 SECTION 6.13
	  	Other Restrictions	  	70
	 SECTION 6.14
	  	Limitation on Outstandings and Use of Cash	  	70
	 SECTION 6.15
	  	Activities of the FCC License Subsidiary	  	71
	 SECTION 6.16
	  	Deposit Accounts, Securities Accounts and Uncertificated Securities	  	71
	 SECTION 6.17
	  	Second Lien Credit Agreement	  	71
		
	ARTICLE VII.	  	
		
	Events of Default	  	
		
	ARTICLE VIII.	  	
		
	The Administrative Agent	  	
			
	 SECTION 8.01
	  	Appointment	  	74
	 SECTION 8.02
	  	Administrative Agent in its Individual Capacity	  	74
	 SECTION 8.03
	  	Exculpatory Provisions	  	75
	 SECTION 8.04
	  	Notice of Default	  	75
	 SECTION 8.05
	  	Reliance by the Administrative Agent	  	76
	 SECTION 8.06
	  	Delegation of Duties	  	76
	 SECTION 8.07
	  	Successor Administrative Agent	  	76
	 SECTION 8.08
	  	Non-Reliance on Administrative Agent and Other Lenders	  	76
	 SECTION 8.09
	  	Indemnification	  	77
		
	ARTICLE IX.	  	
		
	Miscellaneous	  	
			
	 SECTION 9.01
	  	Notices	  	77
	 SECTION 9.02
	  	Waivers; Amendments	  	78
	 SECTION 9.03
	  	Expenses; Indemnity; Damage Waiver	  	79
	 SECTION 9.04
	  	Successors and Assigns	  	80
	 SECTION 9.05
	  	Insolvency Proceeding Understandings	  	84
	 SECTION 9.06
	  	[Reserved]	  	84
	 SECTION 9.07
	  	Survival	  	84
	 SECTION 9.08
	  	Counterparts; Integration; Effectiveness	  	84
	 SECTION 9.09
	  	Severability	  	85
	 SECTION 9.10
	  	Right of Setoff	  	85
	 SECTION 9.11
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	85
	 SECTION 9.12
	  	WAIVER OF JURY TRIAL	  	86
	 SECTION 9.13
	  	Headings	  	86
	 SECTION 9.14
	  	Confidentiality	  	86
	 SECTION 9.15
	  	Interest Rate Limitation	  	87
	 SECTION 9.16
	  	USA PATRIOT Act	  	87
	 SECTION 9.17
	  	Effect of Amendment and Restatement	  	88
	 SECTION 9.18
	  	Same Debt and Lien	  	88
	 SECTION 9.19
	  	Borrower Business Considerations	  	88

  

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 SCHEDULES: 
  

	
	 Schedule 2.09 – Repayment

	 Schedule 3.05 – Litigation

	 Schedule 3.12 – Subsidiaries

	 Schedule 3.14 – Environmental Matters

	 Schedule 3.17 – Chief Executive Offices of Loan Parties

	 Schedule 3.18 – Deposit Accounts, Securities Accounts and Uncertificated Securities

	 Schedule 6.02 – Existing Liens

	 Schedule 6.06 – Existing Investments

	 Schedule 6.08 – Existing Restrictions

	 Schedule 6.12 – Minimum EBITDA

 EXHIBITS: 
  

					
	 Exhibit A
	  	–	  	Form of Assignment and Assumption
	 Exhibit B-1
	  	–	  	Form of Master Assignment and Purchase Agreement (Revolving Credit Facility)
	 Exhibit B-2
	  	–	  	Form of Master Assignment and Purchase Agreement (Term Loan)
	 Exhibit C
	  	–	  	Form of Guarantee Agreement
	 Exhibit D
	  	–	  	Form of Solvency Certificate
	 Exhibit E
	  	–	  	[Reserved]
	 Exhibit F
	  	–	  	Form of Perfection Certificate
	 Exhibit G
	  	–	  	Form of Second Lien Intercreditor Agreement
	 Exhibit H
	  	–	  	Form of Covenant Compliance Certificate
	 Exhibit I
	  	–	  	Form of Non-Bank Certificate
	 Exhibit J
	  	–	  	[Reserved]
	 Exhibit K
	  	–	  	Form of Joinder to the Existing Intercreditor Agreements

  

 iv 

 AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 6, 2009 (this
“Agreement”), among XM SATELLITE RADIO INC., a Delaware corporation (the “Borrower”), XM SATELLITE RADIO HOLDINGS INC., a Delaware corporation (“Holdings”), the lenders party hereto and JPMORGAN
CHASE BANK, N.A., as administrative agent for the lenders hereunder (together with its successors in such capacity, the “Administrative Agent”). 
 WHEREAS, the Borrower, Holdings, the lenders party thereto, the Administrative Agent, Credit Suisse Securities (USA) LLC, as syndication agent, Citicorp North America, Inc., as documentation agent, and J.P. Morgan
Securities Inc. and UBS Securities LLC, as joint bookrunners and joint lead arrangers, entered into that certain Credit Agreement, dated as of May 5, 2006 (as amended, restated, replaced, supplemented, refinanced and/or otherwise modified from
time to time prior to the execution hereof, the “Original Revolving Credit Facility Agreement”); 
 WHEREAS, the Borrower,
Holdings, the lenders party thereto, UBS AG, Stamford Branch, as administrative agent, and UBS Securities LLC, as sole lead arranger and sole bookrunner, entered into that certain Credit Agreement, dated as of June 26, 2008 (as amended,
restated, replaced, supplemented, refinanced and/or otherwise modified from time to time prior to the execution hereof, the “Original Term Loan Credit Agreement”); 
 WHEREAS, Liberty Media LLC (“Liberty Media”) is making the Required Purchase (as defined below) in connection with this amendment and
restatement and will be deemed to have consummated such Required Purchase immediately prior to the effectiveness hereof; and 
 WHEREAS, the
parties hereto desire to enter into this Agreement to, among other things, give effect to the Required Purchase and amend, restate and combine the Original Revolving Credit Facility Agreement and the Original Term Loan Credit Agreement on the terms
and subject to the conditions of this amendment and restatement; 
 NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto 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, indicates that such Loan is bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Acquired Debt” means, with respect to any specified Person, (x) Indebtedness of any other Person existing at the time such other
Person is merged with or into or became a Subsidiary of such specified Person or (y) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person; provided that, in each case, such Indebtedness or Lien, as
applicable, is 

 
not incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person or in
contemplation of the acquisition of such assets by such specified Person. 
 “Act” means the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)). 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Loan
for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the higher of (x) (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate and
(y) 3.00%. 
 “Administrative Agent” has the meaning set forth in the preamble. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” shall have correlative meanings. 
 “Affiliate Transaction” has the meaning assigned to such term in
Section 6.07(a). 
 “Agreement” has the meaning assigned to such term in the introductory paragraph of this Agreement
and includes all Exhibits and Schedules hereto. 
 “Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the then current 1-month Adjusted LIBO Rate plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds
Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 
 “Applicable Percentage” means, (a) with respect to any Tranche A Lender, the percentage of the total Tranche A Loans represented by
such Tranche A Lender’s Tranche A Loan, (b) with respect to any Tranche B Lender, the percentage of the total Tranche B Loans represented by such Tranche B Lender’s Tranche B Loan and (c) with respect to any Tranche C Lender, the
percentage of the total Tranche C Loans represented by such Tranche C Lender’s Tranche C Loan. 
 “Applicable Rate”
means, for any day, (a) with respect to any ABR Loan, 11.00% per annum, and (b) with respect to any Eurodollar Loan, 12.00% per annum. 
  

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 “Asset Sale” means (a) the sale, lease (as lessor), license, conveyance or other
disposition of any assets; and (b) the issuance of Equity Interests in any of the Borrower’s or Holdings’ Subsidiaries or the sale of Equity Interests in any of the Borrower’s or Holdings’ Subsidiaries (including in
connection with the merger or consolidation of any Subsidiary of the Borrower or Holdings with or into another Person that results in the direct or indirect ownership by the Borrower or Holdings of less of the Equity Interests of such Subsidiary
than prior to such merger or consolidation). 
 Notwithstanding the foregoing, the following items shall not be deemed to be Asset Sales:

 (i) any single transaction or series of related transactions that involves assets having a fair market value or that
involve net proceeds of less than $1,000,000; 
 (ii) a transfer of assets between or among the Borrower and the
Borrower’s Wholly Owned Subsidiary Guarantors; 
 (iii) an issuance of Equity Interests by a Wholly Owned Subsidiary
Guarantor to the Borrower or to another Wholly Owned Subsidiary Guarantor; 
 (iv) the sale or lease of equipment, inventory,
accounts receivable or other assets in the ordinary course of business; 
 (v) the sale or other disposition of cash or Cash
Equivalents; 
 (vi) a Restricted Payment or Permitted Investment that is permitted under Section 6.06; 
 (vii) the non-exclusive license of Intellectual Property in the ordinary course of business; and 
 (viii) any sale and leaseback transactions permitted pursuant to Section 6.05. 
 “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 A or any other form approved by the Administrative Agent. 
 “Attributable Debt” means, in respect of a sale and leaseback transaction, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
 “Bankruptcy Code” means the United States Bankruptcy Code of 1978, as amended from time to time. 
  

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 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial
ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The
terms “beneficially owns” and “beneficially owned” shall have a corresponding meaning. 
 “Board” means
the Board of Governors of the Federal Reserve System of the United States of America. 
 “Board of Directors” means
(a) with respect to a corporation, the board of directors of the corporation; (b) with respect to a partnership, the board of directors of the general partner of the partnership (if a corporation); and (c) with respect to any other
Person, the board or committee of such Person serving a similar function. 
 “Borrower” has the meaning set forth in the
preamble. 
 “Borrower Obligations” means the Credit Agreement Obligations and the Cash Management Arrangement Obligations.

 “Borrowing” means Loans of the same Type, converted or continued on the same date and, in the case of Eurodollar
Loans, as to which a single Interest Period is in effect. 
 “Business Day” means any day that is not a Saturday,
Sunday or other day on which commercial banks in New York City 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 Lease
Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Cash Equivalents” means: 
 (a) United States dollars; 
 (b) securities issued or directly and fully guaranteed or
insured by the United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than six months from the date of
acquisition; 
 (c) certificates of deposit and Eurodollar time deposits with maturities of six months or less from the date
of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500,000,000; 
  

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 (d) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c) above; 
 (e) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and in each case maturing within six
months after the date of acquisition; and 
 (f) (i) money market funds 100% of the assets of which constitute Cash
Equivalents of the kinds described in clauses (a) and (b) of this definition or (ii) money market funds the majority of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) and (b) of this
definition and which have been approved by the Administrative Agent. 
 “Cash Management Arrangement Obligations” means all
obligations and liabilities of any Loan Party to any Qualified Counterparty, whether direct or indirect, absolute or contingent, due or to become due or now existing or hereafter incurred, which may arise under, out of, or in connection with, any
Specified Cash Management Arrangement or any Specified Cash Management Arrangement Agreement, in each case whether on account of principal, interest, fees, indemnities, costs, expenses or otherwise (including interest accruing at the then applicable
rate provided in any Specified Cash Management Arrangement Agreement after the maturity of the obligations thereof and interest accruing at the then applicable rate provided in any Specified Cash Management Arrangement Agreement after the
commencement of any bankruptcy case or insolvency, reorganization or like proceeding relating to such Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding, and all reasonable fees and
disbursements of counsel to the Qualified Counterparty that are required to be paid by such Loan Party pursuant to the terms of any Specified Cash Management Arrangement Agreement). 
 “Change in Control” means the occurrence of any of the following: 
 (a) SIRIUS shall cease to beneficially own and control 100% on a fully diluted basis of the economic interests and voting power in the
Equity Interests of Holdings; 
 (b) Holdings shall cease to beneficially own and control 100% on a fully diluted basis of the
economic interests and voting power in the Equity Interests of the Borrower; 
 (c) the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Loan Parties taken as a whole to any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act); 
 (d) the adoption of a plan relating to the liquidation or
dissolution of Holdings or the Borrower; 
  

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 (e) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act), is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of SIRIUS, Holdings or the Borrower (other than SIRIUS or a Wholly Owned Subsidiary thereof) (for the purposes
of this clause (e), such other person shall be deemed to beneficially own any Voting Stock of a Person held by any other Person (the “parent entity”), if such other person is the Beneficial Owner, directly or indirectly, of more than 50%
of the voting power of the Voting Stock of such parent entity); or 
 (f) any “change of control” or similar event
under any SIRIUS Material Indebtedness or any Material Indebtedness of any Loan Party, including in each case any Permitted Refinancing Indebtedness in respect thereof. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application
thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’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. 
 “Closing Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral Agent” means JPMorgan Chase Bank, N.A. (as successor in interest to The Bank of New York), acting as collateral agent, or
such other Person then serving as Collateral Agent under the Existing Collateral Documents. 
 “Collateral and Guarantee
Requirement” means the requirement that: 
 (a) on the Closing Date, the Administrative Agent shall have received the
Guarantee Agreement, duly executed and delivered by Holdings and each Subsidiary Loan Party; 
 (b) in the case of any Person
that becomes a Subsidiary Loan Party after the Closing Date, the Administrative Agent shall have received supplements to the Guarantee Agreement, the Existing General Security Agreement and the Second Lien Intercreditor Agreement, in the respective
forms specified therein, duly executed and delivered by such Subsidiary Loan Party; 
 (c) on the Closing Date, each Existing
Secured Party that is not already a party to each Existing Intercreditor Agreement, to the extent required pursuant to the terms thereof, shall have executed a joinder agreement in the form of Exhibit K hereto to each of the Existing
Intercreditor Agreements and become a “Secured Party” as defined thereunder; 
  

 6 

 (d) (i) all the outstanding Equity Interests in any Person that is or becomes a Loan
Party (other than Holdings) on or after the Closing Date and (ii) all the Equity Interests of any Person that are owned by a Loan Party, shall have been pledged pursuant to the Security Documents (or, in the case of Foreign Subsidiaries, at the
request of the Collateral Agent or the Administrative Agent, pursuant to a Foreign Pledge Agreement) (provided that minority Equity Interests shall be pledged unless such pledge would result in a breach or violation of contracts or agreements
to which a Loan Party is party or would trigger rights of first refusal, call rights or other similar provisions thereunder or result in the loss of director appointment rights or other penalty or loss of rights under such contracts or agreements)
and the Collateral Agent shall have received all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto duly endorsed in blank; 
 (e) on the Closing Date and at any time thereafter that any other Security Document shall be executed and delivered, except as otherwise
contemplated by the applicable Security Document, all documents and instruments, including UCC financing statements, required by law or reasonably requested by the Collateral Agent or the Administrative Agent to be filed, registered, recorded,
executed or possessed to create a valid first priority Lien in the Existing Collateral in favor of the Collateral Agent, for the benefit of the Existing Secured Parties, and to perfect such Lien to the extent required by the applicable Security
Documents and this Agreement, shall have been filed, registered, recorded (or delivered to the Collateral Agent for filing, registration or recording) or executed and delivered; and 
 (f) except as set forth pursuant to Section 3.03 or as otherwise contemplated by any Security Document, each Loan Party shall have
obtained all consents and approvals required to be obtained by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which it is a party and the granting by it of the Liens thereunder and
(ii) the performance of its obligations thereunder. 
 “Consolidated Income Tax Expense” means, with respect to the
Loan Parties for any period, the provision for federal, state, local and foreign taxes based on income or profits (including franchise taxes) payable by the Loan Parties for such period, as determined on a consolidated basis in accordance with GAAP.

 “Consolidated Interest Expense” means, for any period, (a) the total interest expense of the Loan Parties for such
period, whether paid or accrued and whether or not capitalized (including amortization of debt issuance costs and original issue discount), plus (b) to the extent not included in such interest expense, without duplication, non-cash interest
payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations and Attributable Debt and commissions, discounts and other fees and charges incurred in respect of
letter of credit or bankers’ acceptance financings. 
 “Consolidated Net Income” means, with respect to any specified
Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
 (a) the Net Income (but not loss) of any Person that is accounted for by the equity method of accounting shall be included only to the
extent of the amount of dividends or distributions paid in cash by such Person to the specified Person or a Wholly Owned Subsidiary Guarantor thereof; 
  

 7 

 (b) the Net Income of any Subsidiary shall be excluded to the extent that the declaration
or payment of dividends or similar distributions by that Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary or its stockholders; 
 (c) the Net Income of any Person acquired in a pooling of interests transaction for any period prior to the date of such acquisition shall
be excluded; and 
 (d) the cumulative effect of a change in accounting principles shall be excluded. 
 “Control Agreement” means any control agreement by which the Collateral Agent obtains “control” (as used in the UCC) of any
Deposit Account, Securities Account or Uncertificated Security listed on Schedule 3.18. 
 “Convertible Senior Notes”
means the convertible senior notes due 2009 issued by Holdings pursuant to the Indenture, dated as of November 23, 2004, between Holdings, as issuer, and The Bank of New York, as trustee, as such notes may be amended, restated, supplemented
and/or otherwise modified from time to time. 
 “Covenant Compliance Certificate” means the certificate in the form of
Exhibit H. 
 “Credit Agreement Obligations” means the unpaid principal of and interest on (including interest
accruing after the maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Loan Party, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Loan Parties to the Administrative Agent, to the Collateral Agent or to any Lender, whether direct or indirect, absolute
or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, or any other document made, delivered or given in connection herewith or
therewith, whether on account of principal, interest, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent, to the Collateral Agent or to any Lender that are required to be paid by
any Loan Party pursuant hereto or pursuant to any other Loan Document) or otherwise. 
 “Deemed Tranche A Loans” means, on
any date of determination, solely for the purposes of the voting calculation in clause (ii) of the definition of “Required Lenders”, the amount of Voting Tranche C Loans obtained by multiplying
(a) the aggregate amount of the then outstanding Voting Tranche C Loans by (b) the fraction (expressed as a decimal), the numerator of which is the then outstanding Tranche A Loans and the denominator of which is the
sum of the then outstanding Tranche A Loans plus the then outstanding Tranche B Loans. 
  

 8 

 “Deemed Tranche B Loans” means, on any date of determination, solely for the purposes of
the voting calculation in clause (ii) of the definition of “Required Lenders”, any outstanding Voting Tranche C Loans that shall not be Deemed Tranche A Loans. 
 “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. 
 “Deferred Purchase Price Agreements” means each purchase agreement between
the Borrower and a satellite manufacturer for the manufacture of a satellite, the terms of which provide for a portion of the purchase price to be deferred and paid by the Borrower other than when specified milestones are achieved or in installments
on or prior to the delivery of such satellite. 
 “Deposit Account” means a “deposit account” as defined in the
UCC. 
 “Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the Maturity Date. Notwithstanding the preceding sentence, any Equity Interest that would constitute Disqualified Stock solely because the holders
thereof have the right to require the Borrower to repurchase such Equity Interests upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock if the terms of such Equity Interests provide that the Borrower
may not repurchase or redeem any such Equity Interests pursuant to such provisions unless such repurchase or redemption complies with Section 6.06. 
 “dollars” or “$” refers to lawful money of the United States of America. 
 “EBITDA” means, with respect to the Loan Parties on a consolidated basis, for any period, an amount equal to Consolidated Net Income for such period increased (without duplication) by the sum of: 
 (a) Consolidated Income Tax Expense accrued for such period to the extent deducted in determining Consolidated Net Income for such period;

 (b) Consolidated Interest Expense for such period to the extent deducted in determining Consolidated Net Income for such
period; and 
 (c) depreciation, amortization, cost of synergies, and any other noncash items for such period to the extent
deducted in determining Consolidated Net Income for such period (other than any noncash item that requires the accrual of, or a reserve for, cash charges for any future period) of the Loan Parties (including amortization of capitalized debt issuance
costs for such period, any noncash compensation expense realized for grants of stock options or other rights to officers, directors, consultants and employees and noncash charges related to equity granted to third parties), all of the foregoing
determined on a consolidated basis in accordance with GAAP, and decreased by noncash items to the extent they increase Consolidated Net Income (including the partial or entire reversal of reserves taken in prior periods, but excluding reversals of
accruals or reserves for cash charges taken in prior periods) for such period. 
  

 9 

 “Eligible Transferee” has the meaning assigned to such term in the 2003 ISDA Credit
Derivative Definitions as published by the International Swaps and Derivatives Association, Inc. 
 “Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, common law, injunctions, notices or binding agreements issued, promulgated or entered into by or on behalf of 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,
Holdings or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of, or non-compliance with, 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 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, any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing 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 existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or
Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) 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 ERISA Affiliate 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 failure of the Borrower or any ERISA Affiliate to make any required contribution under any Multiemployer Plan; (g) the

  

 10 

 
incurrence by the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan;
(h) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (i) the occurrence of an act or omission which could give rise to the imposition of fines, penalties, taxes or related
charges under Chapter 43 of the Code or under Section 409, Section 502(c), (i) or (k) or Section 4071 of ERISA in respect of any Plan; (j) the imposition of a Lien pursuant to Section 401(a)(29) or 412(n) of the
Code with respect to any Plan; or (k) the occurrence of any event with respect to any Plan similar to the events described in any of the subsections (a) through (j) hereof which would cause liability to arise to the Borrower or any
ERISA Affiliate. 
 “Eurodollar”, when used in reference to any Loan, indicates that such Loan is 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. 
 “Excess Proceeds” means any Net Proceeds from any Asset Sale that are not finally applied or invested
in accordance with the Borrower’s Reinvestment Right. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Excluded Entities” means, collectively, XM 1500 Eckington LLC and XM Investment LLC; provided that each
such entity shall only be deemed to be an “Excluded Entity” for so long as the terms of the Holdings Rollover Notes prohibit such entity from (i) granting Liens on its assets to secure the Indebtedness under the Loan Documents and
(ii) providing a Guarantee of such Indebtedness. If at any time such prohibitions are no longer applicable to either such entity, such entity shall automatically become a Subsidiary Loan Party for purposes of this Agreement and the other
Loan Documents, and each of the Borrower and Holdings shall cause such entity to promptly take such actions as shall be necessary to satisfy the elements of the Collateral and Guarantee Requirement required to be satisfied in the case of a Person
becoming a Subsidiary Loan Party after the Closing Date. 
 “Excluded Taxes” means, with respect to the Administrative
Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on (or measured by) its net income, including franchise taxes imposed in lieu of net income
taxes, by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located,
(b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a
request by the Borrower under Section 2.18(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is
attributable to such Foreign Lender’s failure to comply with Section 2.16(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to
receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.16(a). 
  

 11 

 “Existing 10% Notes” means the Borrower’s and Holdings’ 10% senior secured
convertible discount notes due 2009 issued to certain investors pursuant to the Note Purchase Agreement. 
 “Existing BofA Deposit
Accounts” means the collective reference to all deposit accounts maintained by the Borrower with Bank of America, N.A. on the Closing Date. 
 “Existing Collateral” means the “Collateral” under and as defined in (a) the Existing General Security Agreement, (b) the Existing FCC License Subsidiary Pledge Agreement and
(c) any other Security Document. For the avoidance of doubt, “Existing Collateral” shall include all assets of all Loan Parties other than the “Excluded Collateral” (as defined in the Existing General Security Agreement).

 “Existing Collateral Documents” means, collectively, (a) the Existing Intercreditor Agreements, (b) the
Existing General Security Agreement and (c) the Existing FCC License Subsidiary Pledge Agreement. 
 “Existing FCC License
Subsidiary Pledge Agreement” means the Amended and Restated Security Agreement, dated as of January 28, 2003, among the Borrower, as pledgor, and the Collateral Agent, as such agreement may be amended, restated, supplemented and/or
otherwise modified from time to time. 
 “Existing General Security Agreement” means the Security Agreement, dated as of
January 28, 2003, among the Borrower, Holdings and XM Equipment Leasing LLC, as grantors, and the Collateral Agent, as amended by the First Amendment to Security Agreement, dated as of June 12, 2003, and the Existing General Security
Agreement Second Amendment, dated as of the Closing Date and as may be further amended, restated, supplemented and/or otherwise modified from time to time. 
 “Existing General Security Agreement Second Amendment” means the Second Amendment to the Security Agreement, dated as of the Closing Date, among the Loan Parties, as grantors and the Collateral Agent.

 “Existing Indebtedness” means Indebtedness of the Borrower, Holdings and their respective Subsidiaries in existence on
the Closing Date under (a) the Existing 10% Notes, (b) the XM 13% Notes, (c) the Convertible Senior Notes, (d) the Existing Subordinated Notes, (e) the Holdings Rollover Notes and (f) any Capital Lease Obligations.

 “Existing Intercreditor Agreements” means, collectively, (a) the Intercreditor and Collateral Agency Agreement (FCC
License Subsidiary Pledge Agreement), dated as of January 28, 2003, among the Noteholders named in schedule I thereto, The Bank of New York, as Original Trustee, The Bank of New York, as New Trustee, the Collateral Agent and the Additional
Creditors (as defined therein) from time to time party thereto and (b) the Intercreditor and Collateral Agency Agreement (General Security Agreement), dated as of January 28, 2003, among the Noteholders named in schedule I thereto, The
Bank of New York, as New Trustee, 

  

 12 

 
the Collateral Agent and the Additional Creditors (as defined therein) from time to time party thereto, in each case, as may be amended, restated,
supplemented and/or otherwise modified from time to time. 
 “Existing Secured Parties” means, collectively, and without
duplication, (a) the holders of the Existing 10% Notes, (b) the Tranche A Secured Parties, (c) the Tranche B Secured Parties and (d) the Tranche C Secured Parties. 
 “Existing Subordinated Notes” means the Borrower’s 7% senior subordinated exchangeable notes dues 2014 issued pursuant to the
Existing Subordinated Notes Indenture. 
 “Existing Subordinated Notes Indenture” means that certain Indenture, dated as of
August 1, 2008, among the Borrower, Holdings, XM Equipment Leasing LLC, XM Radio Inc., Sirius Satellite Radio Inc. and The Bank of New York Mellon, as trustee. 
 “FCC License Subsidiary” means XM Radio Inc., a wholly owned subsidiary of the Borrower that holds all of the FCC licenses with respect to the provision of satellite digital radio service in the
United States by the Borrower or any of its Subsidiaries. 
 “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. 
 “Fee Letter” means the
fee letter dated as of the date hereof between the Borrower and the Administrative Agent. 
 “Financial Officer” means, with
respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person. 
 “First
Lien Transactions” means the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, the continuation of Loans, the use of the proceeds thereof, and the grant of security interests by the Loan
Parties pursuant to the Security Documents. 
 “Foreign Lender” means any Lender that is organized under the laws of a
jurisdiction other than the United States of America, any State thereof or the District of Columbia. 
 “Foreign Pledge
Agreement” means a pledge agreement with respect to the Equity Interests of a Foreign Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent. 
 “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than that in which the Borrower is
located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
  

 13 

 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect from time to time. 
 “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. 
 “Guarantee Agreement” means the
Amended and Restated Guarantee Agreement, dated as of the Closing Date, in the form of Exhibit C, by Holdings and each Subsidiary Loan Party in favor of the Administrative Agent, as amended, supplemented and/or otherwise modified from time to
time. 
 “Guarantor Obligations” means with respect to any Guarantor, all obligations and liabilities of such Guarantor
which may arise under or in connection with the Guarantee Agreement (including, without limitation, Section 2 thereof) or any other Loan Document to which such Guarantor is a party, in each case whether on account of guarantee obligations,
fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to any Tranche A Secured Party, Tranche B Secured Party and Tranche C Secured Party that are required to be paid by such Guarantor
pursuant to the terms of any Loan Document). 
 “Guarantors” means, collectively, (a) Holdings and (b) each
Subsidiary Loan Party. 
  

 14 

 “Hazardous Materials” means all explosive or radioactive materials, substances or wastes
and all hazardous or toxic materials, substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon, infectious or medical wastes and all other
materials, substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Hedged Loans” means, at any
date of determination, the Tranche A Loans that correspond to the Tranche A Loans that as of the Closing Date were held by UBS Loan Finance LLC in an aggregate amount of $10,000,000. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under (a) Swap Agreements; and
(b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates, currency values or commodity prices. 
 “Holdings” has the meaning set forth in the preamble. 
 “Holdings Rollover
Notes” means the senior PIK secured notes issued by Holdings pursuant to that certain indenture, dated as of February 13, 2009, among Holdings, SIRIUS, XM 1500 Eckington LLC, XM Investment LLC and U.S. Bank National Association, as
trustee and collateral trustee. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such
Person, whether or not contingent, (a) in respect of borrowed money; (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); (c) in respect of
banker’s acceptances; (d) representing Capital Lease Obligations; (e) consisting of the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable;
or (f) representing any Hedging Obligations, if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance
with GAAP. In addition, the term “Indebtedness” shall include (i) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person), (ii) to
the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person and (iii) all Attributable Debt of such Person. 
 The amount of any Indebtedness outstanding as of any date shall be: 
 (1) the accreted value
thereof, in the case of any Indebtedness issued with original issue discount; 
 (2) the face amount thereof, in the case of
letters of credit, banker’s acceptances and similar obligations; 
 (3) the net obligations of such Person in respect
thereof, in the case of Hedging Obligations; 
 (4) the present value of the obligation of the lessee for net rental payments,
in the case of Attributable Debt, as set forth in the definition thereof; and 
  

 15 

 (5) the principal amount thereof, together with any interest thereon that is more than 30
days past due, in the case of any other Indebtedness. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes.

 “Initial Tranche C Loans” has the meaning assigned to such term in Section 2.01(c). 
 “Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, state, multinational or foreign laws or otherwise, including (a) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents, patent
applications, and patent disclosures, together with all provisionals, reissuances, continuations, continuations-in-part, divisions, revisions, extensions, and reexaminations thereof, (b) all trademarks, service marks, trade dress, logos, brand
names, trade names, domain names and corporate names, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations and renewals in connection
therewith, (c) all copyrightable works and protectable designs, all copyrights, and all applications, registrations, and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection
therewith, (e) all trade secrets and confidential business information (including ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, drawings, designs,
specifications, research records, records of inventions, test information, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), (f) any rights in or licenses to or from a third party in any
of the foregoing, and (g) any past, present, or future claims or causes of actions arising out of or related to any infringement, misappropriation, dilution or other violation of any of the foregoing, including the right to receive all proceeds
and damages therefrom. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Loan in
accordance with Section 2.07. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of
each March, June, September and December, and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to such Eurodollar Loan and, in the case of a Eurodollar Loan 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 Loan, the period commencing on the date of such Eurodollar Loan and ending on
the numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of each Lender, nine months) thereafter, as the Borrower may elect; provided, that (i) 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 Loan 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 (ii) any Interest Period pertaining to a Eurodollar Loan that commences on the last Business Day of a calendar month (or on a day for which there is no 

  

 16 

 
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 Eurodollar Loan initially shall be the date on which such Eurodollar Loan is made or converted from an ABR Loan or continued as a Eurodollar Loan. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the form of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers, directors and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. The acquisition by
the Borrower or Holdings or any of their respective Subsidiaries of a Person that holds an Investment in a third Person shall be deemed to be an Investment by the Borrower, Holdings or such Subsidiary, as applicable, in such third Person in an
amount equal to the fair market value of the Investment held by the acquired Person in such third Person determined as provided in Section 6.06(c). 
 “Joint Services Agreement” means the Joint Services Agreement (including all schedules, exhibits, appendices and annexes thereto), dated as of March 4, 2009, among SIRIUS, Holdings and the
Borrower. 
 “Lenders” means, collectively, the Tranche A Lenders, the Tranche B Lenders and the Tranche C Lenders.

 “Liberty Media” has the meaning set forth in the recitals. 
 “Liberty Party” means any of the “Liberty Parties” as defined in the Investment Agreement dated as of February 17, 2009,
between Sirius XM Radio Inc. and Liberty Radio, LLC. 
 “LIBO Rate” means, with respect to any Eurodollar Loan for any
Interest Period, the rate appearing on Page 3750 of the Dow Jones Market Service (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 Loan 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. 
  

 17 

 “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 and (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. 
 “Loan Documents” means this
Agreement, the Guarantee Agreement, the Security Documents, the Second Lien Intercreditor Agreement, the Fee Letter and any promissory note issued under Section 2.09(c). 
 “Loan Parties” means the Borrower, Holdings and the Subsidiary Loan Parties. 
 “Loans” means, collectively, the Tranche A Loans, the Tranche B Loans and the Tranche C Loans. 
 “Margin Regulations” means Regulations T, U and X of the Board. 
 “Margin Stock” shall have the meaning assigned to such term in Regulation U of the Board. 
 “Master Assignment and Purchase Agreement (Revolving Credit Facility)” means a Master Assignment and Purchase Agreement, dated as of the
Closing Date and in the form attached hereto as Exhibit B-1. 
 “Master Assignment and Purchase Agreement (Term
Loan)” means a Master Assignment and Purchase Agreement, dated as of the Closing Date and in the form attached hereto as Exhibit B-2. 
 “Master Assignment and Purchase Agreements” means, collectively, the Master Assignment and Purchase Agreement (Revolving Credit Facility) and the Master Assignment and Purchase Agreement (Term Loan).

 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial
condition of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties to perform any of their respective obligations under this Agreement or the other Loan Documents or (c) the validity or enforceability of
any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder. 
 “Material
Indebtedness” means Indebtedness (other than the Loans) of any one or more of Holdings, the Borrower and their respective Subsidiaries in an aggregate principal amount exceeding $10,000,000. 
 “Maturity Date” means May 5, 2010. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  

 18 

 “Net Income” means, with respect to any specified Person, the net income (loss) of such
Person and its Subsidiaries, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
 (a) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (i) any Asset Sale; or (ii) the disposition of any securities by such Person or any of
its Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries; and 
 (b) any
extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss. 
 “Net
Proceeds” means the aggregate cash proceeds received by the Borrower, Holdings or any of their respective Subsidiaries in respect of any Asset Sale or other transaction (including, without limitation, any cash received upon the sale or
other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale or other transaction, including, without limitation, legal, accounting and investment banking fees, and sales
commissions, and any relocation expenses incurred as a result thereof, and taxes paid or payable as a result thereof, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts
required to be applied to the repayment of Indebtedness (other than the Credit Agreement Obligations) secured by a Lien on the asset or assets that were the subject of such Asset Sale or other transaction and any reserve for adjustment in respect of
the sale price of such asset or assets established in accordance with GAAP. 
 “Non-Voting Tranche C Lender” Liberty Media
Corporation, Liberty Media, any of their respective Subsidiaries or any other Person that is controlled by Liberty Media Corporation or Liberty Media (each, an “LM Entity”), as holder of any Tranche C Loan pursuant to the terms
hereof, as long as any LM Entity holds any Equity Interest in SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries. For purposes of this definition, the term “control” has the meaning assigned to such term in the
definition of “Affiliate”. 
 “Note Purchase Agreement” means the Note Purchase Agreement dated as of
December 21, 2002, among the Borrower, Holdings and the investors party thereto, providing for the sale and issuance of the Existing 10% Notes, as may be amended, restated, supplemented and/or otherwise modified from time to time. 

“Organizational Documents” means (i) with respect to any corporation, its certificate or articles of incorporation or
organization, as amended, and its by laws, as amended, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (iii) with respect to any general
partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended. In the event any term or condition of this Agreement
or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type customarily
certified by such governmental official. 
  

 19 

 “Original Revolving Credit Facility Agreement” has the meaning set forth in the
recitals. 
 “Original Revolving Credit Facility Closing Date” means May 5, 2006. 
 “Original Revolving Loans” means (i) the loans made to the Borrower under the Original Revolving Credit Facility Agreement that are
outstanding immediately prior to the Required Purchase, the principal amount of which is agreed by the parties hereto to be $250,000,000, minus (ii) the Tranche A Required Purchase. 
 “Original Term Loan Credit Agreement” has the meaning set forth in the recitals. 
 “Original Term Loans” means (i) the loans made to the Borrower under the Original Term Loan Credit Agreement that are outstanding
immediately prior to the Required Purchase, the principal amount of which is agreed by the parties hereto to be $100,000,000, minus (ii) the Tranche B Required Purchase. 
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 
 “Participant” has the meaning set forth in Section 9.04. 
 “PBGC” means the Pension Benefit
Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
 “Perfection
Certificate” means a certificate in the form of Exhibit F or any other form approved by the Administrative Agent. 
 “Permitted Business” means (i) with respect to Holdings, any of the lines of business conducted by Holdings and its Subsidiaries as of the Closing Date, any other line of business involving the transmission or delivery
of audio, data, video or other content through currently existing or future technology, and any business similar, ancillary or related thereto or that constitutes a reasonable extension or expansion thereof, including in connection with
Holdings’ or its Subsidiaries’ existing and future technology, trademarks and patents and (ii) with respect to the Borrower or any of its Subsidiaries, any of the lines of business conducted by the Borrower and its Subsidiaries on the
Closing Date, and any business similar, ancillary or related thereto or that constitutes a reasonable extension or expansion thereof, including in connection with the Borrower’s existing and future technology, trademarks and patents.

 “Permitted Debt” has the meaning assigned to such term in Section 6.01(b). 
 “Permitted Investments” means: 
 (a) any Investment in the Borrower or in a Wholly Owned Subsidiary Guarantor; 
 (b) any
Investment in Cash Equivalents; 
  

 20 

 (c) any Investment by the Borrower or any Subsidiary of the Borrower in a Person (other
than an Excluded Entity), if as a result of such Investment: 
 (i) such Person becomes a Wholly Owned Subsidiary Guarantor;
or 
 (ii) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its
assets to, or is liquidated into, the Borrower or a Wholly Owned Subsidiary Guarantor; 
 (d) any Investment made as a result
of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 6.03; 
 (e) any acquisition of assets solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of Holdings; 
 (f) [Reserved]; 
 (g) Investments in existence on the Closing Date set forth on Schedule
6.06; 
 (h) Investments in securities of trade creditors or customers received in compromise of obligations of such
Person incurred in the ordinary course of business, including under any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such Person; 
 (i) loans and advances to officers, directors and employees of the Borrower or any of its Subsidiaries in the ordinary course of business
not to exceed $2,000,000 at any time outstanding; 
 (j) Investments indirectly acquired by the Borrower or any of its
Subsidiaries through a direct Investment in another Person (other than an Excluded Entity) made in compliance with this Agreement, provided that such Investments existed prior to and were not made in contemplation of such Investment;

 (k) [Reserved]; and 
 (l) other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all
other Investments made pursuant to this clause (l) since the Closing Date that are at the time outstanding, not to exceed $10,000,000; provided that Investments in the Excluded Entities made pursuant to this clause (l) shall not
exceed $500,000 in the aggregate at any time. 
 “Permitted Liens” means: 
 (a) Liens in favor of the Borrower; 
 (b) [Reserved]; 
  

 21 

 (c) Liens on property existing at the time of acquisition thereof by the Borrower or any
Subsidiary of the Borrower; provided that such Liens were not incurred in contemplation of such acquisition; 
 (d)
Liens to secure the performance of bids, tenders, leases, statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 
 (e) [Reserved]; 
 (f) Liens existing on the Closing Date set forth on Schedule 6.02; 
 (g) Liens for taxes, assessments or
governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded, provided that any reserve or other appropriate provision as shall be
required in conformity with GAAP shall have been made therefor; 
 (h) Liens incidental to the conduct of the business of the
Borrower or a Subsidiary of the Borrower or the ownership of its property and assets not securing Indebtedness, and which do not in the aggregate materially detract from the value of the assets or property of the Borrower and its Subsidiaries taken
as a whole, or materially impair the use thereof in the operation of its business; 
 (i) Liens incurred or deposits made in
the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security; 
 (j) judgment Liens in an aggregate amount not to exceed $10,000,000 and not giving rise to an Event of Default; 
 (k) easements, rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary conduct of the business of the Borrower
or any of its Subsidiaries; 
 (l) any interest or title of a lessor under any Capital Lease Obligation; 
 (m) leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Borrower and its
Subsidiaries; 
 (n) Liens arising from filing UCC financing statements regarding leases; 
 (o) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customer duties in connection with
the importation of goods; 
 (p) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s,
repairmen’s or other similar Liens arising in the ordinary course of business that are not delinquent or remain payable without penalty; 
  

 22 

 (q) Liens securing Specified Cash Management Arrangement Agreements with Qualified
Counterparties; 
 (r) Liens encumbering property or other assets under construction in the ordinary course of business
arising from progress or partial payments by a customer of the Borrower or the Borrower’s Subsidiaries relating to such property or other assets; 
 (s) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Borrower or any of its Subsidiaries in the ordinary course of business;

 (t) Liens securing Indebtedness in an aggregate amount not to exceed $10,000,000 at any one time outstanding; 

(u) [Reserved]; 
 (v) [Reserved]; 
 (w) [Reserved]; 
 (x) Liens securing Indebtedness permitted under Section 6.01(b)(vi); provided that such Liens are no more extensive than the
liens securing the Indebtedness so refunded, refinanced or replaced thereby; 
 (y) [Reserved]; 
 (z) [Reserved]; 
 (aa) Liens in favor of the Collateral Agent and/or the Administrative Agent for the benefit of the Existing Secured Parties; 
 (bb) Liens securing the Second Lien Indebtedness only to the extent that such Liens are subject to the Second Lien Intercreditor Agreement; and 
 (cc) Liens on the assets of the Excluded Entities securing Indebtedness under the Holdings Rollover Notes. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Borrower or any of its Subsidiaries (other than the Excluded
Entities) issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Borrower or any of its Subsidiaries (other than intercompany Indebtedness, the Existing 10%
Notes, the Second Lien Indebtedness or Indebtedness of the Excluded Entities); provided that: 
 (a) the principal
amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the lowest principal amount (or accreted value, if applicable) since the incurrence of the Indebtedness so extended, refinanced, renewed, replaced,
defeased or refunded (plus all accrued interest thereon and the amount of all expenses, consent fees and premiums incurred in connection therewith); 
  

 23 

 (b) such Permitted Refinancing Indebtedness shall have a final maturity date later than
the final maturity date of, and shall have a Weighted Average Life to Maturity greater than the Weighted Average Life to Maturity of the Loans; 
 (c) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Loans, such Permitted Refinancing Indebtedness is subordinated in right of payment
to the Loans on terms at least as favorable to the Lenders as those contained in the documentation (including without limitation any applicable intercreditor agreement) governing the Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded; 
 (d) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is
unsecured or secured with a Lien that is subordinated to the Liens created under the Loan Documents, such Permitted Refinancing Indebtedness is equally unsecured or subordinated, as applicable, on terms at least as favorable to the Lenders as those
contained in the documentation (including without limitation any applicable intercreditor agreement) governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 
 (e) the interest rate of such Permitted Refinancing Indebtedness (taking into account any additional fees paid or payable in connection
with such Permitted Refinancing Indebtedness) does not exceed the interest rate of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded, and the interest payment dates of such Permitted Refinancing Indebtedness are the
same as the interest payment dates of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded, and the terms of such Permitted Refinancing Indebtedness are not otherwise less favorable to the Borrower, Holdings or any
of their respective Subsidiaries than the terms of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded; and 
 (f) such Indebtedness is incurred either by the Borrower or by its Subsidiary (other than the Excluded Entities) who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity. 
 “Plan” means any “employee benefit plan” as
defined in Section 3(3) of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed by, the Borrower, or 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, N.A., 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. 
  

 24 

 “Qualified Counterparty” shall mean, with respect to any Specified Cash Management
Arrangement Agreement, any counterparty thereto that, at the time such Specified Cash Management Arrangement Agreement was entered into, was a Tranche A Lender, a Tranche B Lender, a Voting Tranche C Lender, the Administrative Agent, or an Affiliate
of any of the foregoing. 
 “Register” has the meaning set forth in Section 9.04(b)(iv). 
 “Reinvestment Right” means the right of the Borrower and its Subsidiaries to, within 90 days after the receipt of any Net Proceeds from
an Asset Sale, apply such Net Proceeds, at the Borrower’s or such Subsidiary’s option to (i) make a capital expenditure or (ii) acquire other assets that are used or useful in a Permitted Business that have an expected useful
life of one year or longer. 
 “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. 
 “Repayment Premium” means, with respect to any repayment or prepayment of any Loans (a) made on or prior to June 30, 2009, 2% of the principal amount of the Loans being so repaid or prepaid, (b) made during
the period from July 1, 2009 to October 1, 2009, 3% of the principal amount of the Loans being so repaid or prepaid, (c) made during the period from October 1, 2009 to January 1, 2010, 4% of the principal amount of the Loans
being so repaid or prepaid, (d) made during the period from January 1, 2010 to April 1, 2010, 5% of the principal amount of the Loans being so repaid or prepaid and (e) made during the period from April 1, 2010 to (and
including) the Maturity Date, 6% of the principal amount of the Loans being so repaid or prepaid; provided, however, that no Repayment Premium shall be payable on a repayment in full in cash of all Borrower Obligations on any date
on or prior to May 5, 2009; provided, further, that the payment of any Repayment Premium shall not be refundable under any circumstances. 
 “Required Lenders” means, (i) for any amendment or modification which materially increases the obligations of Holdings, the
Borrower or any of their respective Subsidiaries, the Lenders (excluding the Non-Voting Tranche C Lenders) holding in the aggregate more than 50% of the sum of the outstanding Loans (excluding any Loans held, at such time, by any Non-Voting Tranche
C Lender) and (ii) for all other purposes, the Lenders (excluding the Non-Voting Tranche C Lenders) holding in the aggregate (x) more than 50% of the sum of the outstanding Tranche A Loans and the outstanding Deemed Tranche A Loans and
(y) more than 50% of the sum of the outstanding Tranche B Loans and the outstanding Deemed Tranche B Loans. Notwithstanding any of the foregoing, upon full satisfaction of all Borrower Obligations with respect to the Tranche A Loans and the
Tranche B Loans, “Required Lenders” shall mean the Tranche C Lenders holding in the aggregate more than 50% of the outstanding Tranche C Loans, it being acknowledged and agreed by the parties hereto that such “Required Lenders”
shall not have any right to amend, restate, modify or supplement, in any manner that is adverse to any Tranche A Lender that held any Tranche A Loan at any time or any Tranche B Lender that held any Tranche B Loan at any time, any Surviving
Provisions. 
  

 25 

 “Required Purchase” means the purchase at par on the Closing Date by Liberty Media of
loans made to the Borrower under the Original Revolving Credit Facility Agreement and the Original Term Loan Credit Agreement in an aggregate principal amount equal to $100,000,000, such purchase being made (a) pro rata from the lenders of such
loans according to such lenders’ respective outstanding principal amounts immediately prior to such purchase and (b) pursuant to the Master Assignment and Purchase Agreements; it being acknowledged and agreed by the parties hereto that any
other requirements for such purchase set forth in the Original Revolving Credit Facility Agreement, the Original Term Loan Credit Agreement and this Agreement are hereby waived. 
 “Responsible Officer” of any Person shall mean any executive officer or financial officer of such Person and any other officer or
similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement. 
 “Restricted” shall mean, when referring to cash or Cash Equivalents of Holdings or any of its Subsidiaries, that such cash or Cash Equivalents (i) appear (or would be required to appear) as “restricted” on a
consolidated balance sheet of Holdings or of any such Subsidiary (unless such appearance is related to the Loan Documents or Liens created thereunder), (ii) are subject to any Lien in favor of any Person other than the Collateral Agent (for the
benefit of the Existing Secured Parties) and the Second Lien Administrative Agent (for the benefit of the Secured Parties (as defined in the Second Lien Credit Agreement)) or (iii) are not otherwise generally available for use by Holdings or
such Subsidiary. 
 “Restricted Investment” means any Investment other than a Permitted Investment. 
 “Restricted Payment” has the meaning assigned to such term in Section 6.06(a)(4). 
 “Restructuring Advisor” means Capstone Advisory Group, LLC or any other restructuring advisor to the Administrative Agent with respect
to the Loans, the Loan Documents and the Transactions. 
 “Restructuring Fee” means a fee payable by the Borrower to the
Administrative Agent for the ratable account of the Tranche A Lenders and the Tranche B Lenders in an amount equal to 2.00% of the sum of the Original Revolving Loans and the Original Term Loans. 
 “S&P” means Standard & Poor’s Rating Services. 
 “Second Lien Administrative Agent” means the “Administrative Agent” as defined in the Second Lien Credit Agreement.

 “Second Lien Credit Agreement” means the Amended and Restated Credit Agreement, dated as of the date hereof, among the
Borrower, Holdings, the lenders party thereto and Liberty Media, as administrative agent. 
 “Second Lien Indebtedness”
means the Indebtedness incurred under the Second Lien Credit Agreement. 
  

 26 

 “Second Lien Intercreditor Agreement” means the Intercreditor Agreement, dated as of the
Closing Date, among the Collateral Agent, the Administrative Agent, Liberty Media, as administrative agent, the Borrower and each of the other Loan Parties party thereto in the form of Exhibit G hereto. 
 “Second Lien Loan Documents” means, collectively, the “Loan Documents” as defined in the Second Lien Credit Agreement.

 “Second Lien Loan Parties” means, collectively, the “Loan Parties” as defined in the Second Lien Credit
Agreement. 
 “Second Lien Security Documents” means, collectively, the “Security Documents” as defined in the
Second Lien Credit Agreement. 
 “Securities Account” means a “securities account” as defined in the UCC.

 “Security Documents” means the Existing Collateral Documents, the Foreign Pledge Agreements, the Control Agreements and
each of the security agreements and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.10. 
 “SIRIUS” means Sirius XM Radio Inc. 
 “SIRIUS Credit Facility” shall mean
that certain Credit Agreement, dated as of June 20, 2007, among SIRIUS, the lenders from time to time party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent. 
 “SIRIUS Material Indebtedness” means Indebtedness (including “Hedging Obligations” (as defined in the SIRIUS Credit Facility))
of SIRIUS and its Restricted Subsidiaries (as defined in the SIRIUS Credit Facility) in an aggregate principal amount of $25,000,000 or more, provided that, without regard to the amounts outstanding thereunder, if any, the obligations of
SIRIUS under the Loral Credit Agreement (as defined in the SIRIUS Credit Facility) shall be deemed to constitute SIRIUS Material Indebtedness. For purposes of determining SIRIUS Material Indebtedness, the “principal amount” of the
obligations of SIRIUS or any Restricted Subsidiary (as defined in the SIRIUS Credit Facility) in respect of any “Hedging Obligations” (as defined in the SIRIUS Credit Facility) at any time shall be the aggregate amount (giving effect to
any netting agreements) that SIRIUS or such SIRIUS Restricted Subsidiary (as defined in the SIRIUS Credit Facility) would be required to pay if such “Hedging Obligations” (as defined in the SIRIUS Credit Facility) were terminated at such
time. 
 “Specified Amount” means an amount equal to $25,000,000. 
 “Specified Cash Management Arrangement” means any arrangement for cash management, clearing house, wire transfer, depository, treasury
or investment services in connection with any transfer or disbursement of funds through an automated clearinghouse or on a same day or immediate or accelerated availability basis (including all monetary obligations, including fees, costs, expenses
and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise of Holdings, the Borrower or any of their respective Subsidiaries arising out 

  

 27 

 
of any cash management, clearing house, wire transfer, depository, treasury or investment services) provided to Holdings, the Borrower or any of their
respective Subsidiaries by a Qualified Counterparty that has been designated by the Borrower (with the consent of the Administrative Agent, which shall not unreasonably be withheld) as a Specified Cash Management Arrangement. The designation of any
such arrangement as a Specified Cash Management Arrangement shall not create in favor of the Qualified Counterparty that is a party thereto any rights in connection with the management, enforcement or release of any Existing Collateral. 

“Specified Cash Management Arrangement Agreement” means any agreement or document made, delivered or given in connection with any
Specified Cash Management Arrangement. 
 “Stated Maturity” means, with respect to any installment of interest or principal
on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any
such interest or principal prior to the date originally scheduled for the payment thereof. 
 “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 percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages 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. 

“Subsidiary” means, with respect to any specified Person: 
 (a) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Equity Interests
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person (or a combination thereof); and 
 (b) any partnership, trust or limited liability company (a) the sole
general partner or the managing general partner, or the sole manager or trustee, of which is such Person or a Subsidiary of such Person or (b) the only general partners or managing members of which are such Person or one or more Subsidiaries of
such Person (or a combination thereof). 
 “Subsidiary Loan Party” shall mean each Subsidiary of the Borrower and of
Holdings (other than the Excluded Entities). 
  

 28 

 “Surviving Provisions” means any provisions in this Agreement or any other Loan
Document, including without limitation Sections 2.14, 2.15, 2.16, 2.17 and 9.03 and Article VIII hereof, which by the terms hereof or of such other Loan Document shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans or the termination of this Agreement or any provision hereof. 
 “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. 
 “Tax Sharing Agreement” means the Tax Sharing Agreement dated March 15, 2000 among Holdings, the Borrower and XM Radio Inc., as in
effect on the Original Revolving Credit Facility Closing Date. 
 “Taxes” means any and all present or future taxes, levies,
imposts, duties, deductions, charges or withholdings (including any interest, penalties and additions thereto) imposed by any Governmental Authority. 
 “Tranche” shall mean any of the Tranche A Loans, the Tranche B Loans or the Tranche C Loans, as applicable. 
 “Tranche A Lenders” means the lenders party to the Original Revolving Credit Facility Agreement immediately prior to the Required Purchase and any other Person that shall have become a party hereto
pursuant to an Assignment and Assumption with respect to the Tranche A Loans, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption with respect to the Tranche A Loans; provided that any Tranche
C Lender (or any Affiliate thereof) who has acquired any Tranche A Loan pursuant to an Assignment and Assumption shall remain a Tranche C Lender and shall not become a Tranche A Lender for any purpose hereunder. 
 “Tranche A Loans” has the meaning set forth in Section 2.01(a); provided that any Tranche A Loan that is acquired by a
Tranche C Lender (or any Affiliate thereof) pursuant to an Assignment and Assumption shall be deemed a Tranche C Loan for all purposes hereunder. 
 “Tranche A Required Purchase” means the product obtained by multiplying (a) $100,000,000 by (b) the fraction (expressed as a decimal), the numerator of which is the amount set forth in clause (i) of the
definition of “Original Revolving Loans” and the denominator is the sum of (x) the amount set forth in clause (i) of the definition of “Original Revolving Loans” and (y) the amount set forth in clause (i) of
the definition of “Original Term Loans”. 
 “Tranche A Secured Parties” means, collectively, the Administrative
Agent and the Tranche A Lenders. 
  

 29 

 “Tranche B Lenders” means the lenders party to the Original Term Loan Credit Agreement
immediately prior to the Required Purchase and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption with respect to the Tranche B Loans, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption with respect to the Tranche B Loans; provided that any Tranche C Lender (or any Affiliate thereof) who has acquired any Tranche B Loan pursuant to an Assignment and Assumption shall remain a Tranche C Lender
and shall not become a Tranche B Lender for any purpose hereunder. 
 “Tranche B Loans” has the meaning set forth in
Section 2.01(b); provided that any Tranche B Loan that is acquired by a Tranche C Lender (or any Affiliate thereof) pursuant to an Assignment and Assumption shall be deemed a Tranche C Loan for all purposes hereunder. 
 “Tranche B Required Purchase” means (i) $100,000,000 minus (ii) the Tranche A Required Purchase. 
 “Tranche B Secured Parties” means the Administrative Agent and each Tranche B Lender. 
 “Tranche C Lenders” means Liberty Media and any other Person that shall have become a party hereto pursuant to an Assignment and
Assumption with respect to the Tranche C Loans. 
 “Tranche C Loans” means, collectively, (i) the Initial Tranche C
Loan and (ii) any Loans acquired by any Tranche C Lender pursuant to an Assignment and Assumption. 
 “Tranche C Maturity
Date” means May 5, 2011. 
 “Tranche C Secured Parties” means the Administrative Agent and each Tranche C
Lender. 
 “Transactions” means (a) the First Lien Transactions and (b) the execution, delivery and performance by
each Second Lien Loan Party of each Second Lien Loan Document to which it is a party, the making of Loans (as defined in the Second Lien Credit Agreement), the use of the proceeds thereof for the repayment of the Convertible Senior Notes on or prior
to the Maturity Date, and the grant of security interests by the Second Lien Loan Parties pursuant to the Second Lien Security Documents. 
 “Type”, when used in reference to any Loan, refers to whether the rate of interest on such Loan is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “UBS Account” means the Securities Account of Holdings with UBS Financial Services Inc. bearing account number CP-35946-16. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction. 
 “Uncertificated Security” means an “uncertificated security” as defined in the UCC. 
  

 30 

 “Unrestricted” means, when referring to cash or Cash Equivalents of Holdings or any of
its Subsidiaries, that such cash or Cash Equivalents are not Restricted. 
 “Voting Stock” of any Person as of any date
means the Equity Interests of such Person that is at the time entitled to vote in the election of the board of directors of such Person. 
 “Voting Tranche C Lender” means any holder of any Tranche C Loan pursuant to the terms hereof that is not a Non-Voting Tranche C Lender. 
 “Voting Tranche C Loan” means a Tranche C Loan held by a Voting Tranche C Lender. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal (or liquidation preference, as applicable), including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date
and the making of such payment; by 
 (2) the then outstanding principal amount (or liquidation preference) of such
Indebtedness (or Disqualified Stock, as applicable). 
 “Wholly Owned Subsidiary” of any specified Person means a Subsidiary
of such Person all of the outstanding Equity Interests or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person and one
or more Wholly Owned Subsidiaries of such Person. 
 “Wholly Owned Subsidiary Guarantor” means a Wholly Owned Subsidiary of
the Borrower that Guarantees the Borrower Obligations pursuant to the Loan Documents. 
 “Withdrawal Liability” means
liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “XM 13% Notes” means the 13% senior notes due 2014 issued by XM Escrow LLC pursuant to that certain indenture dated as of July 31,
2008 between XM Escrow LLC and The Bank of New York Mellon, as trustee, and subsequently assumed by the Borrower. 
 “XM Radio
Service” means digital radio programming transmitted by satellites and terrestrial repeating stations to vehicle, home and portable radios in the United States. 
 SECTION 1.02 Classification of Loans. For purposes of this Agreement, Loans may be classified by Type (e.g., a “Eurodollar Loan”). 
 SECTION 1.03 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 
  

 31 

 
“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 and/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, (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 and (f) the words “from” and “to” when used in connection with dates shall mean “from and including” and “to but excluding”, respectively, unless specially provided otherwise. 

SECTION 1.04 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 Closing Date 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. 
 ARTICLE II. 
 The Credits 
 SECTION 2.01
Loans. (a) Effective as of the Closing Date and immediately after giving effect to the Required Purchase: 
 (i)
the Original Revolving Loans shall be amended and restated in their entirety in accordance with the terms and conditions of this Agreement and, subject to the terms and conditions hereof, each Tranche A Lender severally agrees to continue, on the
Closing Date, as a term loan (each, a “Tranche A Loan”, and collectively, the “Tranche A Loans”) to the Borrower such Tranche A Lender’s pro rata portion of the Original Revolving Loans; 
 (ii) the Original Term Loans shall be amended and restated in their entirety in accordance with the terms and conditions of this Agreement
and, subject to the terms and conditions hereof, each Tranche B Lender severally agrees to continue, on the Closing Date, as a term loan (each, a “Tranche B Loan”, and collectively, the “Tranche B Loans”) to
the Borrower such Tranche B Lender’s pro rata portion of the Original Term Loans; and 
  

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 (iii) Subject to the terms and conditions hereof, Liberty Media agrees to continue, on
the Closing Date, as a term loan (the “Initial Tranche C Loan”) to the Borrower the loans acquired by Liberty Media pursuant to the Required Purchase. 
 (b) Any amount repaid or prepaid (pursuant to Section 2.10 or otherwise) may not be reborrowed. All amounts owed hereunder with
respect to the Tranche A and the Tranche B Loans shall be paid in full no later than the Maturity Date and all amounts owed hereunder with respect to the Tranche C Loans shall be paid in full no later than the Tranche C Maturity Date. 
 SECTION 2.02 [Reserved]. 
 SECTION 2.03 [Reserved]. 
 SECTION 2.04 [Reserved]. 
 SECTION 2.05 [Reserved]. 
 SECTION 2.06 [Reserved]. 
 SECTION 2.07 Interest Elections. (a) Each Loan initially shall be an ABR Loan;
provided that the interest on such Loan shall accrue at the interest rate set forth in Section 2.12(b) immediately following the effectiveness of the relevant continuation of such Loan in accordance with Section 2.01(a)(i),
(ii) or (iii). Thereafter, the Borrower may elect to convert such Loan to a different Type or to continue the initial Type of such Loan and, in the case of a Eurodollar Loan, may elect Interest Periods therefor (provided that the
Borrower shall not be entitled to elect to convert or continue any Loan if the Interest Period requested with respect thereto would end after the Maturity Date or the Tranche C Maturity Date, as applicable), all as provided in this Section. The
Borrower may elect different options with respect to different portions of the affected Loans, in which case each such portion shall be allocated ratably among the Lenders holding such Loans; provided, however, that (i) each Eurodollar
Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) there shall not at any time be more than a total of five Eurodollar Borrowings outstanding. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone
(i) in the case of a Eurodollar Loan, not later than 2:00 p.m., New York City time, three Business Days before the date of the proposed election or (ii) in the case of an ABR Loan, not later than 2:00 pm, New York City time, one Business
Day before the date of the proposed election, 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 telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
  

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 (c) Each telephonic and written Interest Election Request shall specify the following
information: 
 (i) the Loans 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 in accordance with clause (a) above (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
portion of such Loans); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 
 (iii) whether the resulting Loan is to be an ABR Loan or a Eurodollar Loan; 
 (iv) if the resulting Loan is a Eurodollar Loan, 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”; and 
 (v) the representations and
warranties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the effective date of such election (unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects as of such earlier date); and on and as of the effective date of such election, no Default shall have occurred and be continuing. 
 If any such Interest Election Request requests a Eurodollar Loan 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 Loan. 
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Loan prior to the end of the Interest Period applicable thereto, then, unless such Loan is repaid as provided herein, at the end of such
Interest Period such Loan shall be converted to an ABR Loan. 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 Loan may be converted to or continued as a Eurodollar Loan and (ii) unless repaid, each Eurodollar Loan shall be converted to an ABR Loan at the end of the Interest Period
applicable thereto. 
 SECTION 2.08 [Reserved]. 
  

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 SECTION 2.09 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay, on each date listed on Schedule 2.09 hereto, to the Administrative Agent for the account of each Lender on a pro rata basis, (i) the principal amount of the Loans corresponding to such date as specified on such
Schedule 2.09 and (ii) the applicable Repayment Premium. 
 (b) The Administrative Agent shall maintain a Register in
accordance with Section 9.04(b)(iv). 
 (c) 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 a form 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. 
 SECTION 2.10 Prepayment of Loans. (a) The Borrower shall have the right at any time
and from time to time to prepay any Loan in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section; provided that, unless otherwise provided in Section 2.10(c), no prepayments may be made
(directly or through purchases by or for the benefit of the Borrower, Holdings or any of their respective Subsidiaries) on any Tranche C Loans until the Tranche A Loans and the Tranche B Loans have been repaid in full. 
 (b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the
case of prepayment of a Eurodollar Loan, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Loan, not later than 11:00 a.m., New York City 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 Loan or portion thereof to be prepaid; provided that a notice of prepayment of the Loans
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. Promptly following receipt of any such notice relating to a prepayment of Loans, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Loan
pursuant to Section 2.10(a) shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000. Each prepayment shall be, unless otherwise provided in Section 2.10(c), (i) applied ratably to the Tranche A
Lenders and the Tranche B Lenders in accordance with their respective Loans and (ii) applied to the remaining installments of the Tranche A Loans and the Tranche B Loans in inverse order of maturity. All prepayments made under this
Section 2.10 shall be accompanied by (i) accrued interest to the extent required by Section 2.12, (ii) the applicable Repayment Premium and (iii) any payment required by Section 2.15. 
 (c) If, on any date, the aggregate amount of Excess Proceeds of the Borrower and its Subsidiaries shall exceed $1,000,000, within three
(3) Business Days of such date, the Borrower shall prepay the Tranche A Loans, the Tranche B Loans and the Tranche C Loans on a pro rata basis in an aggregate amount equal to the entire amount of such Excess Proceeds, which prepayment shall be
applied to the remaining installments of the Tranche A Loans, the Tranche B Loans and the Tranche C Loans in inverse order of maturity. 
  

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 (d) If, at any time, a Change in Control shall have occurred, the Borrower shall, within
one Business Day thereof, prepay all Loans. 
 (e) The application of any prepayment pursuant to this Section 2.10 shall
be made, first, to Alternate Base Rate Loans and, second, to Eurodollar Loans. 
 SECTION 2.11 Fees. (a) The Borrower shall
pay the Restructuring Fee to the Administrative Agent for the account of the Tranche A Lenders and the Tranche B Lenders on the Closing Date. The Restructuring Fee shall be distributed to the Tranche A Lenders and the Tranche B Lenders ratably.

 (b) The Borrower agrees to pay as and when due to the Persons entitled thereto those fees set forth in the Fee Letter.

 (c) No fees paid shall be refundable under any circumstances. 
 SECTION 2.12 Interest. (a) ABR Loans shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) Eurodollar Loans shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Eurodollar Loans 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 on the Maturity Date or the Tranche C Maturity Date in the case of the Tranche C Loans; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of
any repayment or prepayment of any Loan, 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 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 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. 
  

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 SECTION 2.13 Alternate Rate of Interest. If prior to the commencement of any Interest Period
for a Eurodollar Loan: 
 (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 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) for such Interest Period, 
 then the
Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy 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, any Interest Election Request that requests the conversion of any ABR Loan to, or continuation of any Eurodollar Loan as, a Eurodollar Loan shall be ineffective. 
 SECTION 2.14 Increased Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement 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 
 (ii) impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or
receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

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

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 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate
such Lender 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 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 to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for
any increased costs or reductions incurred more than 90 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’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 90-day period referred to above shall be extended to include the period of retroactive effect thereof.

 SECTION 2.15 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 2.10(b) 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 2.18, 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 2.16 Taxes. (a) Any and all payments by or on account of
any obligation of the Borrower hereunder shall be made free and clear of and without deduction for any Taxes; provided that if the Borrower shall be required by applicable law to deduct any Taxes from such payments, then (i) in the case
of Indemnified Taxes (including Other Taxes), the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or
Lender (as the case may be) receives an amount equal to the sum it would have received had no 
 such deductions been made, (ii) the Borrower shall make
such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  

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 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law. 
 (c) The Borrower shall indemnify the Administrative Agent and each Lender,
within 10 days after written demand therefor, for the full amount of any Indemnified Taxes (including Other Taxes) paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any
obligation of the Borrower hereunder (including such Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and 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; provided that the Borrower shall not be obligated to make payment to the Administrative Agent or such Lender pursuant to this Section in respect
of penalties or interest attributable to any Indemnified Taxes if (i) written demand therefor has not been made by the Administrative Agent or such Lender within 90 days from the date on which the Administrative Agent or such Lender knew of the
imposition of Indemnified Taxes by the relevant Governmental Authority, or (ii) such penalties or interest are attributable to the gross negligence or willful misconduct of the Administrative Agent or such Lender. After the Administrative Agent
or such Lender learns of the imposition of Indemnified Taxes, the Administrative Agent or such Lender, as the case may be, will act in good faith to promptly notify the Borrower of its obligations hereunder. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes (including Other Taxes) by the Borrower to a Governmental Authority and
in any event within 30 days of any such payment being made, the Borrower 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. 
 (e) Each
Foreign Lender shall, to the extent it may lawfully 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 request of Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
 (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the
United States of America is a party; 
 (ii) duly completed copies of Internal Revenue Service Form W-8ECI; or 
  

 39 

 (iii) 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, in substantially the form of Exhibit I, or any other form approved by the Administrative Agent, to the effect that such Foreign Lender is not (A) a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN. 
 (f) Each Foreign Lender agrees to promptly notify the Administrative Agent and the Borrower of any change in circumstances which would modify or render invalid any claimed exemption or reduction or any certification
previously provided to the Administrative Agent or the Borrower. 
 (g) If the Administrative Agent or a Lender determines, in
its sole discretion, that it has received a refund of any Indemnified Taxes (including Other Taxes) as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.16, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.16 with respect to the Indemnified Taxes or Other Taxes giving
rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the
Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or
such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns
(or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. Notwithstanding anything to the contrary, in no event will any Lender be required to pay any amount to the Borrower, the payment of
which would place such Lender in a less favorable net after-tax position than such Lender would have been in if the additional amounts giving rise to such refund of any Indemnified Taxes or Other Taxes had never been paid. 
 SECTION 2.17 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 or fees, or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) prior to 2:00 p.m., New York City 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 270 Park Avenue, New York, New York, except that payments pursuant to Sections 2.14, 2.15, 2.16 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 U.S. dollars. 
  

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 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 (c) 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 resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans 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 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; 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 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. 
 (d) 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 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 the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender 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. 
 (e) If any
Lender shall fail to make any payment required to be made by it pursuant to Section 2.17(d), 8.09 or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), 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. 
  

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 SECTION 2.18 Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests
compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, 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 Section 2.14 or 2.16, 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 promptly 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 2.14, or if the Borrower is required to pay any additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 2.16, 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 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, 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, 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) 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. 
 ARTICLE III. 
 Representations and Warranties 
 The Borrower and Holdings each represents and warrants to the Lenders that: 
 SECTION 3.01
Organization; Powers. Each of Holdings, the Borrower and their respective Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority 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. 
  

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 SECTION 3.02 Authorization; Enforceability. The Transactions are within the corporate or
other organizational powers of each of Holdings, the Borrower and their respective Subsidiaries, and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder action. Each Loan Document has been duly
executed and delivered by each of the Loan Parties party thereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject 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. The Transactions (a) do not require any consent 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, (b) will not violate (i) any applicable law or regulation or any order of any Governmental
Authority except where such violation, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect or (ii) the charter, by-laws or other Organizational Documents of Holdings, the Borrower or any of
their respective Subsidiaries, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon Holdings, the Borrower or any of their respective Subsidiaries or any of their assets, or give
rise to a right thereunder to require any payment to be made by Holdings, the Borrower or any of their respective Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of Holdings, the Borrower or any of
their respective Subsidiaries (other than the Liens granted pursuant to the Loan Documents). 
 SECTION 3.04 Financial Condition; No
Material Adverse Change. (a) The audited consolidated balance sheets of Holdings and its consolidated Subsidiaries as at December 31, 2005, December 31, 2006 and December 31, 2007, and the related consolidated statements
of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from KPMG LLP, present fairly in all material respects the consolidated financial condition of Holdings and its
consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. The unaudited consolidated balance sheet of Holdings and its consolidated
Subsidiaries as at December 31, 2008 and the related unaudited consolidated statements of income and cash flows for the year ended on such date, present fairly in all material respects the consolidated financial condition of Holdings and its
consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the year then ended. All such financial statements, including the related schedules and notes thereto, have been prepared
in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). None of Holdings, the Borrower or any of their respective Subsidiaries has any
material Guarantees, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect
of derivatives, that are not reflected in the most recent financial statements referred to in this paragraph. During the period from December 31, 2007 to and including the Closing Date, there has been no disposition by any of Holdings, the
Borrower or any of their respective Subsidiaries of any material part of its business or property. 
  

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 (b) Since December 31, 2007, there has been no material adverse change in the
business, assets, properties, liabilities (actual and contingent), operations or financial condition of Holdings, the Borrower and their respective Subsidiaries, taken as a whole (other than (i) as shall have been disclosed in Holdings’
and the Borrower’s public filings with the Securities and Exchange Commission or (ii) as otherwise disclosed to the Lenders in writing, in each case prior to February 18, 2009). 
 SECTION 3.05 Litigation. (a) As of the Closing Date, all significant claims, actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of Holdings or the Borrower, threatened against or affecting Holdings, the Borrower or any of their respective Subsidiaries are set forth on Schedule 3.05 hereto. 
 (b) Notwithstanding anything set forth in Section 3.05(a) or Schedule 3.05, there are no material claims, actions, suits or
proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of Holdings or the Borrower, threatened against or affecting Holdings, the Borrower or any of their respective Subsidiaries (i) as to which
there is a reasonable possibility of an adverse determination that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions. 
 (c) Since the Closing Date, there has been no change in the status of the matters set forth on Schedule 3.05 that, individually or
in the aggregate, has resulted in, or could reasonably be expected, individually or in the aggregate, to result in, a Material Adverse Effect. 
 SECTION 3.06 Compliance with Laws and Agreements. Each of the Borrower, Holdings and their respective 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 3.07 Investment Company Status. Neither Holdings, the Borrower nor any of their
respective Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.08 Taxes. Each of Holdings, the Borrower and their respective Subsidiaries (a) has timely filed or caused to be filed all Tax returns and reports required to have been filed and all such Tax returns and reports
are true and correct in all material respects, and (b) has paid or caused to be paid all material Taxes required to have been paid by it and all material assessments received by it, except Taxes that are being contested in good faith by
appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP. Each of Holdings, the Borrower and their respective Subsidiaries has set aside on its books
adequate reserves in accordance with GAAP for all Taxes not yet due and payable. Each of Holdings, the Borrower and their respective Subsidiaries is unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably
expected to, individually or in the aggregate, result in a Material Adverse Effect. 
  

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 SECTION 3.09 ERISA. Borrower and each of its ERISA Affiliates are in material compliance with
all applicable provisions and requirements of ERISA and the Code and the regulations and published interpretations thereunder with respect to each Plan, and have performed all their obligations under each Plan. Each Plan which is intended to qualify
under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service indicating that such Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter which
would cause such Plan to lose its qualified status. No liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Plan or any trust established under Title IV of ERISA has been or is expected to be incurred by
Borrower or any ERISA Affiliates. No ERISA Event has occurred or is reasonably expected to occur. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $25,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated
benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by
more than $25,000,000 the fair market value of the assets of all such underfunded Plans. As of the most recent valuation date for each Multiemployer Plan for which the actuarial report is available, the potential liability of Borrower and each of
its ERISA Affiliates for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, based on
information available pursuant to Section 4221(e) of ERISA is $25,000,000. Borrower and each of its ERISA Affiliates have complied with the requirements of Section 515 of ERISA with respect to each Multiemployer Plan and are not in
material “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan. No such Multiemployer Plan is in reorganization or insolvent. 
 SECTION 3.10 Federal Reserve Regulations. (a) None of Holdings, the Borrower or any of their respective Subsidiaries is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b) No part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for
the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose, or (ii) for any purpose that violates the Margin Regulations. 
 SECTION 3.11 Title to Properties; Possession Under Leases. (a) Each of Holdings, the Borrower and their respective Subsidiaries has good
and valid record fee simple title to (in the case of owned real property), or good title to or valid leasehold interests in, or easements or other limited property interests in, or has a license to use, all its real and personal property and assets
material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and 
  

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assets for their intended purposes. All such properties and assets are free and clear of Liens, other than (in the case of any such properties or assets
other than Equity Interests) Permitted Liens and (in the case of Equity Interests) Liens referenced in clauses (a), (b), (f) and (g) of the definition of “Permitted Liens”. 
 (b) Each of Holdings, the Borrower and their respective Subsidiaries has complied with all obligations under all leases to which it is a
party, except where the failure to comply could not reasonably be expected to have a Material Adverse Effect, and all such leases are in full force and effect, except leases in respect of which the failure to be in full force and effect could not
reasonably be expected to have a Material Adverse Effect. Each of Holdings, the Borrower and their respective Subsidiaries enjoys peaceful and undisturbed possession under all such leases, other than leases in respect of which the failure to enjoy
peaceful and undisturbed possession could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (c) Each of Holdings, the Borrower and their respective Subsidiaries (i) owns or has a license to use, on terms not materially adverse to it, all Intellectual Property and rights with respect thereto necessary
for the present conduct of its business, without any conflict (of which the Borrower has been notified in writing) with the rights of others, and free from any burdensome restrictions on the present conduct of its business, except where the failure
to own or have a license to use could not reasonably be expected to have a Material Adverse Effect and (ii) has taken commercially reasonable steps, consistent with industry standards, to maintain and protect its Intellectual Property, except
where the failure to maintain and protect any such Intellectual Property could not reasonably be expected to have a Material Adverse Effect. Neither Holdings, the Borrower nor any of their respective Subsidiaries is infringing upon,
misappropriating, diluting or otherwise violating the Intellectual Property rights of any other Person, except where any such infringement, misappropriation, dilution, or violation could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, and there is no pending or threatened claim or litigation against any of Holdings, the Borrower or their respective Subsidiaries alleging any such infringement, misappropriation, dilution or other violation.
With respect to each item of Intellectual Property, each of Holdings, the Borrower and their respective Subsidiaries (i) has the right to use and possesses all right, title and interest in and to such Intellectual Property free and clear of any
Liens, licenses or other restrictions, other than Permitted Liens, and (ii) has performed all acts (including making all necessary recordations and filings) and has paid all required fees and taxes to maintain such Intellectual Property in full
force and effect and to protect and maintain its interest therein, except where the failure to maintain or have the right to use any such Intellectual Property could not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. 
 SECTION 3.12 Subsidiaries. Schedule 3.12 sets forth as of the Closing Date the name and jurisdiction of
incorporation, formation or organization of each Subsidiary of Holdings and each Subsidiary of the Borrower and, as to each such Subsidiary, the percentage of each class of Equity Interests owned by Holdings, the Borrower or by any such Subsidiary.

 SECTION 3.13 Disclosure. Each of Holdings and 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, that, individually or in the aggregate, could reasonably be expected to 
  

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result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of Holdings or
the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (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 in any material respect; provided that, with respect to projected financial information, each of
Holdings and the Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time such projections were prepared. 
 SECTION 3.14 Environmental Matters. (a) Except as to matters that could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, (i) no written notice, request for information, order, complaint or penalty has been received by Holdings, the Borrower or any of their respective Subsidiaries, and there are no judicial, administrative or
other actions, suits or proceedings pending or threatened which allege a violation of any Environmental Laws or any other Environmental Liability, in each case relating to Holdings, the Borrower or any of their respective Subsidiaries,
(ii) each of Holdings, the Borrower and their respective Subsidiaries has all environmental permits necessary for its operations to comply with all applicable Environmental Laws and is, and during the term of all applicable statutes of
limitation, has been, in compliance with the terms of such permits and with all other applicable Environmental Laws, (iii) no Hazardous Material is located at any property currently or, to the knowledge of Holdings, the Borrower or any of their
respective Subsidiaries, formerly owned, operated or leased by Holdings, the Borrower or any of their respective Subsidiaries that would reasonably be expected to give rise to any cost, liability or obligation of Holdings, the Borrower or any of
their respective Subsidiaries under any Environmental Laws, and no Hazardous Material has been generated, owned or controlled by Holdings, the Borrower or any of their respective Subsidiaries and transported to or released at any location in a
manner that could reasonably be expected to cause Holdings, the Borrower or any of their respective Subsidiaries to incur any Environmental Liability, and (iv) there are no acquisition or other agreements pursuant to which Holdings, the
Borrower or any of their respective Subsidiaries has expressly assumed or undertaken responsibility for any Environmental Liability. 
 (b) Except as set forth on Schedule 3.14 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 Holdings, the Borrower nor
any of their respective 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 matters set forth on Schedule 3.14 that,
individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION 3.15
Security Documents. (a) The Security Documents are effective to create in favor of the Collateral Agent, for the benefit of the Existing Secured Parties, a legal, valid and enforceable first priority security interest in the Existing
Collateral described therein 
  

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and proceeds thereof to the extent intended to be created thereby and the security interest of the Collateral Agent for the benefit of any Existing Secured
Party shall be equally and ratably secured with the security interest of the Collateral Agent for the benefit of any other Existing Secured Party, and no intervening Liens other than Permitted Liens shall exist between the date of the Security
Documents and the Closing Date. 
 (b) The Borrower Obligations and the Guarantor Obligations are equally and ratably secured
pursuant to the Security Documents by the same Existing Collateral. 
 (c) The Perfection Certificate has been duly prepared,
completed and executed and the information set forth therein, including the exact legal name and place of organization of the Borrower, Holdings and each of their respective Subsidiaries, is correct and complete as of the Closing Date. The UCC
financing statements or other appropriate filings, recordings or registrations prepared by the Collateral Agent based upon the information provided to the Collateral Agent in the Perfection Certificate for filing in each governmental, municipal or
other office specified in Schedule 4.1 of the Existing General Security Agreement (or specified by notice from a Loan Party to the Collateral Agent after the Closing Date in the case of filings, recordings or registrations required by the Loan
Documents), are all the filings, recordings and registrations (other than filings required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect the Lien in the Existing Collateral
consisting of United States patents, trademarks and copyrights) that are necessary to publish notice of, perfect and protect the validity of and to establish a legal, valid and perfected first priority security interest in favor of the Collateral
Agent (for the benefit of the Existing Secured Parties) in respect of all Existing Collateral in which the Lien may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and
possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements.

 SECTION 3.16 Solvency. (a) Immediately after the consummation of the Transactions to occur on the date of this Agreement,
including the continuations of the Loans hereunder, (i) the fair value of the assets of the Loan Parties, taken as a whole at a fair valuation, will exceed their aggregate debts and liabilities, subordinated, contingent or otherwise;
(ii) the present fair saleable value of the property of the Loan Parties, taken as a whole, will be greater than the amount that will be required to pay the probable liability of their aggregate debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) the Loan Parties, taken as a whole, will be able to pay their aggregate debts and liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured; and (iv) the Loan Parties, taken as a whole, will not have unreasonably small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to
be conducted following the date of this Agreement. 
 (b) No Loan Party intends to, and no Loan Party believes that it will,
incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to be received by it and the timing and amounts of cash to be payable on or in respect of its Indebtedness. 
  

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 SECTION 3.17 Chief Executive Offices. Schedule 3.17 sets forth the chief executive
office or sole place of business, as applicable, of the Borrower, Holdings and each of their respective Subsidiaries as of the Closing Date. 
 SECTION 3.18 Deposit Accounts, Securities Accounts and Uncertificated Securities. Schedule 3.18 sets forth all Deposit Accounts, Securities Accounts and Uncertificated Securities maintained or held by the Loan Parties as
of the Closing Date (other than any Deposit Account, Securities Account or Uncertificated Security that individually contains or represents (as applicable) assets of no more than $1,000,000). All Deposit Accounts, Securities Accounts and
Uncertificated Securities maintained or held by the Loan Parties as of the Closing Date that are not set forth on Schedule 3.18 in the aggregate contain or represent (as applicable) assets of no more than $5,000,000. 
 SECTION 3.19 Designated Senior Indebtedness. Other than the XM 13% Notes, the Second Lien Indebtedness and the Borrower Obligations, there is
no other “Designated Senior Indebtedness” under the Existing Subordinated Notes. 
 ARTICLE IV. 
 Conditions 
 SECTION 4.01
Closing Date. The obligations of the Lenders to continue Loans on the Closing Date 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) The Administrative Agent shall have received the following documents, in each case fully executed and duly delivered to the
Administrative Agent and in form and substance satisfactory to the Administrative Agent in its sole discretion: 
 (i) this
Agreement; 
 (ii) the Guarantee Agreement; 
 (iii) the Existing General Security Agreement Second Amendment; 
 (iv) all Control Agreements (other than with respect to the UBS Account); 
 (v) the Second Lien Intercreditor Agreement; and 
 (vi) the Fee Letter. 
 (b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of Simpson Thacher & Bartlett LLP, counsel for the Borrower and the
other Loan Parties, covering such matters relating to the Loan Parties, this Agreement or the Transactions as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 
 (c) The Administrative Agent shall have received (i) sufficient copies of each Organizational Document executed and delivered by each
Loan Party, as applicable, and, to the extent applicable, (A) certified as of the Closing Date by such Loan Party’s 

  

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secretary or assistant secretary as being true and complete copies as in effect on the Closing Date without modification or amendment and (B) certified
as of the Closing Date or a recent date prior thereto by the appropriate governmental official; (ii) signature and incumbency certificates of the officers of each Loan Party executing the Loan Documents to which such Loan Party is a party;
(iii) resolutions of the board of directors or similar governing body of each Loan Party approving and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which such Loan Party is a party,
certified as of the Closing Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (iv) a certificate of the secretary or assistant secretary of each Loan Party as to the absence of
any pending proceeding for the dissolution or liquidation of such Loan Party or, to the knowledge of such person, threatening the existence of such Loan Party; (v) a good standing certificate from the applicable Governmental Authority of each
Loan Party’s jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, dated a recent date prior to the Closing Date; and (vi) a
certificate of another officer of each Loan Party as to the incumbency and specimen signature of the secretary or assistant secretary executing any certificate with respect to such Loan Party pursuant to this clause (c). 
 (d) The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the President, a Vice President or a
Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (m) and (n) of Section 4.01. 
 (e) The elements of the Collateral and Guarantee Requirement required to be satisfied on the Closing Date shall have been satisfied and the Administrative Agent shall have received a completed Perfection Certificate
dated the Closing Date and signed by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby, and the results of a search of the UCC (or equivalent) filings made with respect to the Loan Parties in the
jurisdictions contemplated by the Perfection Certificate and copies of the financing statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such
financing statements (or similar documents) are permitted by Section 6.02 or have been released. 
 (f) [Reserved].

 (g) On the Closing Date, after giving effect to the Transactions and the other transactions contemplated hereby, the
Borrower, Holdings and their respective Subsidiaries shall have outstanding no Indebtedness other than (i) the Loans under this Agreement and (ii) other Indebtedness permitted pursuant to Section 6.01. 
 (h) The Lenders shall have received a solvency certificate substantially in the form of Exhibit D and signed by a Financial Officer
of Holdings and the Borrower confirming the solvency of Holdings and the Borrower after giving effect to the Transactions. 
  

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 (i) The Administrative Agent shall have received insurance certificates satisfying the
requirements of Section 5.05 of this Agreement, together with endorsements naming the Collateral Agent, for the benefit of the Existing Secured Parties, as additional insured and loss payee thereunder to the extent required under
Section 5.05. 
 (j) All governmental and third party approvals necessary or, in the discretion of the Administrative
Agent, advisable in connection with the Transactions and the continuing operations of the Borrower, Holdings and their respective Subsidiaries shall have been obtained and shall be in full force and effect. 
 (k) The Administrative Agent shall have received the Restructuring Fee and all other fees payable thereto or to any Lender on or prior to
the Closing Date and, to the extent invoiced, all other amounts due and payable pursuant to the Loan Documents on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses
(including the reasonable fees, charges and disbursements of Vinson & Elkins LLP and the Restructuring Advisor) required to be reimbursed or paid by the Loan Parties hereunder or under any other Loan Document. 
 (l) The Administrative Agent shall have received the unaudited consolidated balance sheet of Holdings and its consolidated Subsidiaries as
at December 31, 2008 and the related unaudited consolidated statements of income and cash flows for the year ended on such date. 
 (m) The representations and warranties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the Closing Date (unless stated to relate solely to an
earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 
 (n) No Default shall have occurred and be continuing. 
 (o) The Administrative Agent shall
have received the Joint Services Agreement. 
 (p) All actions necessary or desirable to change the Collateral Agent under the
Security Documents to JPMorgan Chase Bank, N.A. shall have been consummated. 
 (q) The Administrative Agent shall have
received executed copies of (i) the Second Lien Credit Agreement, which shall provide a commitment for $150,000,000 in second lien indebtedness to be borrowed on December 1, 2009, for the purpose of repaying the Convertible Senior Notes,
subject to intercreditor arrangements set forth in the Second Lien Intercreditor Agreement and (ii) all Second Lien Loan Documents and any other material documents executed in connection therewith, in each case in form and substance
satisfactory to the Administrative Agent and the Required Lenders. 
 (r) The Administrative Agent and the Lenders shall have
received, at least five Business Days prior to the Closing 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. 
  

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 (s) The Required Purchase shall have been consummated and the Administrative Agent shall
have received the fully executed Master Assignment and Purchase Agreements. 
 (t) The Administrative Agent shall have
received such other approvals, opinions, documents, certificates and instruments as the Administrative Agent may reasonably request. 
 (u) The Closing Date (as defined in the Second Lien Credit Agreement) shall have occurred simultaneously with the Closing Date hereof. 
 (v) The Tranche A Lenders and the Tranche B Lenders shall have received payment in full from the Borrower of all interest, fees and other accrued and unpaid amounts on their respective loans acquired by Liberty Media
pursuant to the Required Purchase. 
 ARTICLE V. 
 Affirmative Covenants 
 Until the principal of and interest on each Loan and all fees and other
amounts payable hereunder shall have been paid in full, each of the Borrower and Holdings covenants and agrees with the Lenders that: 
 SECTION 5.01 Financial Statements; and Other Information. The Borrower shall furnish to the Administrative Agent (for distribution to the Lenders): 
 (a) with respect to each fiscal year of Holdings, upon the earlier to occur of (i) the filing of the Annual Report on Form 10-K of
Holdings and its consolidated Subsidiaries for such fiscal year and (ii) 90 days after the end of such fiscal year, (x) Holdings’ audited consolidated balance sheet and related statements of operations, stockholders’ equity
and cash flows as at the end of and for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, accompanied by an opinion thereon of KPMG LLP or other independent public accountants of recognized
national standing, which opinion shall be without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit and shall state that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of (A) Holdings and its consolidated Subsidiaries on a consolidated basis and (B) the Borrower and its consolidated Subsidiaries on a consolidated
basis, in each case as at the end of, and for, such fiscal year in accordance with GAAP consistently applied, and (y) the Borrower’s unaudited consolidated balance sheet and related statements of operations, stockholders’ equity
and cash flows as at the end of and for such year, setting forth in each case in comparative form the figures for 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 as at the end of, and for, such fiscal year in accordance with GAAP consistently applied; 
  

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 (b) with respect to each of the first three fiscal quarters of each fiscal year of
Holdings, upon the earlier to occur of (i) the filing of the Quarterly Report on Form 10-Q of Holdings and its consolidated Subsidiaries for such fiscal quarter and (ii) 45 days after the end of such fiscal quarter, Holdings’
unaudited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as at the end of and for such fiscal quarter and the then elapsed portion of such fiscal year, setting forth in each case in
comparative form the figures for (or, in the case of the balance sheet, as at the end of) the corresponding period or periods of the previous fiscal year, all certified by a Financial Officer of Holdings as presenting fairly in all material respects
the financial condition and results of operations of the (A) Holdings and its consolidated Subsidiaries on a consolidated basis and (B) Borrower and its consolidated Subsidiaries on a consolidated basis, in each case as at the end of, and
for, such fiscal quarter 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, (i) a certificate of a Financial Officer of the Borrower (A) 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 and (B) 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 and (ii) a Covenant Compliance 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) within 50 days after the end of each fiscal year of Holdings and the Borrower, a consolidated budget
for the immediately succeeding fiscal year as presented to the Board of Directors which shall include, with respect to Holdings, the Borrower and their respective Subsidiaries, ending total subscribers, gross and net subscriber additions by channel,
self pay churn, conversion rate, total revenue, subscription average revenue per unit (ARPU), contribution margin, research and development expenses, programming expenses, advertising and marketing expenses, subscriber acquisition costs, subscriber
acquisition cost per gross add, EBITDA (as calculated in the consolidated budget presented to the Board of Directors), deferred subscription revenue balance, Indebtedness, cash and capital expenditures; 
 (f) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by Holdings, the Borrower or any of their respective Subsidiaries with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities
exchange, as the case may be; 
  

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 (g) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of Holdings, the Borrower or any of their respective Subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent, the Restructuring Advisor or any Lender may
reasonably request; 
 (h) promptly after the request by the Administrative Agent or any Lender all documentation and other
information that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act, with
respect to any Loan Party; 
 (i) [Reserved]; 
 (j) within (x) 50 days after the end of each month that is the last month in a fiscal quarter of the Borrower or (y) 30
days after the end of each other month, the Borrower’s (i) unaudited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as at the end of and for such month, setting forth in each case
in comparative form the figures for the previous month, 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 as at the end of, and for, such month in accordance with GAAP consistently applied, (ii) 13-week cash flow forecast, (iii) subscriber report for such month detailing BOP and EOP subscriptions, churn, subscription
average revenue per unit (ARPU) for the Borrower individually and consolidated with SIRIUS, (iv) allocation worksheet for such month with respect to SIRIUS and the Borrower and (v) report detailing the Borrower’s actual cash balances
at the end of each week during such month; 
 (k) promptly after the same are sent, copies of all financial statements and
reports that SIRIUS or any of its Subsidiaries sends to the holders of any class of its debt securities or public equity securities; 
 (l) promptly after the same are sent, copies of all financial statements and reports that any Second Lien Loan Party sends to the lenders under the Second Lien Credit Agreement; 
 (m) concurrently with the borrowing under the Second Lien Credit Agreement on December 1, 2009, a certificate of a Financial Officer
of the Borrower certifying that the proceeds of such loan shall be used for the purpose of repaying the obligations outstanding under the Convertible Senior Notes; and 
 (n) any additional information, documents, certificates and instruments to be determined by the Administrative Agent, which may include
information, documents, certificates and instruments with respect to the Loan Parties and SIRIUS (on a consolidated and on an unconsolidated basis). 
  

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 SECTION 5.02 Notices of Material Events. The Borrower shall 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, Holdings or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect; 
 (c) 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, Holdings and their respective Subsidiaries in an aggregate
amount exceeding $10,000,000; 
 (d) any notice provided to the Collateral Agent under (i)(x) clauses (C), (E) and
(F) of Section 4.1(b), (y) clause (C) of Section 4.2(b), and (z) clause (B) of Section 4.3(b) of the Existing General Security Agreement, (ii) Section 9(e) of the Existing FCC License Subsidiary
Pledge Agreement and (iii) each other notice required to be delivered to the Collateral Agent pursuant to the terms of the Security Documents; 
 (e) any other notice required to be delivered to the Second Lien Administrative Agent pursuant to the terms of the Second Lien Security Documents; 
 (f) without duplication, any notice provided to the Second Lien Administrative Agent pursuant to Section 5.02 of the Second Lien
Credit Agreement; and 
 (g) 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 Existence; Conduct of Business. Each of the Borrower and Holdings shall, and shall cause each of their respective Subsidiaries to, do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03. 
 SECTION 5.04 Obligations and Taxes. Each of the Borrower and
Holdings shall, and shall cause each of their respective Subsidiaries to, pay its obligations, including material Tax liabilities, that, if not paid, could reasonably be expected to result in a Lien (other than a Permitted Lien) on the properties
(or any part thereof) of the Borrower, Holdings or any of their respective Subsidiaries, or a Material Adverse Effect, in each case before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in 

  

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good faith by appropriate proceedings, (b) the Borrower, Holdings or such Subsidiary, as applicable, 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. Each of the Borrower and Holdings shall, and shall cause each of their
respective Subsidiaries to, timely and correctly file all Tax returns and reports required to be filed by it. Neither the Borrower nor Holdings intends to treat the Loans as being a “reportable transaction” within the meaning of Treasury
Regulation Section 1.6011-4. In the event the Borrower or Holdings determines to take any action inconsistent with such intention, it will promptly notify the Administrative Agent thereof. 
 SECTION 5.05 Maintenance of Properties; Insurance. Each of the Borrower and Holdings shall, and shall cause each of their respective
Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations; provided that satellite insurance shall not be required. Each
such policy of insurance shall (i) name the Collateral Agent, on behalf of the Existing Secured Parties, as an additional insured thereunder as its interests may appear, (ii) in the case of each casualty insurance policy, contain a loss
payable clause or endorsement that names the Collateral Agent, on behalf of the Existing Secured Parties, as the loss payee thereunder and (iii) provide for at least thirty days’ prior written notice to the Administrative Agent and the
Collateral Agent of any modification or cancellation of such policy. Each of the Borrower and Holdings shall, and shall cause each of their respective Subsidiaries to, use commercially reasonable efforts, consistent with industry standards, to
prosecute, maintain, and enforce all Intellectual Property owned or held by the Borrower, Holdings or any of their respective Subsidiaries that is material to the conduct of the business of the Borrower, Holdings or any of their respective
Subsidiaries. 
 SECTION 5.06 Books and Records; Inspection Rights. Each of the Borrower and Holdings shall, and shall cause each
of their respective Subsidiaries 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. Each of the Borrower and Holdings shall, and
shall cause each of their respective Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, 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. If such visit and inspection occurs at a time when no Default has occurred
and is continuing, such visit and inspection by the Administrative Agent or any Lender shall be coordinated through the Administrative Agent and shall be limited to one visit and inspection during any consecutive twelve-month period. 
 SECTION 5.07 Compliance with Laws. Each of the Borrower and Holdings shall, and shall cause each of their respective Subsidiaries to, comply
with all laws, rules, regulations and orders of any Governmental Authority 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. 
  

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 SECTION 5.08 UBS Account. Each of the Borrower and Holdings shall cause the UBS Account to be
subject to a control agreement pursuant to which the Collateral Agent shall have “control” (as used in the UCC) over the UBS Account and which is otherwise in form and substance satisfactory to the Administrative Agent, on or prior to the
date that is 10 days after the Closing Date. 
 SECTION 5.09 Compliance with Environmental Laws. Each of the Borrower and
Holdings shall, and shall cause each of their respective Subsidiaries to, comply with all Environmental Laws applicable to its operations and properties; and obtain and renew all authorizations and permits required pursuant to Environmental Law for
its operations and properties, in each case in accordance with Environmental Laws, except, in each case with respect to this Section 5.09, to the extent the failure to do so could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. 
 SECTION 5.10 Further Assurances. (a) Each of the Borrower and Holdings shall, and
shall cause each of their respective Subsidiaries to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other
documents and recordings of Liens in stock registries), that may be required under any applicable law or the Security Documents, or that the Administrative Agent may reasonably request, to cause the Collateral and Guarantee Requirement to be and
remain satisfied, all at the expense of the Loan Parties, and provide to the Administrative Agent, from time to time upon reasonable request, evidence reasonably satisfactory to the Administrative Agent as to the perfection and priority of the Liens
created or intended to be created by the Security Documents. 
 (b) If any real estate asset that has an individual fair
market value in an amount greater than $1,000,000 is created, developed or acquired by any Loan Party after the Closing Date or owned by an entity at the time it becomes a Loan Party (in each case other than assets constituting Existing Collateral
under a Security Document that become subject to the Lien of such Security Document upon acquisition thereof or that are not required to become subject to the Liens of the Collateral Agent pursuant to the Security Documents), each of the Borrower
and Holdings shall, and shall cause each of their respective Subsidiaries to, cause such asset, on or promptly after the acquisition thereof, to be subjected to a Lien securing the Borrower Obligations and the Guarantor Obligations of such Loan
Party, as applicable, and shall take, and shall cause each of their respective Subsidiaries to take, such actions as shall be necessary or reasonably requested by the Administrative Agent or the Collateral Agent to grant and perfect such Liens,
including actions described in paragraph (a) of this Section, all at the expense of the Loan Parties. 
 (c) If the
Borrower or Holdings directly or indirectly forms or acquires a new Subsidiary, within 10 Business Days after such formation or acquisition, the Borrower or Holdings, as applicable, shall notify the Administrative Agent and the Lenders thereof and,
within 10 Business Days after such date or such longer period as the Administrative Agent shall agree, the Borrower or Holdings, as applicable, shall, and shall cause its Subsidiaries to, cause the Collateral and Guarantee Requirement to be
satisfied with respect to such Subsidiary and with respect to any Equity Interests in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party. 
  

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 (d) If the Borrower or Holdings directly or indirectly forms or acquires a new Foreign
Subsidiary, within 10 Business Days after such formation or acquisition, the Borrower or Holdings, as applicable, shall notify the Administrative Agent and the Lenders thereof and, within 10 Business Days after such date or such longer period as the
Administrative Agent shall agree, the Borrower or Holdings, as applicable, shall, and shall cause its Subsidiaries to, cause the Collateral and Guarantee Requirement to be satisfied with respect to such Foreign Subsidiary and with respect to any
Equity Interests in or Indebtedness of such Foreign Subsidiary owned by or on behalf of any Loan Party. 
 (e)(i) The Borrower
shall furnish to the Administrative Agent prompt written notice of any change in (A) the corporate or organization name, (B) the identity or organizational structure, (C) the organizational identification number, (D) the
jurisdiction of organization or (E) the chief executive office or sole place of business, in each case of the Borrower, Holdings or any of their respective Subsidiaries, from that set forth on Schedule 3.17; provided that neither
the Borrower nor Holdings shall effect or permit any such change unless all filings have been made, or will have been made within any statutory period, under the UCC or otherwise that are required in order for the Collateral Agent, for the benefit
of the Existing Secured Parties, to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Existing Collateral in accordance with Security Documents and (ii) each of the
Borrower and Holdings shall, and shall cause their respective Subsidiaries to, promptly notify the Collateral Agent and the Administrative Agent to the extent it becomes aware (A) of any material portion of the Existing Collateral being damaged
or destroyed, (B) of any Lien (other than any Permitted Lien) on any Existing Collateral which would have a material adverse affect on the ability of the Collateral Agent or the Administrative Agent to exercise any of its remedies under the
Loan Documents and (C) of the occurrence of any other event which could reasonably be expected to have a Material Adverse Effect on the security interest created by the Security Documents. 
 (f) The Collateral and Guarantee Requirement and the other provisions of this Section 5.10 need not be satisfied with respect to
(i) any Equity Interests acquired after the Closing Date in accordance with this Agreement if, and to the extent that, and for so long as (A) doing so would violate applicable law or a contractual obligation binding on the holder of such
Equity Interests and (B) such law or obligation existed at the time of the acquisition thereof and was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition of such Subsidiary,
(ii) any assets acquired after the Closing Date, to the extent that, and for so long as, taking such actions would violate a contractual obligation binding on such assets that existed at the time of the acquisition thereof and was not created
or made binding on such assets in contemplation or in connection with the acquisition of such assets or (iii) any asset with respect to which the Administrative Agent determines in its sole discretion (and so notifies the Borrower in writing)
that the cost of the satisfaction of the provisions of this Section 5.10 with respect thereto exceeds the value of the security afforded thereby; provided that, upon the reasonable request of the Administrative Agent, each of the
Borrower and Holdings shall, and shall cause any applicable Subsidiary to, use commercially reasonable efforts to have waived or eliminated any contractual obligation of the types described in clauses (i) and (ii) above. 
  

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 (g) From time to time execute and deliver, or cause to be executed and delivered, such
additional instruments, certificates or documents, and take all such actions, as the Administrative Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of
more fully perfecting or renewing the rights or ensuring the priority of the Collateral Agent on behalf of the Existing Secured Parties with respect to the Existing Collateral (or with respect to any additions thereto or replacements or proceeds
thereof or with respect to any other property or assets hereafter acquired by the Borrower, Holdings or any of their respective Subsidiaries which may be deemed to be part of the Existing Collateral) pursuant hereto or thereto. Upon the exercise by
the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority,
each of the Borrower and Holdings will execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent or such Lenders may be required to
obtain from the Borrower or Holdings or any of their respective Subsidiaries for such governmental consent, approval, recording, qualification or authorization. 
 SECTION 5.11 Cooperation. Each of the Borrower and Holdings shall, and shall cause each of their respective Subsidiaries to, cooperate with the Restructuring Advisor in all respects with respect to any
matters in relation to the Loans, the Loan Documents and the Transactions, including, without limitation, making the senior management available for monthly meetings at reasonable times. 
 SECTION 5.12 Separate Corporate Existence. Each of the Borrower and Holdings shall, and shall cause each of their respective Subsidiaries to,
take all steps as requested by the Administrative Agent from time to time to (i) continue its identity as a separate legal entity from SIRIUS and its Affiliates (other than the Borrower, Holdings and their respective Subsidiaries) and
(ii) make it apparent to third Persons that it is an entity with assets and liabilities distinct from those of SIRIUS and its Affiliates (other than the Borrower, Holdings and their respective Subsidiaries) and is not a division of SIRIUS or
any of its Affiliates (other than the Borrower, Holdings and their respective Subsidiaries). Without limiting the generality of the foregoing and in addition to and consistent with the covenants set forth herein, each of the Borrower and Holdings
shall, and shall cause each of their respective Subsidiaries to, take such actions as shall be required in order that: 
 (a)
to the extent, if any, that it and SIRIUS (or any Affiliate thereof other than Holdings, the Borrower or their respective Subsidiaries) share items of expenses such as legal, auditing and other professional services, such expenses will be allocated
pursuant to the Joint Services Agreement; 
 (b) its operating expenses will not be paid by SIRIUS except as contemplated by
the Joint Services Agreement; 
 (c) its books and records will be maintained separately from those of SIRIUS; 
  

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 (d) its assets will be maintained in a manner that facilitates their identification and
segregation from those of the SIRIUS or any Affiliate thereof (other than Holdings, the Borrower or their respective Subsidiaries); 
 (e) it will strictly observe corporate formalities in its dealings with Sirius or any Affiliate thereof (other than Holdings, the Borrower or their respective Subsidiaries) and, other than pursuant to the Joint Services Agreement, its funds
or other assets will not be commingled with those of SIRIUS or any Affiliate thereof (other than Holdings, the Borrower or their respective Subsidiaries); 
 (f) it shall not maintain joint bank accounts or other depository accounts to which SIRIUS or any Affiliate thereof (other than Holdings, the Borrower or their respective Subsidiaries) has independent access;

 (g) none of the Borrower’s funds will at any time be pooled with any funds of SIRIUS or any Affiliate thereof (other
than Holdings, the Borrower or their respective Subsidiaries); 
 (h) it will maintain arm’s-length relationships with
SIRIUS and any Affiliate thereof (other than Holdings, the Borrower or their respective Subsidiaries); and 
 (i) it will not
hold itself out to be responsible for the debts of SIRIUS or the decisions or actions respecting the daily business and affairs of SIRIUS. 
 ARTICLE VI. 
 Negative Covenants 
 Until the principal of and interest on each Loan and all fees and other amounts payable hereunder shall have been paid in full, each of the Borrower and Holdings covenants and agrees with the Lenders that: 

SECTION 6.01 Incurrence of Indebtedness and Issuance of Disqualified Stock. (a) Except as provided in clause (b) of this
Section 6.01, neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or
otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and neither the Borrower nor Holdings shall issue any Disqualified Stock. 
 (b) Clause (a) of this Section 6.01 shall not apply to the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”): 
 (i) the incurrence by the Borrower or Holdings or any of their
respective Subsidiaries of unsecured Indebtedness in an aggregate principal amount (including the aggregate principal amount of all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to
this clause (i)) which does not exceed at any time outstanding for the Borrower, Holdings and their respective Subsidiaries $10,000,000, in the aggregate; provided that such Indebtedness 

  

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shall have (A) a final Stated Maturity of principal at least six months later than the Maturity Date (or, in the case of a letter of credit, an expiry
date at least six months later than the Maturity Date) and (B) a Weighted Average Life to Maturity longer than the Weighted Average Life to Maturity of the Loans; provided, further that no draw under a letter of credit by the
beneficiary thereof (and resulting reimbursement obligation of the Borrower or Holdings or any of their respective Subsidiaries in respect thereof) prior to such date shall be considered a violation of the requirement set forth in this clause
(i) regarding the final Stated Maturity thereof; 
 (ii) [Reserved]; 
 (iii) the Existing Indebtedness (reduced by any principal repayment thereof, except for any such repayment to the extent made with
proceeds from any Permitted Refinancing Indebtedness); 
 (iv) the Second Lien Indebtedness and the Guarantee of the Second
Lien Indebtedness; 
 (v) [Reserved]; 
 (vi) the incurrence by any Loan Party of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to
refund, refinance or replace, Indebtedness (other than intercompany Indebtedness or the Existing 10% Notes) that was permitted to be incurred under subclause (i) or (iii) of this clause (b); 
 (vii) the incurrence by any Loan Party of intercompany Indebtedness between or among the Loan Parties; provided, however,
that: 
 (A) if any Loan Party is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the
prior payment in full in cash of all Borrower Obligations and Guarantor Obligations; and 
 (B)(1) any subsequent issuance or
transfer of Equity Interests that results in any such Indebtedness being held by a Person other than a Loan Party and (2) any sale or other transfer of any such Indebtedness to a Person that is not a Loan Party, shall be deemed, in each case,
to constitute an incurrence of such Indebtedness by the Borrower or Holdings or such Subsidiary, as the case may be, that was not permitted by this subclause (vii); 
 (viii) [Reserved]; 
 (ix) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of
dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock shall not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 6.01; 

 

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 (x) [Reserved]; 
 (xi) [Reserved]; 
 (xii) [Reserved]; 
 (xiii) [Reserved]; 
 (xiv) any Indebtedness incurred under the Loan Documents and the Guarantee of such Indebtedness; 
 (xv) [Reserved]; 
 (xvi) [Reserved]; 
 (xvii) [Reserved]; and 
 (xviii) [Reserved]. 
 (c) Neither the Borrower nor any Guarantor shall incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Borrower or such Guarantor (as
applicable) unless such Indebtedness is also contractually subordinated in right of payment to the Credit Agreement Obligations or the Guarantor Obligations (as applicable) on substantially identical terms; provided, however, that no
Indebtedness of the Borrower or any Guarantor shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Borrower or such Guarantor (as applicable) solely by virtue of being unsecured. 
 For purposes of determining compliance with this Section 6.01, in the event that an item of Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses (i) through (xviii) of paragraph (b) above, the Borrower may, in its sole discretion, classify (and later reclassify) such item of Indebtedness in any manner that complies with this
Section, and such item of Indebtedness will be treated as having been incurred pursuant to only one of such clauses. 
 SECTION 6.02
Liens. Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind upon any of their property or assets,
whether now owned or hereafter acquired, other than Permitted Liens; provided that no Permitted Lien (other than those set forth in clause (q) of the definition thereof and those securing the Existing 10% Notes) shall rank equally and
ratably with the Liens securing the Credit Agreement Obligations and the Guarantor Obligations and no holder of obligations secured by any Permitted Lien (other than those set forth in clause (q) of the definition thereof and those securing the
Existing 10% Notes) shall be permitted to constitute an Additional Creditor or Secured Party (in each case, under and as defined in the Security Documents). 
  

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 SECTION 6.03 Merger, Consolidation or Sale of Assets. (a) The Borrower or Holdings shall
not consolidate or merge with or into (whether or not the Borrower or Holdings, as applicable, is the surviving corporation), or sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the
Borrower and its Subsidiaries taken as a whole, in one or more related transactions to, another Person. In addition, neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, lease all or substantially all of its
properties or assets, in one or more related transactions, to any other Person. This Section 6.03(a) shall not apply to a consolidation, merger, sale, assignment, transfer, conveyance or other disposition of properties or assets between or
among the Borrower and any of its Wholly Owned Subsidiary Guarantors. 
 (b) Neither the Borrower nor Holdings shall, nor
shall either permit any of its Subsidiaries to, engage in any Asset Sale (other than any Asset Sale otherwise permitted under clause (a) of this Section) except for, as long as no Default has occurred hereunder, (1) the disposition of
assets having a fair market value not to exceed $5,000,000 in the aggregate since the Closing Date and (2) the sale or other disposition of surplus repeaters; provided that, in each case and notwithstanding the foregoing, (i) any
such Asset Sale shall be for consideration at least 75% of which is in the form of cash or Cash Equivalents, (ii) such consideration shall be at least equal to the fair market value of the assets or Equity Interests being issued, sold,
transferred, leased or otherwise disposed of, (iii) such fair market value shall be determined in good faith by the Board of Directors of the Borrower and evidenced by a board resolution in an officer’s certificate delivered to the
Administrative Agent, and (iv) the Borrower shall have applied any Excess Proceeds therefrom in accordance with Sections 2.10(c) and (e). For purposes of this clause (b), each of the following shall be deemed to be cash: (1) any
liabilities (as shown on the Borrower’s or any Subsidiary’s most recent balance sheet or in the notes thereto) of the Borrower or any Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the
Credit Agreement Obligations or any Guarantee thereof) that are assumed by the transferee of any such assets pursuant to a novation agreement that releases the Borrower or such Subsidiary from further liability; and (2) any securities, notes or
other obligations received by the Borrower or any Subsidiary from such transferee that are converted by the Borrower or such Subsidiary into cash (to the extent of the cash received in that conversion) within 30 days of the receipt thereof.

 SECTION 6.04 Dividend and Other Payment Restrictions Affecting Subsidiaries. (a) Neither the Borrower nor Holdings shall,
nor shall either permit any of its Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary to: 
 (i) pay dividends or make any other distributions on its Equity Interests to the Borrower or any of its Subsidiaries or with respect to
any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Borrower or any of its Subsidiaries; 
 (ii) make loans or advances to the Borrower or any of its Subsidiaries; 
 (iii) transfer any
of its properties or assets to the Borrower or any of its Subsidiaries; or 
  

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 (iv) guarantee any Indebtedness of the Borrower or any of its Subsidiaries; 

(b) Notwithstanding the foregoing, the restrictions in the preceding clause (a) shall not apply to encumbrances or restrictions
existing under or by reason of: 
 (i) Existing Indebtedness and the Second Lien Credit Agreement, in each case as in effect
on the Closing Date and, with respect to any such Indebtedness other than the Existing 10% Notes, any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof, provided that
such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in
the agreements governing such Existing Indebtedness or the Second Lien Credit Agreement, as the case may be, as in effect on the Closing Date; 
 (ii) the Loan Documents; 
 (iii) applicable law; 
 (iv) [Reserved]; 
 (v) customary non-assignment provisions in leases or contracts or real property mortgages or related documents entered into in the ordinary course of business and consistent with past practices; 
 (vi) purchase money obligations, Capital Lease Obligations or mortgage financings that impose restrictions on the property so acquired of
the nature described in clause (a)(iii) hereto; 
 (vii) [Reserved]; 
 (viii) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted
Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (ix) Liens securing Indebtedness that limit the right of the debtor to dispose of the assets subject to such Lien; 
 (x) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary
course of business; and 
 (xi) restrictions on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business. 
  

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 SECTION 6.05 Sale and Leaseback Transactions. Neither the Borrower nor Holdings shall, nor
shall either permit any of its Subsidiaries to, enter into any sale and leaseback transaction (other than with respect to the buildings located at 1500 Eckington Place, N.E. Washington D.C. 20002 and 60 Florida Avenue, N.E., Washington D.C. 20002).

 SECTION 6.06 Restricted Payments. (a) Neither the Borrower nor Holdings shall, nor shall either permit any of its
Subsidiaries to: 
 (1) declare or pay any dividend or make any other payment or distribution on account of the
Borrower’s or Holdings’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Borrower or Holdings) or to the direct or indirect holders of the Borrower’s or
Holdings’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Borrower or Holdings and cash in lieu of fractional interests not to exceed 1% of the
Equity Interests distributed or paid); 
 (2) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Borrower or Holdings) any Equity Interests of the Borrower or Holdings (other than any such Equity Interests owned by the Borrower, Holdings or any of their respective
Subsidiaries), or any Affiliate of the Borrower or Holdings (other than any of their respective Subsidiaries); 
 (3) make any
payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is subordinated in right of payment to the Borrower Obligations or any Guarantees thereof; or 
 (4) make any Restricted Investment (all such payments and other actions set forth in clauses (1) through (4) being collectively
referred to as “Restricted Payments”). 
 (b) Clause (a) of this Section 6.06 shall not prohibit,
so long as no Default or Event of Default has occurred and is continuing or would be caused thereby: 
 (i) any payment
pursuant to the Joint Services Agreement; 
 (ii) the payment of any dividend or other distribution within 60 days after the
date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Agreement; 
 (iii) [Reserved]; 
 (iv) any payment by way of investment, dividend or other distribution by the
Borrower to Holdings of (x) the proceeds of the Second Lien Credit Agreement and (y) the Specified Amount, in each case solely for the purpose of the repayment by Holdings of the principal amount of the Convertible Senior Notes;

 (v) the payment of any dividend by a Subsidiary of the Borrower to the holders of its common Equity Interests on a pro rata
basis; 
  

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 (vi) the repurchase, redemption or other acquisition or retirement for value of any
Equity Interests of the Borrower or any Subsidiary of the Borrower held by any member of the Borrower’s (or any of its Subsidiaries’) management pursuant to any management equity subscription agreement or stock option agreement in effect
as of the Original Revolving Credit Facility Closing Date; provided that the aggregate price paid for all such repurchased, vested, redeemed, acquired or retired Equity Interests shall not exceed $1,000,000 in any twelve-month period;

 (vii) any payment by way of investment, dividend or other distribution by the Borrower to Holdings of an amount of up to
$33,249,085 solely for the purpose of the repayment by Holdings of the principal amount of the Existing 10% Notes; 
 (viii)
making payments to dissenting shareholders pursuant to applicable law in connection with a consolidation or merger of the Borrower made in compliance with the provisions of this Agreement; 
 (ix) any payment by way of investment, dividend or other distribution by the Borrower to Holdings the proceeds of which are used solely to
pay cash interest payments then due and payable with regard to (a) the Convertible Senior Notes or any Permitted Refinancing Indebtedness in respect thereof, (b) the Holdings Rollover Notes and (c) the Existing 10% Notes; 

(x) the payment of dividends to Holdings the proceeds of which are used to satisfy ordinary course administrative expenses of Holdings,
but in no event to exceed $3,000,000 in any given fiscal year of the Borrower; 
 (xi) for so long as Holdings files
consolidated income tax returns which include the Borrower, the payment of any dividend required pursuant to the Tax Sharing Agreement between the Borrower and Holdings, and any renewals, extensions, implementations or modifications thereof that are
not materially adverse to the Lenders; provided that any such payment made by the Borrower to Holdings from time to time shall not exceed the net amount of the relevant (estimated or final, as the case may be) tax liability that Holdings
actually owes to the appropriate taxing authority at such time in respect of the tax obligations of the Borrower and its Subsidiaries; and 
 (xii) for so long as SIRIUS files consolidated income tax returns which include Holdings and the Borrower, the payment of any dividend required to permit SIRIUS to pay any taxes that are due and payable by SIRIUS,
Holdings and the Borrower as part of a consolidated group; provided, that any such payment made from time to time shall not exceed the net amount of the relevant (estimated or final, as the case may be) tax liability that SIRIUS actually owes
to the appropriate taxing authority at such time in respect of the tax obligations of Holdings, the Borrower and their respective Subsidiaries. 
 (c) The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued to or by the Borrower
or such Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any assets or securities that are required to be valued by this covenant shall be determined by the Board of Directors of the Borrower, whose good
faith resolution with respect thereto shall be conclusive and shall be delivered to the Administrative Agent, and the fair market value of any assets or securities that are required to be 

  

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valued by this Section 6.06 that exceeds $5,000,000 shall be determined by a majority of the members of the Board of Directors of the Borrower who are
“independent” within the meaning of the rules and regulations promulgated by the NASDAQ National Market, whose good faith resolution with respect thereto shall be conclusive and shall be delivered to the Administrative Agent. Not later
than the date of making any Restricted Payment, the Borrower shall deliver to the Administrative Agent an officers’ certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required
by this “Restricted Payments” covenant were computed, together with a copy of resolutions of the Board of Directors of the Borrower required hereby. 
 SECTION 6.07 Transactions with Affiliates. (a) Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (each,
an “Affiliate Transaction”), unless: 
 (i) such Affiliate Transaction is on terms that are no less favorable
to the Borrower, Holdings or the relevant Subsidiary than those that would have been obtained in a comparable transaction by the Borrower, Holdings or such Subsidiary, as applicable, with an unrelated Person; and 
 (ii) the Borrower delivers to the Administrative Agent: 
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$5,000,000, resolutions of the applicable Board of Directors set forth in an officers’ certificate certifying that such Affiliate Transaction complies with this Section 6.07 and, if an opinion meeting the requirements set forth in
subclause (B) below has not been obtained, that such Affiliate Transaction has been approved by a majority of the members of the applicable Board of Directors who have no direct financial interest in such Affiliate Transaction (other than as a
stockholder of Holdings); and 
 (B) with respect to (x) any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $20,000,000, or (y) any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $5,000,000 where none of the members of the
applicable Board of Directors qualify as having no direct financial interest in such Affiliate Transaction (other than as a stockholder of Holdings), an opinion as to the fairness to the Borrower, Holdings or such Subsidiary, as applicable, of such
Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
  

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 For purposes of the definition of “Affiliate Transaction”, Liberty Media, all other Liberty
Parties and their respective Affiliates shall be deemed to be Affiliates of the Borrower, Holdings and their respective Subsidiaries at any time Liberty Media, any other Liberty Party or any of their respective Affiliates holds any Equity Interest
in SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries. 
 (b) The following items shall not be deemed to
be Affiliate Transactions and, therefore, shall not be subject to the provisions of clause (a): 
 (i) subject to
Section 6.13, any transaction by the Borrower or any of its Subsidiaries with an Affiliate related to the purchase, sale or distribution of XM radios, subscriptions to XM Radio Service or other products or services in the ordinary course of
business, including any such transaction with an automotive manufacturer, which has been approved by a majority of the members of the applicable Board of Directors who are disinterested with respect to such transaction; 
 (ii) any employment agreement or arrangement or employee benefit plan entered into by the Borrower or any of its Subsidiaries in the
ordinary course of business of the Borrower or such Subsidiary; 
 (iii) transactions between or among the Borrower and/or its
Subsidiaries; 
 (iv) payment of reasonable directors fees and provisions of customary indemnification to directors, officers
and employees of the Borrower and its Subsidiaries; 
 (v) [Reserved]; 
 (vi) Restricted Payments that are permitted under Section 6.06(b) and Investments that are permitted under subclause (i) of the
definition of “Permitted Investments”; 
 (vii) transactions pursuant to the Tax Sharing Agreement and any renewals,
extensions, implementations or modifications thereof that are not materially adverse to the Lenders; 
 (viii) contractual
arrangements existing on the Original Revolving Credit Facility Closing Date and any renewals, extensions, implementations or modifications thereof that are not materially adverse to the Lenders; 
 (ix) any transactions pursuant to the Joint Services Agreement; 
 (x) [Reserved]; and 
 (xi) [Reserved]. 
  

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 SECTION 6.08 Negative Pledge. Neither the Borrower nor Holdings shall, nor shall either
permit any of its Subsidiaries to, directly or indirectly enter into, incur or permit to exist any agreement or other arrangement that prohibits or restricts the ability of the Borrower, Holdings or any of their respective Subsidiaries to create,
incur or permit to exist any Lien upon any of the Existing Collateral to secure the Borrower Obligations or the Guarantor Obligations; provided that the foregoing shall not apply to (i) restrictions imposed by law or by this Agreement or
the Second Lien Credit Agreement, (ii) restrictions existing on the Closing Date identified on Schedule 6.08 (but shall apply to any amendment or modification expanding the scope of any such restriction), (iii) restrictions imposed
by any agreement relating to purchase money Indebtedness or Capital Lease Obligations permitted by this Agreement if such restrictions apply only to the property or assets securing such Indebtedness and (iv) customary provisions in leases and
other contracts restricting the assignment thereof. 
 SECTION 6.09 Liquidity Test. The Unrestricted cash and Cash Equivalents of
the Borrower at any time shall not be less than $75,000,000 (without taking into account any proceeds from the Second Lien Credit Agreement). The Unrestricted cash and Cash Equivalents of SIRIUS at any time shall not be less than $35,000,000.

 SECTION 6.10 Line of Business. Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to,
enter into any business, either directly or through any Subsidiary, except for the Permitted Business. 
 SECTION 6.11 Amendments or
Waivers. (a) Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to (i) amend, modify, waive or otherwise change the terms of the Loan Documents, the Second Lien Credit Agreement or any other Second
Lien Loan Document (except as expressly permitted by the Second Lien Intercreditor Agreement) or any documents evidencing the Existing Indebtedness, except with the prior written consent of the Required Lenders, or (ii) do anything in
connection with the Security Documents requiring the consent of the Collateral Agent unless the Borrower, Holdings or such Subsidiary has also obtained the prior consent of the Required Lenders with respect thereto. 
 (b) Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, grant to any Existing Secured Party a
Lien on any of its assets that are not included in the definition of “Existing Collateral” unless such Lien is also granted to all other Existing Secured Parties on the same terms. 
 (c) In the event that any Second Lien Loan Document is proposed to be amended, restated, modified or supplemented in a
manner permitted by the Second Lien Intercreditor Agreement (a “Permitted Change”), the Borrower shall deliver written notice to the Administrative Agent of such proposed Permitted Change and, at the written request
of the Administrative Agent, the Borrower and Holdings agree, simultaneously with effecting any such Permitted Change, to make corresponding changes to any corresponding provisions of any Loan Document. 
 SECTION 6.12 Minimum EBITDA. For each period listed on Schedule 6.12 hereto, the EBITDA of the Loan Parties on a consolidated basis,
on a cumulative basis commencing from January 1, 2009, shall not be less than the amount corresponding to such period as specified on such Schedule 6.12. 
  

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 SECTION 6.13 Other Restrictions. Neither the Borrower nor Holdings shall, nor shall either
permit any of its Subsidiaries to: 
 (a) make any material changes to the methodology or allocation of expenses under the
Joint Services Agreement, other than any such change which is (x) made on an arm’s-length basis and otherwise consistent with the requirements of Section 6.07(a) and not materially adverse to the Lenders or (y) approved by the
Restructuring Advisor; provided that the same is also approved by the Second Lien Administrative Agent under the Second Lien Credit Agreement; 
 (b) make any retroactive revisions to intercompany cost allocations for allocations done prior to the Closing Date, which revisions would result in a material payment from the Borrower, Holdings and their respective
Subsidiaries, on one hand, to SIRIUS, on the other hand, other than normal period-end adjustments without any changes to methodology; 
 (c) make amendments to or replace existing OEM contracts, which amendments or replacements would reduce or have the effect of reducing (by way of transferring to SIRIUS or one of its Affiliates) the services sold by
the Borrower and in the name of the Borrower; or 
 (d) enter into an agreement entitling SIRIUS or any of its Affiliates
(other than the Borrower, Holdings and their respective Subsidiaries) to payments for content (x) broadcast with the satellites (or transmitted with the terrestrial repeater network) owned in whole or in part by one or more Loan Parties or
(y) received through equipment with chips of the type currently used in XM-branded equipment.
 SECTION 6.14 Limitation on
Outstandings and Use of Cash. Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, permit any of its cash or Cash Equivalents to be used, whether directly or indirectly, for the repurchase, redemption,
voluntary prepayment or refinancing of any or all of the Existing Indebtedness or the Second Lien Indebtedness (other than the making of any mandatory prepayment required under Section 2.10(c) or (d) of the Second Lien Credit
Agreement, so long as (i) no Default or Event of Default has occurred and is continuing hereunder with respect to payment of any principal, interest, fee or any other amount hereunder or under any other Loan Document and (ii) any mandatory
repayment required under Section 2.10(c) or (d) hereof has been made in full), other than (a) such cash and Cash Equivalents that are the proceeds of Permitted Refinancing Indebtedness in respect of the XM 13% Notes, the Convertible
Senior Notes, the Holdings Rollover Notes or the Existing Subordinated Notes, as applicable, and (b) such cash and Cash Equivalents that are (x) the proceeds of the Second Lien Credit Agreement, (y) the Specified Amount or
(z) received as a contribution from SIRIUS and in each case are used to repay the Convertible Senior Notes at maturity; provided, however, that, notwithstanding the foregoing, any cash or Cash Equivalents of the Borrower or
Holdings may be used in connection with the repurchase or redemption of any or all of the Existing 10% Notes in an aggregate amount (the “Take-Out Amount”) not to exceed 100% of the principal amount of such Existing 10% Notes plus
accrued and unpaid interest, if any; provided that, the determination of such Take-Out Amount for purposes hereof shall exclude any amount paid in Equity Interests of SIRIUS or proceeds of such Equity Interests. 
  

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 Notwithstanding any inference that may be made from the proviso in Section 9.04(b)(ii), neither the
Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, purchase any Hedged Loans. 
 SECTION 6.15
Activities of the FCC License Subsidiary. Neither the Borrower nor Holdings shall permit the FCC License Subsidiary (a) to conduct any business operations other than the ownership of the FCC licenses and activities incidental thereto,
(b) to own or acquire any assets other than the FCC licenses and assets that are incidental to its existence and permitted activities and (c) to incur any Indebtedness other than the Guarantor Obligations and the Guarantee of the Second
Lien Indebtedness. The Borrower shall cause all FCC licenses at all times to be held in the name of the FCC License Subsidiary, which shall be a Wholly Owned Subsidiary whose Equity Interests have been pledged in accordance with the provision of the
Collateral and Guarantee Requirement, and shall cause the FCC License Subsidiary to be the sole legal and beneficial owner thereof. 
 SECTION 6.16 Deposit Accounts, Securities Accounts and Uncertificated Securities. Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, maintain or hold any Deposit Account (other than the
Existing BofA Deposit Accounts), Securities Account or Uncertificated Securities over which the Collateral Agent does not have “control” (as used in the UCC) unless (x) each such account individually contains, and each such
Uncertificated Security individually represents, assets of no more than $1,000,000 and (y) all such accounts and Uncertificated Securities in the aggregate contain or represent (as applicable) assets of no more than $5,000,000; provided
that this covenant shall not apply to the UBS Account during the period from the Closing Date to the earlier of (i) the time at which the UBS Account becomes subject to a control agreement of the type described in Section 5.11 and
(ii) the date that is 10 days after the Closing Date. The Borrower shall not permit the Existing BofA Deposit Accounts to (a) have an aggregate account balance at any time exceeding $20,000,000 (from the Closing Date to April 1, 2009)
or $15,000,000 (from April 1, 2009 to (and including) April 30, 2009) or (b) exist at any time after April 30, 2009. 
 SECTION 6.17 Second Lien Credit Agreement. Neither the Borrower nor Holdings shall, nor shall either permit any of its Subsidiaries to, (a) make any payment under the Second Lien Credit Agreement if a Default or an Event of
Default has occurred and is continuing hereunder with respect to payment of any principal, interest, fee or any other amount hereunder or under any other Loan Document, (b) use any proceeds from the Second Lien Credit Agreement for any purpose
other than the repayment of the principal amount of the Convertible Senior Notes and all other amounts payable with respect thereto on December 1, 2009 or (c) make any borrowing under the Second Lien Credit Agreement on a date other than
December 1, 2009. 
  

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 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, whether on the Maturity Date, or, in the case of the
Tranche C Loans, the Tranche C Maturity Date, at a date fixed for repayment or 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 or any other Loan Document when and as the same shall become due
and payable, and such failure shall continue unremedied for a period of three Business Days; 
 (c) any representation or
warranty made or deemed made by or on behalf of any Loan Party in this Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or
other document furnished pursuant to or in connection with this Agreement or any other Loan Document (excluding, in each case, any projections delivered by or on behalf of any Loan Party) or any amendment or modification hereof or thereof or waiver
hereunder or thereunder, shall prove to have been materially incorrect when made or deemed made; 
 (d) the Borrower or
Holdings, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01(a) through (e), (j) and (m), 5.02, 5.03 (with respect to the Borrower’s or Holdings’ existence) or 5.08 or
in Article VI; 
 (e) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in
this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to
the Borrower (which notice will be given at the request of any Lender); 
 (f)(i) Holdings, the Borrower or any of their
respective Subsidiaries shall (x) fail to make any payment of principal or interest, in each case regardless of amount (subject to any applicable grace period) in respect of any Material Indebtedness when and as the same shall become due and
payable or (y) fail to observe or perform any covenant, condition or agreement contained in any Material Indebtedness, and the effect of such failure is to enable or permit (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; (ii) any event or condition occurs that results in any Material Indebtedness or any SIRIUS Material Indebtedness becoming due prior to its scheduled maturity; or (iii) any event or condition occurs that enables or permits (with
or without the giving of 

  

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notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any SIRIUS Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness or any SIRIUS Material Indebtedness (as applicable) to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided, that
this clause (f) shall not apply to (1) any Material Indebtedness under a Deferred Purchase Price Agreement if the failure to make a payment thereunder occurred in connection with a good faith contest by the Borrower with respect to the
performance by the satellite manufacturer of its obligations thereunder, or (2) the failure of the Borrower to observe or perform any covenant, condition or agreement (other than with respect to the making of payments) in respect of the
mortgage existing on the Closing Date on the building where the Borrower is headquartered; 
 (g) [Reserved]; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries or any of its debts, or of a substantial part of any 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 SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries 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; 
 (i) SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries 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 SIRIUS,
Holdings, the Borrower or any of their respective Subsidiaries 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; 
 (j)
SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money (including, without limitation, arising from matters set forth in clauses (f) or
(g) of this Article (including the express exclusions therefrom)) in an aggregate amount in excess of $25,000,000 (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has not denied
coverage) shall be rendered against Holdings, the 

  

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Borrower, any of their respective Subsidiaries 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 the Borrower, Holdings or any of their respective Subsidiaries to enforce any such judgment;

 (l)(i) an ERISA Event shall have occurred that when taken together with all other ERISA Events that have occurred, which
individually or in the aggregate results in or could reasonably be expected to result in liability of Borrower or any ERISA Affiliate in excess of $25,000,000; (ii) there exists any fact or circumstance that reasonably could be expected to
result in the imposition of a Lien or security interest under Section 412(n) of the Internal Revenue Code or under ERISA; or (iii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not
waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any ERISA Affiliate; or 
 (m) the Borrower Obligations shall fail to constitute “Designated Senior Indebtedness” under the Existing Subordinated Notes;

 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 notice to the Borrower, 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, the applicable Repayment
Premium, 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 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. 
 ARTICLE VIII. 
 The Administrative Agent 
 SECTION 8.01 Appointment. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 
 SECTION 8.02 Administrative Agent in its Individual Capacity. 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 Borrower, Holdings or any of their respective Subsidiaries or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
  

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 SECTION 8.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein. 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 hereby 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), (c) except as expressly set forth herein,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Holdings, the Borrower or any of their respective Subsidiaries that is communicated to or obtained by the
bank serving as Administrative Agent or any of its Affiliates in any capacity, (d) notwithstanding anything contained herein to the contrary, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure
to disclose, to any Non-Voting Tranche C Lender any information relating to Holdings, the Borrower or any of their respective Subsidiaries communicated to or obtained by the Administrative Agent if such information has not been directly communicated
or obtained from the Borrower, (e) no Non-Voting Tranche C Lender shall make or bring any claim, in its capacity as Lender, against the Administrative Agent, any Tranche A Lender or any Tranche B Lender with respect to the
duties and obligations of such Persons under the Loan Documents (except for gross negligence, bad faith or willful misconduct or failure to deliver distributions (including principal and interest) to such Non-Voting Tranche C Lender in
accordance with the terms of the Loan Documents) and (f) no Non-Voting Tranche C Lender or any Voting Tranche C Lender that holds any public Indebtedness of SIRIUS, Holdings, the Borrower or any of their respective Subsidiaries shall have any
right to attend any Lender meetings or conference calls, other than at the express invitation of the Administrative Agent. 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. 
 SECTION 8.04 Notice of Default. 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 this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  

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 SECTION 8.05 Reliance by 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.

 SECTION 8.06 Delegation of Duties. The Administrative Agent may perform any and all of 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 of its duties and exercise its rights and powers through their respective Related Parties.
The exculpatory provisions of this Article VIII 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 the Administrative Agent. 
 SECTION 8.07 Successor Administrative
Agent. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this Section, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required
Lenders shall have the right, with the consent of Borrower so long as no Event of Default shall have occurred and be continuing (such consent not to be unreasonably withheld or delayed) 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 (or five Business Days in the event JPMorgan Chase Bank, N.A. is the retiring Administrative Agent and neither JPMorgan Chase Bank, N.A. nor any of its
Affiliates is a Lender) after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in
New York, New York, or an Affiliate of any such 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. 
 SECTION 8.08 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges 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. 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 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 related agreement or any document furnished hereunder or thereunder. 
  

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 SECTION 8.09 Indemnification. Each Lender agrees to indemnify the Administrative Agent in its
capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), in the amount of its pro rata share (based on its Loans hereunder), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against the Administrative
Agent in any way relating to or arising out of the Loans, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or
omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the Administrative Agent’s gross negligence or willful misconduct. The agreements in this
Section shall survive the payment of the Loans and all other amounts payable 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 telecopy, as follows: 
 (i) if to
the Borrower, 
 XM Satellite Radio Inc. 
 1221 Avenue of the Americas 
 New York, New York 10020 
 Attention of Treasurer 
 (with a copy to the
General Counsel) 
 (Telecopy No. (212) 584-5252/5353); 
  

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 (ii) if to the Administrative Agent, to 
 JPMorgan Chase Bank 
 Loan and Agency
Services Group 
 1111 Fannin, 8th Floor 
 Houston, Texas 77002 
 Attention of: Demetra A Mayon 
 Telecopy No. (713) 750-7928 
 with a
copy to 
 JPMorgan Chase Bank 
 270 Park Avenue 
 New York, New York 10017 
 Attention of Peter B. Thauer 
 (Telecopy No. (212) 270-5127); 
 (iii) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 
 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the
Borrower 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. 
 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent 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 and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower 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 or continuation of a Loan shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
  

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 (b) Neither this Agreement nor any other Loan Document nor any provision hereof or
thereof may be waived, amended or modified at any time except (x) pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders, or (y) by the Borrower and the Administrative Agent with the consent
of the Required Lenders; provided that no such agreement or required amendment or modification shall (i) change the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the
written consent of each Lender affected thereby, (ii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment,
without the written consent of each Lender affected thereby, (iii) change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender,
(iv) change any of the provisions of Section 6.11(b) without the written consent of each Lender, (v) change any of the provisions of the definition of “Required Lenders” without the written consent of each Lender (other than
any Non-Voting Tranche C Lender), (vi) change any provision of this Section 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, (vii) release all or substantially all of the Existing Collateral or release any of Holdings or any Subsidiary Loan Party from its guarantee under the
Guarantee Agreement, unless, in the case of a Subsidiary Loan Party, all or substantially all of the Equity Interests of such Subsidiary Loan Party are sold or otherwise disposed of in a transaction permitted by this Agreement without the prior
written consent of each Lender, or (viii) permit the incurrence by Holdings, the Borrower or any of their respective Subsidiaries of any additional pari passu secured Indebtedness without the written consent of each 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 and the Restructuring Advisor for the Administrative Agent, in connection with Intralinks (and related expenses) and the preparation and
administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket expenses incurred by the
Administrative Agent or, after an Event of Default shall have occurred and be continuing hereunder, any Lender, including the fees, charges and disbursements of any counsel and the Restructuring Advisor for the Administrative Agent or any Lender, in
connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans. 
 (b) The Borrower shall indemnify the Administrative Agent,
JPMorgan Chase Bank, N.A., as administrative agent under the Original Revolving Credit Facility Agreement, UBS AG, Stamford Branch, as administrative agent under the Original Term Loan Credit Agreement and each Lender, and each Related Party of any
of the foregoing Persons (each such 

  

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Person, an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related
expenses, including the 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 claims (other than a claim by the Borrower or any of its
Affiliates) relating to (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the First Lien
Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on, from or to any property currently or formerly owned
or operated by the Borrower, Holdings or any of their respective Subsidiaries, or any Environmental Liability related in any way, directly or indirectly, to the Borrower, Holdings or any of their respective Subsidiaries, or (iv) 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, 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. 
 (c) To the extent that the Borrower fails to pay any amount required
to be paid by it to the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent 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, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent in its capacity as such. 
 (d) To the extent permitted by applicable law, the Borrower shall
not assert, and 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 First Lien Transactions, any Loan or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable promptly 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, except that
(i) neither Holdings nor the Borrower may 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 Holdings or 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, Participants (to the extent provided in paragraph (c) of this Section), Indemnitees and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  

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 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may
assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Loans, reimbursements and other obligations at the time owing to it), with the prior written consent (such consent
not to be unreasonably withheld or delayed) of the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of (x) any Loan to an assignee that is a Lender hereunder immediately prior
to giving effect to such assignment, to a branch or an affiliate of an assigning Lender or to an Approved Fund, (y) any Tranche C Loan to a Liberty Party or (z) any Hedged Loan to an Eligible Transferee. 
 (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 Loans, the amount of the 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 $5,000,000 unless the Administrative Agent otherwise consents; 
 (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; 
 (D) the assignee, if it shall not be a Lender, shall have executed and delivered to the Administrative Agent a joinder agreement in the
form of Exhibit K hereto to each of the Existing Intercreditor Agreements; 
 (E) 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; 
 (F) the assignee shall not be any Loan Party or any Subsidiary or Affiliate thereof
(provided, however, that neither Liberty Media nor any Liberty Party shall be deemed an Affiliate of any Loan Party for purposes of this Section 9.04(b)(ii)(F) at any time that Liberty Media and all other Liberty Parties, in the
aggregate, do not hold more than 49% of the Voting Stock of any Loan Party); and 
  

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 (G) after giving effect to any such assignment, in no event shall Liberty Media, the
other Liberty Parties and their respective Affiliates, collectively, own more than 49% of the total outstanding principal amounts of all Loans (calculated as if all scheduled repayments of the Tranche A Loans and the Tranche B Loans set forth on
Schedule 2.09 (other than the repayment on the Maturity Date) had been made); 
 provided, that the conditions set forth in subclauses
(F) and (G) above shall not apply to any Hedged Loans. 
 For the purposes of this Section 9.04(b), the term
“Approved Fund” has the following meaning: 
 “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. 
 (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 2.14, 2.15, 2.16 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 principal amount, Type and Interest Period of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The Register shall also set forth the amount of any sum received by the
Administrative Agent hereunder for the account of the Lenders and such Lender’s share thereof. The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent 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. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice. 
  

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 (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 2.06(b), 2.17(d) 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) (i) Any Lender may, without the consent of the Borrower or the Administrative
Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Loans, reimbursements and
other obligations 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 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 shall 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. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.10 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.17(c) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment
under Section 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s
prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrower, to comply with Section 2.16(e) as though it were a Lender. 
  

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 (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 Insolvency Proceeding Understandings. In the event there is a plan of reorganization or liquidation or similar plan in a Chapter
11 case under the Bankruptcy Code involving the Borrower, Holdings or any of their respective Subsidiaries, and the claims held on account of the Loans are classified together in one class and so long as all claims within such class receive the same
treatment, the Non-Voting Tranche C Lenders agree not to vote against such plan if the effect of such a vote by some or all of them would be to cause that class to vote against the plan. The Tranche C Lenders agree to cooperate with the
Administrative Agent and execute such additional documentation as may be reasonably necessary to give effect to this Section 9.05 in the event of such a Chapter 11 case. The Tranche C Lenders agree that they will not oppose any exercise by the
Required Lenders or the Administrative Agent on their behalf of the right to credit bid in a sale or other disposition of some or all of the Existing Collateral free and clear of all claims and interests as part of a bankruptcy or state law exercise
of remedies. 
 SECTION 9.06 [Reserved]. 
 SECTION 9.07 Survival. All covenants, agreements, representations and warranties made by the Borrower and Holdings herein and in the certificates or other instruments delivered in connection with or
pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the continuation of any Loans, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that the Administrative Agent 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. The provisions of Sections 2.14, 2.15, 2.16, 2.17 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 or the termination of this Agreement or any provision hereof. 
 SECTION 9.08 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 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 telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement. 
  

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 SECTION 9.09 Severability. Any provision of this Agreement 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 hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.10 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 against any
of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender or Affiliate. The rights of each Lender and each of its Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender or Affiliate may have. 
 SECTION 9.11 Governing Law; Jurisdiction; Consent to
Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each of Holdings and the Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, 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 New York 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
shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against Holdings or the Borrower or their respective properties in the courts of any jurisdiction.

 (c) Each of Holdings and the Borrower 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 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. 
  

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 (d) 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 will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 9.12 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 OR THE TRANSACTIONS CONTEMPLATED HEREBY (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 9.13 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 9.14 Confidentiality. (a) Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel
(including outside counsel), auditors (including independent auditors), and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (ii) to the extent requested by any regulatory authority, (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this
Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially
the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the consent of the Borrower or (viii) to the extent such Information (x) becomes publicly available other than as a result of a
breach of this Section or (y) becomes available to the Administrative Agent or any Lender or its Affiliates on a nonconfidential basis from a source other than the Borrower. For the 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 or any Lender on a nonconfidential basis prior to disclosure by the Borrower;
provided that, in the case of information received from the Borrower after the Closing Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
  

 86 

 (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.14(a) FURNISHED TO
IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS 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. 
 (c) 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. 
 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
and the Administrative Agent hereby notifies the Loan Parties that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of
the Loan Parties and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the Act. 
  

 87 

 SECTION 9.17 Effect of Amendment and Restatement. On the Closing Date, each of the Original
Revolving Credit Facility Agreement and the Original Term Loan Credit Agreement shall be automatically amended and restated in its entirety to read as set forth in this Agreement. On and after the Closing Date, the rights and obligations of the
parties hereto shall be governed by this Agreement; provided that the rights and obligations of the parties hereto with respect to the period prior to the Closing Date shall continue to be governed by the provisions of the Original Revolving
Credit Facility Agreement and the Original Term Loan Credit Agreement (as applicable). 
 SECTION 9.18 Same Debt and Lien.
Nothing contained herein shall be deemed a novation of or a repayment or new advance of any obligation of the Borrower hereunder. The Indebtedness owing under the Original Revolving Credit Facility Agreement and the Original Term Loan Credit
Agreement is renewed, rearranged, extended and carried forward by this Agreement and all of the liens and security interests securing the “Borrower Obligations” and the “Guarantor Obligations” as defined in each of the Original
Revolving Credit Facility Agreement and the Original Term Loan Credit Agreement are carried forward and secure, without interruption or loss of priority, the Borrower Obligations and the Guarantor Obligations under this Agreement. 
 SECTION 9.19 Borrower Business Considerations. The Borrower is facing a sustained deterioration of economic conditions affecting its
business, and believes that its deteriorating financial condition has limited its opportunity to obtain and preserve financing for its business, including procuring alternative sources of financing to refinance the loans under the Original
Revolving Credit Facility Agreement and the Original Term Loan Credit Agreement and other outstanding debt. Accordingly, the Borrower has requested, as a necessary measure to avoid imminent disruption to its business, that the lenders
under the Original Revolving Credit Facility Agreement and the Original Term Loan Credit Agreement postpone for a year the scheduled maturity for the outstanding loans under the Original Revolving Credit Facility Agreement and the Original Term Loan
Credit Agreement, and in connection therewith has agreed to the other amendments and restatements described herein.
 [Signature pages
follow] 
  

 88 

 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. 
  

			
	 XM SATELLITE RADIO INC.,
 as
Borrower

		
	By:	 	/s/ Patrick L. Donnelly
		 	Name: Patrick L. Donnelly
		 	Title: Secretary

  

			
	XM SATELLITE RADIO HOLDINGS INC.
		
	By:	 	/s/ Patrick L. Donnelly
		 	Name: Patrick L. Donnelly
		 	Title: Secretary

  

			
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative
Agent and as a Tranche A
 Lender,

		
	By	 	/s/ Peter B. Thauer
		 	Name: Peter B Thauer
		 	Title: Executive Director

  

			
	 BEAR STEARNS CORPORATE LENDING INC.,
 as a
Tranche A Lender

		
	By	 	/s/ Peter B. Thauer
		 	Name: Peter B Thauer
		 	Title: Executive Director

			
	 UBS AG, STAMFORD BRANCH,
 as a Tranche B
Lender

		
	By	 	/s/ Douglas Gerolvino
		 	Name: Douglas Gerolvino
		 	Title: Director

  

			
		
	By	 	/s/ April Varner-Nanton
		 	Name: April Varner-Nanton
		 	Title: Director

  

			
	 CITICORP NORTH AMERICA, INC.,
 as a Tranche A
Lender

		
	By	 	/s/ C.P. Mahon
		 	Name: C.P. Mahon
		 	Title: Vice President

  

			
	 GENERAL ELECTRIC CAPITAL CORPORATION,
 as a
Tranche A Lender

		
	By	 	/s/ Jason Soto
		 	Name: Jason Soto
		 	Title: Authorized Signatory

  

			
	 GRAND CENTRAL ASSET TRUST, BDC SERIES,
 as a
Tranche A Lender

		
	By	 	/s/ Malla Baynes
		 	Name: Malla Baynes
		 	Title: Attorney-in-Fact

			
	 GRAND CENTRAL ASSET TRUST, SIL SERIES,
 as a
Tranche A Lender

		
	By	 	/s/ Malla Baynes
		 	Name: Malla Baynes
		 	Title: Attorney-in-Fact

  

			
	 UBS LOAN FINANCE LLC,
 as a Tranche A Lender

		
	By	 	/s/ Mary E. Evans
		 	Name: Mary E. Evans
		 	Title: Associate Director

  

			
		
	By	 	/s/ Irja R. Otsa
		 	Name: Irja R. Otsa
		 	Title: Associate Director

  

			
	 WELLS FARGO FOOTHILL, INC.,
 as a Tranche A
Lender

		
	By	 	/s/ Kelly Walsh
		 	Name: Kelly Walsh
		 	Title: Vice President

  

			
	 FIELD POINT III, LTD,
 as a Tranche B Lender

		
	By	 	/s/ Richard Petrilli
		 	Name: Richard Petrilli
		 	Title: Authorized Signatory

			
	 FIELD POINT IV, LTD,
 as a Tranche B Lender

		
	By	 	/s/ Richard Petrilli
		 	Name: Richard Petrilli
		 	Title: Authorized Signatory

  

			
	 GRAND CENTRAL ASSET TRUST, SIL SERIES,
 as a
Tranche B Lender

		
	By	 	/s/ Malla Baynes
		 	Name: Malla Baynes
		 	Title: Attorney-in-Fact

  

			
	 UBS AG, STAMFORD BRANCH,
 as a Tranche B
Lender

		
	By	 	/s/ April Varner-Nanton
		 	Name: April Varner-Nanton
		 	Title: Director

  

			
		
	By	 	/s/ Janice L. Randolph
		 	Name: Janice L. Randolph
		 	Title: Director

  

			
	 LIBERTY MEDIA LLC,
 as a Tranche C Lender

		
	By	 	/s/ David J.A. Flowers
		 	Name: David J.A. Flowers
		 	Title: Senior Vice President & Treasurer

  

 SCHEDULE 2.09 
 REPAYMENT 
  

					
	 Repayment Date
	  	 Aggregate Principal Amount
Repaid under Tranches A and
B1
	  	 Principal Amount Repaid under
Tranche C

	 March 31, 2009
	  	$25,000,000	  	$0
	 June 30, 2009
	  	$25,000,000	  	$0
	 September 30, 2009
	  	$25,000,000	  	$0
	 December 31, 2009
	  	$25,000,000	  	$0
	 March 31, 2010
	  	$0	  	$25,000,000
	 Maturity Date
	  	All remaining amounts	  	$0
	 Tranche C Maturity Date
	  	N/A	  	All remaining amounts

  

	 1
	 To be applied pro rata between Tranches A and B in accordance with respective outstanding principal amounts on the
corresponding Repayment Date. 

 SCHEDULE 6.12 
 MINIMUM EBITDA 
 Minimum Cumulative EBITDA from January 1, 2009 
  

			
	 For the quarter ending March 31, 2009
	  	$40,000,000
	 For the two-quarter period ending June 30, 2009
	  	$84,000,000
	 For the three-quarter period ending September 30, 2009
	  	$137,000,000
	 For the four-quarter period ending December 31, 2009
	  	$189,000,000
	 For the four-quarter period ending March 31, 2010
	  	$225,000,000EXHIBIT 10.29

 Exhibit 10.29 
 EXECUTION COPY 
 INTERCREDITOR AGREEMENT 
 Intercreditor Agreement (this “Agreement”), dated as of March 6, 2009, among JPMORGAN CHASE BANK, N.A. (as successor in interest to
The Bank of New York), as Collateral Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “First Priority Representative”) for the First Priority Secured Parties (as defined below),
JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “Credit Agreement Representative”) for the Credit Agreement Lenders (as defined
below), LIBERTY MEDIA CORPORATION, as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “Second Priority Representative”) for the Second Priority Secured Parties (as
defined below), XM SATELLITE RADIO INC., a Delaware corporation (the “Borrower”), and each of the other Loan Parties (as defined below) party hereto. 
 WHEREAS, (i) the Borrower, each of the other Loan Parties and JPMorgan Chase Bank, N.A., as Collateral Agent, are parties to the Security Agreement, dated as of January 28, 2003 (as amended, restated,
supplemented, modified or replaced from time to time, the “General Security Agreement”) and (ii) the Borrower and JPMorgan Chase Bank, N.A., as Collateral Agent, are parties to the Amended and Restated Security Agreement, dated
as of January 28, 2003 (as amended, restated, supplemented, modified or replaced from time to time, the “FCC Security Agreement” and collectively the “Existing First Priority Security Agreements”), pursuant to
which the Borrower and the other Loan Parties have granted to the First Priority Representative security interests in the Common Collateral (as defined below) as security for payment and performance of the First Priority Obligations (as defined
below); and 
 WHEREAS, the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, and certain financial institutions and other
entities are parties to the Amended and Restated Credit Agreement, dated as of March 6, 2009, pursuant to which such financial institution and other entities have agreed to continue existing loans of the Borrower; and 
 WHEREAS, the Borrower, the Second Priority Representative and certain other entities are parties to the Amended and Restated Credit Agreement, dated as
of March 6, 2009 (the “Existing Second Priority Agreement”), pursuant to which such other entities have agreed to make loans to the Borrower; and 
 WHEREAS, the Borrower and the other Loan Parties are granting to the Second Priority Representative junior security interests in the Common Collateral as security for payment and performance of the Second Priority
Obligations (as defined below); and 
 WHEREAS, the Credit Agreement Lenders (as defined below) under the Amended and Restated Credit
Agreement described above have agreed to permit the grant of such junior security interests on the terms and conditions of this Agreement; 

 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good
and valuable consideration, the existence and sufficiency of which are expressly recognized by all of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions. 
 1.1. Defined Terms. The following terms, as used herein, have
the following meanings: 
 “Acceleration Conditions” means that any of the following have occurred and is continuing:
(a) the Credit Agreement Lenders have accelerated the Credit Agreement Obligations after an event of default thereunder, (b) a Loan Party has failed to make a payment under a Second Priority Document resulting in an event of default under
the Second Priority Agreement, (c) acceleration has occurred automatically under the Second Priority Agreement because of a bankruptcy or insolvency event, or (d) any other event of default has occurred under a Second Priority Document and
a period of 60 days has elapsed since the occurrence of such event of default and such event of default has not been cured or waived. 
 “Additional First Priority Agreement” means any agreement approved for designation as such by the First Priority Representative and the Second Priority Representative. 
 “Additional Second Priority Agreement” means any agreement approved for designation as such by the First Priority Representative and the
Second Priority Representative. 
 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.),
as amended from time to time. 
 “Borrower” has the meaning set forth in the introductory paragraph hereof. 
 “Business Day” means any day that is not a Saturday or Sunday or other day on which commercial banks in New York City are authorized or
required by law to remain closed. 
 “Cash Management Obligations” means, with respect to any Loan Party, any obligations of
such Loan Party owed to any First Priority Qualified Counterparty in respect of treasury management arrangements, depositary or other cash management services. 
 “Common Collateral” means all assets that are both First Priority Collateral and Second Priority Collateral. 
  

 2 

 “Comparable Second Priority Security Document” means in relation to any Common
Collateral subject to any First Priority Security Document, that Second Priority Security Document that creates a security interest in the same Common Collateral, granted by the same Loan Party, as applicable. 
 “Credit Agreement” includes (i) the document described in the second WHEREAS clause of this Agreement and (ii) any other
credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance
or refund in whole or in part the indebtedness and other obligations under the Credit Agreement unless such agreement or instrument expressly provides that it is not intended to be and is not a Credit Agreement hereunder (a “Replacement
Credit Agreement”). Any reference to the Credit Agreement hereunder shall be deemed a reference to any Credit Agreement then extant. 
 “Credit Agreement Lenders” means the “Lenders” as defined in the Credit Agreement or any Persons that are designated under the Credit Agreement as the “Credit Agreement Lenders” for purposes of this
Agreement. 
 “Credit Agreement Obligations” means (a) all principal of and interest (including without limitation any
Post-Petition Interest) and premium on all loans made pursuant to the Credit Agreement, (b) all Hedging Obligations, (c) all Cash Management Obligations and (d) all guarantee obligations, fees, expenses and other amounts payable from
time to time pursuant to the Credit Agreement, in each case whether or not allowed or allowable in an Insolvency Proceeding. 
 “Credit Agreement Representative” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement Credit Agreement, the Credit Agreement Representative shall be the Person identified as such
in such Agreement. 
 “DIP Credit Agreement Lenders” has the meaning set forth in Section 4.4. 
 “DIP Financing” has the meaning set forth in Section 5.2. 
 “DIP Financing Obligations” means (a) all principal of and interest (including without limitation any Post-Petition Interest) and
premium (if any) on all loans made pursuant to the DIP Financing, (b) all hedging obligations secured in connection with the DIP Financing, (c) all cash management, depositary, treasury management or similar obligations secured in
connection with the DIP Financing and (d) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the DIP Financing, in each case whether or not allowed or allowable in an Insolvency Proceeding.

  

 3 

 “Enforcement Action” means, with respect to the First Priority Obligations or the Second
Priority Obligations, the exercise of any rights and remedies with respect to any Common Collateral securing such obligations or the commencement or prosecution of enforcement of any of the rights and remedies under, as applicable, the First
Priority Documents or the Second Priority Documents, or applicable law with respect to the Common Collateral, including without limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a secured
creditor with respect to the Common Collateral under the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code; provided that “Enforcement Action” shall not be deemed to include the commencement of, or
joinder in filing of a petition for commencement of, an Insolvency Proceeding against the owner of the Common Collateral. 
 “Existing First Priority Security Agreement” has the meaning set forth in the first WHEREAS clause of this Agreement. 
 “Existing Second Priority Agreement” has the meaning set forth in the third WHEREAS clause of this Agreement. 
 “FCC Security Agreement” has the meaning set forth in the first WHEREAS clause of this Agreement. 
 “First
Priority Agreement” means the collective reference to (a) the Credit Agreement, (b) all agreements containing obligations secured by the Existing First Priority Security Agreements, (c) any Additional First Priority Agreement
and (d) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to
extend, replace, refinance or refund in whole or in part the indebtedness and other obligations secured by the Existing First Priority Security Agreements, any Additional First Priority Agreement or any other agreement or instrument referred to in
this clause (d) unless such agreement or instrument expressly provides that it is not intended to be and is not a First Priority Agreement hereunder (a “Replacement First Priority Agreement”). Any reference to the First
Priority Agreement hereunder shall be deemed a reference to any First Priority Agreement then extant. 
 “First Priority
Cap” means $383,249,085 less (a) the amount of all repayments and prepayments of principal applied to any term loans or notes constituting First Priority Obligations and (b) the amount of all repayments and prepayments of
any revolving loans or reimbursement of drawings under letters of credit constituting First Priority Obligations, to the extent accompanied by a permanent reduction of commitments under the applicable revolving credit facility or letter of credit
commitment amount (excluding reductions in sub-facility commitments not accompanied by a corresponding permanent reduction in the revolving facility or letter of credit commitment amount), in the case of (a) and (b), excluding reductions as a
result of a refinancing or replacement of the First Priority Obligations in whole or in part, whether with the same or different lenders, agents or arrangers plus (c) solely as a component of a DIP Financing, $100,000,000. 
  

 4 

 “First Priority Collateral” means all assets, whether now owned or hereafter acquired by
the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation. 
 “First Priority Creditors” means the “Lenders” (or any similar term) as defined in the First Priority Agreement, or any
Persons that are designated under the First Priority Agreement as the “First Priority Creditors” for purposes of this Agreement. 
 “First Priority Documents” means the First Priority Agreement, each First Priority Security Document and each First Priority Guarantee. 
 “First Priority Guarantee” means any guarantee by any Loan Party of any or all of the First Priority Obligations. 
 “First Priority Lien” means any Lien created by the First Priority Security Documents. 
 “First Priority Obligations” means (a) all principal of and interest (including without limitation any Post-Petition Interest) and premium on all loans made pursuant to the First Priority Agreement, (b) all
Hedging Obligations, (c) all Cash Management Obligations and (d) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the First Priority Agreement and documents executed in connection therewith,
in each case whether or not allowed or allowable in an Insolvency Proceeding; provided that the aggregate principal amount, without duplication, of any term loans, revolving credit commitments, revolving credit loans, letters of credit,
bonds, debentures, notes or similar instruments or other obligations (excluding, in any event, Hedging Obligations and Cash Management Obligations) provided for under the First Priority Agreement or any other First Priority Document in excess of the
First Priority Cap shall not constitute First Priority Obligations for purposes of this Agreement. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security,
enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person,
then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be
reinstated and outstanding as if such payment had not occurred. 
  

 5 

 “First Priority Obligations Payment Date” means the earliest date on, or prior to which,
all of the following have occurred: 
 (a) payment in full in cash of the principal of and interest (including interest accruing on or after
the commencement of any Insolvency Proceeding, whether or not such interest would be allowed in such Insolvency Proceeding) outstanding under the First Priority Documents and constituting First Priority Obligations; 
 (b) payment in full in cash of all other First Priority Obligations that are due and payable or otherwise accrued and owing at or prior to the time such
principal and interest are paid; 
 (c) termination or expiration of all commitments, if any, of all First Priority Creditors to extend
credit that would constitute First Priority Obligations; and 
 (d) termination, back-stopping or cash collateralization (in accordance with
the terms of the First Priority Documents) of all letters of credit issued under the First Priority Documents and constituting First Priority Obligations; 
 “First Priority Qualified Counterparty” means any “Qualified Counterparty” as defined in the Credit Agreement. 
 “First Priority Representative” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement First Priority Agreement, the First Priority Representative shall be the
Person identified as such in such Agreement. 
 “First Priority Secured Parties” means the First Priority Representative,
the First Priority Creditors and any other holders of the First Priority Obligations. 
 “First Priority Security Documents”
means the Existing First Priority Security Agreements and any agreement, document or instrument pursuant to which a Lien is granted securing any First Priority Obligations or under which rights or remedies with respect to such Liens are governed.

 “General Security Agreement” has the meaning set forth in the first WHEREAS clause of this Agreement. 
 “Hedging Obligations” means, with respect to any Loan Party, any obligations of such Loan Party owed to any First Priority Qualified
Counterparty in respect of any swap agreement or hedge agreement in respect of interest rates or currency exchange rates. 
 “Holdings” means XM Satellite Radio Holdings Inc., a Delaware corporation. 
  

 6 

 “Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency,
winding up, receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or
similar law. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, deed to secure debt, lien,
pledge, hypothecation, assignment, 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 Party” means the Borrower, Holdings and each direct or indirect affiliate or shareholder (or equivalent) of the Borrower, Holdings
or any of their respective affiliates that is now or hereafter becomes a party to any First Priority Security Document or Second Priority Security Document as a “grantor” or “pledgor” (or the equivalent thereof). All references
in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. 
 “Person” means any person, individual, sole proprietorship, partnership, joint venture, corporation, limited liability company, unincorporated organization, association, institution, entity, party,
including any government and any political subdivision, agency or instrumentality thereof. 
 “Post-Petition Interest” means
any interest or entitlement to fees or expenses or other charges that accrues after the commencement of any Insolvency Proceeding, whether or not allowed or allowable in any such Insolvency Proceeding. 
 “Replacement Credit Agreement” has the meaning set forth in the definition of “Credit Agreement”. 
 “Replacement First Priority Agreement” has the meaning set forth in the definition of “First Priority Agreement”. 

“Replacement Second Priority Agreement” has the meaning set forth in the definition of “Second Priority Agreement”.

 “Second Priority Agreement” means the collective reference to (a) the Existing Second Priority Agreement,
(b) any Additional Second Priority Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other

  

 7 

 
financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations evidenced
by the Existing Second Priority Agreement, any Additional Second Priority Agreement or any other agreement or instrument referred to in this clause (c) unless such agreement or instrument expressly provides that it is not intended to be and is
not a Second Priority Agreement hereunder (a “Replacement Second Priority Agreement”) Any reference to the Second Priority Agreement hereunder shall be deemed a reference to any Second Priority Agreement then extant. 
 “Second Priority Collateral” means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which
a Lien is granted or purported to be granted to any Second Priority Secured Party as security for any Second Priority Obligation. 
 “Second Priority Creditors” means the “Lenders” as defined in the Second Priority Agreement, or any Persons that are designated under the Second Priority Agreement as the “Second Priority Creditors” for
purposes of this Agreement. 
 “Second Priority Documents” means each Second Priority Agreement, each Second Priority
Security Document and each Second Priority Guarantee. 
 “Second Priority Guarantee” means any guarantee by any Loan Party
of any or all of the Second Priority Obligations. 
 “Second Priority Lien” means any Lien created by the Second Priority
Security Documents. 
 “Second Priority Obligations” means (a) all principal of and interest (including without
limitation any Post-Petition Interest) and premium (if any) on all indebtedness under the Second Priority Agreement, and (b) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the Second Priority
Agreement and the collateral documents, guarantees and other documents executed in connection therewith, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority
Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor
in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority
Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 
  

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 “Second Priority Representative” has the meaning set forth in the introductory paragraph
hereof, but shall also include any Person identified as a “Second Priority Representative” in any Second Priority Agreement other than the Existing Second Priority Agreement. In the case of any Replacement Second Priority Agreement, the
Second Priority Representative shall be the Person identified as such in such Agreement. 
 “Second Priority Secured Party”
means the Second Priority Representative, the Second Priority Creditors and any other holders of the Second Priority Obligations. 
 “Second Priority Security Documents” means any agreement, document or instrument pursuant to which a Lien is granted securing any Second Priority Obligations or under which rights or remedies with respect to such Liens are
governed. 
 “Secured Parties” means the First Priority Secured Parties and the Second Priority Secured Parties. 

“Standstill Period” has the meaning set forth in Section 3.2. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time in the applicable jurisdiction.

 1.2 Amended Agreements. All references in this Agreement to agreements or other contractual obligations shall, unless otherwise
specified, be deemed to refer to such agreements or contractual obligations as amended, supplemented, restated or otherwise modified from time to time to the extent permitted hereunder. 
 SECTION 2. Lien Priorities. 
 2.1
Subordination of Liens. (a) Any and all Liens now existing or hereafter created or arising in favor of any Second Priority Secured Party securing the Second Priority Obligations, regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise are expressly junior in priority, operation and effect to any and all Liens now existing or hereafter created or arising in favor of the First Priority Secured Parties securing the First Priority
Obligations, notwithstanding (i) anything to the contrary contained in any agreement or filing to which any Second Priority Secured Party may now or hereafter be a party, and regardless of the time, order or method of grant, attachment,
recording or perfection of any financing statements or other security interests, assignments, pledges, deeds, mortgages and other liens, charges or encumbrances or any defect or deficiency or alleged defect or deficiency in any of the foregoing,
(ii) any provision of the Uniform Commercial Code or any applicable law or any First Priority Document or Second Priority Document or any other circumstance whatsoever and (iii) the fact that any such Liens in favor of any First Priority
Secured Party securing any of the First Priority Obligations are (x) subordinated to any Lien securing any obligation of any Loan Party other than the Second Priority Obligations or (y) otherwise subordinated, voided, avoided, invalidated
or lapsed. 
  

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 (b) No Credit Agreement Lender or Second Priority Secured Party shall object to or contest, or support
any other Person in contesting or objecting to, in any proceeding (including without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority (as set forth in Section 2.1) or enforceability of any Lien in the Common
Collateral granted to the other. Notwithstanding any failure by any First Priority Secured Party or Second Priority Secured Party to perfect its security interests in the Common Collateral or any avoidance, invalidation or subordination by any third
party or court of competent jurisdiction of the security interests in the Common Collateral granted to the First Priority Secured Parties or the Second Priority Secured Parties, the priority and rights as between the First Priority Secured Parties
and the Second Priority Secured Parties with respect to the Common Collateral shall be as set forth herein. 
 2.2 Nature of First
Priority Obligations and Second Priority Obligations. (a) Subject to any limitations on the aggregate principal amount of First Priority Obligations set forth in the definition of “First Priority Obligations” and the limitations
in Section 6(b), the Second Priority Representative on behalf of itself and the other Second Priority Secured Parties acknowledges that the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that
the aggregate outstanding amount of the First Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties and without affecting the provisions hereof. 

(b) Subject to the limitations in Section 6(a), and subject to Section 6.14 of the Credit Agreement as in effect on the date hereof, the
Credit Agreement Representative on behalf of itself and the Credit Agreement Lenders acknowledges that the terms of the Second Priority Obligations may be modified, extended or amended from time to time, and that the aggregate outstanding amount of
the Second Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Credit Agreement Lenders and without affecting the provisions hereof. 
 (c) Subject to any limitations on the aggregate principal amount of First Priority Obligations set forth in the definition of “First Priority
Obligations,” the lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or
refinancing of either the First Priority Obligations or the Second Priority Obligations, or in each case any portion thereof. 
  

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 2.3 Agreements Regarding Actions to Perfect Liens. (a) The Second Priority Representative on
behalf of itself and the other Second Priority Secured Parties agrees that UCC-1 financing statements, patent, trademark or copyright filings or other filings or recordings filed or recorded by or on behalf of the Second Priority Representative
shall be in form reasonably satisfactory to the First Priority Representative. 
 (b) The Second Priority Representative agrees on behalf of
itself and the other Second Priority Secured Parties that all mortgages, deeds of trust, deeds and similar instruments (collectively, “mortgages”) now or thereafter filed against real property in favor of or for the benefit of the
Second Priority Representative shall be in form reasonably satisfactory to the First Priority Representative and shall contain the following notation: “The lien created by this mortgage on the property described herein is junior and subordinate
to the lien on such property created by any mortgage, deed of trust or similar instrument now or hereafter granted to JPMorgan Chase Bank, N.A., as Collateral Agent, and its successors and assigns, in such property, in accordance with the provisions
of the Intercreditor Agreement dated as of March __, 2009 among JPMorgan Chase Bank, N.A., as Collateral Agent, Liberty Media Corporation, as Administrative Agent, and the Loan Parties referred to therein, as amended, modified or supplemented from
time to time.” 
 (c) The First Priority Representative hereby acknowledges that, to the extent that it holds, or a third party holds on
its behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) over Common Collateral pursuant to the First Priority Security Documents, the First Priority Representative also holds such collateral as
gratuitous bailee and agent for perfection for the Second Priority Representative (such bailment and agency for perfection being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the
Uniform Commercial Code) and any assignee thereof solely to the extent required to perfect their security interest in such Common Collateral. Nothing in the preceding sentence shall be construed to impose any duty on the First Priority
Representative (or any third party acting on its behalf) with respect to such Common Collateral or provide the Second Priority Representative or any other Second Priority Secured Party with any rights with respect to such Common Collateral beyond
those specified in this Agreement and the Second Priority Security Documents, provided that subsequent to the occurrence of the First Priority Obligations Payment Date, the First Priority Representative shall (i) deliver to the Second
Priority Representative, at the Borrower’s sole cost and expense, the Common Collateral in its possession or control together with any necessary endorsements to the extent required by the Second Priority Documents or reasonably requested by the
Second Priority Representative or (ii) direct and deliver such Common Collateral as a court of competent jurisdiction otherwise directs, and provided, further, that the provisions of this Agreement are intended solely to govern
the respective Lien priorities as between the First Priority Secured Parties and the Second Priority Secured Parties and shall not impose on the First Priority Secured Parties any 

  

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obligations in respect of the disposition of any Common Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims
thereon in favor of any other Person that is not a Secured Party. The First Priority Representative further agrees to take all such other action reasonably requested by the Second Priority Representative at the Borrower’s sole cost and expense
in connection with the Second Priority Representative obtaining a first-priority interest in the Common Collateral upon the First Priority Obligations Payment Date. The Second Priority Representative, on behalf of itself and the Second Priority
Secured Parties, agrees that the First Priority Secured Parties and the First Priority Representative have no duty to them in respect of the maintenance or preservation of the First Priority Collateral, the First Priority Obligations or otherwise.

 2.4 No New Liens. (a) So long as the First Priority Obligations Payment Date has not occurred, the parties hereto agree that
there shall be no Lien, and no Loan Party shall have any right to create any Lien, on any assets of any Loan Party securing any Second Priority Obligation if these same assets are not subject to, and do not become subject to, a Lien securing the
First Priority Obligations. To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the First Priority Secured Parties, the Second Priority Representative and the
other Second Priority Secured Parties agree that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.4 shall be subject to Section 4.1. 
 (b) So long as the First Priority Obligations Payment Date has not occurred, the Loan Parties agree that if they create any Lien on any assets of any
Loan Party securing any First Priority Obligation, the Loan Parties shall ensure that such assets are also subject to a Lien securing the Second Priority Obligations and if they create any Lien on any assets of any Loan Party securing any Second
Priority Obligation, the Loan Parties shall ensure that such assets are also subject to a Lien securing the First Lien Obligations. 
 2.5
Similar Liens and Agreements. The parties hereto agree that, subject to Section 2.4, it is their intention that the First Priority Collateral and the Second Priority Collateral be identical. In furtherance of the foregoing, the parties
hereto agree, subject to the other provisions of this Agreement: 
 (a) upon request by the First Priority Representative or the Second
Priority Representative, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the First Priority Collateral and the Second Priority Collateral and
the steps to be taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the First Priority Documents and the Second Priority Documents; and 
  

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 (b) take such actions and execute and deliver such documents so that the First Priority Collateral and
the Second Priority Collateral are identical. 
 2.6 No Additional Lien Subordination. (a) The Credit Agreement Representative,
for itself and on behalf of the Credit Agreement Lenders, agrees not to enter into any agreement to subordinate any of the Liens on the Common Collateral now existing or hereafter created or arising in favor of any Credit Agreement Lender to the
Liens on the Common Collateral of any other Person; provided that, for the avoidance of doubt, this shall not impact the First Priority Representative’s right to consent (or not object) to any DIP Financing. 
 (b) The Second Priority Representative, for itself on behalf of the Second Priority Creditors, agrees not to enter into any agreement to subordinate any
of the Liens on the Common Collateral now existing or hereafter created or arising in favor of any Second Priority Creditor to the Liens on the Common Collateral of any other Person; provided that, for the avoidance of doubt, and subject to
the Second Priority Creditors’ obligations and agreements under Section 5, this shall not impact the Second Priority Representative’s right to consent (or not object) to any DIP Financing. 
 SECTION 3. Enforcement Rights. 
 3.1 Exclusive Enforcement. Until the First Priority Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the First Priority Secured Parties shall have the
exclusive right to take and continue any Enforcement Action with respect to the Common Collateral, without any consultation with or consent of any Second Priority Secured Party, but subject to the provisos set forth in Sections 3.2 and 5.1. Upon the
occurrence and during the continuance of a default or an event of default under the First Priority Documents, the First Priority Representative and the other First Priority Secured Parties may take and continue any Enforcement Action with respect to
the First Priority Obligations and the Common Collateral in such order and manner as they may determine in their sole discretion. Notwithstanding the foregoing or anything to the contrary herein, the Second Priority Representative and any other
Second Priority Secured Party may: 
 (a) file a proof of claim or statement of interest with respect to the Second Priority Obligations if
an Insolvency Proceeding has been commenced by or against the Borrower or any other Loan Party; 
 (b) take any action (not adverse to the
priority status of the Liens on the Common Collateral securing the First Priority Obligations, or the rights of any First Priority Secured Party to exercise remedies in respect thereof) in order to create, preserve or protect its Liens on the Common
Collateral; 
  

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 (c) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary
proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Second Priority Secured Parties, including any claims secured by the Common Collateral, if any, in each case in accordance with
the terms of this Agreement; 
 (d) accelerate payment of the Second Priority Obligations, sue for payment on the Second Priority Obligations
or file or join in a petition for commencement of an Insolvency Proceeding against any Loan Party (provided that notwithstanding anything to the contrary in this Agreement, the foregoing actions set forth in this Section 3.1(d) may only
be taken if the Acceleration Conditions are then satisfied) or institute or apply default rates of interest under the Second Priority Documents; 
 (e) vote on a plan of reorganization in an Insolvency Proceeding, to the extent not prohibited by this Agreement including Section 5.9 hereof; and 
 (f) exercise any Enforcement Action with respect to the Common Collateral after the termination of the Standstill Period to the extent permitted by Section 3.2. 
 3.2 Standstill and Waivers. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that,
until the First Priority Obligations Payment Date has occurred, subject to the provisos set forth below and in Section 5.1: 
 (a) they will not take or cause to be taken any action, the purpose or effect of which is to make any Lien in respect of any Second Priority Obligation pari passu with or senior to, or to give any Second Priority Secured Party any
preference or priority relative to, the Liens with respect to the First Priority Obligations or the First Priority Secured Parties with respect to any of the Common Collateral; 
 (b) they will not contest, oppose, object to, interfere with, hinder or delay, in any manner, whether by judicial proceedings or otherwise
(subject to their rights set forth in Section 3.1), any foreclosure, sale, lease, exchange, transfer or other disposition of the Common Collateral by any First Priority Secured Party or any other Enforcement Action taken (or any forbearance
from taking any Enforcement Action) by or on behalf of any First Priority Secured Party; 
 (c) they have no right to
(i) direct either the First Priority Representative or any other First Priority Secured Party to exercise any right, remedy or power with respect to the Common Collateral or pursuant to the First Priority Security Documents or (ii) consent
or object to the exercise by the First Priority Representative or any other First Priority Secured Party of any right, remedy or power with respect to the Common Collateral or pursuant to the First Priority Security Documents or to the timing or
manner in which any such right is exercised or not exercised (or, to the extent they may have any such right described in this clause (c), whether as a junior lien creditor or otherwise, they hereby irrevocably waive such right); 
  

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 (d) they will not institute any suit or other proceeding or assert in any suit,
Insolvency Proceeding or other proceeding any claim against any First Priority Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and no First Priority Secured Party shall
be liable for, any action taken or omitted to be taken by any First Priority Secured Party with respect to the Common Collateral or pursuant to the First Priority Documents; 
 (e) they will not make any judicial or nonjudicial claim or demand or commence any judicial or non-judicial proceedings against any Loan
Party or any of its subsidiaries or affiliates under or with respect to any Second Priority Security Document seeking payment or damages from or other relief by way of specific performance, instructions or otherwise under or with respect to any
Second Priority Security Document (other than filing a proof of claim) or exercise any right, remedy or power under or with respect to, or otherwise take any action to enforce, other than filing a proof of claim, any Second Priority Security
Document; 
 (f) they will not commence judicial or nonjudicial foreclosure proceedings with respect to, seek to have a
trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of any Common Collateral, exercise any right, remedy or power with respect to, or otherwise take any action to enforce their interest in
or realize upon, the Common Collateral or pursuant to the Second Priority Security Documents; and 
 (g) they will not seek,
and hereby waive any right, to have the Common Collateral or any part thereof marshaled upon any foreclosure or other disposition of the Common Collateral; 
 provided, notwithstanding anything to the contrary in the preceding clauses (a) through (g) of this Section 3.2, so long as Insolvency Proceedings have not commenced, at any time while a payment default exists with
respect to the Second Priority Obligations following the final maturity of the Second Priority Obligations, or the acceleration by the Second Priority Secured Parties of the maturity of all then outstanding Second Priority Obligations, and in either
case so long as 90 days have elapsed after written notice thereof (and requesting that enforcement action be taken with respect to the Common Collateral) has been received by the First Priority Representative (the “Standstill
Period”) and so long as such payment default shall not have been cured or waived (or such acceleration rescinded), the Second Priority Representative, on behalf of the Second Priority Secured Parties, may upon 10 days (but not more than 30
days) prior written notice to the First Priority Representative given at 

  

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any time after the expiration of, or during the last 10 days of, such Standstill Period, but only if (during the 90 days immediately following the end of the
Standstill Period) the First Priority Representative or the First Priority Secured Parties are not pursuing enforcement proceedings with respect to any Common Collateral, enforce the Liens on the Common Collateral granted pursuant to the Second
Priority Security Documents or take any other Enforcement Action, provided, that any Common Collateral or any proceeds of Common Collateral received by the Second Priority Representative or such other Second Priority Secured Party, as the
case may be, in connection with the enforcement of such Lien shall be applied in accordance with Section 4 hereof. 
 3.3 Rights as
Unsecured Creditors; Judgment Creditors; Other Rights. (a) Except as specifically set forth in Section 3.2, and subject to, and without limiting, the agreements and obligations of the Second Priority Secured Parties and the limitations
of the rights of the Second Priority Secured Parties set forth in all of Section 5, the Second Priority Secured Parties may exercise rights and remedies, as holders of obligations that are not secured by any Lien, against the Borrower or any
other Loan Party in accordance with the terms of the Second Priority Documents and applicable law. In the event that any Second Priority Secured Party becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of
its rights as a holder of obligations that are not secured by any Lien, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Priority Liens and the First Priority Obligations) to the
same extent as all other Liens securing the Second Priority Obligations are subject to the terms of this Agreement. 
 (b) Except as
specifically set forth in Section 3.2, and subject to, and without limiting, the agreements and obligations of the Second Priority Secured Parties and the limitations of the rights of the Second Priority Secured Parties set forth in all of
Section 5, nothing in this Agreement shall limit the rights of any Second Priority Secured Party to act in its capacity as holder of equity securities issued by Sirius XM Radio Inc. 
 3.4 Cooperation. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that each of them
shall take such actions as the First Priority Representative shall request in connection with the exercise by the First Priority Secured Parties of their rights set forth herein. 
 3.5 No Additional Rights For the Loan Parties Hereunder. Except as provided in Section 3.6, if any First Priority Secured Party or Second
Priority Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense to any action by any First Priority Secured Party or Second Priority Secured
Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any First Priority Secured Party or Second Priority Secured Party. Nothing in this Agreement is intended to or shall impair the obligations of the
Borrower or any other Loan Party, which are absolute and unconditional, to pay the First Priority Obligations and the Second Priority Obligations as and when the same shall become due and payable in accordance with their terms. 
  

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 3.6 Actions Upon Breach. (a) If any Second Priority Secured Party, contrary to this
Agreement, commences or participates in any action or proceeding against any Loan Party or the Common Collateral, such Loan Party, with the prior written consent of the First Priority Secured Representative, may interpose as a defense or dilatory
plea the making of this Agreement, and any First Priority Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such Loan Party. 
 (b) Should any Second Priority Secured Party, contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the
Common Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, any First Priority Secured Party (in its own name or in the
name of the relevant Loan Party) or the relevant Loan Party may obtain relief against such Second Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Second
Priority Representative on behalf of each Second Priority Secured Party that (i) the First Priority Secured Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Second
Priority Secured Party waives any defense that the Loan Parties and/or the First Priority Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages. 
 SECTION 4. Application Of Proceeds Of Common Collateral; Dispositions And Releases Of Common Collateral; Inspection and Insurance.

 4.1 Application of Proceeds; Turnover Provisions. All proceeds of Common Collateral (including without limitation any
interest earned thereon) resulting from the sale, collection or other disposition of Common Collateral, whether or not pursuant to an Insolvency Proceeding, shall be distributed as follows: first to the First Priority Representative for
application to the First Priority Obligations in accordance with the terms of the First Priority Documents, until the First Priority Obligations Payment Date has occurred and thereafter, to the Second Priority Representative for application
in accordance with the Second Priority Documents. Until the occurrence of the First Priority Obligations Payment Date, any Common Collateral, including without limitation any such Common Collateral constituting proceeds, that may be received by any
Second Priority Secured Party in violation of this Agreement shall be segregated and held in trust and promptly paid over to the First Priority Representative, for the benefit of the First Priority Secured Parties, in the same form as received, with
any necessary endorsements, and each Second Priority Secured Party hereby authorizes the First Priority Representative to make any such endorsements as agent for the Second Priority Representative (which authorization, being coupled with an
interest, is irrevocable). 
  

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 4.2 Releases of Second Priority Lien. (a) Until the First Priority Obligations Payment Date
has occurred, upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any Common Collateral (including without limitation
any sale or other disposition pursuant to any Enforcement Action), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common Collateral remaining after the First Priority Obligations Payment Date
occurs) shall be automatically and unconditionally released with no further consent or action of any Person. 
 (b) The Second Priority
Representative shall promptly execute and deliver such release documents and instruments and shall take such further actions as the First Priority Representative shall request to evidence any release of the Second Priority Lien described in
paragraph (a). The Second Priority Representative hereby appoints the First Priority Representative and any officer or duly authorized person of the First Priority Representative, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power of attorney in the place and stead of the Second Priority Representative and in the name of the Second Priority Representative or in the First Priority Representative’s own name, from time to time,
in the First Priority Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be
necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled
with an interest, is irrevocable). 
 4.3 Inspection Rights and Insurance. (a) Any First Priority Secured Party and its
representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the Common Collateral, and the First Priority Representative may advertise and conduct public auctions or private sales of the Common Collateral, in each
case without notice to, the involvement of or interference by any Second Priority Secured Party or liability to any Second Priority Secured Party. 
 (b) Until the First Priority Obligations Payment Date has occurred, the First Priority Representative will have the sole and exclusive right (i) to be named as additional insured and loss payee under any insurance policies maintained
from time to time by any Loan Party (except that the Second Priority Representative shall have the right to be named as additional insured and loss payee so long as its second lien status is identified in a manner reasonably satisfactory to the
First Priority Representative); (ii) to adjust or settle any insurance policy or claim covering the Common Collateral in the event of any loss thereunder and (iii) to approve any award granted in any condemnation or similar proceeding
affecting the Common Collateral. 
  

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 4.4 Purchase Right. Without prejudice to the enforcement of the rights and remedies of the First
Priority Representative or the First Priority Secured Parties with respect to the Common Collateral, within five Business Days after (a) the acceleration of all of the Credit Agreement Obligations in accordance with the Credit Agreement or
(b) the commencement of an Insolvency Proceeding with respect to any Loan Party, the Credit Agreement Representative, on behalf of the Credit Agreement Lenders, shall offer to the Second Priority Creditors in writing the option to purchase from
the Credit Agreement Lenders without recourse, representation or warranty (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment and Assumption in the form attached to the Credit Agreement as
of the date hereof) all, but not less than all, of the Credit Agreement Obligations outstanding at the time of such purchase (including any unfunded commitments under the Credit Agreement and all obligations in respect of letters of credit) and all
other rights, obligations and claims of the Credit Agreement Lenders (each of the Credit Agreement Lenders so agreeing by its acceptance of the benefits of the Credit Agreement), and, upon any such purchase, such Second Priority Creditors shall
assume and the Credit Agreement Lenders shall be relieved of their commitments and other obligations under the Credit Agreement (including, without limitation, any obligation to make loans and any obligation to participate in letters of credit), at
par plus accrued and unpaid interest, fees, expenses, penalties, premiums including the Repayment Premium (as defined in the Credit Agreement), breakage costs, the net amount owing to First Priority Qualified Counterparties in respect of Hedging
Obligations, the amount owing to First Priority Qualified Counterparties in respect of Cash Management Obligations, and any other amounts constituting First Priority Obligations (including any unpaid amounts payable to the Credit Agreement
Representative or any other agent acting under the Credit Agreement and associated documents, which amounts shall be paid directly to such parties). If one or more of the Second Priority Creditors choose to exercise such right, they must irrevocably
notify the Credit Agreement Representative thereof within 10 days after the receipt of the offer notice delivered by the Credit Agreement Representative, and the parties shall endeavor to close promptly thereafter, and in any event within 10
Business Days following notice of the exercise of the Second Priority Creditors’ purchase right. If any of the Second Priority Creditors chooses to exercise such right, then contemporaneously with such purchase pursuant thereto, any of the
providers of DIP Financing that are also Credit Agreement Lenders (the “DIP Credit Agreement Lenders”) may in each of their sole discretion require such Second Priority Creditor to purchase, without recourse, representation or
warranty all, but not less than all, of its DIP Financing Obligations outstanding at the time of such purchase (including any unfunded commitments under the DIP Financing and all obligations in respect of letters of credit) and all of its other
rights, obligations and claims in respect of the DIP Financing and, upon any such purchase, 

  

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such Second Priority Creditors shall assume and the applicable DIP Credit Agreement Lenders shall be relieved of their commitments and other obligations
under the DIP Financing (including, without limitation, any obligation to make loans and any obligation to participate in letters of credit), at par plus accrued and unpaid interest, fees, expenses, penalties, premiums, breakage costs, the net
amount owing pursuant to secured hedging obligations, the amount owing pursuant to secured cash management, depositary, treasury management and similar obligations, and any other amounts constituting DIP Financing Obligations. No DIP Credit
Agreement Lender shall have any obligation to sell its DIP Financing Obligations. 
 SECTION 5. Insolvency Proceedings.

 5.1 Filing of Motions. Subject only to the Second Priority Creditors’ rights under Section 3.1(a) through (d) and
Section 5.2, until the First Priority Obligations Payment Date has occurred, the Second Priority Representative agrees on behalf of itself and the other Second Priority Secured Parties that no Second Priority Secured Party shall, in or in
connection with any Insolvency Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of the Common Collateral, including,
without limitation, with respect to the determination of any Liens or claims held by the First Priority Representative (including the validity and enforceability thereof) or any other First Priority Secured Party or the value of any claims of such
parties under Section 506(a) of the Bankruptcy Code or otherwise. 
 5.2 Financing Matters. If any Loan Party becomes
subject to any Insolvency Proceeding, and if the First Priority Representative or the other First Priority Secured Parties desire to consent (or not object) to the use of cash collateral under the Bankruptcy Code or to provide financing to any Loan
Party under the Bankruptcy Code or to consent (or not object) to the provision of such financing to any Loan Party by any third party (any such financing, including any such financing (x) which represents an advance by some or all of the First
Priority Secured Parties following repayment of amounts of First Priority Obligations with cash collateral or (y) the proceeds of which are used, in whole or in part, to repay First Priority Obligations owned to some or all of the First
Priority Creditors, the “DIP Financing”), then the Second Priority Representative agrees, on behalf of itself and the other Second Priority Secured Parties, that each Second Priority Secured Party (a) will be deemed to have
consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or to such DIP Financing, (b) will not request or accept adequate protection or any other relief in connection with the use of
such cash collateral or such DIP Financing except as set forth in paragraph 5.4 below and (c) to the extent the Liens securing the First Priority Obligations are subordinated to or pari passu with such DIP Financing, the 

  

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Second Priority Representative will subordinate its Liens in the Collateral to (i) the Liens securing such DIP Financing (and all obligations relating
thereto), (ii) to any adequate protection provided to the First Priority Secured Parties and (iii) to any “carve-out” agreed to by the First Priority Representative or the other First Priority Secured Parties, and (d) agrees
that notice received two calendar days prior to the entry of an order approving such usage of cash collateral or approving such financing shall be adequate notice; provided that (i) after taking into account the principal amount of the
DIP Financing on any date, the sum of the outstanding principal amount of any First Priority Obligations and any DIP Financing shall not exceed the First Priority Cap and (ii) the foregoing shall not prevent the Second Priority Secured Parties
from proposing any other DIP Financing to any Loan Party or the bankruptcy court or making or supporting any motion in respect thereof or defending or otherwise responding to any motion in opposition thereto, in each case so long as such action by
any Second Priority Secured Party does not contravene any of the agreements, obligations and limitations on the rights of the Second Priority Secured Parties set forth in this Agreement (and the Second Priority Secured Parties acknowledge that such
agreements, obligations and limitations are not in any way affected by the right set forth in this clause (ii)), and so long as such action does not in any way lessen or modify the rights of the First Priority Secured Parties set forth in this
Agreement or otherwise available pursuant to applicable law (including the right to object to any proposed DIP Financing). No Second Priority Secured Party shall propose, support or enter into any DIP Financing if the effect of such DIP Financing
would be that the Second Priority Obligations would no longer be subordinated to the First Priority Obligations in the manner set forth in this Agreement, or the Second Priority Secured Parties would recover any payments they are not otherwise
entitled to under this Agreement, including by way of adequate protection. 
 5.3 Relief From the Automatic Stay. The Second Priority
Representative agrees, on behalf of itself and the other Second Priority Secured Parties, that none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in
each case in respect of any Common Collateral, without the prior written consent of the First Priority Representative. 
 5.4 Adequate
Protection. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that none of them shall object, contest, or support any other Person objecting to or contesting, (a) any request by
the First Priority Representative or the other First Priority Secured Parties for adequate protection or any adequate protection provided to the First Priority Representative or the other First Priority Secured Parties or (b) any objection by
the First Priority Representative or any other First Priority Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection or (c) the payment of interest, fees, expenses or other amounts to the
First Priority Representative or any other First Priority Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise. Notwithstanding anything contained in this 

  

 21 

 
Section and in Section 5.2(b) (but subject to all other provisions of this Agreement, including, without limitation, Sections 5.2(a) and 5.3), in any
Insolvency Proceeding, (i) if the First Priority Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral (with replacement liens on such additional collateral) and superpriority claims in
connection with any DIP Financing or use of cash collateral, and the First Priority Secured Parties do not object to the adequate protection being provided to the First Priority Secured Parties, then in connection with any such DIP Financing or use
of cash collateral the Second Priority Representative, on behalf of itself and any of the Second Priority Secured Parties, may seek or accept adequate protection consisting solely of (x) a replacement Lien on the same additional collateral,
subordinated to the Liens securing the First Priority Obligations and such DIP Financing on the same basis as the other Liens securing the Second Priority Obligations are so subordinated to the First Priority Obligations under this Agreement and/or
(y) superpriority claims junior in all respects to the superpriority claims granted to the First Priority Secured Parties, provided, however, that the Second Priority Representative shall have irrevocably agreed, pursuant to
Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the Second Priority Secured Parties, in any stipulation and/or order granting such adequate protection, that such junior superpriority claims may be paid under any plan of
reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such claims and (ii) in the event the Second Priority Representative, on behalf of itself
and the Second Priority Secured Parties, seeks or accepts adequate protection in accordance with clause (i) above and such adequate protection is granted in the form of additional collateral, then the Second Priority Representative, on behalf
of itself or any of the Second Priority Secured Parties, agrees that the Second Priority Secured Parties will not object to the First Priority Representative being granted (and the intent is for the First Priority Representative to be granted) a
senior Lien on such additional collateral as security for the First Priority Obligations and any such DIP Financing and that any Lien on such additional collateral securing the Second Priority Obligations shall be subordinated to the Liens on such
collateral securing the First Priority Obligations and any such DIP Financing (and all obligations relating thereto) and any other Liens granted to the First Priority Secured Parties as adequate protection, with such subordination to be on the same
terms that the other Liens securing the Second Priority Obligations are subordinated to such First Priority Obligations under this Agreement. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties,
agrees that except as expressly set forth in this Section none of them shall seek or accept adequate protection without the prior written consent of the First Priority Representative. 
 5.5 Avoidance Issues. If any First Priority Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn over or
otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential 

  

 22 

 
transfer, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the
First Priority Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the First Priority Obligations Payment Date shall be deemed not to have occurred. If this Agreement
shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. The
Second Priority Secured Parties agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or
otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 
 5.6 Asset Dispositions in an Insolvency Proceeding. Neither the Second Priority Representative nor any other Second Priority Secured Party shall,
in an Insolvency Proceeding or otherwise, oppose any sale or disposition of any assets of any Loan Party that is supported by the First Priority Secured Parties, and the Second Priority Representative and each other Second Priority Secured Party
will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale supported by the First Priority Secured Parties and to have released their Liens on such assets. 
 5.7 Separate Grants of Security and Separate Classification. Each Second Priority Secured Party acknowledges and agrees that (a) the grants
of Liens pursuant to the First Priority Security Documents and the Second Priority Security Documents constitute two separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the Common Collateral,
the Second Priority Obligations are fundamentally different from the First Priority Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the
parties as provided in the immediately preceding sentence, if it is held that the claims of the First Priority Secured Parties and Second Priority Secured Parties in respect of the Common Collateral constitute only one secured claim (rather than
separate classes of senior and junior secured claims), then the parties hereto hereby acknowledge and agree that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Loan Parties in
respect of the Common Collateral (with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims held by the Second Priority Secured Parties), the First Priority
Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest before any distribution of Common
Collateral or proceeds of Common Collateral is made in respect of the claims held by the Second Secured Priority Secured 

  

 23 

 
Parties, with the Second Priority Secured Parties hereby acknowledging and agreeing to turn over to the First Priority Secured Parties Common Collateral or
proceeds of Common Collateral otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Secured Parties.

 5.8 No Waivers of Rights of First Priority Secured Parties. Nothing contained herein shall prohibit or in any way limit the First
Priority Representative or any other First Priority Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any Second Priority Secured Party, including the seeking by any Second Priority Secured Party of
adequate protection (except as provided in Section 5.4) or the asserting by any Second Priority Secured Party of any of its rights and remedies under the Second Priority Documents or otherwise. 
 5.9 Plans of Reorganization. No Second Priority Secured Party shall, with respect to the Second Priority Obligations, support or vote in favor of
any plan of reorganization (and each shall be deemed to have voted to reject any plan of reorganization) unless such plan (a) pays off, in cash in full, all First Priority Obligations on the effective date of such plan or (b) is accepted
by the class of holders of First Priority Obligations voting thereon and is supported by the First Priority Representative. 
 5.10 Other
Matters. To the extent that the Second Priority Representative or any Second Priority Secured Party has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code with respect to any of the Common Collateral, the Second
Priority Representative agrees, on behalf of itself and the other Second Priority Secured Parties not to assert any of such rights without the prior written consent of the First Priority Representative; provided that if requested by the First
Priority Representative, the Second Priority Representative shall timely exercise such rights in the manner requested by the First Priority Representative, including any rights to payments in respect of such rights. Notwithstanding the foregoing,
the Second Priority Secured Parties may exercise any rights they may have to credit bid under Section 363(k) of the Bankruptcy Code if the First Priority Obligations Payment Date will occur as a result of the consummation of the transaction
contemplated by such credit bid. 
 5.11 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly
acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding. 
  

 24 

 SECTION 6. Second Priority Documents and First Priority Documents. 
 (a) Each Loan Party and the Second Priority Representative, on behalf of itself and the Second Priority Secured Parties, agrees that it shall not at any
time (i) execute or deliver any amendment or other modification to any of the Second Priority Documents inconsistent with or in violation of this Agreement or (ii) execute or deliver any amendment or other modification to any of the Second
Priority Documents without the written consent of the First Priority Representative if such amendment would: 
 (A) increase
the aggregate principal amount of loans, letters of credit, bankers acceptances or other similar extension of credit under the Second Priority Documents or commitments therefor so that the aggregate principal amount of such loans, letters of credit,
bankers acceptances, similar extensions of credit and commitments is in excess of $150,000,000 less (a) the amount of all repayments and prepayments of principal applied to any term loans constituting Second Priority Obligations and
(b) the amount of all repayments and prepayments of any revolving loans or reimbursement of drawings under letters of credit constituting Second Priority Obligations, to the extent accompanied by a permanent reduction of commitments under the
applicable revolving credit facility or letter of credit commitment amount (excluding reductions in sub-facility commitments not accompanied by a corresponding permanent reduction in the revolving facility or letter of credit commitment amount);

 (B) modify the method of computing interest or increase the interest rate (including by any increase in the
“applicable margin” or similar component of the interest rate) or yield provisions applicable to the Second Priority Obligations or any letter of credit fee, commitment fee, facility fee, utilization fee, or similar fee (excluding
increases resulting from (I) increases in the underlying reference rate not caused by any amendment, supplement, or modification of the Second Priority Documents, (II) accrual of interest at the default rate as set forth in the Second Priority
Documents on the date hereof or (III) the operation of Section 6(b)(i)(x) hereof); 
 (C) change any covenants, defaults
or events of default (including the addition of defaults or events of default not contained in the Second Priority Documents as of the date hereof) in any manner that makes them more restrictive, in any material respect, as to any Loan Party except
to make conforming changes to match changes made to the First Priority Documents so as to preserve, in connection with any amendments to the First Priority Documents, on substantially similar economic terms, the differential (if any) that exists on
the date hereof between such covenants, defaults or events of default in the First Priority Documents and such covenants, defaults or events of default Second Priority Documents; 
  

 25 

 (D) change to earlier dates any dates upon which payment of principal or interest are due
thereon or otherwise alter any provisions that decrease the weighted average life to maturity; 
 (E) change the prepayment,
redemption or defeasance provisions thereof if the effect of such change is to require any new payment or accelerate the payment date of any existing payment obligation; 
 (F) would permit the assignment of, or sale of any participations in, any Second Priority Obligations to any Loan Party or any Affiliate
or Subsidiary of any Loan Party (other than any Liberty Party (as defined under the Existing Second Priority Agreement); or 
 (G) change or amend any other term of the Second Priority Documents if such change or amendment would result in a default under the First Priority Documents, increase the obligations of any Loan Party or be adverse to the First Priority
Secured Parties. 
 It will also be deemed a violation of this Section 6(a) if any Second Priority Secured Party, Loan Party, or Affiliate of any Loan
Party takes an action that would be prohibited under the Second Lien Documents without execution of one or more of the foregoing restricted amendments. 
 (b) Each Loan Party and the Credit Agreement Representative, on behalf of itself and the Credit Agreement Lenders, agrees that it shall not at any time prior to the existence of an Insolvency Proceeding
(i) execute or deliver any amendment or other modification to any of the First Priority Documents inconsistent with or in violation of this Agreement or (ii) execute or deliver any amendment or other modification to any of the First
Priority Documents which would increase (x) the rate of interest (excluding increases resulting from the accrual of interest at the default rate) by more than three percent (3%) per annum (provided that if any amendment to the
Credit Agreement increasing the rate of interest by three percent (3%) per annum or less is effected, then the rate of interest in the Existing Second Priority Agreement shall automatically be increased by an equal amount) or (y) the
aggregate principal amount of loans, letters of credit, bankers acceptances or similar extensions of credit under the First Priority Documents or commitments therefor so that the aggregate principal amount of such loans, letters of credit, bankers
acceptances, similar extensions of credit and commitments is in excess of the First Priority Cap without the written consent of the Second Priority Representative. 
 (c) In the event the First Priority Representative enters into any amendment, waiver or consent in respect of any of the First Priority Security Documents for the purpose of adding to, or deleting from, or waiving or
consenting to any departures from any provisions of, any First Priority Security Document or changing in any manner the rights of 

  

 26 

 
any parties thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Second Priority
Security Document without the consent of or action by any Second Priority Secured Party (with all such amendments, waivers and modifications subject to the terms hereof); provided that, (i) no such amendment, waiver or consent shall have
the effect of (A) removing assets subject to the Lien of any Second Priority Security Document, except to the extent that a release of such Lien is permitted by Section 4.2 and provided that there is a corresponding release of the Liens
securing the First Priority Obligations, (B) permitting other Liens on the Collateral not permitted under the terms of the Second Priority Documents or Section 5 or (C) imposing any duties on the Second Priority Representative without
its consent, (ii) any such amendment, waiver or consent that materially and adversely affects the rights of the Second Priority Secured Parties and does not affect the First Priority Secured Parties in a like or similar manner shall not apply
to the Second Priority Security Documents without the consent of the Second Priority Representative and (iii) notice of such amendment, waiver or consent shall be given to the Second Priority Representative no later than 10 Business Days after
its effectiveness, provided that the failure to give such notice shall not affect the effectiveness and validity thereof. 
 SECTION
7. Reliance; Waivers; etc. 
 7.1 Reliance. The First Priority Documents are deemed to have been executed and delivered,
and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The Second Priority Representative, on behalf of it itself and the Second Priority Secured Parties, expressly waives all notice of the
acceptance of and reliance on this Agreement by the First Priority Secured Parties. The Second Priority Documents are deemed to have been executed and delivered and all extensions of credit thereunder are deemed to have been made or incurred, in
reliance upon this Agreement. The First Priority Representative expressly waives all notices of the acceptance of and reliance by the Second Priority Representative and the Second Priority Secured Parties. 
 7.2 No Warranties or Liability. The Second Priority Representative and the First Priority Representative acknowledge and agree that neither has
made any representation or warranty with respect to the execution, validity, legality, completeness, collectibility or enforceability of any other First Priority Document or any Second Priority Document. Except as otherwise provided in this
Agreement, the Second Priority Representative and the First Priority Representative will be entitled to manage and supervise their respective extensions of credit to any Loan Party in accordance with law and their usual practices, modified from time
to time as they deem appropriate. 
 7.3 No Waivers. No right or benefit of any party hereunder shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the First Priority Documents or the Second Priority Documents.

  

 27 

 SECTION 8. Obligations Unconditional. 
 8.1 First Priority Obligations Unconditional. All rights and interests of the First Priority Secured Parties hereunder, and all agreements and
obligations of the Second Priority Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any First Priority Document; 
 (b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the First Priority Obligations,
or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any First Priority Document; 
 (c) prior to the First Priority Obligations Payment Date, any exchange, release, voiding, avoidance or non-perfection of any security
interest in any Common Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any portion of the
First Priority Obligations or any guarantee or guaranty thereof; or 
 (d) any other circumstances that otherwise might
constitute a defense available to, or a discharge of, any Loan Party in respect of the First Priority Obligations, or of any of the Second Priority Representative, or any Loan Party, to the extent applicable, in respect of this Agreement.

 8.2 Second Priority Obligations Unconditional. All rights and interests of the Second Priority Secured Parties hereunder, and all
agreements and obligations of the First Priority Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Second Priority Document; 
 (b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Second Priority Obligations,
or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Second Priority Document; 
  

 28 

 (c) any exchange, release, voiding, avoidance or non-perfection of any security interest
in any Common Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any portion of the Second
Priority Obligations or any guarantee or guaranty thereof; or 
 (d) any other circumstances that otherwise might constitute a
defense available to, or a discharge of, any Loan Party in respect of the Second Priority Obligations or any First Priority Secured Party in respect of this Agreement. 
 SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of any conflict between the provisions
of this Agreement and the provisions of the Credit Agreement or any Second Priority Document, the provisions of this Agreement shall govern. 
 9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligations Payment Date shall have occurred. This is a continuing agreement
and the First Priority Secured Parties and the Second Priority Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or
for the benefit of, Borrower or any other Loan Party on the faith hereof. 
 9.3 Amendments; Waivers. (a) No amendment or
modification of any of the provisions of this Agreement shall be effective unless the same shall be in writing and signed by the First Priority Representative and the Second Priority Representative, and, in the case of amendments or modifications of
Sections 3.5, 3.6, 9.5 or 9.6 that directly affect the rights or duties of any Loan Party, such Loan Party. 
 (b) It is understood that the
First Priority Representative and the Second Priority Representative, without the consent of any other First Priority Secured Party or Second Priority Secured Party, may in their discretion determine that a supplemental agreement (which make take
the form of an amendment and restatement of this Agreement) is necessary or appropriate to facilitate having additional indebtedness or other obligations (“Additional Debt”) of any of the Loan Parties become First Priority
Obligations or Second Priority Obligations, as the case may be, under this Agreement, which supplemental agreement shall specify whether such Additional Debt constitutes First Priority Obligations or Second Priority Obligations, provided,
that such Additional Debt is permitted to be incurred by the First Priority Agreement and Second Priority Agreement then extant, and is permitted by said Agreements to be subject to the provisions of this Agreement as First Priority Obligations or
Second Priority Obligations, as applicable. 
  

 29 

 9.4 Information Concerning Financial Condition of the Borrower and the other Loan Parties. Each of
the Second Priority Representative and the First Priority Representative hereby assume responsibility for keeping itself informed of the financial condition of the Borrower and each of the other Loan Parties and all other circumstances bearing upon
the risk of nonpayment of the First Priority Obligations or the Second Priority Obligations. The Second Priority Representative and the First Priority Representative hereby agree that no party shall have any duty to advise any other party of
information known to it regarding such condition or any such circumstances. In the event the Second Priority Representative or the First Priority Representative, in its sole discretion, undertakes at any time or from time to time to provide any
information to any other party to this Agreement, it shall be under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its
regular business routine, or (c) to disclose any other information. 
 9.5 Governing Law. This Agreement shall be construed in
accordance with and governed by the law of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York are
governed by the laws of such jurisdiction. 
 9.6 Submission to Jurisdiction. (a) Each Credit Agreement Lender, each Second
Priority Secured Party and each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United
States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each such party
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party 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 shall affect any right that the any First
Priority Secured Party or Second Priority Secured Party may otherwise have to bring any action or proceeding against any Loan Party or its properties in the courts of any jurisdiction. 
 (b) Each Credit Agreement Lender, each Second Priority Secured Party and each Loan Party hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so (i) any objection 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 in any court referred to in paragraph (a) of
this Section and (ii) the defense of an inconvenient forum to the maintenance of such action or proceeding. 
  

 30 

 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 9.7. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 9.7 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, or sent by
overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five days after deposit in the United States mail (certified, with postage
prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below each party’s name on the signature pages
hereof, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 
 9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and each of the First Priority Secured Parties and Second Priority Secured Parties and their respective
successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Common Collateral. 
 9.9 Headings. Section headings 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. 
 9.10 Severability. Any provision of this
Agreement 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 hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 9.11 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. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement
shall become effective when it shall have been executed by each party hereto. 
 9.12 Additional Loan Parties. Each Person that
becomes a Loan Party after the date hereof shall become a party to this Agreement upon execution and delivery by such Person of an Assumption Agreement in the form of Annex 1 to the Guarantee Agreement referred to in the First Priority Agreement.

  

 31 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

			
	 JPMORGAN CHASE BANK, N.A., as First Priority
 Representative for and on behalf of the First Priority
 Secured Parties

		
	By:	 	/s/ Peter B. Thauer
	Name:	 	Peter B. Thauer
	Title:	 	Executive Director
	
	Address for Notices:
	
	 Attention:
 Telecopy
No.:

	
	 JPMORGAN CHASE BANK, N.A., as Credit
 Agreement Representative for and on behalf of the
 Credit Agreement Lenders

		
	By:	 	/s/ Peter B. Thauer
	Name:	 	Peter B. Thauer
	Title:	 	Executive Director
	
	Address for Notices:
	
	 Attention:
 Telecopy
No.:

					
	LIBERTY MEDIA CORPORATION, as Second Priority
	Representative for and on behalf of the Second Priority
	Secured Parties
		
	By:	 	/s/ David Flowers
	Name:	 	David J.A. Flowers
	Title:	 	Senior Vice President and Treasurer
	
	Address for Notices: 12300 Liberty Blvd.
	       Englewood, CO 80012

	       Attn: David Flowers

	       Telecopy No.: (720) 875-5915

	
	Loan Parties:
	
	Address for Notices (for all Loan Parties):
	
	 Attention:
 Telecopy
No.:

  

											
		 	XM SATELLITE RADIO HOLDINGS INC.
				
		 	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 		 	Name:	 	Patrick L. Donnelly
		 		 		 	Title:	 	Secretary
		
		 	XM SATELLITE RADIO INC.
				
		 	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 		 	Name:	 	Patrick L. Donnelly
		 		 		 	Title:	 	Secretary

									
	XM EQUIPMENT LEASING LLC
			
	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 	Name:	 	Patrick L. Donnelly
		 		 	Title:	 	Secretary
	
	XM RADIO INC.
			
	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 	Name:	 	Patrick L. Donnelly
		 		 	Title:	 	Secretary
	
	XM EMALL INC.
			
	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 	Name:	 	Patrick L. Donnelly
		 		 	Title:	 	Secretary
	
	XM CAPITAL RESOURCES INC.
			
	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 	Name:	 	Patrick L. Donnelly
		 		 	Title:	 	Secretary

							
	XM INNOVATIONS INC.
			
	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 	Name:	 	Patrick L. Donnelly
		 		 	Title:	 	Secretary
	
	EFFANEL MUSIC, INC.
			
	By:	 	 	 	/s/ Patrick L. Donnelly
		 		 	Name:	 	Patrick L. Donnelly
		 		 	Title:	 	Secretary

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