Document:

$350 million senior unsecured revolving credit facilty agreement

 Exhibit 10.2 
 CREDIT AGREEMENT 
 among 
 GETTY IMAGES, INC., 
 as Borrower, 
 The Several Lenders from Time to Time Parties Hereto, 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Sole Lead Arranger and Administrative Agent 
 Dated as of March 19, 2007 
  

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 TABLE OF CONTENTS 
  

					
	ARTICLE I. DEFINITIONS	  	6
	    1.1	  	Defined Terms	  	6
	1.2	  	Other Definitional Provisions; Rules of Construction	  	20
	1.3	  	Incorporation of Exhibits	  	21
		
	ARTICLE II. REVOLVING COMMITMENT	  	21
	2.1	  	Revolving Commitments	  	21
	2.2	  	Use of Proceeds	  	22
	2.3	  	Revolving Notes	  	22
	2.4	  	Interest Rate	  	22
	2.5	  	Repayment	  	23
	2.6	  	Procedure for Revolving Loan Borrowing	  	23
	2.7	  	Commitment Fees, etc.	  	24
	2.8	  	Optional Increase in Revolving Commitment Amount	  	24
	2.9	  	Optional Decrease in Revolving Commitment Amount	  	24
		
	ARTICLE III. SWING LINE LOAN	  	25
	3.1	  	Swing Line Commitment	  	25
	3.2	  	Use of Proceeds	  	25
	3.3	  	Swing Line Note	  	25
	3.4	  	Interest Rate	  	25
	3.5	  	Repayment of Swing Line Loans	  	26
	3.6	  	Procedure for Swing Line Loans	  	26
	3.7	  	Swing Line Participations	  	26
		
	ARTICLE IV. LETTERS OF CREDIT	  	27
	4.1	  	L/C Commitment	  	27
	4.2	  	Procedure for Issuance of Letter of Credit	  	27
	4.3	  	Fees and Other Charges	  	28
	4.4	  	L/C Participations	  	28
	4.5	  	Reimbursement Obligation of Borrower	  	29
	4.6	  	Obligations Absolute	  	30
	4.7	  	Letter of Credit Payments	  	30
	4.8	  	Applications	  	30
		
	ARTICLE V. GENERAL PROVISIONS RELATING TO LOANS	  	30
	5.1	  	Manner of Payment	  	30
	5.2	  	Statements	  	31
	5.3	  	Book Entry Loan Account	  	31
	5.4	  	Computations of Interest	  	31
	5.5	  	Default Interest	  	32
	5.6	  	Maximum Interest Rate	  	32

  

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	    5.7  	  	Late Charge	  	32
	5.8  	  	Optional Prepayments	  	32
	5.9  	  	Pro Rata Treatment and Payments	  	33
	5.11	  	Deposits Unavailable or Interest Rate Unascertainable or Inadequate; Impracticability	  	34
	5.12	  	Requirements of Law	  	34
	5.13	  	Changes in Law Rendering LIBOR Rate Loan Unlawful	  	36
	5.14	  	Discretion as to Manner of Funding	  	36
	5.15	  	Taxes	  	36
	5.16	  	Indemnity	  	38
	5.17	  	Change of Lending Office	  	39
	5.18	  	Replacement of Lenders	  	39
	5.19	  	Authorized Borrowers	  	39
		
	ARTICLE VI. CONDITIONS PRECEDENT	  	40
	6.1  	  	Conditions to Initial Extension of Credit	  	40
	6.2  	  	Conditions to Each Extension of Credit	  	41
		
	ARTICLE VII. AFFIRMATIVE COVENANTS	  	42
	7.1  	  	Financial Statements	  	42
	7.2  	  	Certificates; Other Information	  	43
	7.3  	  	Payment of Obligations	  	43
	7.4  	  	Maintenance of Existence; Compliance	  	44
	7.5  	  	Maintenance of Property; Insurance	  	44
	7.6  	  	Inspection of Property; Books and Records; Discussions	  	44
	7.7  	  	Notices	  	44
	7.8  	  	Environmental Laws	  	45
	7.9  	  	Additional Guaranty, etc	  	45
		
	ARTICLE VIII NEGATIVE COVENANTS	  	46
	8.1  	  	Financial Condition Covenant	  	46
	8.2  	  	Indebtedness	  	46
	8.3  	  	Liens	  	47
	8.4  	  	Fundamental Changes	  	47
	8.5  	  	Disposition of Property	  	48
	8.6  	  	Restricted Payments	  	48
	8.7  	  	Capital Expenditures	  	48
	8.8  	  	Investments	  	48
	8.9  	  	Transactions with Affiliates	  	49
	8.10	  	Sales and Leasebacks	  	49
	8.11	  	Swap Agreements	  	49
	8.12	  	Changes in Fiscal Periods	  	49
	8.13	  	Negative Pledge Clauses	  	49
	8.14	  	Clauses Restricting Subsidiary Distributions	  	50
	8.15	  	Lines of Business	  	50

  

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	    8.16	  	Optional Payments and Modifications of Certain Debt Instruments	  	50
		
	ARTICLE IX. REPRESENTATIONS AND WARRANTIES	  	50
	9.1  	  	Financial Condition	  	50
	9.2  	  	No Change	  	51
	9.3  	  	Existence; Compliance with Law	  	51
	9.4  	  	Power; Authorization; Enforceable Obligations	  	52
	9.5  	  	No Legal Bar	  	52
	9.6  	  	Litigation	  	52
	9.7  	  	No Default	  	53
	9.8  	  	Ownership of Property; Liens	  	53
	9.9  	  	Intellectual Property	  	53
	9.10	  	Taxes	  	53
	9.11	  	Federal Regulations	  	53
	9.12	  	Labor Matters	  	54
	9.13	  	ERISA	  	54
	9.14	  	Investment Company Act; Other Regulations	  	54
	9.15	  	Subsidiaries	  	54
	9.16	  	Environmental Matters	  	55
	9.17	  	Accuracy of Information, etc	  	56
	9.18	  	Solvency	  	56
	9.19	  	Certain Documents	  	56
		
	ARTICLE X. EVENTS OF DEFAULT	  	56
		
	ARTICLE XI. THE ADMINISTRATIVE AGENT	  	60
	11.1  	  	Appointment	  	60
	11.2  	  	Delegation of Duties	  	60
	11.3  	  	Exculpatory Provisions	  	60
	11.4  	  	Reliance by Administrative Agent	  	61
	11.5  	  	Notice of Default	  	61
	11.6  	  	Non-Reliance on Administrative Agent and Other Lenders	  	61
	11.7  	  	Indemnification	  	62
	11.8  	  	Administrative Agent in Its Individual Capacity	  	62
	11.9  	  	Successor Administrative Agent	  	63
		
	ARTICLE XII. MISCELLANEOUS	  	63
	12.1  	  	Amendments and Waivers	  	63
	12.2  	  	Notices	  	64
	12.3  	  	No Waiver; Cumulative Remedies	  	65
	12.4  	  	Survival of Representations and Warranties	  	65
	12.5  	  	Payment of Expenses and Taxes	  	65
	12.6  	  	Successors and Assigns; Participations and Assignments	  	67
	12.7  	  	Adjustments; Set-off	  	69
	12.8  	  	Counterparts	  	70

  

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	    12.9	  	Severability	  	70
	    12.10	  	Integration	  	70
	    12.11	  	Governing Law	  	70
	    12.12	  	Submission To Jurisdiction; Waivers	  	71
	    12.13	  	Acknowledgements	  	71
	    12.14	  	Releases of Guarantees	  	71
	    12.15	  	Confidentiality	  	72
	    12.16	  	WAIVERS OF JURY TRIAL	  	72
	    12.17	  	Statutory Notice	  	73

  

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	SCHEDULES:
		
	Schedule 1.1	  	Commitments
	Schedule 8.2(d)	  	Existing Indebtedness
	Schedule 8.3(f)	  	Existing Liens
	Schedule 9.4	  	Consents, Authorizations, Filings and Notices
	Schedule 9.15	  	Subsidiaries
	
	EXHIBITS:
		
	Exhibit A	  	Form of Assignment and Assumption Agreement, Section 1.1
	Exhibit B	  	Form of Compliance Certificate, Section 1.1
	Exhibit C	  	Form of Guarantee Agreement, Section 1.1
	Exhibit D	  	Form of Interest Rate Notice, Section 1.1
	Exhibit E	  	Form of Revolving Note, Section 2.3
	Exhibit F	  	Form of Request for Increase in Commitment Amount, Section 2.8
	Exhibit G	  	Form of Swing Line Note, Section 3.3
	Exhibit H	  	Form of Exemption Certificate, Section 5.15(d)
	Exhibit I	  	Form of Notice of Authorized Persons, Section 5.19
	Exhibit J	  	Form of Closing Certificate, Section 6.1(k)
	Exhibit K	  	Certificate of Subsidiary, Section 7.9

  

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 CREDIT AGREEMENT 
 This CREDIT AGREEMENT, dated as of March 19, 2007 (this “Agreement”), is among GETTY IMAGES, INC., a Delaware corporation (“Borrower”), the several banks and other financial institutions
or entities from time to time parties to this Agreement (“Lenders”), and U.S. BANK NATIONAL ASSOCIATION, as Sole Lead Arranger, Administrative Agent, Issuing Lender and Swing Line Lender. 
 The parties agree as follows: 
  

	ARTICLE	I. DEFINITIONS 

  

	 	1.1	Defined Terms 

 As used in this Agreement, the terms
listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 
 “Additional Lender” has
the meaning set forth in Section 2.8. 
 “Adjustment Date” has the meaning set forth in the Pricing Grid. 
 “Administrative Agent” means U.S. Bank National Association, together with its Affiliates, as Administrative Agent for Lenders under this
Agreement and the other Loan Documents, together with its successors as provided for in this Agreement. 
 “Affiliate” means, as to
any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly,
either to (a) vote 15 percent or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and
policies of such Person, whether by contract or otherwise. 
 “Aggregate Exposure” means, with respect to any Lender at any time,
an amount equal to (a) until the Closing Date, the aggregate amount of such Lender’s Revolving Commitment at such time and (b) thereafter, the sum of the amount of such Lender’s Revolving Commitment then in effect or, if the
Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding. 
 “Aggregate Exposure Percentage” means, with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time.

 “Agreement” has the meaning set forth in the preamble hereto. 
  

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 “Applicable Margin” means 0.60 percent per annum; provided, that on and
after the first Adjustment Date, the Applicable Margin will be determined pursuant to the Pricing Grid. 
 “Application” means an
application, in such form as Issuing Lender may specify from time to time, requesting Issuing Lender to issue a Letter of Credit. 
 “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. 
 “Assignee” has the meaning set forth in Section 12.6(b). 
 “Assignment and
Assumption” means an Assignment and Assumption Agreement, substantially in the form of Exhibit A. 
 “Available Revolving
Commitment” means, as to any Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding.

 “Benefited Lender” has the meaning set forth in Section 12.7(a). 
 “Board” means the Board of Governors of the Federal Reserve System of the United States (or any successor). 
 “Borrower” has the meaning set forth in the preamble hereto. 
 “Borrowing Date” means any Business Day specified by Borrower as a date on which Borrower requests the relevant Lenders to make Loans hereunder. 
 “Business” has the meaning set forth in Section 9.16(b). 
 “Business Day” means any day other than a Saturday, Sunday or other day that commercial banks in Seattle, Washington or New York City are authorized or required by law to close; provided,
however that when used in connection with LIBOR Rate Loans or Loan Periods, such term shall also exclude any day on which dealings in U.S. dollar deposits are not carried on in the London interbank market. 
 “Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of
this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 
  

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 “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 
 “Cash Equivalents” means, as at any date of determination, (a) marketable securities (i) issued by, or unconditionally guaranteed by,
the United States Government, (ii) issued by any agency thereof and backed by the full faith and credit of the United States, in the case of (i) and (ii) maturing within one year after such date, or (iii) issued by any
government-sponsored enterprise; (b) certificates of deposit, time deposits, bankers’ acceptances, eurodollar time deposits or overnight bank deposits having maturities of 12 months or less from such date issued by any Lender or by
any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia having combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-1 by
Standard & Poor’s Ratings Services (“S&P”) or P-1 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named
rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within 12 months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of
clause (b) of this definition, having a term of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from such date
issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision, public instrumentality or taxing authority of any such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision, public instrumentality or taxing authority or foreign government (as the case may be) are rated, at the time of acquisition thereof, at least A-1 by S&P or P-1 by
Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition;
(g) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition; (h) money market funds that (i) comply with the criteria set forth in Rule
2a-7 of the SEC under the Investment Company Act of 1940, as amended, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; or (i) corporate bonds, debentures or notes
(including asset-backed securities) maturing no more than four years from the date of this Agreement and having, at the time of acquisition thereof, a rating of at least A from S&P or at least A3 from Moody’s. 
 “Closing Date” means the date on which the conditions precedent set forth in Section 6.1 shall have been satisfied, which date is
March 19, 2007. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Commonly Controlled Entity” means an entity, whether or not incorporated, that is under common control with Borrower within the meaning of
Section 4001 of ERISA or is part of a group that includes Borrower and that is treated as a single employer under Section 414 of the Code. 
  

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 “Compliance Certificate” means a certificate duly executed by a Responsible Officer
substantially in the form of Exhibit B. 
 “Consolidated EBITDA” means Borrower’s net income, plus the sum of interest
expense, income tax expense, depreciation expense, amortization expense and non-cash items, including equity-based compensation expense) or any non-recurring items, in each case, that were deducted in determining net income, all determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Total Interest Bearing Indebtedness” means the aggregate amount of all
interest bearing Indebtedness of Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP (including, without limitation, Capital Lease Obligations and subordinated debt). 
 “Continuing Directors” means the directors of Borrower on the Closing Date, and each
other director, if, in each case, such other director’s nomination for election to the board of directors of Borrower is recommended by at least 66-  2/3 percent of the then Continuing Directors. 
 “Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Convertible Subordinated Note Indenture” means that certain Indenture dated as of December 16, 2004, entered into by Borrower.

 “Convertible Subordinated Notes” means the subordinated notes of Borrower issued pursuant to the Convertible Subordinated Note
Indenture. 
 “Daily Reset LIBOR Rate” means the one-month LIBOR rate quoted by U.S. Bank National Association from Telerate
Page 3750 or any successor thereto, which shall be that one-month LIBOR rate in effect and reset each New York Banking Day, adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation. 
 “Daily Reset LIBOR Rate Loan” has the meaning set forth in Section 2.4(a). 
 “Default” means any of the events specified in Article X, whether or not any requirement for the giving of notice, the lapse of time, or
both, has been satisfied. 
 “Disposition” means, with respect to any property, any sale, lease, sale and leaseback, assignment,
conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 
 “Dollars” and “$” mean dollars in lawful currency of the United States. 
  

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 “Domestic Subsidiary” means any Subsidiary of Borrower organized under the laws of any
jurisdiction within the United States. 
 “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning
protection of human health or the environment, as now or may at any time hereafter be in effect. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 “Event of Default” means any of the events specified in
Article X, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Excluded Foreign Subsidiary” means any Foreign Subsidiary in respect of which the guaranteeing by such Subsidiary of the Obligations could reasonably be expected to result in adverse tax consequences to Borrower. 
 “Fee Letter” means the letter agreement dated of even date with this Agreement, entered into between Borrower and Agent, together with any
amendment, waiver, supplement or other modification to such letter agreement. 
 “Fee Payment Date” means (a) the first day of
each calendar quarter and (b) the last day of the Revolving Commitment Period or any earlier date that the Revolving Commitments are terminated. 
 “Foreign Subsidiary” means any Subsidiary of Borrower that is not a Domestic Subsidiary. 
 “Funding Office” means the office of Administrative Agent specified in Section 12.2 or such other office as may be specified from time to time by Administrative Agent as its funding office by written notice to Borrower and
Lenders. 
 “GAAP” means generally accepted accounting principles in the United States as in effect from time to time. In the event
that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then Borrower and Administrative Agent agree to
enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result that the criteria for evaluating Borrower’s financial condition shall be the same after such
Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by Borrower, Administrative Agent and Required Lenders, all financial covenants, standards and terms in
this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement
or opinion by the Financial Accounting Standards Board or the American Institute of Certified Public Accountants or, if applicable, the SEC. 
  

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 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any
securities exchange and any self-regulatory organization (including the National Association of Insurance Commissioners). 
 “Group
Members” means the collective reference to Borrower and its respective Subsidiaries. 
 “Guarantee Agreement” means the
Guarantee Agreement to be executed and delivered by Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit C. 
 “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing person that guarantees or in effect
guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations (the
“primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such
primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital
of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability
of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to
the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such
Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing
person’s maximum reasonably anticipated liability in respect thereof as determined by Borrower in good faith. 
 “Guarantors”
means the collective reference to the Subsidiary Guarantors and any other guarantor of the Obligations. 
  

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 “Indebtedness” means, of any Person at any date, without duplication, (a) all indebtedness
of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred in the ordinary course of such Person’s business), (c) all
obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such
Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations
of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) the liquidation value of all mandatorily redeemable preferred Capital
Stock of such Person, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through
(h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person
has assumed or become liable for the payment of such obligation, and (j) for the purposes of Article X(e) only, all obligations of such Person in respect of Swap Agreements. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent
the terms of such Indebtedness expressly provide that such Person is not liable therefor. 
 “Insolvency” means, with respect to
any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Insolvent”
pertains to a condition of Insolvency. 
 “Intellectual Property” means the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how
and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
 “Interest Differential” means that sum equal to the greater of zero or the financial loss incurred by Lenders resulting from prepayment,
calculated as the difference between the amount of interest Lenders would have earned (from like investments in the Money Markets as of the first day of the LIBOR Rate Loan) had prepayment not occurred and the interest Lenders will actually earn
(from like investments in the Money Markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment. 
 “Interest Rate Notice” means a notice in substantially the form of Exhibit D. 
 “Investments” has the
meaning set forth in Section 8.8. 
  

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 “Issuing Lender” means U.S. Bank National Association. 
 “L/C Commitment” means $25,000,000. 
 “L/C Obligations” means, at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of
Credit that have not then been reimbursed in accordance with Section 4.5. 
 “L/C Participants” means, with respect to any
Letter of Credit, the collective reference to all Lenders other than Issuing Lender of such Letter of Credit. 
 “Lenders” has the
meaning set forth in the preamble hereto. 
 “Letters of Credit” has the meaning set forth in Section 4.1(a). 
 “LIBOR Rate Loan” has the meaning set forth in Section 2.4(a). 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other
security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the
same economic effect as any of the foregoing). 
 “Loan” means each Revolving Loan, Swing Line Loan and any other loan made by any
Lender pursuant to this Agreement. 
 “Loan Documents” means this Agreement, the Guarantee Agreement, the Notes and any amendment,
waiver, supplement or other modification to any of the foregoing. 
 “Loan Party” means each Group Member that is a party to a Loan
Document. 
 “Loan Period” means the period commencing on the advance date of the applicable LIBOR Rate Loan and ending on the
numerically corresponding day one, two, three or six months thereafter matching the interest rate term selected by Borrower; provided, however, (a) if any Loan Period would otherwise end on a day which is not a New York Banking
Day, then the Loan Period shall end on the next succeeding New York Banking Day unless the next succeeding New York Banking Day falls in another calendar month, in which case the Loan Period shall end on the immediately preceding New York Banking
Day; or (b) if any Loan Period begins on the last New York Banking Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of the Loan Period), then the Loan Period shall end on
the last New York Banking Day of the calendar month at the end of such Loan Period. 
 “Material Adverse Effect” means a material
adverse effect on (a) the business, property, operations, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan
Documents or the rights or remedies of Administrative Agent or Lenders hereunder or thereunder. 
  

 PAGE 13 

 “Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or
any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

 “Measurement Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of
Borrower ending on or prior to such date. 
 “MediaVast” means MediaVast, Inc. 
 “MediaVast Purchase Agreement” means that certain merger agreement pursuant to which Borrower has agreed to purchase the stock of MediaVast.

 “Money Markets” refers to one or more wholesale funding markets available to and selected by Administrative Agent, including
negotiable certificates of deposit, commercial paper, eurodollar deposits, bank notes, federal funds, interest rate swaps or others. 
 “Multiemployer Plan” means a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
 “New York Banking Day” means any day (other than a Saturday or Sunday) on which commercial banks are open for business in New York, New York. 
 “Non-Excluded Taxes” has the meaning set forth in Section 5.15(a). 
 “Non-U.S. Lender” has the meaning set forth in Section 5.15(a). 
 “Notes” means the collective
reference to any promissory note evidencing any Loan, and includes each Revolving Note and Swing Line Note to the extent issued pursuant to the terms of this Agreement. 
 “Obligations” means the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to Borrower, 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 Borrower to Administrative Agent or to any Lender (or, in the case of Specified Swap Agreements, any Affiliate of 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, the Letters of Credit, any Specified Swap Agreement or any other document made, delivered or given in connection herewith or therewith, whether
on account of principal, interest, reimbursement obligations, fees, indemnities, costs, 

  

 PAGE 14 

 
expenses (including all fees, charges and disbursements of counsel to Administrative Agent or to any Lender that are required to be paid by Borrower pursuant
hereto) or otherwise. 
 “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 or any other Loan Document. 
 “Participant” has the meaning set forth in Section 12.6(c). 
 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
 “Permitted Acquisition” means an acquisition of all or substantially all of the assets or of the assets constituting a line of business or
substantially all of the Capital Stock of any Person where (a) no Event of Default shall have occurred and be continuing on the date such Permitted Acquisition is consummated, before or after giving effect thereto, (b) the business
acquired (or Person acquired) is principally engaged in the same line of business (or a business reasonably incidental or complementary thereto) as Borrower, (c) Borrower shall have demonstrated to Administrative Agent compliance with the
covenants set forth in Section 8.1 (i) on a pro forma basis (calculated for the relevant period set forth in Section 8.1 as of the date of such acquisition as if such acquisition had occurred on the first day of the relevant period),
for the most recent full fiscal quarter immediately preceding such consummation date for which the relevant financial information has been delivered pursuant to Section 7.1 and (ii) on a projected basis, for each of the four fiscal
quarters following the quarter referred to in the preceding clause (i), (d) Borrower shall have delivered to Administrative Agent for itself and for distribution to each Lender copies of the most recent audited financial statements (or if
unavailable, the most recent unaudited financial statements) of the acquired Person together with such other information that Administrative Agent may reasonably request, (e) the fair market value of the consideration paid (including the amount
of any Indebtedness or other obligations or liabilities assumed or acquired) in connection with such Permitted Acquisition together with that for other Permitted Acquisitions during the same fiscal year of Borrower, shall not be in excess of
$75,000,000 (excluding the consideration paid for the MediaVast acquisition), and (f) a Responsible Officer of Borrower shall have delivered to Administrative Agent a Pro Forma Compliance Certificate. “Pro Forma Compliance
Certificate” means a certificate to Administrative Agent certifying as to the accuracy of clauses (a) through (e) above and providing a detailed computation of compliance with clause (c) above. 
 “Permitted Subordinated Indebtedness” means any unsecured Indebtedness of Borrower evidenced by debt securities (which shall include, without
limitation, convertible debt securities) issued in a transaction that (a) is expressly subordinated to the prior payment in full in cash of the Obligations on terms and conditions satisfactory to Administrative Agent and (b) has covenant,
default and remedy provisions no more restrictive, or mandatory prepayment, repurchase or redemption provisions no more 

  

 PAGE 15 

 
onerous or expansive in scope, taken as a whole, than those set forth in similar subordinated debt securities of Borrower in registered public offerings or
in Rule 144A transactions at the time of such issuance. 
 “Person” means an individual, partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “Plan” means, at a particular time, any employee benefit plan that is covered by ERISA and in respect of which Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Pricing
Grid” means the table set forth below. 
  

							
	 Total Leverage Ratio
	  	Applicable
Margin	 	 	Unused Commitment
Fee Rate	 
	 Greater than 2.00:1.00
	  	0.75	%	 	0.150	%
	 Less than or equal to 2.00:1.00
	  	0.60	%	 	0.125	%

 For the purposes of the Pricing Grid, changes in the Applicable Margin and the Unused Commitment Fee Rate
resulting from changes in the Total Leverage Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which financial statements are delivered to Lenders pursuant to Section 7.1
and shall remain in effect until the next change to be effected pursuant to this paragraph; provided that in the event that the financial statements for Borrower’s fourth fiscal quarter are not delivered until after the delivery of the
financial statements for Borrower’s first fiscal quarter for the following fiscal year, the financial statements for Borrower’s first fiscal quarter for the following fiscal year shall govern the Pricing Grid until the financial statements
for Borrower’s second fiscal quarter are delivered. If any financial statements referred to above are not delivered within the time periods specified in Section 7.1, then, until the date that is three Business Days after the date on which
such financial statements are delivered, the highest rate set forth in each column of the Pricing Grid and the provisions of Section 5.5 shall apply. In addition, at all times while an Event of Default shall have occurred and be continuing, the
highest rate set forth in each column of the Pricing Grid shall apply. Each determination of the Total Leverage Ratio pursuant to the Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 8.1.

 “Pro Forma Consolidated EBITDA” means, for any Measurement Period, Consolidated EBITDA adjusted to give effect to any Permitted
Acquisition consummated by Borrower or any of its Subsidiaries during such Measurement Period as if it had 

  

 PAGE 16 

 
occurred on the first day of such Measurement Period if the fair market value of the consideration paid (including the amount of any Indebtedness or other
obligations or liabilities assumed or acquired) in connection with such Permitted Acquisition was equal to or greater than $50,000,000. It is hereby agreed that the adjustment to Consolidated EBITDA with respect to the acquisition of MediaVast shall
be (a) for the Measurement Period ending on the last day of the fiscal quarter of Borrower during which the acquisition of MediaVast is consummated, an increase of $0.00, (b) for the Measurement Period ending on the last day of the first
full fiscal quarter of Borrower after the acquisition of MediaVast is consummated, an increase of $0.00, (c) for the Measurement Period ending on the last day of the second full fiscal quarter of Borrower after the acquisition of MediaVast is
consummated, an increase of $0.00 and (d) for the Measurement Period ending on the last day of the third full fiscal quarter of Borrower after the acquisition of MediaVast is consummated, an increase of $0.00. 
 “Pro Forma Financial Statement” has the meaning set forth in Section 9.1(a). 
 “Projections” has the meaning set forth in Section 7.2(c). 
 “Properties” has the meaning set forth in Section 9.16(a). 
 “Register” has the
meaning set forth in Section 12.6(b). 
 “Regulation U” means Regulation U of the Board as in effect from time to time.

 “Reimbursement Obligation” means the obligation of Borrower to reimburse Issuing Lender pursuant to Section 4.5 for amounts
drawn under Letters of Credit. 
 “Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is
in reorganization within the meaning of Section 4241 of ERISA. 
 “Reportable Event” means any of the events set forth in
Section 4043(c) of ERISA. 
 “Required Lenders” means, at any time, the holders of more than 50 percent of (a) until
the Closing Date, the Revolving Commitments then in effect and (b) thereafter, the sum of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Extensions of Credit then
outstanding. For purposes of this definition, the aggregate principal amount of Swing Line Loans owing to the Swing Line Lender and of Letters of Credit issued by Issuing Lender shall be considered to be owed to Lenders ratably in accordance with
their respective Revolving Commitments. 
 “Requirement of Law” means, as to any Person, the Certificate of Incorporation and
By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or
any of its property or to which such Person or any of its property is subject. 
  

 PAGE 17 

 “Responsible Officer” means the chief executive officer or chief financial officer of Borrower,
but in any event, with respect to financial matters, the chief financial officer of Borrower. 
 “Restricted Payments” has the
meaning set forth in Section 8.6. 
 “Revolving Commitment” means, as to any Lender, the obligation of such Lender, if any, to
make Revolving Loans and participate in Letters of Credit and Swing Line Loans in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on
Schedule 1.1 or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The initial amount of the Total Revolving Commitments is $200,000,000.

 “Revolving Commitment Period” means the period from and including the Closing Date to the Revolving Termination Date.

 “Revolving Extensions of Credit” means, as to any Lender at any time, an amount equal to the sum of (a) the aggregate
principal amount of all Revolving Loans held by such Lender then outstanding and (b) such Lender’s Revolving Percentage of the L/C Obligations and Swing Line Loans then outstanding. 
 “Revolving Facility” means the Revolving Commitments and the extensions of credit made thereunder. 
 “Revolving Loans” has the meaning set forth in Section 2.1. 
 “Revolving Note” has the meaning set forth in Section 2.3 hereof and includes all renewals, replacements and amendments thereof. 
 “Revolving Percentage” means, as to any Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes of
the Total Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans then outstanding constitutes of the aggregate
principal amount of the Revolving Loans then outstanding, provided, that, in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Total Revolving Extensions of Credit, the Revolving Percentages shall be
determined in a manner designed to ensure that the other outstanding Revolving Extensions of Credit shall be held by Lenders on a comparable basis. 
 “Revolving Termination Date” means the date that is 364 days after the Closing Date. 
 “SEC” means the
Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 
  

 PAGE 18 

 “Single Employer Plan” means any Plan that is covered by Title IV of ERISA, but that is not a
Multiemployer Plan. 
 “Solvent” when used with respect to any Person, means that, as of any date of determination, (a) the
amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined
in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required
to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person
will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is
reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a
right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 
 “Specified Swap Agreement” means any Swap Agreement entered into by Borrower and any Lender or Affiliate thereof in respect of interest rates
or currency exchange rates. 
 “Subsidiary” means as to any Person, a corporation, partnership, limited liability company or other
entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless
otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of Borrower. 
 “Subsidiary Guarantor” means each Subsidiary of Borrower other than any Excluded Foreign Subsidiary. 
 “Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option, interest rate cap or collar, 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 Borrower or any of its Subsidiaries shall be a “Swap
Agreement”. 
  

 PAGE 19 

 “Swing Line Commitment” means $25,000,000. 
 “Swing Line Facility” has the meaning set forth in Section 3.1. 
 “Swing Line Lender” means U.S. Bank National Association. 
 “Swing Line Loans” has the meaning set forth in Section 3.1. 
 “Swing Line Note”
has the meaning set forth in Section 3.3 hereof and includes all renewals, replacements and amendments thereof. 
 “Total Leverage
Ratio” means the ratio of (a) Consolidated Total Interest Bearing Indebtedness on the date of determination to (b) Pro Forma Consolidated EBITDA for the four consecutive fiscal quarters of Borrower then ended. 
 “Total Revolving Commitments” means, at any time, the aggregate amount of the Revolving Commitments then in effect. 
 “Total Revolving Extensions of Credit” means, at any time, the aggregate amount of the Revolving Extensions of Credit of Lenders outstanding at
such time. 
 “Transferee” means any Assignee or Participant. 
 “Type” means, as to any Revolving Loan, its nature as a Daily Reset LIBOR Rate Loan or a LIBOR Rate Loan, as applicable. 
 “United States” means the United States of America. 
 “Unused Commitment Fee Rate” means 0.125 percent per annum; provided, that on and after the first Adjustment Date, the Unused Commitment Fee Rate will be determined pursuant to the Pricing
Grid. 
 “Wholly Owned Subsidiary” means, as to any Person, any other Person all of the Capital Stock of which (other than
directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 “Wholly Owned Subsidiary Guarantor” means any Subsidiary Guarantor that is a Wholly Owned Subsidiary of Borrower. 
  

	 	1.2	Other Definitional Provisions; Rules of Construction 

 (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
(i) accounting terms relating to any Group Member not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given 

  

 PAGE 20 

 
to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have
correlative meanings), (iv) 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, Capital Stock,
securities, revenues, accounts, leasehold interests and contract rights, and (v) references 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. 
 (c) The words “hereof”, “herein” and
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless
otherwise specified. 
 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of
such terms. 
 (e) Provisions of the Loan Documents apply to successive events and transactions. 
 (f) In the event of any inconsistency between the provisions of this Agreement and the provisions of any of the other Loan Documents, the provisions of
this Agreement govern. 
  

	 	1.3	Incorporation of Exhibits 

 All references to
“Exhibits” contained herein are references to exhibits attached hereto, the terms and conditions of which are made a part hereof for all purposes. 
  

	ARTICLE II.	REVOLVING COMMITMENT 

  

	 	2.1	Revolving Commitments 

 Subject to the terms and
conditions hereof, each Lender severally agrees to make revolving credit loans (“Revolving Loans”) to Borrower from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which,
when added to such Lender’s Revolving Percentage of the L/C Obligations and Swing Line Loans then outstanding, does not exceed the amount of such Lender’s Revolving Commitment. During the Revolving Commitment Period Borrower may use
the Revolving Commitments by borrowing, repaying or prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. 
  

 PAGE 21 

	 	2.2	Use of Proceeds 

 The proceeds of the Revolving
Loans shall be used by Borrower for general business purposes, which includes (without limitation) financing Permitted Acquisitions, the redemption or repayment of all or a portion of the Convertible Subordinated Notes and financing Borrower’s
Subsidiaries. 
  

	 	2.3	Revolving Notes 

 Borrower agrees that upon notice
by any Lender to Borrower (with a copy of such notice to Administrative Agent) to the effect that a promissory note or other evidence of Indebtedness is required or appropriate in order for such Lender to evidence (whether for purposes of pledge,
enforcement or otherwise) the Revolving Loans owing to, or to be made by, such Lender, Borrower shall promptly execute and deliver to such Lender, with a copy to Administrative Agent, a Revolving Note in substantially the form of Exhibit E
hereto, payable to the order of such Lender in a principal amount equal to the Revolving Commitment of such Lender (each promissory note issued hereunder, as amended, endorsed or replaced, shall be a “Revolving Note,” and collectively, the
“Revolving Notes”). 
  

	 	2.4	Interest Rate 

 (a) Interest on the Revolving Loans
shall accrue at one of the following per annum rates selected by Borrower (i) upon notice to Administrative Agent (or in the event no other interest rate is selected), the Applicable Margin plus the Daily Reset LIBOR Rate (a “Daily
Reset LIBOR Rate Loan”); or (ii) upon a minimum of three New York Banking Days prior notice, the Applicable Margin plus the one, two, three or six-month LIBOR rate quoted by U.S. Bank National Association from Telerate Page
3750 or any successor thereto (which shall be the LIBOR rate in effect two New York Banking Days prior to commencement of the advance), adjusted for any reserve requirement and any subsequent costs arising from a change in government regulation (a
“LIBOR Rate Loan”). In the event Borrower does not timely select another interest rate option at least three New York Banking Days before the end of the Loan Period for a LIBOR Rate Loan, Administrative Agent may at any time after the end
of the Loan Period convert the LIBOR Rate Loan to a Daily Reset LIBOR Rate Loan, but until such conversion, the funds advanced under the LIBOR Rate Loan shall continue to accrue interest at the same rate as the interest rate in effect for such LIBOR
Rate Loan prior to the end of the Loan Period. No LIBOR Rate Loan may extend beyond the Revolving Termination Date. In any event, if the Loan Period for a LIBOR Rate Loan should happen to extend beyond the Revolving Termination Date, such loan must
be prepaid on the Revolving Termination Date. Administrative Agent’s internal records of applicable interest rates shall be determinative in the absence of manifest error. The aggregate number of LIBOR Rate Loans in effect at any one time may
not exceed six. If a LIBOR Rate Loan is prepaid prior to the end of the Loan Period for such loan, whether voluntarily or because prepayment is required on the Revolving Termination Date or due to acceleration of the Revolving Loans upon an Event of
Default or otherwise, Borrower agrees to pay all of Lenders’ costs, expenses and Interest Differential (as determined by Administrative 

  

 PAGE 22 

 
Agent) incurred as a result of such prepayment. Because of the short-term nature of this facility, Borrower agrees that the Interest Differential shall not
be discounted to its present value. Any prepayment of a LIBOR Rate Loan shall be in an amount equal to the remaining entire principal balance of such loan. 
 (b) Notices required by Section 2.4(a) shall be in the form of an Interest Rate Notice and must be received by Administrative Agent prior to 10:00 a.m. Seattle time on the relevant Business Day. 

 

	 	2.5	Repayment 

 (a) Interest on each Daily Reset LIBOR
Rate Loan under the Revolving Facility is payable to Administrative Agent for the ratable benefit of each Lender beginning April 1, 2007, and on the same date of each month thereafter, plus a final interest payment with the final payment of
principal. 
 (b) Interest on each LIBOR Rate Loan under the Revolving Facility is payable to Administrative Agent for the ratable benefit of
each Lender on the last day of each Loan Period, plus a final interest payment with the final payment of principal, provided that for each Loan Period in excess of three months, interest will be payable every three months from the first day
such Loan Period. 
 (c) Principal of the Revolving Loans is payable to Administrative Agent for the ratable benefit of each Lender on the
Revolving Termination Date. 
  

	 	2.6	Procedure for Revolving Loan Borrowing 

 Borrower
may borrow under the Revolving Commitments during the Revolving Commitment Period on any Business Day, provided that Borrower shall give Administrative Agent irrevocable written notice (including notices by facsimile and email), which notice
must be received by Administrative Agent prior to 10:00 a.m., Seattle time, (a) three Business Days prior to the requested Borrowing Date, in the case of LIBOR Rate Loans, or (b) on the same Business Day of the requested Borrowing Date, in
the case of Daily Reset LIBOR Rate Loans), specifying (i) the amount and Type of Revolving Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of LIBOR Rate Loans, the respective amounts of each such Type of
Loan and the respective lengths of the initial Loan Period. No Revolving Loans shall be made on the Closing Date; provided that any letters of credit which Borrower has outstanding prior to the Closing Date may be replaced by Letters of
Credit issued hereunder. Each borrowing under the Revolving Commitments shall be in a minimum principal amount of $5,000,000 and in integral multiples of $1,000,000 thereafter (or, if the then aggregate Available Revolving Commitments are less than
$5,000,000, such lesser amount). Upon receipt of any such notice from Borrower, Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata share of each borrowing available to
Administrative Agent for the account of Borrower at the Funding Office prior to 12:00 Noon, Seattle time, on the Borrowing Date requested by Borrower in funds immediately available to Administrative Agent. Such borrowing will then be made available
to Borrower by Administrative Agent crediting the account of Borrower on the books of such office with the aggregate of the amounts made available to Administrative Agent by Lenders and in like funds as received by Administrative Agent. 

 

 PAGE 23 

	 	2.7	Commitment Fees, etc. 

 (a) Borrower agrees to pay
to Administrative Agent for the account of each Lender an unused commitment fee for the period from and including the Closing Date hereof to the last day of the Revolving Commitment Period, computed at the Unused Commitment Fee Rate on the average
daily amount of the Available Revolving Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof. For purposes of
calculating the unused commitment fee, the aggregate principal amount of Swing Line Loans owing to the Swing Line Lender shall not be considered to be a Revolving Extensions of Credit. The unused commitment fee shall be calculated on a 360-day year
for the actual number of days elapsed. 
 (b) Borrower agrees to pay to Administrative Agent the fees in the amounts and on the dates as set
forth in any fee agreements with Administrative Agent (including, without limitation, the Fee Letter) and to perform any other obligations contained therein. 
  

	 	2.8	Optional Increase in Revolving Commitment Amount 

 Borrower may, up to two times, by means of a letter delivered to Administrative Agent substantially in the form of Exhibit F, request that the Total Revolving Commitments be increased in an installment of no less than $50,000,000, by
an aggregate amount not to exceed $150,000,000, by (a) increasing the Revolving Commitment of one or more Lenders that have agreed to such increase and/or (b) adding one or more commercial banks or other Persons as a party hereto (each an
“Additional Lender”) with a Revolving Commitment in an amount agreed to by any such Additional Lender; provided that no Additional Lender shall be added as a party hereto if a Default or an Event of Default exists and without (x) the
written consent of Administrative Agent (which shall not be unreasonably withheld) and (y) the payment to Administrative Agent of an administrative fee by Borrower in the amount of $5,000 for each Additional Lender. Any increase in the Total
Revolving Commitments pursuant to this Section 2.8 shall be effective three Business Days after the date on which Administrative Agent has received and accepted the applicable increase letter in the form of Annex 1 to Exhibit F (in
the case of an increase in the Revolving Commitments of an existing Lender) or assumption letter in the form of Annex 2 to Exhibit F (in the case of the addition of an Additional Lender). Administrative Agent shall promptly notify Borrower
and Lenders of any increase in the Total Revolving Commitments pursuant to this Section 2.8 and of the Proportionate Share of each Lender in the Total Revolving Commitments after giving effect thereto. 
  

	 	2.9	Optional Decrease in Revolving Commitment Amount 

 Borrower may by written notice delivered to Administrative Agent, permanently decrease the Total Revolving Commitments by an aggregate amount not to exceed $100,000,000, by decreasing the Revolving Commitment of each of the Lenders on a pro

  

 PAGE 24 

 
rata basis. Any decrease in the Total Revolving Commitments pursuant to this Section 2.9 shall (a) be in an aggregate amount of at least $5,000,000
or an integral multiple of $1,000,000 in excess thereof and (b) be effective three Business Days after the date on which Administrative Agent has received Borrower’s written notice. Administrative Agent shall promptly notify Borrower and
Lenders of any decrease in the Total Revolving Commitments pursuant to this Section 2.9 and of the Proportionate Share of each Lender in the Total Revolving Commitments after giving effect thereto. 
  

	ARTICLE	III. SWING LINE LOAN 

  

	 	3.1	Swing Line Commitment 

 Subject to the terms and
conditions hereof, Swing Line Lender agrees to make loans (“Swing Line Loans”) to Borrower from time to time on any Business Day during the Revolving Commitment Period (i) in an aggregate amount not to exceed at any time outstanding
the Swing Line Commitment (the “Swing Line Facility”) and (ii) in an amount for each such Swing Line Loan not to exceed the aggregate of the Available Revolving Commitments at such time. No Swing Line Loan shall be used for the
purpose of funding the payment of principal of any other Swing Line Loan. Within the limits of the Swing Line Facility, Borrower may borrow under this Section 3.1, repay pursuant to Section 3.5 and reborrow under this Section 3.1.

  

	 	3.2	Use of Proceeds 

 The proceeds of the Swing Line
Loans shall be used by Borrower for general business purposes. 
  

	 	3.3	Swing Line Note 

 Borrower agrees that upon notice
by Swing Line Lender to Borrower (with a copy of such notice to Administrative Agent) to the effect that a promissory note or other evidence of indebtedness is required or appropriate in order for Swing Line Lender to evidence (whether for purposes
of pledge, enforcement or otherwise) the Swing Line Loans owing to, or to be made by, Swing Line Lender, Borrower shall promptly execute and deliver to Swing Line Lender, with a copy to Administrative Agent, a Swing Line Note in substantially the
form of Exhibit G hereto, payable to the order of Swing Line Lender in a principal amount equal to the Swing Line Commitment (“Swing Line Note”). 
  

	 	3.4	Interest Rate 

 The unpaid principal balance of each
Swing Line Loan will bear interest at an annual rate equal to the Applicable Margin plus the Daily Reset LIBOR Rate, as and when such rate changes. 
  

 PAGE 25 

	 	3.5	Repayment of Swing Line Loans 

 (a) Interest on the
Swing Line Loans is payable to Swing Line Lender beginning April 1, 2007, and on the same date of each consecutive month thereafter, plus a final interest payment with the final payment of principal. 
 (b) All principal of the Swing Line Loans is payable to Swing Line Lender in full the Revolving Termination Date, Borrower may from time to time prepay
Swing Line Loans in whole or in part. 
  

	 	3.6	Procedure for Swing Line Loans 

 Borrower may
request Swing Line Loans during the Revolving Commitment Period on any Business Day, provided that Borrower shall give Administrative Agent irrevocable notice (which notice must be received by Administrative Agent prior to 12:00 Noon, Seattle
time, on the requested Borrowing Date). Each such notice of a Swing Line Loan shall be by telephone, confirmed immediately in writing, or email or telex or facsimile, specifying therein the requested (i) Borrowing Date and (ii) amount of
such Swing Line Loan. Upon receipt of any such notice from Borrower, Administrative Agent shall promptly notify the Swing Line Lender thereof. The Swing Line Lender will make the amount of the Swing Line Loans available to Administrative Agent in
same day funds. After Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article VI, Administrative Agent will make such funds available to Borrower by crediting the account of
Borrower. Notwithstanding the foregoing, no notice from Borrower is required for advances made pursuant to any loan sweep in place between Swing Line Lender and Borrower. 
  

	 	3.7	Swing Line Participations 

 Upon written demand by
the Swing Line Lender, with a copy of such demand to Administrative Agent, or in any event automatically upon the maturity of each Swing Line Loan, each other Lender shall purchase from the Swing Line Lender, and the Swing Line Lender shall sell and
assign to each such other Lender, such other Lender’s Revolving Percentage of such outstanding Swing Line Loan as of the date of such demand, by deposit to Administrative Agent’s account, in same day funds, an amount equal to the portion
of the outstanding principal amount of such Swing Line Loan to be purchased by such Lender. Borrower hereby agrees to each such sale and assignment. Each Lender agrees to purchase its Revolving Percentage of an outstanding Swing Line Loan on
(i) the Business Day on which demand therefor is made by the Swing Line Lender, or in any event automatically upon the maturity of each Swing Line Loan, provided that notice of such demand is given not later than 12:00 Noon (Seattle
time) on such Business Day or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by the Swing Line Lender to any other Lender of a portion of a Swing Line Loan,
the Swing Line Lender represents and warrants to such other Lender that the Swing Line Lender is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility or
recourse with respect to such Swing Line 

  

 PAGE 26 

 
Loan, the Loan Documents or any Loan Party. If and to the extent that any Lender shall not have so made the amount of such Swing Line Loan available to
Administrative Agent, such Lender agrees to pay to Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by the Swing Line Lender until the date such amount is paid to
Administrative Agent, at the Daily Reset LIBOR Rate. If such Lender shall pay to Administrative Agent such amount for the account of the Swing Line Lender on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line
Loan made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Loan made by the Swing Line Lender shall be reduced by such amount on such Business Day. 
  

	ARTICLE IV.	LETTERS OF CREDIT 

  

	 	4.1	L/C Commitment 

 (a) Subject to the terms and
conditions hereof, Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 4.4(a), agrees to issue standby and commercial letters of credit (“Letters of Credit”) for the account of Borrower on any
Business Day during the Revolving Commitment Period in such form as may be approved from time to time by Issuing Lender; provided that Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such
issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the aggregate amount of the Available Revolving Commitments would be less than zero. Each Letter of Credit shall expire no later than one year after the Revolving
Termination Date. 
 (b) Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict
with, or cause Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 
 (c) In the event
that any Letters of Credit have an expiration date after the Revolving Termination Date, at least five Business Days prior to the Revolving Termination Date, Borrower shall deposit with Administrative Agent cash collateral in an amount equal to the
maximum amount available under such Letters of Credit and shall execute and deliver to Administrative Agent such documentation deemed necessary by Administrative Agent to perfect Administrative Agent’s security interest in such cash.

  

	 	4.2	Procedure for Issuance of Letter of Credit 

 Borrower may from time to time request that Issuing Lender issue a Letter of Credit by delivering to Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of Issuing Lender, and
such other certificates, documents and other papers and information as Issuing Lender may reasonably request. Upon receipt of any Application, Issuing Lender will process such Application and the certificates, documents and other papers and
information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall Issuing Lender be required to issue any Letter of Credit earlier
than three Business Days after its 

  

 PAGE 27 

 
receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of
such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by Issuing Lender and Borrower. Issuing Lender shall furnish a copy of such Letter of Credit to Borrower promptly following the issuance thereof. Issuing Lender shall
promptly furnish to Administrative Agent, which shall in turn promptly furnish to Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). 
  

	 	4.3	Fees and Other Charges 

 (a) Borrower will pay a fee
for each standby Letter of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to LIBOR Rate Loans, shared ratably among Lenders and payable quarterly in arrears on each Fee Payment Date after the issuance date. In
addition, Borrower shall pay to Issuing Lender for its own account a fronting fee in a per annum amount rate equal to 0.125 percent on the undrawn and unexpired amount of each standby Letter of Credit issued by Issuing Lender, payable quarterly
in arrears on each Fee Payment Date after the issuance date. 
 (b) Borrower will pay a one-time, nonrefundable fee for each commercial
Letter of Credit (to be shared ratably among Lenders), as well as customary issuance and documentation review costs, in amounts to be agreed upon by Borrower and Issuing Lender at the time of issuance. 
 (c) In addition to the foregoing fees, Borrower shall pay or reimburse Issuing Lender for such normal and customary costs and expenses as are incurred or
charged by Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 
  

	 	4.4	L/C Participations 

 (a) Issuing Lender irrevocably
agrees to grant and hereby grants to each L/C Participant, and, to induce Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from Issuing Lender, on the terms
and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Percentage in Issuing Lender’s obligations and rights under and in respect of each Letter
of Credit and the amount of each draft paid by Issuing Lender thereunder. Each L/C Participant agrees with Issuing Lender that, if a draft is paid under any Letter of Credit for which Issuing Lender is not reimbursed in full by Borrower in
accordance with the terms of this Agreement, such L/C Participant shall pay to Issuing Lender upon demand at Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount
of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim,
recoupment, defense or other right that such L/C Participant may have against Issuing Lender, Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the 

  

 PAGE 28 

 
failure to satisfy any of the other conditions specified in Article VI, (iii) any adverse change in the condition (financial or otherwise) of
Borrower, (iv) any breach of this Agreement or any other Loan Document by Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the
foregoing. 
 (b) If any amount required to be paid by any L/C Participant to Issuing Lender pursuant to Section 4.4(a) in respect of
any unreimbursed portion of any payment made by Issuing Lender under any Letter of Credit is paid to Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to Issuing Lender on demand an amount
equal to the product of (i) such amount, times (ii) the daily average Daily Reset LIBOR Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to Issuing
Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 4.4(a) is not
made available to Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated
from such due date at the rate per annum applicable to Daily Reset LIBOR Rate Loans under the Revolving Facility. A certificate of Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be
conclusive in the absence of manifest error. 
 (c) Whenever, at any time after Issuing Lender has made payment under any Letter of Credit
and has received from any L/C Participant its pro rata share of such payment in accordance with Section 4.4(a), Issuing Lender receives any payment related to such Letter of Credit (whether directly from Borrower or otherwise, including
proceeds of collateral applied thereto by Issuing Lender), or any payment of interest on account thereof, Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event
that any such payment received by Issuing Lender shall be required to be returned by Issuing Lender, such L/C Participant shall return to Issuing Lender the portion thereof previously distributed by Issuing Lender to it. 
  

	 	4.5	Reimbursement Obligation of Borrower 

 If any draft
is paid under any Letter of Credit, Borrower shall reimburse Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by Issuing Lender in connection with such payment, not
later than 12:00 Noon, Seattle time, on (i) the Business Day that Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 a.m., Seattle time, or (ii) if clause (i) above does not apply, the
Business Day immediately following the day that Borrower receives such notice. Each such payment shall be made to Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable
on any such amounts from the date on which the relevant draft is paid until payment in full at the Daily Reset LIBOR Rate plus the Applicable Margin, unless the default rate set forth in Section 5.5 is applicable. 
  

 PAGE 29 

	 	4.6	Obligations Absolute 

 Borrower’s obligations
under this Article IV shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that Borrower may have or have had against Issuing Lender, any beneficiary of a Letter
of Credit or any other Person. Borrower also agrees with Issuing Lender that Issuing Lender shall not be responsible for, and Borrower’s Reimbursement Obligations under Section 4.5 shall not be affected by, among other things, the validity
or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among Borrower and any beneficiary of any Letter of Credit or any other party
to which such Letter of Credit may be transferred or any claims whatsoever of Borrower against any beneficiary of such Letter of Credit or any such transferee. Issuing Lender shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of Issuing Lender. Borrower agrees that any action taken or omitted by Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the
absence of gross negligence or willful misconduct, shall be binding on Borrower and shall not result in any liability of Issuing Lender to Borrower. 
  

	 	4.7	Letter of Credit Payments 

 If any draft shall be
presented for payment under any Letter of Credit, Issuing Lender shall promptly notify Borrower of the date and amount thereof. The responsibility of Issuing Lender to Borrower in connection with any draft presented for payment under any Letter of
Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are
substantially in conformity with such Letter of Credit. 
  

	 	4.8	Applications 

 To the extent that any provision of
any Application related to any Letter of Credit is inconsistent with the provisions of this Article IV, the provisions of this Article IV shall apply. 
  

	ARTICLE V.	GENERAL PROVISIONS RELATING TO LOANS 

  

	 	5.1	Manner of Payment 

 All payments (including
prepayments) to be made by Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, Seattle time, on the due date thereof to Administrative
Agent, for the account of Lenders, at the Funding Office, in Dollars and in immediately available funds. Borrower hereby authorizes Administrative Agent to charge any of its demand deposit accounts for all interest, principal and fee 

  

 PAGE 30 

 
payments that Borrower is obligated to pay pursuant to this Agreement and pursuant to fee arrangements with Administrative Agent and does not pay by the end
of any applicable grace period. Administrative Agent shall distribute such payments to Lenders promptly upon receipt in like funds as received. Whenever any payment to be made becomes due and payable on a day that is not a Business Day, such payment
may be made on the next succeeding Business Day and such extension of time shall in such case be included in computing interest on such payment. 
  

	 	5.2	Statements 

 Administrative Agent shall send
Borrower statements of all amounts due hereunder; the statements shall be considered correct and conclusively binding, absent manifest error, on Borrower unless Borrower notifies Administrative Agent to the contrary within 30 days of receipt of
any statement that Borrower claims to be incorrect. Borrower agrees that accounting entries made by Administrative Agent with respect to Borrower’s loan accounts shall constitute evidence of all Loans made under and payments made on any of the
Facilities. Without limiting the methods by which Administrative Agent may otherwise be entitled by applicable law to make demand for payment of the Loans upon Borrower, Borrower agrees that any statement, invoice or payment notice from
Administrative Agent to Borrower with respect to any principal or interest obligation of Borrower to Administrative Agent shall be deemed to be a demand for payment in accordance with the terms of such statement, invoice or payment notice. Under no
circumstances shall a demand by Administrative Agent for partial payment of principal or interest or both be construed as a waiver by Administrative Agent of its right thereafter to demand and receive payment (in part or in full) of any remaining
principal or interest obligation. 
  

	 	5.3	Book Entry Loan Account 

 Administrative Agent shall
establish a book entry loan account for each of the Loans in which Administrative Agent will make debit entries of all Loans pursuant to the terms of this Agreement. Administrative Agent will also record in the applicable loan account, in accordance
with customary banking practices, all interest and other charges, expenses and other items properly chargeable to Borrower, if any, together with all payments made by Borrower on account of the Indebtedness evidenced by Borrower’s respective
loan accounts and all other sums credited to the respective loan accounts. The debit balance of Borrower’s respective loan accounts shall reflect the amount of Borrower’s Indebtedness to Lenders from time to time by reason of advances,
charges, payments or credits. 
  

	 	5.4	Computations of Interest 

 All other computations of
interest and fees that are computed on a per annum basis shall be based on a 360-day year for the actual number of days elapsed. 
  

 PAGE 31 

	 	5.5	Default Interest 

 Upon the occurrence and during
the continuance of any Event of Default, Administrative Agent may, at its option upon notice to Borrower, raise the interest rate charged on the Loans to a rate of up to 2 percent per annum plus the interest rate that would otherwise be
applicable thereto, from the date of the occurrence of the Event of Default until the Event of Default is cured or waived pursuant to the terms of this Agreement or, absent cure or waiver, until the Loans are repaid in full. 
  

	 	5.6	Maximum Interest Rate 

 Notwithstanding any
provision contained herein or in the Notes, the total liability of Borrower for payment of interest pursuant hereto, including late charges, shall not exceed the maximum amount of interest permitted by applicable law to be charged, collected or
received from Borrower; and if any payments by Borrower include interest in excess of that maximum amount, Administrative Agent shall apply the excess first to reduce the unpaid balance of the Loans, then to reduce the balance of any other
Indebtedness of Borrower to Lenders. If there is no such Indebtedness, the excess shall be returned to Borrower. 
  

	 	5.7	Late Charge 

 If any payment of principal or
interest required under any of the Loans is 15 days or more past due, Borrower will be charged a late charge of 5 percent of the delinquent payment or $5, whichever is greater, for each such late payment. The 15-day period provided for
herein shall not be construed as a waiver of any Default or Event of Default resulting from any late payment under any of the Loans. 
  

	 	5.8	Optional Prepayments 

 Borrower may at any time and
from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to Administrative Agent no later than 11:00 a.m., Seattle time, three Business Days prior thereto, in the case of LIBOR Rate
Loans, and no later than 11:00 a.m., Seattle time, on the same Business Day in the case of Daily Reset LIBOR Rate Loans or Swing Line Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of LIBOR Rate
Loans, Daily Reset LIBOR Rate Loans or Swing Line Loans; provided, that if a LIBOR Rate Loan is prepaid on any day other than the last day of the Loan Period applicable thereto, Borrower shall also pay any amounts owing pursuant to
Section 2.4. Upon receipt of any such notice Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein,
together with accrued interest to such date on the amount prepaid. Partial prepayments of Revolving Loans shall be in a minimum principal amount of $5,000,000 and in $1,000,000 integrals thereafter. 
  

 PAGE 32 

	 	5.9	Pro Rata Treatment and Payments 

 (a) Except for
Swing Line Loans, each borrowing by Borrower from Lenders hereunder, each payment by Borrower on account of any commitment fee and any reduction of the Revolving Commitments of Lenders shall be made pro rata according to the Revolving Percentages of
the relevant Lenders. 
 (b) Each payment (including each prepayment) by Borrower on account of principal of and interest on the Revolving
Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by Lenders. 
 (c) Unless Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to Administrative Agent,
Administrative Agent may assume that such Lender is making such amount available to Administrative Agent, and Administrative Agent may, in reliance upon such assumption in its sole discretion, make available to Borrower a corresponding amount. If
such amount is not made available to Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of
(i) the Daily Reset LIBOR Rate and (ii) a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to
Administrative Agent. A certificate of Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not
made available to Administrative Agent by such Lender within three Business Days after such Borrowing Date, Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to Daily Reset
LIBOR Rate Loans, on demand, from Borrower. 
 (d) Unless Administrative Agent shall have been notified in writing by Borrower prior to the
date of any payment due to be made by Borrower hereunder that Borrower will not make such payment to Administrative Agent, Administrative Agent may assume that Borrower is making such payment, and Administrative Agent may, but shall not be required
to, in reliance upon such assumption in its sole discretion, make available to Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to Administrative Agent by Borrower within three Business Days
after such due date, Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the
daily average Daily Reset LIBOR Rate. Nothing herein shall be deemed to limit the rights of Administrative Agent or any Lender against Borrower. 

	5.10	LIBOR Rate Loan Provisions 

  

	 	5.10	LIBOR Rate Loan Provisions 

 (a) Borrower may obtain
LIBOR rate quotes from Administrative Agent between 8 a.m. and 12 Noon (Seattle time) on any New York Banking Day. 
  

 PAGE 33 

 (b) Notwithstanding any other term of this Agreement, Borrower may not select the LIBOR rate if an Event
of Default hereunder has occurred and is continuing. 
 (c) Nothing contained in this Agreement, including without limitation the
determination of any Loan Period for a LIBOR Rate Loan or Administrative Agent’s quotation of any LIBOR rate, shall be construed to prejudice Administrative Agent’s right to decline to make any requested Funding provided that
Administrative Agent acts in accordance with the provisions of this Agreement. 
  

	 	5.11	Deposits Unavailable or Interest Rate Unascertainable or Inadequate; Impracticability 

 If Administrative Agent determines (which determination shall be conclusive and binding on the parties hereto absent manifest error) that: 
 (a) Deposits of the necessary amount for the relevant Loan Period for any LIBOR Rate Loan are not available to Lenders in the relevant markets or that, by
reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the LIBOR rate; 
 (b) The LIBOR
rate will not adequately and fairly reflect the cost to Lenders of making or funding the LIBOR Rate Loan for a relevant Loan Period; or 
 (c) The making or funding of LIBOR Rate Loans has become impracticable as a result of any event occurring after the date of this Agreement which, in the opinion of Administrative Agent, materially and adversely affects such LIBOR Rate Loan
or Lender’s commitment to make such LIBOR Rate Loan or the relevant market; 
 Administrative Agent shall promptly give notice of such determination to
Borrower, and (i) any notice of a new LIBOR Rate Loan previously given by Borrower and not yet borrowed or converted shall be deemed to be a notice to make a Daily Reset LIBOR Rate Loan, and (ii) Borrower shall be obligated to either
prepay in full any outstanding LIBOR Rate Loan, on the expiration date of the current LIBOR Rate Loan with respect thereto or convert any such LIBOR Rate Loan to a Daily Reset LIBOR Rate Loan on such expiration date. 
  

	 	5.12	Requirements of Law 

 (a) If the adoption of or any
change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent
to the date hereof: 
 (i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit,
any Application or any LIBOR Rate Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 5.15 and changes in the rate of tax on the overall net or gross
income of such Lender); 
  

 PAGE 34 

 (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the
determination of the LIBOR rate; or 
 (iii) shall impose on such Lender any other condition; 
 and the result of any of the foregoing is to increase the cost to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing
or maintaining LIBOR Rate Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, Borrower shall promptly pay such Lender, upon its demand, any additional
amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify Borrower (with a copy to
Administrative Agent) of the event by reason of which it has become so entitled. 
 (b) If any Lender shall have determined that the adoption
of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy
(whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its
obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such
corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to Borrower (with a copy to Administrative Agent) of a written request therefor,
Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 
 (c) A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to Borrower (with a copy to Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything to the
contrary in this Section, Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than nine months prior to the date that such Lender notifies Borrower of such Lender’s intention to claim
compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect. The obligations of Borrower
pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
  

 PAGE 35 

	 	5.13	Changes in Law Rendering LIBOR Rate Loan Unlawful 

 If at any time due to the adoption of any law, rule, regulation, treaty, or directive, or any change therein or in the interpretation or administration thereof by any court, central bank, governmental authority, agency, or instrumentality,
or comparable agency charged with the interpretation or administration thereof, or for any other reason arising subsequent to the date of this Agreement, it shall become unlawful or impossible for any Lender to make or fund any LIBOR Rate Loan, the
obligation of Lenders to provide such LIBOR Rate Loan shall, upon the happening of such event, forthwith be suspended for the duration of such illegality or impossibility. If any such event shall make it unlawful or impossible for any Lender to
continue any LIBOR Rate Loan previously made by it hereunder, Administrative Agent shall, upon the happening of such event, notify Borrower thereof in writing, and Borrower shall, at the time notified by Administrative Agent, either convert each
such unlawful LIBOR Rate Loan to a Daily Reset LIBOR Rate Loan or repay such LIBOR Rate Loan in full, together with accrued interest thereon, subject to the provisions of Section 2.4. 
  

	 	5.14	Discretion as to Manner of Funding 

 Notwithstanding
any provision of this Agreement to the contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of the Loans in any manner it elects; it being understood, however, that for purposes of this Agreement, all
determinations hereunder shall be made as if Lenders had actually funded and maintained each LIBOR Rate Loan during the Loan Period for such LIBOR Rate Loan through the purchase of deposits having a term corresponding to such Loan Period and bearing
an interest rate equal to the LIBOR rate for such Loan Period (whether or not any Lender shall have granted any participations in such LIBOR Rate Loan). 
  

	 	5.15	Taxes 

 (a) All payments made by Borrower under this
Agreement shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed,
levied, collected, withheld or assessed by any Governmental Authority, excluding net or gross income taxes and franchise taxes (imposed in lieu of net or gross income taxes) imposed on Administrative Agent or any Lender as a result of a present or
former connection between Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely
from Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document). If any such non-excluded taxes, levies, imposts, duties, charges,
fees, deductions or withholdings (“Non-Excluded Taxes”) or Other Taxes are required to be withheld from any amounts payable to Administrative Agent or any Lender hereunder, the amounts so payable to Administrative Agent or such Lender
shall be increased to the extent necessary to yield to Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such 

  

 PAGE 36 

 
other amounts payable hereunder at the rates or in the amounts specified in this Agreement, provided, however, that Borrower shall not be
required to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i) that are attributable to such Lender’s failure to comply with the requirements of paragraph (d) or (e) of this Section or
(ii) that are United States withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of
assignment, to receive additional amounts from Borrower with respect to such Non-Excluded Taxes pursuant to this paragraph. 
 (b) In
addition, Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Whenever any
Non-Excluded Taxes or Other Taxes are payable by Borrower, as promptly as possible thereafter Borrower shall send to Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a certified copy of an
original official receipt received by Borrower showing payment thereof. If Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to Administrative Agent the required receipts or
other required documentary evidence, Borrower shall indemnify Administrative Agent and Lenders for any incremental taxes, interest or penalties that may become payable by Administrative Agent or any Lender as a result of any such failure.

 (d) Each Lender (or Transferee) that is not a “U.S. Person” as defined in Section 7701(a)(30) of the Code (a
“Non-U.S. Lender”) shall deliver to Borrower and Administrative Agent (or, in the case of a Participant, to Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service Form
W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in
the form of Exhibit H and a Form W-8BEN, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax
on all payments by Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the
date such Participant purchases the related participation). In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each Non-U.S. Lender shall
promptly notify Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose).
Notwithstanding any other provision of this paragraph, a Non-U.S. Lender shall not be required to deliver any form pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver. 
  

 PAGE 37 

 (e) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law
of the jurisdiction in which Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to Borrower (with a copy to Administrative Agent), at the time or times prescribed by
applicable law or reasonably requested by Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender is
legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or submission would not materially prejudice the legal position of such Lender. 
 (f) If Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Non-Excluded Taxes or Other Taxes as
to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 5.15, it shall pay over such refund to Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by Borrower under this Section 5.15 with respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of 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 Borrower, upon the request of Administrative Agent or such Lender, agrees to repay the amount paid over to Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to Administrative Agent or such Lender in the event Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This
paragraph shall not be construed to require Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to Borrower or any other Person. 
 (g) The agreements in this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

  

	 	5.16	Indemnity 

 Borrower agrees to indemnify each Lender
for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by Borrower in making a borrowing of, conversion into or continuation of LIBOR Rate Loans after Borrower has
given a notice requesting the same in accordance with the provisions of this Agreement, (b) default by Borrower in making any prepayment of or conversion from LIBOR Rate Loans after Borrower has given a notice thereof in accordance with the
provisions of this Agreement or (c) the making of a prepayment of LIBOR Rate Loans on a day that is not the last day of a Loan Period with respect thereto. Such indemnification shall include an amount equal to the Interest Differential, if any.
A certificate as to any amounts payable pursuant to this Section 5.16 submitted to Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the
Loans and all other amounts payable hereunder. 
  

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	 	5.17	Change of Lending Office 

 Each Lender agrees that,
upon the occurrence of any event giving rise to the operation of Section 5.12, 5.13 or 5.15(a) with respect to such Lender, it will, if requested by Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to
designate another lending office for any Loans affected by such event, or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, with the object of avoiding the consequences of such event; provided,
that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no unreimbursed economic, legal or regulatory disadvantage, and provided, further, that nothing in
this Section shall affect or postpone any of the obligations of Borrower or the rights of any Lender pursuant to Sections 5.12, 5.13 or 5.15(a). Borrower agrees to pay all reasonable costs and expenses incurred by any Lender in connection with
any such designation or assignment. 
  

	 	5.18	Replacement of Lenders 

 Borrower shall be permitted
to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Sections 5.12 or 5.15(a), (b) asserts illegality or impossibility pursuant to Section 5.13, or (c) defaults in its obligation to make Loans
hereunder, with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement,
(iii) prior to any such replacement, such Lender shall have taken no action under Section 5.17 so as to eliminate the continued need for payment of amounts owing pursuant to Sections 5.12 or 5.15(a) or to avoid illegality or
impossibility under Section 5.13, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) Borrower shall be liable to
such replaced Lender under Sections 2.4 and 5.16 if any LIBOR Rate Loan owing to such replaced Lender shall be purchased other than on the last day of the Loan Period relating thereto, (vi) the replacement financial institution, if not
already a Lender, shall be reasonably satisfactory to Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 12.6 (provided that Borrower shall be obligated
to pay the registration and processing fee referred to therein), (viii) until such time as such replacement shall be consummated, Borrower shall pay all additional amounts (if any) required pursuant to Sections 5.12 and 5.15(a), as the
case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that Borrower, Administrative Agent or any other Lender shall have against the replaced Lender. 
  

	 	5.19	Authorized Borrowers 

 Borrower shall identify in a
notice of authorized individuals, substantially in the form of Exhibit I, the individuals who Borrower has authorized to request Revolving Loans under the Revolving Facility and Swing Line Loans under the Swing Line Facility and to request the
issuance of Letters of Credit. Administrative Agent shall be entitled to rely upon the most current notice of authorized individuals until Administrative Agent receives written notice from Borrower to the contrary. 
  

 PAGE 39 

	ARTICLE VI.	CONDITIONS PRECEDENT 

  

	 	6.1	Conditions to Initial Extension of Credit 

 The
agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions
precedent: 
 (a) Administrative Agent shall have received (i) this Agreement, duly executed and delivered by Administrative Agent,
Borrower and each Person listed on Schedule 1.1 and (ii) the Guarantee Agreement, executed and delivered by Borrower and each Subsidiary Guarantor. 
 (b) Administrative Agent shall have received, duly executed and delivered by Borrower, the Revolving Notes and Swing Line Note, payable to the order of the applicable Lenders to the extent requested by any Lender
pursuant to the terms of Section 2.3 and 3.3, respectively. 
 (c) Administrative Agent shall have received the Fee Letter, duly
executed and delivered by Borrower, as well as all fees that are required to be paid by Borrower pursuant to the Fee Letter on or before the Closing Date. 

	(d)	Administrative Agent shall have received the MediaVast Purchase Agreement. 

 (e) Administrative Agent shall have received and approved the unaudited consolidated financial statements of Borrower for each fiscal quarter and fiscal year ended after December 31, 2005. Such financial
statements shall not, in the reasonable judgment of Lenders, reflect any material adverse change in the consolidated financial condition of Borrower and its Subsidiaries since December 31, 2005. 
 (f) Administrative Agent shall be reasonably satisfied that, after giving effect to the proposed acquisition of MediaVast, and any other acquisitions
made after December 31, 2005 and prior to the Closing Date, Borrower and its Subsidiaries will be able to comply with all Obligations under the Loan Documents, and repay their debts and satisfy all other material obligations as and when due.

 (g) Administrative Agent shall have received (i) pro forma consolidated financial statements for Borrower (including a balance sheet,
statement of income and statement of cash flows ), giving effect to the MediaVast acquisition, for Borrower’s 2007 fiscal year and prepared on a quarter by quarter basis and (ii) a pro forma consolidated statement of income for Borrower,
giving effect to the MediaVast acquisition, for Borrower’s fiscal years 2007 through 2011, all in a form acceptable to Administrative Agent, together with a certificate of a Responsible Officer stating that such pro forma financial statements
are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such pro forma financial statements are incorrect or misleading in any material respect 
  

 PAGE 40 

 (h) There shall not have occurred a material adverse change in the financial condition of Borrower, the
Subsidiaries or MediaVast, taken as a whole, since December 31, 2005, provided, however, that the events and matters giving rise to the alleged default under the Convertible Subordinated Notes as described in Section 9.2 shall not be taken
into account in determining whether there has been any such material adverse change. 
 (i) Administrative Agent shall have received and
approved the results of a recent lien search of each the Loan Parties. 
 (j) Lenders and Administrative Agent shall have received all fees
required to be paid, and all expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Closing Date. All such amounts may be paid with proceeds of Loans made on the Closing Date
and will be reflected in the funding instructions given by Borrower to Administrative Agent on or before the Closing Date. 
 (k)
Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit J, with appropriate insertions and attachments, including the certificate of incorporation of each
Loan Party that is a corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party, and (ii) a good standing certificate, certificate of existence/authorization or equivalent for each Loan Party from its
jurisdiction of organization. 
 (l) Administrative Agent shall have received the executed legal opinion of Heller Ehrman LLP, counsel to
Borrower and its Subsidiaries, in a form acceptable to Administrative Agent. 
 (m) U.S. Bank National Association and Borrower shall
have entered into a termination of that certain Credit Agreement dated as of May 4, 2006. 
  

	 	6.2	Conditions to Each Extension of Credit 

 The
agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
 (a) Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material
respects on and as of such date as if made on and as of such date. 
 (b) No Default or Event of Default shall have occurred and be
continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 
  

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 Each borrowing by and issuance of a Letter of Credit on behalf of Borrower hereunder shall constitute a
representation and warranty by Borrower as of the date of such extension of credit that the conditions contained in this Section 6.2 have been satisfied. 
  

	ARTICLE VII.	AFFIRMATIVE COVENANTS 

 Borrower hereby agrees that,
so long as the Revolving Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or Administrative Agent hereunder, Borrower shall and shall cause each of its Subsidiaries to:

  

	 	7.1	Financial Statements 

 Furnish to Administrative
Agent and each Lender: 
 (a) as soon as available, but in any event within the earlier of (i) 120 days after the end of each fiscal year
of Borrower and (ii) the date following the end of each fiscal year of Borrower on which Borrower is required to file its audited annual financial statements with the SEC (provided that, Borrower will be permitted a one-time extension until
June 14, 2007 for Borrower’s fiscal year ended December 31, 2006), a copy of the audited consolidated balance sheet of Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated
statements of income, stockholders’ equity and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or
qualification arising out of the scope of the audit, by PricewaterhouseCoopers LLC or other independent certified public accountants of nationally recognized standing; and 
 (b) as soon as available, but in any event not later than the earlier of (i) 45 days after the end of each of the first three fiscal quarters of
Borrower and (ii) the date following the end of each fiscal quarter of Borrower on which Borrower is required to file its unaudited interim financial statements with the SEC (provided that in each instance, Borrower will be permitted a one-time
waiver of this requirement for Borrower’s fiscal quarter ended September 30, 2006, and a one-time extension until June 14, 2007 for Borrower’s fiscal quarter ending March 31, 2007), the unaudited consolidated balance sheet
of Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income, stockholders’ equity and of cash flows for such quarter and the portion of the fiscal year through the end
of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments). 
 All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied
(except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods. 
  

 PAGE 42 

	 	7.2	Certificates; Other Information 

 Furnish to
Administrative Agent and each Lender: 
 (a) concurrently with the delivery of the financial statements referred to in Section 7.1(a), a
certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such
certificate; 
 (b) concurrently with the delivery of any financial statements pursuant to Section 7.1, (i) a certificate of a
Responsible Officer stating that, to the best of each such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition contained in this
Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and
(ii) in the case of quarterly or annual financial statements, a Compliance Certificate containing all information and calculations necessary for determining compliance by each Group Member with the provisions of this Agreement referred to
therein (including a calculation of the Total Leverage Ratio) as of the last day of the fiscal quarter or fiscal year of Borrower, as the case may be; 
 (c) as soon as available, and in any event no later than 45 days after the end of each fiscal year of Borrower, a detailed consolidated budget for the following fiscal year (including a projected consolidated
balance sheet of Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow, projected changes in financial position and projected income and a description of the underlying
assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the “Projections”), which Projections shall in each case be
accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or
misleading in any material respect; 
 (d) within five days after the same are sent, copies of all financial statements and reports that
Borrower sends to the holders of any class of its debt securities or public equity securities and, within five days after the same are filed, copies of all financial statements and reports that Borrower may make to, or file with, the SEC; and

 (e) promptly, such additional financial and other information as any Lender may from time to time reasonably request. 
  

	 	7.3	Payment of Obligations 

 Pay, discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except 

  

 PAGE 43 

 
where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect
thereto have been provided on the books of the relevant Group Member. 
  

	 	7.4	Maintenance of Existence; Compliance 

 (a)(i) Preserve, renew and keep in full force and effect its organizational existence, and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its
business, except, in each case, as otherwise permitted by Section 8.4 and except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 
 (b) Comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
  

	 	7.5	Maintenance of Property; Insurance 

 (a) Keep all
property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and 
 (b) Maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such
risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business. 
  

	 	7.6	Inspection of Property; Books and Records; Discussions 

 (a) Keep proper books and records in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and 
 (b) Permit representatives of any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at
any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Group Members with officers and employees of the Group Members and with their independent
certified public accountants. 
  

	 	7.7	Notices 

 Promptly give notice to Administrative
Agent and each Lender of: 
 (a) the occurrence of any Default or Event of Default; 
  

 PAGE 44 

 (b) any (i) default or event of default under any Contractual Obligation of any Group Member or
(ii) litigation, investigation or proceeding that may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to
have a Material Adverse Effect; 
 (c) any litigation or proceeding affecting any Group Member (i) in which Borrower’s reasonable
estimation of the Group Member’s exposure is $5,000,000 or more and which exposure is not covered by insurance or with respect to which insurance coverage does not exist, (ii) in which injunctive or similar relief is sought or
(iii) which relates to any Loan Document; 
 (d) the following events, as soon as possible and in any event within 30 days after
Borrower knows or has reason to know thereof: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal
from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or Borrower or any Commonly Controlled Entity or any Multiemployer Plan with
respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; and 
 (e) any development or event that has
had or could reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this Section 7.7 shall be accompanied
by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 
  

	 	7.8	Environmental Laws 

 (a) Comply in all material
respects with, and ensure compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and ensure that all tenants and
subtenants obtain and comply in all material respects with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws. 
 (b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws
and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 
  

	 	7.9	Additional Guaranty, etc 

 With respect to any Subsidiary (other
than an Excluded Foreign Subsidiary) created or acquired after the Closing Date by any Group Member (which, for the purposes of this Section 7.9, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), promptly
cause such Subsidiary (a) to become a party to 

  

 PAGE 45 

 
the Guarantee Agreement, (b) to deliver to Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit K, with
appropriate insertions and attachments, and (c) if requested by Administrative Agent, deliver to Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel,
reasonably satisfactory to Administrative Agent. 
  

	ARTICLE VIII	NEGATIVE COVENANTS 

 Borrower agrees that, so long
as the Revolving Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or Administrative Agent hereunder, Borrower shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly: 
  

	 	8.1	Financial Condition Covenant 

 Permit the Total
Leverage Ratio to be greater than 2.750:1.00 as of the last day of any fiscal quarter of Borrower. 
  

	 	8.2	Indebtedness 

 Create, issue, incur, assume, become
liable in respect of or suffer to exist any Indebtedness, except: (a) Indebtedness of any Loan Party pursuant to any Loan Document; (b) Indebtedness of Borrower to any Subsidiary and of any Wholly Owned Subsidiary Guarantor to Borrower or
any other Subsidiary; (c) Guarantee Obligations incurred in the ordinary course of business by Borrower and its Subsidiaries of obligations of any Wholly-Owned Subsidiary Guarantor; (d) Indebtedness outstanding on the date hereof and
listed on Schedule 8.2(d) and any refinancings, refundings, renewals, exchanges or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof); (e) Indebtedness (including, without limitation,
Capital Lease Obligations) secured by Liens permitted by Section 8.3(g) and in an aggregate principal amount not to exceed $10,000,000 at any one time outstanding; (f) Indebtedness of a Subsidiary acquired pursuant to a Permitted
Acquisition (or Indebtedness assumed by Borrower or any of its Wholly Owned Subsidiaries pursuant to a Permitted Acquisition as a result of a merger or consolidation or the acquisition of an asset securing such Indebtedness) (the “Permitted
Acquired Debt”), so long as (A) such Indebtedness was not incurred in connection with, or in anticipation or contemplation of, such Permitted Acquisition and (B) the sum of all such Indebtedness under this clause (f), together
with the amount of Indebtedness outstanding pursuant to Section 8.2(h), shall not exceed an aggregate amount equal to $25,000,000 at any one time outstanding; (g)(i) Indebtedness of Borrower in respect of the Permitted Subordinated
Indebtedness in an aggregate principal amount not to exceed $265,000,000; and (ii) Guarantee Obligations of any Subsidiary Guarantor in respect of such Indebtedness, provided that such Guarantee Obligations are subordinated to the same
extent as the obligations of Borrower in respect of the Permitted Subordinated Indebtedness; (h) additional Indebtedness of Borrower or any of its Subsidiaries in an aggregate principal amount (for Borrower and all Subsidiaries), together with
the amount of Indebtedness outstanding pursuant to Section 8.2(f), not to exceed $25,000,000 at any one time outstanding; and (i) Indebtedness under Swap Agreements permitted by Section 8.11. 
  

 PAGE 46 

	 	8.3	Liens 

 Create, incur, assume or suffer to exist any
Lien upon any of its property, whether now owned or hereafter acquired, except: (a) Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto
are maintained on the books of Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary
course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings; (c) pledges or deposits in connection with workers’ compensation, unemployment insurance and
other social security legislation; (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature
incurred in the ordinary course of business; (e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not in any case
materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of Borrower or any of its Subsidiaries; (f) Liens in existence on the date hereof listed on
Schedule 8.3(f), securing Indebtedness permitted by Section 8.2(d), provided that no such Lien is spread to cover any additional property after the Closing Date and that the amount of Indebtedness secured thereby is not increased;
(g) Liens securing Indebtedness of Borrower or any other Subsidiary incurred pursuant to Section 8.2(e) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially
simultaneously with the acquisition of such fixed or capital assets, (ii) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not
increased; (h) Liens on property or assets acquired pursuant to a Permitted Acquisition, or on property or assets of a Subsidiary of Borrower in existence at the time such Subsidiary is acquired pursuant to a Permitted Acquisition, and
extensions and renewals thereof; provided that (i) any Indebtedness that is secured by such Liens is permitted to exist under Section 8.2(f) and (ii) such Liens are not incurred in connection with, or in contemplation or
anticipation of, such Permitted Acquisition and do not attach to any asset of Borrower or any of its other Subsidiaries; and (i) any interest or title of a lessor under any lease entered into by Borrower or any other Subsidiary in the ordinary
course of its business and covering only the assets so leased. 
  

	 	8.4	Fundamental Changes 

 Enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its property or business, except that: (a) any Subsidiary of Borrower may be merged or
consolidated with or into Borrower (provided that Borrower shall be the continuing or surviving corporation) or with or into any Wholly Owned Subsidiary Guarantor (provided that the Wholly Owned Subsidiary Guarantor shall be the
continuing or 

  

 PAGE 47 

 
surviving corporation); (b) any Subsidiary of Borrower may Dispose of any or all of its assets (i) to Borrower or any Wholly Owned Subsidiary
Guarantor (upon voluntary liquidation or otherwise) or (ii) pursuant to a Disposition permitted by Section 8.5; and (c) any Investment expressly permitted by Section 8.8 may be structured as a merger, consolidation or
amalgamation. 
  

	 	8.5	Disposition of Property 

 Dispose of any of its
property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: (a) the Disposition of obsolete or worn out property in the ordinary
course of business; (b) the sale or license of inventory in the ordinary course of business; (c) Dispositions permitted by clause (i) of Section 8.4(b); (d) the sale or issuance of any Subsidiary’s Capital Stock to
Borrower or any Wholly Owned Subsidiary Guarantor; and (e) the Disposition of other property having a fair market value not to exceed $25,000,000 in the aggregate for any fiscal year of Borrower. 
  

	 	8.6	Restricted Payments 

 Declare or pay any dividend
(other than dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other
acquisition of, any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Group Member
(collectively, “Restricted Payments”), except that any Subsidiary may make Restricted Payments to Borrower or any Wholly Owned Subsidiary Guarantor. 
  

	 	8.7	Capital Expenditures 

 Make or commit to make any
capital expenditure (other than Permitted Acquisitions), except capital expenditures of Borrower and its Subsidiaries on a consolidated basis not exceeding $75,000,000 in any fiscal year of Borrower. 
  

	 	8.8	Investments 

 Make any advance, loan, extension of
credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other investment in, any Person (all
of the foregoing, “Investments”), except: (a) extensions of trade credit in the ordinary course of business; (b) investments in Cash Equivalents; (c) Guarantee Obligations permitted by Section 8.2; (d) loans and
advances to employees or contributors (photographers, filmmakers, etc.) of any Group Member in the ordinary course of business (including for travel, entertainment and relocation expenses) in an aggregate amount for all Group Members not to exceed
$5,000,000 at any one time outstanding; (e) intercompany Investments by any Group Member in Borrower or any Person that, prior to such investment, is a Wholly Owned Subsidiary Guarantor; (f) Permitted Acquisitions (including any
Investments owned by a Person acquired in a 

  

 PAGE 48 

 
Permitted Acquisition); and (g) in addition to Investments otherwise expressly permitted by this Section 8.8, Investments by Borrower or any of its
Subsidiaries in an aggregate amount (valued at cost) not to exceed $25,000,000 during the term of this Agreement. 
  

	 	8.9	Transactions with Affiliates 

 Enter into any
transaction, including any purchase, sale, lease or exchange of property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than Borrower or any Wholly Owned Subsidiary Guarantor)
unless such transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of the relevant Group Member, and (c) upon fair and reasonable terms no less favorable to the relevant Group Member than
it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. 
  

	 	8.10	Sales and Leasebacks 

 Enter into any arrangement
with any Person providing for the leasing by any Group Member of real or personal property that has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such
Person on the security of such property or rental obligations of such Group Member. 
  

	 	8.11	Swap Agreements 

 Enter into any Swap Agreement,
except (a) Swap Agreements entered into to hedge or mitigate risks (including currency exchange or translation rate risks) to which Borrower or any Subsidiary has actual exposure (other than those in respect of Capital Stock) and (b) Swap
Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of
Borrower or any Subsidiary. 
  

	 	8.12	Changes in Fiscal Periods 

 Permit the fiscal year
of Borrower to end on a day other than December 31 or change Borrower’s method of determining fiscal quarters. 
  

	 	8.13	Negative Pledge Clauses 

 Enter into or suffer to
exist or become effective any agreement that prohibits or limits the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired other than
(a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against
the assets financed thereby) or any Liens listed in Schedule 8.3(f) or any Liens permitted by Section 8.3(h) and (c) the Convertible Subordinated Notes. 
  

 PAGE 49 

	 	8.14	Clauses Restricting Subsidiary Distributions 

 Enter
into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of Borrower to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any
Indebtedness owed to, Borrower or any other Subsidiary of Borrower, (b) make loans or advances to, or other Investments in, Borrower or any other Subsidiary of Borrower or (c) transfer any of its assets to Borrower or any other Subsidiary
of Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents and (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that
has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary. 
  

	 	8.15	Lines of Business 

 Enter into any business, either
directly or through any Subsidiary, except for those businesses in which Borrower and its Subsidiaries are engaged on the date of this Agreement or that are reasonably related thereto. 
  

	 	8.16	Optional Payments and Modifications of Certain Debt Instruments 

 (a) Make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of or otherwise optionally or voluntarily defease or segregate funds with respect to the Permitted Subordinated
Indebtedness other than the Convertible Subordinated Notes. 
 (b) Amend, modify, waive or otherwise change, or consent or agree to any
amendment, modification, waiver or other change to, any of the terms of the Permitted Subordinated Indebtedness (other than any such amendment, modification, waiver or other change that (i) would extend the maturity or reduce the amount of any
payment of principal thereof or reduce the rate or extend any date for payment of interest thereon and (ii) does not involve the payment of a consent fee). 
  

	ARTICLE IX.	REPRESENTATIONS AND WARRANTIES 

 To induce
Administrative Agent and Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, Borrower hereby represents and warrants to Administrative Agent and each Lender that: 
  

	 	9.1	Financial Condition 

 (a) The unaudited pro
forma consolidated financial statements of Borrower and its consolidated Subsidiaries as of provided in accordance with Section 6.1(g) (including the notes thereto) (the “Pro Forma Financial Statement”), copies of which have
heretofore been furnished to Administrative Agent, have been prepared giving effect (as if such events had occurred on such date) to the consummation of the proposed acquisition of MediaVast. The Pro Forma Financial Statement has been prepared based
on the best information available to Borrower as of the date of delivery thereof, and 

  

 PAGE 50 

 
presents fairly on a pro forma basis the estimated financial position of Borrower and its consolidated Subsidiaries for the periods covered thereby,
assuming that the events specified in the preceding sentence had actually occurred at such date. 
 (b) The audited consolidated balance
sheets of Borrower as of December 31, 2005, and the related consolidated statements of income, stockholders’ equity and cash flows for the fiscal year ended on such date, reported on by and accompanied by an unqualified report from
PricewaterhouseCoopers LLC, present fairly the consolidated financial condition of Borrower as of such date, and the consolidated results of its operations and its consolidated cash flows for the fiscal year then ended. The unaudited
consolidated balance sheets of Borrower as of March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006 and the related unaudited consolidated statements of stockholders’ equity, income and cash flows for the
three-month period ended on each such date, present fairly the consolidated financial condition of Borrower as of each such date, and the consolidated results of its operations and its consolidated cash flows for the three-month period then ended
(subject to normal year-end audit adjustments). 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). No Group Member has any material Guarantee Obligations, 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,
2006 to and including the date hereof there has been no Disposition by any Group Member of any material part of its business or property except in the ordinary course of business. 
  

	 	9.2	No Change 

 Since December 31, 2005, there has
been no development or event that has had or could reasonably be expected to have a Material Adverse Effect excepting those developments or events disclosed by Borrower on a Current Report on Form 8-K filed on November 9, 2006, a Current Report
on Form 8-K filed on November 29, 2006, a Current Report on Form 8-K filed on January 29, 2007, a Current Report on Form 8-K filed on February 8, 2007, a Current Report on Form 8-K filed on February 23, 2007, and the Form 12b-25
filed on March 2, 2007, as well as the possibility that Borrower will not be able to file its Quarterly Report on Form 10-Q for the period ended March 31, 2007 on a timely basis. 
  

	 	9.3	Existence; Compliance with Law 

 Each Group Member
(a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and authority, and the legal right, to own and operate its property, to lease the property it operates
as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each 

  

 PAGE 51 

 
jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification and where failure to be so
qualified could reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have
a Material Adverse Effect. 
  

	 	9.4	Power; Authorization; Enforceable Obligations 

 Each
Loan Party has the power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary
organizational action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or
enforceability of this Agreement or any of the Loan Documents, except consents, authorizations, filings and notices described in Schedule 9.4, which consents, authorizations, filings and notices have been obtained or made and are in full force
and effect. Each Loan Document has been duly executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each
Loan Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
  

	 	9.5	No Legal Bar 

 The execution, delivery and
performance of this Agreement and the other Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of any Group Member and
will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation. No Requirement of Law or Contractual Obligation
applicable to Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 
  

	 	9.6	Litigation 

 No litigation, investigation or
proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of Borrower, threatened by or against any Group Member or against any of their respective properties or revenues (a) with respect to any of the
Loan Documents or any of the transactions contemplated hereby or thereby or (b) that could reasonably be expected to have a Material Adverse Effect. 
  

 PAGE 52 

	 	9.7	No Default 

 No Group Member is in default under or
with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect, except with regards to the alleged default under the Convertible Subordinated Notes as described in the reports
and matters described in Section 9.2. No Default or Event of Default has occurred and is continuing. 
  

	 	9.8	Ownership of Property; Liens 

 Each Group Member has
title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property, and none of such property is subject to any Lien except as permitted by Section 8.3.

  

	 	9.9	Intellectual Property 

 Each Group Member owns, or
is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. No material claim has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the
validity or effectiveness of any Intellectual Property, nor does Borrower know of any valid basis for any such claim. The use of Intellectual Property by each Group Member does not infringe on the rights of any Person in any material respect.

  

	 	9.10	Taxes 

 Each Group Member has filed or caused to be
filed all Federal, state and other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other
charges imposed on it or any of its property by any Governmental Authority (other than any the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with
GAAP have been provided on the books of the relevant Group Member); no tax Lien has been filed, and, to the knowledge of Borrower, no claim is being asserted, with respect to any such tax, fee or other charge. 
  

	 	9.11	Federal Regulations 

 No part of the proceeds of any
Loans, and no other extensions of credit hereunder, will be used (a) for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time
to time hereafter in effect for any purpose that violates the provisions of the Regulations of the Board or (b) for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or Administrative Agent,
Borrower will furnish to Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 
  

 PAGE 53 

	 	9.12	Labor Matters 

 Except as, in the aggregate, could
not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes or other labor disputes against any Group Member pending or, to the knowledge of Borrower, threatened; (b) hours worked by and payment made to employees
of each Group Member have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of employee health and welfare
insurance have been paid or accrued as a liability on the books of the relevant Group Member. 
  

	 	9.13	ERISA 

 Neither a Reportable Event nor an
“accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such
five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or
deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has
resulted or could reasonably be expected to result in a material liability under ERISA, and neither Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if Borrower or any such Commonly Controlled
Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No such Multiemployer Plan is in Reorganization or Insolvent. 

 

	 	9.14	Investment Company Act; Other Regulations 

 No Loan
Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement
of Law (other than Regulation X of the Board) that limits its ability to incur Indebtedness. 
  

	 	9.15	Subsidiaries 

 Except as disclosed to Administrative
Agent by Borrower in writing from time to time after the Closing Date, (a) Schedule 9.15 sets forth the name and jurisdiction of organization of each Subsidiary and, as to each such Subsidiary, the percentage of each class of Capital Stock
owned by any Loan Party and (b) there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options and restricted stock units granted to employees or directors and
directors’ qualifying shares) of any nature relating to any Capital Stock of Borrower or any Subsidiary, except as created by the Loan Documents. 
  

 PAGE 54 

	 	9.16	Environmental Matters 

 Except as, in the aggregate,
could not reasonably be expected to have a Material Adverse Effect: 
 (a) the facilities and properties owned, leased or operated by any
Group Member (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under circumstances that constitute or constituted a violation of, or could give rise
to liability under, any Environmental Law; 
 (b) no Group Member has received or is aware of any notice of violation, alleged violation,
non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by any Group Member (the “Business”), nor does Borrower
have knowledge or reason to believe that any such notice will be received or is being threatened; 
 (c) Materials of Environmental Concern
have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated,
stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law; 
 (d) no judicial proceeding or governmental or administrative action is pending or, to the knowledge of Borrower, threatened, under any Environmental Law to which any Group Member is or will be named as a party with
respect to the Properties or the Business, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with
respect to the Properties or the Business; 
 (e) there has been no release or threat of release of Materials of Environmental Concern at or
from the Properties, or arising from or related to the operations of any Group Member in connection with the Properties or otherwise in connection with the Business, in violation of or in amounts or in a manner that could give rise to liability
under Environmental Laws; 
 (f) the Properties and all operations at the Properties are in compliance, and have in the last five years been
in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the Business; and 
 (g) no Group Member has assumed any liability of any other Person under Environmental Laws. 
  

 PAGE 55 

	 	9.17	Accuracy of Information, etc 

 No statement or
information contained in this Agreement, any other Loan Document or any other document, certificate or statement furnished by or on behalf of any Loan Party to Administrative Agent or Lenders, or any of them, for use in connection with the
transactions contemplated by this Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements contained herein or therein not misleading. The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by
management of Borrower to be reasonable at the time made, it being recognized by Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such
financial information may differ from the projected results set forth therein by a material amount. There is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed
herein, in the other Loan Documents or in any other documents, certificates and statements furnished to Administrative Agent and Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 
  

	 	9.18	Solvency 

 Each Loan Party is, and after giving
effect to the incurrence of all Indebtedness and obligations being incurred in connection herewith will be and will continue to be, Solvent. 
  

	 	9.19	Certain Documents 

 Borrower has delivered to
Administrative Agent a complete and correct copy of the MediaVast Purchase Agreement, including any amendments, supplements or modifications with respect to any of the foregoing. 
  

	ARTICLE X.	EVENTS OF DEFAULT 

 If any of the following events
shall occur and be continuing: 
 (a) Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance
with the terms hereof; or Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due
in accordance with the terms hereof; or 
 (b) any representation or warranty made or deemed made by any Loan Party herein or in any other
Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any
material respect on or as of the date made or deemed made; or 
  

 PAGE 56 

 (c) any Loan Party shall default in the observance or performance of any agreement contained in
Section 7.4(a)(i) or Article VIII of this Agreement; or 
 (d) any Loan Party shall default in the observance or performance of any
other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of
(i) the date any Loan Party receives notice from Administrative Agent of such default or (ii) the date any Responsible Officer of any Loan Party has knowledge of such default; provided, however, that if such default cannot
reasonably be cured within such 30-day period and if Borrower begins the cure thereof within such 30-day period and thereafter diligently prosecutes it to completion, such 30-day period will be extended for the period of time reasonably necessary to
complete such cure not to exceed an additional 60 days; or 
 (e) any Group Member shall (i) default in making any payment of any
principal of any Indebtedness (including any Guarantee Obligation, but excluding the Loans) on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the
period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in
any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness
(or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the case of any such Indebtedness constituting a Guarantee
Obligation) to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or
more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds
in the aggregate $10,000,000 and provided, further, that the events giving rise to the alleged default under the Convertible Subordinated Notes as described in the reports and matters described in Section 9.2 shall not constitute
an Event of Default; or 
 (f)(i) any Group Member shall commence any case, proceeding or other action (A) under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar
official for it or for all or any substantial part of its assets, or any Group Member shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Group Member any case, proceeding or other
action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or 

  

 PAGE 57 

 
(iii) there shall be commenced against any Group Member any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry
thereof; or (iv) any Group Member shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Group Member
shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
 (g)(i) any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) 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 any Group Member or any Commonly Controlled Entity, (iii) a Reportable
Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or
appointment of a trustee is, in the reasonable opinion of Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA,
(v) any Group Member or any Commonly Controlled Entity shall, or in the reasonable opinion of Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan
or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could, in the
sole judgment of Required Lenders, reasonably be expected to have a Material Adverse Effect; or 
 (h) one or more judgments or decrees shall
be entered against any Group Member (including, without limitation, any judgment or decree related to the matters disclosed in the reports and matters described in Section 9.2) involving in the aggregate a liability (not paid or fully covered
by insurance as to which the relevant insurance company has acknowledged coverage) of $10,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry
thereof; or 
 (i) the Guarantee Agreement shall cease, for any reason, to be in full force and effect as to any Loan Party or any Loan Party
or any Affiliate of any Loan Party shall so assert; or 
 (j)(i) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as
defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 35 percent of the outstanding common stock of Borrower or (ii) the board of directors of Borrower shall cease to consist of a majority of
Continuing Directors; or 
  

 PAGE 58 

 (k) so long as the Permitted Subordinated Indebtedness is outstanding, the Permitted Subordinated
Indebtedness or the guarantees thereof shall cease, for any reason, to be validly subordinated to the Obligations or the obligations of the Subsidiary Guarantors under the Guarantee Agreement, as the case may be, as provided in the Convertible
Subordinated Note Indenture, if any, or any Loan Party, any Affiliate of any Loan Party, the trustee in respect of the Permitted Subordinated Indebtedness or the holders of at least 25 percent in aggregate principal amount of the Permitted
Subordinated Indebtedness shall so assert; provided, however, that the events giving rise to the alleged default under and possible acceleration of the Convertible Subordinated Notes as described in the reports described in
Section 9.2 shall not constitute an Event of Default; or 
 then, and in any such event, (A) if such event is an Event of Default specified in
clause (i) or (ii) of paragraph (f) above with respect to Borrower, automatically the Revolving Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and
the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and
(B) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of Required Lenders, Administrative Agent may, or upon the request of Required Lenders, Administrative Agent shall,
by notice to Borrower declare the Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) with the consent of Required Lenders, Administrative Agent may, or upon the request of
Required Lenders, Administrative Agent shall, by notice to Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether
or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of
Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, Borrower shall at such time deposit in a cash collateral account opened by Administrative Agent an amount equal to
the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion
thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired
or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account
shall be returned to Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by Borrower.

  

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	ARTICLE XI.	THE ADMINISTRATIVE AGENT 

  

	 	11.1	Appointment 

 Each Lender hereby irrevocably
designates and appoints Administrative Agent as the administrative agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes Administrative Agent, in such capacity, to take such action on its
behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to Administrative Agent by the terms of this Agreement and the other Loan Documents, together
with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or
any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Administrative Agent.

  

	 	11.2	Delegation of Duties 

 Administrative Agent may
execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Administrative Agent shall not be
responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 
  

	 	11.3	Exculpatory Provisions 

 Neither Administrative
Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other
Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or
(ii) responsible in any manner to any of Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report,
statement or other document referred to or provided for in, or received by Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. Administrative Agent shall not be under any obligation to any Lender to ascertain or to
inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 
  

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	 	11.4	Reliance by Administrative Agent 

 Administrative
Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, facsimile, telex or teletype message, statement, order or other document or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to Borrower), independent accountants and other experts
selected by Administrative Agent. Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with Administrative
Agent. Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of Required Lenders (or, if so specified by this
Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of Required Lenders (or, if so specified by this Agreement, all
Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all Lenders and all future holders of the Loans. 
  

	 	11.5	Notice of Default 

 Administrative Agent shall not
be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless Administrative Agent has received notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating
that such notice is a “notice of default”. In the event that Administrative Agent receives such a notice, Administrative Agent shall give notice thereof to Lenders. Administrative Agent shall take such action with respect to such Default
or Event of Default as shall be reasonably directed by Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until Administrative Agent shall have received such directions, Administrative Agent may
(but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of Lenders. 
  

	 	11.6	Non-Reliance on Administrative Agent and Other Lenders 

 Each Lender expressly acknowledges that neither Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates have made any representations or warranties to it and that no act by Administrative
Agent hereafter taken, including any review of the affairs of a Loan Party or any Affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by Administrative Agent to any Lender. Each Lender represents to Administrative
Agent that it has, independently and without reliance upon Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other 

  

 PAGE 61 

 
condition and creditworthiness of the Loan Parties and their Affiliates and made its own decision to make its Loans hereunder and enter into this Agreement.
Each Lender also represents that it will, independently and without reliance upon Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Loan Parties and their Affiliate. Except for notices, reports and other documents expressly required to be furnished to Lenders by Administrative Agent hereunder, Administrative Agent shall not have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any Affiliate of a Loan Party that may
come into the possession of Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliate. 
  

	 	11.7	Indemnification 

 Lenders agree to indemnify
Administrative Agent in its capacity as such (to the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which
indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Revolving Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure
Percentages immediately prior to such date), 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 Administrative Agent in any way relating to or arising out of, the Revolving Commitments, 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 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 Administrative Agent’s gross negligence or willful misconduct. The agreements in this Section 11.7 shall survive the payment of the Loans and all other amounts payable hereunder. 
  

	 	11.8	Administrative Agent in Its Individual Capacity 

 Administrative Agent and its Affiliate may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though Administrative Agent were not Administrative Agent. With respect to its Loans made or
renewed by it and with respect to any Letter of Credit issued or participated in by it, Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it
were not Administrative Agent, and the terms “Lender” and “Lenders” shall include Administrative Agent in its individual capacity. 
  

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	 	11.9	Successor Administrative Agent 

 Administrative
Agent may resign as Administrative Agent upon 30 days’ notice to Lenders and Borrower. If Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then Required Lenders shall appoint from
among Lenders a successor agent for Lenders, which successor agent shall (unless an Event of Default under Article X(a) or Article X(f) with respect to Borrower shall have occurred and be continuing) be subject to approval by Borrower
(which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of Administrative Agent, and the term “Administrative Agent” shall mean such successor agent
effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent
or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s notice of resignation, the
retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and Lenders shall assume and perform all of the duties of Administrative Agent hereunder until such time, if any, as Required Lenders appoint a successor
agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 11.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement and the other Loan Documents. 
  

	ARTICLE XII.	MISCELLANEOUS 

  

	 	12.1	Amendments and Waivers 

 Neither this Agreement, any
other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 12.1. Required Lenders and each Loan Party party to the relevant Loan Document may, or, with
the written consent of Required Lenders, Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents
for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as Required Lenders
or Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such
waiver and no such amendment, supplement or modification shall (i) forgive or reduce the principal amount or extend the final scheduled date of maturity of any Loan, reduce the stated rate of any interest or fee payable hereunder (except in
connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall 

  

 PAGE 63 

 
be effective with the consent of Required Lenders)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date
of any Lender’s Revolving Commitment, in each case without the written consent of each Lender directly affected thereby; (ii) eliminate or reduce the voting rights of any Lender under this Section 12.1 without the written consent of
such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or
substantially all of the Subsidiary Guarantors from their obligations under the Guarantee Agreement, in each case without the written consent of all Lenders; (iv) amend, modify or waive any provision of Section 5.9 without the written
consent of Required Lenders in respect of the Revolving Facility adversely affected thereby; (v) reduce the percentage specified in the definition of Required Lenders with respect to the Revolving Facility without the written consent of all
Lenders under such Revolving Facility; (vi) amend, modify or waive any provision of Article XI without the written consent of Administrative Agent; (vii) waive any Default or Event of Default without the written consent of Required
Lenders under the Revolving Facility; (vii) amend, modify or waive any provision of Article III without the written consent of the Swing Line Lender; or (viii) amend, modify or waive any provision of Article IV without the
written consent of Issuing Lender. Any such waiver and any such amendment, supplement or modification shall apply equally to each of Lenders and shall be binding upon the Loan Parties, Lenders, Administrative Agent and all future holders of the
Loans. In the case of any waiver, the Loan Parties, Lenders and Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be
cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 
 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of Required Lenders, Administrative Agent and Borrower (a) to add one or more additional credit
facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with
the Revolving Extensions of Credit and the accrued interest and fees in respect thereof and (b) to include appropriately Lenders holding such credit facilities in any determination of Required Lenders. 
  

	 	12.2	Notices 

 All notices, requests and demands to or
upon the respective parties hereto to be effective shall be in writing (including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being
deposited in the mail, postage prepaid, or, in the case of facsimile notice, when received, addressed as follows in the case of Borrower and Administrative Agent, and as set forth in an administrative questionnaire delivered to Administrative Agent
in the case of Lenders, or to such other address as may be hereafter notified by the respective parties hereto: 
  

 PAGE 64 

			
	Borrower:	 	 Getty Images, Inc. 601 North 34th Street
 Seattle, Washington 98103

		 	Attention: Legal Counsel
		 	Facsimile: 206-925-5623
		 	Telephone: 206-925-6008
		
	 Administrative Agent:
	 	 U.S. Bank National Association
 10800 NE Eighth
Street, Suite 1000
 Bellevue, Washington 98004

		 	Attention: Ryan M. Stipe
		 	Facsimile: 425-450-5914
		 	Telephone: 425-450-5989

 provided that any notice, request or demand to or upon Administrative Agent or Lenders shall not be
effective until received. 
 Notices and other communications to Lenders hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Articles II or IV unless otherwise agreed by Administrative Agent and the applicable Lender. Administrative Agent
or 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. 
  

	 	12.3	No Waiver; Cumulative Remedies 

 No failure to
exercise and no delay in exercising, on the part of Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law. 
  

	 	12.4	Survival of Representations and Warranties 

 All
representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of
the Loans and other extensions of credit hereunder. 
  

	 	12.5	Payment of Expenses and Taxes 

 Borrower agrees
(a) to pay or reimburse Administrative Agent for all its out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this 

  

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Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the
transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to Administrative Agent and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to Borrower
prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as Administrative Agent shall deem appropriate, (b) to pay or reimburse each
Lender and Administrative Agent for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the fees and
disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of counsel to Administrative Agent, (c) to pay, indemnify, and hold each Lender and Administrative Agent harmless from, any and all
recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or
consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and
(d) to pay, indemnify, and hold each Lender and Administrative Agent and their respective officers, directors, employees, Affiliates, agents and controlling persons (each, an “Indemnitee”) harmless from and against any and all other
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this
Agreement, the other Loan Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans or the violation of, noncompliance with or liability under, any Environmental Law applicable to the
operations of any Group Member or any of the Properties and the reasonable fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in
this clause (d), collectively, the “Indemnified Liabilities”), provided, that Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are
found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by applicable law,
Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties,
fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee except for any thereof arising out of the
gross negligence or intentional misconduct of such Indemnitee. All amounts due under this Section 12.5 shall be payable not later than 10 days after written demand therefor. The agreements in this Section 12.5 shall survive repayment of
the Loans and all other amounts payable hereunder. 
  

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	 	12.6	Successors and Assigns; Participations and Assignments 

 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of Issuing Lender that issues any Letter of
Credit), except that (i) Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by 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 12.6. 
 (b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Revolving Commitments and the Loans at the time owing to it) with the prior written consent of: 
 (A) Borrower (such consent not to be unreasonably withheld), provided that no consent of Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and
is continuing, any other Person; 
 (B) Administrative Agent; and 
 (C) the Issuing Lender. 
 (ii) Assignments
shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender, an Affiliate of a Lender or
an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitments or Loans under the Revolving Facility, the amount of the Revolving Commitments or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent) shall not be less than $5,000,000 unless each of Borrower and Administrative Agent otherwise consent,
provided that (1) no such consent of Borrower shall be required if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

 (B) the parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500; and 
 (C) the Assignee, if it shall not be a Lender, shall deliver to Administrative Agent an
administrative questionnaire. 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after
the effective date specified in each Assignment 

  

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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 5.12, 5.15, 5.16
and 12.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.6 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) Administrative Agent, acting for this purpose as an
agent of 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 Lenders, and the Revolving Commitments of, and principal amount of the
Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and Borrower, Administrative Agent, Issuing Lender and Lenders may treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 
 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the Assignee’s completed
administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of
this Section, Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. 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 Borrower or 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 Revolving Commitments and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) Borrower,
Administrative Agent, Issuing Lender 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 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 may provide that
such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the second sentence of
Section 12.1 and 

  

 PAGE 68 

 
(2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section, Borrower agrees that each Participant shall be entitled to the
benefits of Sections 5.12, 5.15 and 5.16 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 12.7(b) as though it were a Lender, provided such Participant shall be subject to Section 12.7(a) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under Sections 5.12 or 5.15 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 Borrower’s prior written consent. Any Participant that is a Non-U.S. Lender shall not be
entitled to the benefits of Section 5.15 unless such Participant complies with Section 5.15(d). 
 (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 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. 
 (e) Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring
Notes to facilitate transactions of the type described in paragraph (d) above. 
  

	 	12.7	Adjustments; Set-off 

 (a) Except to the extent that
this Agreement expressly provides for payments to be allocated to a particular Lender or to Lenders under the Revolving Facility, if any Lender (a “Benefited Lender”) shall, at any time after the Loans and other amounts payable hereunder
shall immediately become due and payable pursuant to Article X, receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to
events or proceedings of the nature referred to in Article X(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such
Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be
necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral ratably with each of Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered
from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
  

 PAGE 69 

 (b) As additional security for the payment of the Obligations, Borrower hereby grants to Administrative
Agent, each Lender, and any Participant, a security interest in, a lien on and an express contractual right to set off against all depository account balances, cash and any other property of Borrower now or hereafter in the possession of
Administrative Agent, any Lender, or any Participant, and the right to refuse to allow withdrawals from any account (collectively “Setoff”). Administrative Agent, each Lender and any Participant may, at any time upon the occurrence of an
Event of Default, Setoff against the Obligations whether or not the Obligations (including future installments) are then due or have been accelerated, all without any advance or contemporaneous notice or demand of any kind to Borrower, such notice
and demand being expressly waived. 
  

	 	12.8	Counterparts 

 This Agreement may be executed by one
or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by
facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with Borrower and Administrative Agent. 
  

	 	12.9	Severability 

 Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

	 	12.10	Integration 

 This Agreement and the other Loan
Documents represent the entire agreement of Borrower, Administrative Agent and Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by Administrative Agent or any
Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 
  

	 	12.11	Governing Law 

 THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF WASHINGTON WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
  

 PAGE 70 

	 	12.12	Submission To Jurisdiction; Waivers 

 Borrower
hereby irrevocably and unconditionally: (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment
in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of Washington, the courts of the United States for the Western District of Washington, and appellate courts from any thereof; (b) consents that any such
action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same; (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid,
to Borrower, as the case may be at its address set forth in Section 12.2 or at such other address of which Administrative Agent shall have been notified pursuant thereto; (d) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section 12.12 any special, exemplary, punitive or consequential damages. 
  

	 	12.13	Acknowledgements 

 Borrower hereby acknowledges
that: (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; (b) neither Administrative Agent nor any Lender has any fiduciary relationship with or duty to Borrower
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and Borrower, on the other hand, in connection herewith or therewith is solely that
of debtor and creditor; and (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among Lenders or among Borrower and Lenders. 
  

	 	12.14	Releases of Guarantees 

 (a) Notwithstanding
anything to the contrary contained herein or in any other Loan Document, Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by
Section 12.1) to take any action requested by Borrower having the effect of releasing any guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been
consented to in accordance with Section 12.1 or (ii) under the circumstances described in paragraph (b) below. 
 (b) At such
time as the Loans, the Reimbursement Obligations and the other obligations under the Loan Documents (other than obligations under or in respect of Swap Agreements) shall have been paid in full, the Revolving Commitments have been 

  

 PAGE 71 

 
terminated and no Letters of Credit shall be outstanding, the Guarantee Agreement and all obligations (other than those expressly stated to survive such
termination) of each Loan Party under the Guarantee Agreement shall terminate, all without delivery of any instrument or performance of any act by any Person. 
  

	 	12.15	Confidentiality 

 (a) Each of Administrative Agent
and each Lender agrees to keep confidential all non-public information provided to it by any Loan Party, Administrative Agent or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential;
provided that nothing herein shall prevent Administrative Agent or any Lender from disclosing any such information (a) to Administrative Agent, any other Lender or any Affiliate thereof (provided that, with respect to such Affiliates,
the recipient of the information is advised of its confidential nature and required to keep it confidential as and to the extent required of the disclosing party under this Agreement), (b) subject to an agreement to comply with the provisions
of this Section 12.15, to any actual or prospective Transferee or any direct or indirect counterparty to any Swap Agreement relating to Borrower or its obligations (or any professional advisor to such counterparty), (c) to its employees,
directors, agents, attorneys, accountants and other professional advisors or those of any of its Affiliates, (d) upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental
Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National
Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such
Lender, or (i) in connection with the exercise of any remedy hereunder or under any other Loan Document. 
 (b) Administrative Agent and
Lenders hereby notify each Loan Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), they are required to obtain, verify and record information
that identifies the Loan Parties, which information includes the names and addresses of the Loan Parties and other information that will allow Administrative Agent and Lenders to identify the Loan Parties in accordance with the Act. 
  

	 	12.16	WAIVERS OF JURY TRIAL 

 BORROWER AND EACH LENDER
HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, WHETHER NOW OR HEREAFTER ARISING AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND HEREBY CONSENTS AND AGREES THAT ANY SUCH CLAIM
MAY, AT ADMINISTRATIVE AGENT’S ELECTION, BE DECIDED BY TRIAL WITHOUT A JURY AND THAT ADMINISTRATIVE AGENT MAY FILE AN ORIGINAL COUNTERPART OR COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE WAIVER AND AGREEMENT CONTAINED HEREIN.

  

 PAGE 72 

	 	12.17	Statutory Notice 

 ORAL AGREEMENTS OR ORAL
COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
 [SIGNATURE PAGE FOLLOWS] 
  

 PAGE 73 

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

			
	GETTY IMAGES, INC.
		
	By:	 	 /s/ THOMAS OBERDORF

	Name:	 	Thomas Oberdorf
	Title:	 	Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent, Swing Line Lender, Issuing Lender and as a Lender
		
	By:	 	 /s/ RYAN M. STIPE

	Name:	 	Ryan M. Stipe
	Title:	 	Senior Vice President

  

 PAGE 74Purchase Agreement

 Exhibit 10.44 
 LIMITED PARTNERSHIP PURCHASE AGREEMENT 
 THIS LIMITED PARTNERSHIP PURCHASE AGREEMENT is executed as
of February 7, 2007, by and among Lowrie Management LLLP, a Colorado limited liability limited partnership(hereinafter referred to as “Lowrie”) and Illinois Acquisitions Inc., a Colorado corporation (hereinafter referred to as
“Illinois”), VCG Holding Corp., a Colorado corporation (hereinafter referred to as “VCG”), and IRC, LP., an Illinois limited partnership doing business as “Penthouse St. Louis” (hereinafter referred to as the
“Company”). 
 WHEREAS, the Company owns and operates an adult entertainment nightclub known as Penthouse St Louis located at 1401
Monsanto Avenue Bay 18, Sauget, Illinois (“Penthouse St. Louis” or the “Premises”) and is licensed by the State of Illinois to sell liquor on the Premises. 
 WHEREAS, in connection with the VCG’s purchase of the one percent general partnership interest and a eighty-seven percent (87%) limited
partnership interest for 50,000 shares of restricted common stock from VCG and a $4,200,000 to be paid per the terms of a promissory note and security agreement executed upon the approval of the transfer of the liquor license to VCG (Exhibit A).

 WHEREAS, Illinois owns the general partnership interest of the Company (1%). 
 WHEREAS, Illinois is the general partner of other limited partnerships and this sale does not include these other partnerships or any ownership of
Illinois direct or indirect. 
 WHEREAS, Lowrie owns a 87% of limited partnership interest of the Company. 
 WHEREAS, VCG has offered to purchase, and Illinois and Lowrie has offered to sell, all of its ownership of the Company in accordance with the terms of
this Agreement. 
 NOW, THEREFORE, in consideration of the above premises, the respective representations, warranties and agreements herein
contained, and other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. The Purchase 
 1.1 Agreement to Purchase. 
 VCG hereby agrees to purchase, and Illinois hereby agrees to sell, transfer, assign and deliver to VCG, the general partnership interest it owns in the Company for a 50,000 shares of restricted common stock of VCG.

 VCG hereby agrees to purchase, and Lowrie hereby agrees to sell, transfer, assign and deliver to VCG, all of the limited partnership interest it owns in
the Company for a $4,200,000 promissory note and security agreement payable to Lowrie, a copy of which is attached hereto as Exhibit A. 
  

					
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 (VCG)   (Seller)   (Company)

 1.2 Closing. The completion of the purchase shall take place at such place and time as may be
agreed between the parties, no later than March 31, 2007 (the “Termination Date”). The date of completion of the purchase shall be hereinafter referred to as the “Closing Date.” Regardless of the Closing Date, the parties
agree that the purchase shall be upon transfer of the liquor license (the “Purchase Date”). 
 2. Actions on the Closing Date

 2.1 VCG Actions at Closing. On the Closing Date, VCG shall deliver to Illinois and Lowrie: 
 2.0.1 50,000 shares of restricted common stock of VCG issued to Illinois. 
 2.0.2 The original $4,200,000 promissory note and security agreement from VCG to Lowrie, a copy of which is attached hereto as Exhibit A.

 2.3.3 A certificate executed by VCG confirming the representations and warranties contained in Section 3 hereof as of
the Closing Date. 
 2.2 On the Closing Date, Illinois and Lowrie shall deliver to VCG: 
 2.0.1 A certificate representing transfer of all of Illinois’s general partnership interest of the Company, properly endorsed and
assigned to VCG Holding Corp., and any other instruments or documents that may be necessary, desirable or appropriate to transfer and assign to VCG all of its general partnership interest of the Company, all in a form and substance satisfactory to
counsel for VCG; 
 2.0.2 A certificate representing transfer of all of Lowrie’s limited partnership interest of the
Company, properly endorsed and assigned to VCG Holding Corp., and any other instruments or documents that may be necessary, desirable or appropriate to transfer and assign to VCG all of its limited partnership interest of the Company, all in a form
and substance satisfactory to counsel for VCG; 
 2.0.3 A certificate executed by Illinois, Lowrie and the Company confirming
the representations and warranties contained in Sections 4 and 5 hereof as of the Closing Date; 
 2.0.4 All of the books and
records of the Company. 
 2.4.5 Any and all other documents reasonably requested by VCG to be delivered by Seller at Closing.

  

					
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 (VCG)   (Seller)   (Company)

 3. Representations and Warranties of VCG. VCG represents and warrants to Seller, as of the date hereof and
up to and including the Closing Date, as follows: 
 3.1 Organization and Good Standing. VCG is a corporation duly organized, validly
existing and in good standing under the laws of the State of Colorado. 
 3.2 Corporate Powers, Compliance with Other Instruments, and
Law. VCG has the unconditional right, power and authority to execute, pursue and complete this Agreement, and neither the execution of this Agreement, nor the completion of the acts and events described in and/or contemplated by this Agreement,
in accordance with its provisions, will violate the Articles of Incorporation, as amended, or bylaws of VCG, nor any existing law, order, rule, regulation, writ, injunction or decree of any governmental entity having jurisdiction over VCG or its
properties. 
 4. Representations and Warranties of Seller and the Company. Illinois, Lowrie, and the Company, jointly and severally, represent
and warrant to VCG, as of the date hereof and up to and including the Closing Date, as follows: 
 4.1 Organization and Good Standing.
The Company is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Illinois. The Company has full power and authority, corporate and otherwise, to carry on its business as and where now
conducted and to own and operate the properties and assets now owned and operated by it. The Company is duly qualified to transact business and in good standing in each jurisdiction where the ownership of its properties and assets or the conduct of
its business requires it to be licensed or qualified to do business. 
 4.2 Limited Partnerships Powers, Compliance with Other
Instruments, Governmental Consents and Laws. The General Partner has the unconditional right, power and authority to execute, pursue and complete this Agreement. The execution and completion of this Agreement and the completion of the
transactions contemplated hereby have been duly authorized by the Board of Directors of the Illinois. Neither the execution of this Agreement, nor the completion of the acts and events described in and/or contemplated by this Agreement, in
accordance with its provisions, will alter the rights or remedies of the Company with respect to others, or conflict with or constitute a default under or a breach or a violation of or grounds for termination of, or an event which, with the lapse of
time or notice, could constitute a default under or breach or violation or grounds for termination of (i) the articles of incorporation, as amended, or bylaws of the Company as the same are currently in effect, (ii) any note, indenture,
mortgage, deed of trust or other agreement or instrument to which the Company is a party or by which it is bound, (iii) any existing law, order, rule, regulation, writ, injunction or decree of any union or any government, governmental
department, commission, board, bureau, agency or instrumentality or court, domestic or foreign, having jurisdiction over the Company or its properties. Except for (i) all necessary approvals by the State of Illinois with respect to the transfer
of the Company’s license to sell liquor and (ii) any adult entertainment license, no consent, approval, authorization or order of any person, entity, court or governmental agency or body or union or other body is required by the Company to
complete the transactions contemplated herein. 
  

					
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 (VCG)   (Seller)   (Company)

 4.5 Licenses. The Company is currently licensed to present live adult entertainment by the City of
Sauget, Illinois, and is in compliance with all reporting obligations and other requirements of such license. Company has delivered to VCG a true, correct and complete copy of the sexually oriented business license and tavern liquor license, the
original both are at the Premises, and the same is in full force and effect. No person or entity (including, but not limited to, the State of Illinois) has commenced any proceeding against the Company, or against any person currently or previously
associated with the Company or Penthouse St. Louis, for the revocation or suspension of any such license, or for the imposition of any conditions thereon, or for the imposition of any fine or penalty on the Company. 
 4.6 Delivery of Documents and Schedules. 
 4.6.1 The Company has delivered to VCG a complete and accurate list, attached hereto as Schedule 4.6.1, of all liens, encumbrances, licenses, leases, employment agreements (including any pension, profit sharing, bonus
or severance pay commitments), collective bargaining agreements, and other contracts, undertakings, and commitments to which the Company is a party or by which it is bound or to which any of its properties or assets are subject. The Company has
performed all obligations required to be performed by it under such liens, encumbrances, licenses, leases, contracts, agreements, and other undertakings and commitments and is not in default under any of them. 
 4.6.2 The Company has delivered to VCG a complete and accurate list, attached hereto as Schedule 4.6.2, of all property and assets owned
by the Company, including, but not limited to, all equipment, furniture, fixtures, and other physical assets and property owned by the Company and used in connection with the operation of Penthouse St. Louis. The Company has good and marketable
title to all property and assets used in its business, including, but not limited to, all property and assets reflected in the Financial Statements, as defined in Section 4.7, and in Schedule 4.6.2, and all property and assets acquired by it
after the date of the Financial Statements, subject to no liens, mortgages, pledges, encumbrances, or charges of any kind except as set forth in Schedule 4.6.1. The property and assets of the Company, including, but not limited to, equipment and
other facilities of the Company, have been properly maintained, are in good working and operating condition and repair, and are suitable for the uses for which they are intended and for their use in the business. There are no security interests on
any of the property and assets that arose in connection with any failure or alleged failure to pay any tax. 
 4.6.3 The
Company has delivered to VCG a complete and accurate list, attached hereto as Schedule 4.6.3, briefly describing all general liability policies and other insurance policies maintained by the Company, including the annual costs of such policies.
These policies are in amounts and provide coverage customarily maintained by similar businesses similarly situated and are and shall be in full force and effect through the Closing Date. 
  

					
		  	Page 4 of 18	  	 __DWP   __THL   _____THL_
 (VCG)   (Seller)   (Company)

 4.6.4 The Company has delivered to VCG a complete and accurate list, attached hereto as
Schedule 4.6.4, of all employees and independent contractors of the Company and their respective rates of compensation, including benefits, if any. All of the employees and independent contracts have and will have received all compensation and
benefits due from the Company through the Closing Date. 
 4.6.5 The Company has delivered to VCG a complete and accurate
list, attached as Schedule 4.6.5, of all bank accounts presently maintained by the Company, showing the names of all persons authorized to make withdrawals or sign checks on those accounts or have access to them, and any powers of attorney,
presently in effect, granted by the Company. 
 4.6.6 Other than as set forth on Schedule 4.6.6 attached hereto, no
litigation, proceeding, or controversy is pending against the Company or its assets before any court or any governmental agency and, to the knowledge of Seller or the Company, no such litigation, proceeding, or controversy is threatened or
anticipated. The Company has not violated any laws, regulations, or orders applicable to its business or activities, and the conduct of the present business of the Company at its present location is in conformity with all zoning and building code
requirements. 
 4.6.7 The Company has delivered to VCG true, complete, unmodified and correct copies of the Company’s
federal, state and local tax returns. 
 4.7 Financial Statements. Attached as Schedule 4.7 are true and complete copies of the
financial statements of the Company as of December 31, 2004 and 2005, and 2006. The financial statements are complete and accurate, have been prepared in accordance with generally accepted accounting (“GAAP”) principles consistently
applied, and present fairly, to the extent reported thereon, the financial position of the Company as of the end of the periods reflected thereon. The financial statements attached hereto as Schedule 4.7 and information described herein is
collectively referred to as the “Financial Statements.” 
 4.8 Independent Certified Public Accountants. The Financial
Statements have been audited by Ronald Chadwick PC, CPA, independent certified public accountant. 
 4.9 Material Transactions and Adverse
Changes. Between the date of the Company’s Financial Statements and the Closing Date, there has not and will not have been, occurred or arisen: 
 4.9.1 Any material adverse change in the business or financial condition of the Company from that shown in the Financial Statements; or 
 4.9.2 Any damage or destruction in the nature of a casualty loss, whether covered by insurance or not, materially and adversely affecting
any one or more assets, properties or the business of the Company; or 
  

					
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 (VCG)   (Seller)   (Company)

 4.9.3 Irrespective of any rights to indemnification, any waiver, release or deferral, by
the Company of any right to substantial value or significance which singly or in the aggregate is material to the Company; or 
 4.9.4 Any borrowing of money or any commitment to borrow money by the Company or any cancellation, termination or modification of any existing loan and/or commitment to lend money to the Company; or 
 4.9.5 The creation of or entrance into any new or existing business entity by the Company; or 
 4.9.6 Any other event, condition or state of facts of any character which materially and adversely affects, or, threatens to materially
and adversely affect, the business, properties or assets of the Company, or results of operations or financial condition of the Company. 
 4.10 Taxes. 
 4.10.1 All personal property tax, transaction privilege tax, payroll withholdings,
workman’s compensation, income tax, excise tax, unemployment, social security, occupation, franchise and other taxes, duties or charges levied, assessed or imposed upon the Company by the United States or by any government, state, municipality
or governmental subdivision have been and shall be duly paid by the Company through the Closing Date. All federal state and local income excise, unemployment, social security, occupation, franchise and other tax reports and returns and other reports
required by law or regulation have been and shall be duly filed by the Company through the Closing Date. The Company has withheld and paid when due all taxes required to have been withheld and paid in connection with amounts paid or owing to any
employees, independent contractors, creditors, stockholders or other third parties, through the Closing Date. The Company and Seller have no basis to expect that any authority will assess any additional taxes for any period for which tax returns
shall have been filed at the Closing Date. There is not, and as of the Closing Date there shall not be, any dispute or claim concerning any tax liability of the Company either (a) claimed or raised by any authority in writing or (b) as to
which the Company or Seller has knowledge based upon personal contact with any agent of such authority. There are not, and as of the Closing Date there shall not be, any liabilities for prior years’ taxes that could constitute a lien against
any part of the Company’s assets or property or subject VCG or the Company to liability therefore. 
 4.10.2 Adequate
reserves have been established for all income and other tax liabilities on the Financial Statements for the period then ended and for all preceding periods through the Closing Date for the Company. 
 4.10.3 The Company has not waived and will not waive any statute of limitations with respect to any of its liabilities, including, without
limitation, liability for federal income or any other taxes for any period prior to the Closing Date. 
  

					
		  	Page 6 of 18	  	 __DWP   __THL   _____THL_
 (VCG)   (Seller)   (Company)

 4.10.4 No consents have been filed pursuant to Section 754 b of the Internal Revenue
Code of 1986, by the Company or any transferor of the Company through the Closing Date. 
 4.10.5 After the Closing Date,
neither the Company nor VCG shall have any obligation to pay any tax attributable to a period or activity prior to the Purchase Date. Any income tax obligation or benefit for the tax period ended December 31, 2007 shall be attributed between
Illinois, Lowrie and VCG on the basis of the income and expenses of the Company for that part of the year that the Shares were owned by the respective party. 
 4.11 Contracts. The Company is not a party to any contract not made in the ordinary course of business, nor is the Company a party to any (1) contract for the employment of any officer or individual
employee. 
 4.12 Contingent Liabilities. There are no claims, actions, suits, proceedings or investigations pending or threatened,
against or affecting the Company or its property or assets, in any court or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or arbitration
tribunal, or other forum. There are no judgments, decrees, orders, writs, injunctions, demands or any other mandates outstanding to which the Company is a party or by which it is bound or its property or assets affected. 
 4.13 Guarantees. There are no contracts or commitments by the Company directly or indirectly guaranteeing the payment, performance or both payment
and performance of the obligations of third parties. 
 4.14 Compliance with Laws. The Company has complied in all material respects
with all applicable laws, orders and regulations of the federal, state, municipal and/or other governments and/or any instrumentality thereof, domestic or foreign, applicable to assets of Centerfold Showclub assets and/or to the business conducted
by it including, without limitation, all applicable liquor laws, and is not in violation of any laws, orders and regulations which singly or in the aggregate are material. Except for such violations that will not materially, adversely or monetarily
affect the Company or its business: 
 (a) The Company has complied with and the Company is not in violation of any federal,
state, county and municipal law, ordinance, code or regulation or governmental rule or regulation, directives or orders. 
 (b) The Company has maintained such records as required by law, Seller will maintain copies of those records for at least four years after closing and make such records available to VCG and as VCG may reasonably request. 
 (c) The Company has not failed to obtain any, and the Company currently holds and maintains all, licenses, permits or other governmental
authorizations necessary 

  

					
		  	Page 7 of 18	  	 __DWP   __THL   _____THL_
 (VCG)   (Seller)   (Company)

 
to the ownership, operation and sale of its services (all of which licenses, permits and authorizations are valid) and, in particular, but without limiting
the foregoing, the Company is not in violation of any environmental, safety, health, food or drug law, rule or regulation. 
 (d) The Company has complied with and the Company is not in violation of or in default with respect to any judgment, order, writ, injunction or decree of any court or of any governmental official department, commissions, authority, board,
bureau, agency or other instrumentality to which the Company is subject. 
 (e) No material default or breach exists under any
contract, lease, agreement, commitment, pledge, encumbrance, lien, claim, charge, right, option or other instrument or obligation to which the Company is now a party or by which the Company, the property, assets and/or the Company’s business
may be bound or affected. 
 4.15 Indebtedness Owed to Partners, Employees or Independent Contractors. The Company is not indebted to
any partner, employee or independent contractor as of the date hereof, except for $131,293 payable to a shared reserve account. 
 4.16
Indebtedness Owed by Partner, Employees or Independent Contractors. No money is owed to the Company by any of the partner, employees, or independent contractors of the Company. 
 4.17 Bonuses to Employees and Independent Contractors. There is no obligation, commitment or past repetitive historical practice of the Company to
pay bonuses, royalties or other similar compensation designed to reward past performance, create incentive for future performance or otherwise, to any officer, director, employee or independent contractor of the Company. 
 4.18 Status of the partnership interest. The partnership interests are, and when sold and delivered at the Closing Date will be, legally and
validly issued, duly authorized, fully paid and nonassessable. There are no persons holding powers of attorney from the Company or any proxy or power of attorney with respect to the partnership interests. 
 4.19 Estoppel. All statements in this Agreement with respect to the Company are true and correct and Illinois and Lowrie have not made any untrue
statement of a material fact or omitted to state a material fact necessary in order to make the statements made herein, in the light of the circumstances under which they were made, not misleading. 
 4.20 Schedules and Exhibits. With respect to the references made throughout the Agreement to Schedules and Exhibits, the contents thereof are to
be deemed to be an integral part of this Agreement among the parties and such contents are incorporated herein by reference. All warranties and representations herein expressly provided shall apply to the information set forth in the Schedules and
Exhibits. 
  

					
		  	Page 8 of 18	  	 __DWP   __THL   _____THL_
 (VCG)   (Seller)   (Company)

 4.21 Business Premises, Permitted Use and Zoning, Liquor License. The Premises are suitable for
the conduct of the business of the Company. The Premises is zoned for use of an “adult entertainment establishment” is a permitted use as the terms are defined by the City of Sauget. Notwithstanding anything else to the contrary in this
Agreement, VCG’s obligations under this Agreement are expressly conditioned on the uses of “adult entertainment” being permitted uses on the Premises as those terms are defined by the City of Sauget at the Closing Date. 
 4.22 No Insolvency. Neither Illinois, Lowrie nor the Company is insolvent and the consummation of this transaction will not render Illinois or
Lowrie insolvent. 
 4.23 Environment, Health and Safety. The Company has complied with all environmental, health and safety laws with
respect to the property and assets and/or the business, and no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand or notice has been filed or commenced against the Company or any associate person alleging any failure
so to comply with respect to the property assets and/or the Company’s business. 
 4.24 Entertainers. Seller and the Company
represent that any person who has appeared at the Premises (and may appear prior to the Closing Date) as an entertainer has always been (and will be) treated and classified by the Company as an independent contractor and not as an
“employee.” 
 5. Representations and Warranties of Seller. Illinois and Lowrie represents and warrants to VCG as follows:

 5.1 Illinois and Lowrie has the capacity to enter into, and to perform the obligations required by this Agreement. 
 5.2 Other than Troy H. Lowrie, no other person has any direct or indirect interest in the partnership interests, and Troy H. Lowrie is the sole party who
has the power with respect to the partnership interests. On delivery of the partnership interests pursuant to this Agreement, VCG will receive good and marketable title to the partnership interests, free and clear of all liens, encumbrances,
restrictions, equities, and any claims. 
 5.3 VCG has completed a due diligence investigation, including, but not limited to, a discussions
with Illinois Restaurant Concepts, LP., Illinois Acquisitions Inc., Lowrie Management LLLP, and applicable state and local authorities and government agencies and a review of the following documents of the Company and, as applicable for the last
three years (except where otherwise indicated): the articles of limited partnership and bylaws, including amendments from inception; minutes of partners’ meetings from inception; all reports and filings under federal and state laws; financial
statements; list of shareholders and copies of partnership interest transfers from inception; material contracts and agreements, employee benefit plans, trusts and related 

  

					
		  	Page 9 of 18	  	 __DWP   __THL   _____THL_
 (VCG)   (Seller)   (Company)

 
documents; insurance and other welfare plans and programs; employment contracts and consulting agreements; collective bargaining agreements annual budgets;
operating procedure manuals; outside management consulting studies and reports; corporate tax returns; insurance coverage; and leases relating to real estate and equipment. After such investigation, Seller has no reason to believe that any of the
representations or warranties contained in Section 4 and this Section 5 are not true, correct, and complete, and none of the representations or warranties contained in such Sections omits any statement or information necessary, in light of
the circumstances, to make such representation or warranty not misleading. 
 5.4 There is no contractual or other obligation owned by the
Company of which Illinois or Lowrie is aware that is not documented and/or has not been provided to VCG. 
 6. Covenants of Illinois, Lowrie, and the
Company. Illinois, Lowrie, and the Company, hereby covenant and agree as follows: 
 6.1 Actions of Seller and the Company.
Prior to the Closing Date, (a) Illinois, Lowrie, and the Company shall use their best efforts to complete the transaction contemplated in this Agreement and, without limiting the generality of the foregoing, to obtain all consents and
authorizations necessary to transfer the partnership interests and all its ownership of the Company to VCG, and to retain/transfer the Company’s license to sell liquor in Illinois, and will cause to be prepared all documentation related to such
consents and authorizations; and (b) Illinois, Lowrie, and Company shall make all filings and give all notices to those parties which may be necessary or reasonably required in order to effect the transactions contemplated by this Agreement and
to comply with all applicable state laws and regulations in connection with the effectuation of this Agreement. 
 6.2 Conduct of Business
Before Closing. Prior to the Closing Date, Illinois, Lowrie, and the Company will not enter into any transaction which would be of such materiality as to render materially false or misleading the description of the Company’s business
activities, assets, properties, liabilities, contractual commitments and/or business relationships or other matters as set forth in this Agreement. Seller and the Company covenant and agree that, from the date of this Agreement until the Closing
Date, the Company will at all times conduct its business in the usual and ordinary course and will not, without the prior written consent of VCG, (a) purchase, sell, or otherwise dispose of any property, asset or services of any kind, other
than purchases and sales in the ordinary course of business; (b) mortgage, pledge, create security interests in or otherwise encumber any of its properties or assets; (c) make or incur any capital commitment or expenditure or any unusual
or long term commitment; (d) grant any increase in salary or other increased compensation to any of its employees or independent contractors; (e) declare or pay any dividend or make any other distribution to shareholders; (f) reveal
to third persons any trade secrets, customer lists, or other confidential or proprietary information; (g) enter into any lease, contract, agreement, purchase or sale order or other commitment relating to the property or the assets or the
Penthouse St. Louis; or (h) modify, amend, cancel or terminate any of its existing leases, contracts, agreements or other commitments relating to the Company’s business, assets or property, or act otherwise in any manner that may adversely
affect its rights, interests, assets, properties or business. 
  

					
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 6.3 Preservation of Business Organization. From the date hereof through the Closing Date,
Illinois, Lowrie, and the Company will use their best efforts, to preserve and maintain the Company’s business and personnel, to keep available the services of its management, employees, and independent contractors, and to preserve its good
will with suppliers, customers and others having business relations with it. 
 6.4 Access. The Company will furnish to VCG’s
officers, directors, accountants, attorneys and other representatives full access, during normal business hours throughout the term or applicability of this Agreement, to all information concerning the business and affairs of the Company and its
operations as VCG, acting through such persons, may reasonably request. 
 6.5 Stand-Still. From the date hereof through and including
the Closing Date, Illinois, Lowrie, and the Company agree not to sell any of its partnership interests or issue or sell any additional partnership interests of the Company, or grant any rights to subscribe for or to purchase, or any options or
warrants for the purchase of, any additional partnership interests of the Company, or to solicit or encourage from any other person or entity an offer or expression of interest in or with respect to an acquisition, combination, or similar
transaction involving the Company or its assets, properties or securities, and Illinois, Lowrie, and the Company will promptly inform VCG of the existence of any unsolicited offer or expression of interest. 
 7. Conditions to Obligations of the Parties 
 7.1 Conditions to the Obligations of Seller. The obligations of Illinois and Lowrie hereunder are, at the option of Illinois and Lowrie, subject to compliance with and/or fulfillment of each of the following conditions prior to the
Closing Date. The conditions contained in this Section are included in this Agreement for the benefit of Illinois and Lowrie and, without constituting a waiver of any of Illinois’s or Lowrie’s rights under this Agreement, may be waived, in
whole or in part, by Illinois or Lowrie. 
 7.1.1 Representations. The representations and warranties of VCG contained
in this Agreement shall be true and correct on and as of the date hereof and the Closing Date, with the same effect as though all such representations and warranties had been made on and as of such dates. 
 7.1.2 Compliance. All the terms, covenants and conditions hereof to be followed and performed by VCG on or before the Closing Date
shall be fully and timely performed. 
 7.1.3 No Errors or Misrepresentations. On or before the Closing Date, WCC and
Lowrie shall not have discovered any material error, mistake or omission in the representations and warranties made herein by VCG. 
  

					
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 7.2 Conditions to Obligations of VCG. The obligations of VCG hereunder are, at the option of VCG,
subject to compliance with and/or fulfillment of each of the following conditions prior to the Closing Date. The conditions contained in this Section are included in this Agreement for the benefit of VCG and, without constituting a waiver of any of
VCG’s rights under this Agreement, may be waived, in whole or in part, by VCG. 
 7.2.1 Representations. The
representations and warranties of the Company and Illinois and Lowrie contained in this Agreement shall be true and correct on and as of the date hereof and through the Closing Date, with the same effect as though all such representations and
warranties had been made on and as of such dates. 
 7.2.2 Compliance. All the terms, covenants and conditions hereof
to be followed and performed by Illinois or Lowrie or the Company on or before the Closing Date shall be fully and timely performed. Illinois, Lowrie and the Company shall have delivered to VCG a certificate, dated as of the Closing Date, certifying
such detail as VCG may reasonably request as to the fulfillment of the conditions specified in this Section. 
 7.2.3 No
Material Change. There shall not have been any material adverse change in the results of operations of the Company from that described in the Financial Statements. 
 7.2.4 No Errors or Misrepresentations. On or before the Closing Date, VCG shall not have discovered any material error, mistake or
omission in the representations and warranties made herein by the Company or WCC or Lowrie. 
 7.2.5 Consents. All
consents, approvals, authorizations, waivers or orders required or necessary for the completion of the transactions contemplated by this Agreement shall have been obtained. No person or entity shall have threatened any action against Illinois,
Lowrie, the Company and/or VCG to prevent, or as a result of, the completion of this Agreement. 
 7.2.6. No Material
Adverse Change. No damage, destruction, or loss (whether or not covered by insurance), and no other event or condition materially and adversely affecting the condition, financial or otherwise net worth results of operations, assets, properties,
business, or prospects of the Company shall have occurred. 
 7.2.7 Proceedings. No claim, investigations, proceedings
or litigation, either administrative or judicial, threatened or pending against the Company, and no violations pending which threaten to revoke the Company’s liquor license. 
 7.2.8. Assets and Property Verification. Verification by VCG on or prior to the Closing Date of the existence of the type and
quantity of the assets and property listed on Schedule 4.6.4. 
  

					
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 8. Termination 
 8.1 Termination by Agreement. This Agreement shall terminate if VCG and Illinois and Lowrie, prior to the Termination Date, decide that the transaction is undesirable and mutually agree to terminate this
Agreement, or at VCG’s option if Illinois and Lowrie, after using reasonable efforts, is unable to obtain required approval or consents for the completion of the transaction contemplated hereby. 
 8.2 Termination upon Default. If any party shall fail to use its best efforts to complete this Agreement and all conditions precedent thereto
which are the responsibility of that party by the Termination Date, then such shall constitute an event of default under this Agreement. 
 8.2.1 Upon the occurrence of an event of default hereunder, the non-defaulting party shall give written notice to the defaulting party of the existence of the event of default. 
 8.2.2 If the defaulting party shall not have cured the event of default within fifteen (15) days of the date notice is given, the
non-defaulting party shall have the right to terminate this Agreement and to recover from the defaulting party all costs and expenses incurred by it in connection with this Agreement and the transactions contemplated hereby, including reasonable
attorneys’ fees and other costs of collection. 
 8.3 Automatic Termination. This Agreement shall terminate in the event the
Agreement has not been completed by the Termination Date, unless extended by mutual agreement of Illinois and Lowrie and VCG, or unless notice of default under Section 8.2 hereof has been given. 
 9. Survival and Indemnification 
 9.1
Survival of Representations and Warranties. All of the representations and warranties of VCG, the Company, and Illinois and Lowrie contained in this Agreement shall survive the Closing for a period of three (3) years. 
 9.3 Indemnification. 
 9.3.1 Illinois and Lowrie shall indemnify and hold harmless VCG (and its directors, officers, employees, affiliates, successors and assigns) against any and all liabilities, obligations and/or losses resulting from any inaccuracy in, or
breach of, any representation and warranty or non-fulfillment of any covenant on the part of Illinois or Lowrie or the Company contained in this Agreement, or any misrepresentation in or omission from or nonfulfillment of any covenant on the part of
Illinois or Lowrie or the Company contained in any other agreement, certificate or other instrument furnished or to be furnished to VCG by Illinois, Lowrie or the Company pursuant to this Agreement, or arising from any conduct, action or event, or
lack there of, which occurred prior to the Closing Date. 
  

					
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 9.3.2 VCG shall give prompt written notice of the assertion of any third party claim of
which VCG has knowledge which is covered by the indemnity agreement set forth in this Section. Illinois and Lowrie will undertake the defense thereof by representatives chosen by VCG, but reasonably acceptable to Illinois and Lowrie. If Illinois and
Lowrie within a reasonable time after notice of any such claim fails to defend, VCG will have the right with reasonable prior written notice to Illinois and Lowrie to undertake the defense, compromise or settlement of such claim on behalf of and for
the account and risk of Illinois and Lowrie, subject to the right of Illinois and Lowrie to assume the defense of such claim at any time prior to settlement, compromise or final determination thereof. VCG shall forward to Illinois and Lowrie notice
of any sums due and owing by Illinois and Lowrie with respect to such claim and Illinois and Lowrie shall pay such sums to VCG entitled to such indemnification in cash, within thirty (30) days after the date of such notice. 
 10. Miscellaneous 
 10.1 Notice. Any
notice, demand, consent, election, offer, approval, request, or other communication (collectively, a “notice”) required or permitted under this Agreement must be in writing and either delivered personally or sent by certified or registered
mail, postage prepaid, return receipt requested to the addresses listed below. A notice delivered personally will be deemed given only when acknowledged in writing by the person to whom it is delivered. A notice that is sent by mail will be deemed
given three (3) business days after it is mailed. Any party may designate, by notice to all of the others, substitute addresses or addressees for notices; and, thereafter, notices are to be directed to those substitute addresses or addressees.

  

					
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 If to Illinois: 
 Illinois Acquisitions, Inc. 
 C/O Troy H. Lowrie 
 390 Union Blvd. Suite 540 
 Lakewood, CO 80228

 If to Lowrie: 
 Lowrie
Management LLLP. 
 C/O Troy H. Lowrie 
 390 Union Blvd. Suite 540 
 Lakewood, CO 80228 
 If to VCG: 
 Donald W. Prosser, 
 Chief Financial Officer 
 VCG Holding Corp. 
 390 Union Blvd. Suite 540 
 Lakewood, CO 80228

 10.2 Benefit; No Third Party Rights; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties
and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their successors and assigns, any rights or remedies under or by reason
thereof. This Agreement may not be assigned by any party hereto without the prior written consent of the other party. 
 10.3 Fees.
Except as otherwise provided herein, the parties shall pay their own costs and expenses incident to the negotiation, preparation and performance of this Agreement, and compliance with all agreements and conditions contained herein, including all
fees, expenses and disbursements of their respective counsel, whether or not the transactions contemplated hereby are completed. 
 10.5
Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, representation, warranty, covenant, agreement, or conditions here may be waived by the other party only by
a written instrument signed by the party granting the waiver. Any such waiver or failure to insist upon strict compliance with a term of this Agreement shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure to
comply. 
  

					
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 10.6 Modification. This Agreement cannot be modified, changed, discharged or terminated except by
an instrument in writing, signed by the party against whom the enforcement of any waiver, change, discharge or termination is sought. 
 10.7
Applicable Law; Jurisdiction and Venue. This Agreement will be construed and governed in accordance with the laws of the State of Colorado, without regard to conflict of law principles. Any suit involving any dispute or matter arising under
this Agreement may only be brought in the United States District Court for the District of Illinois or any Illinois State Court. All Parties hereby consent to venue and the exercise of personal jurisdiction by any such court with respect to any such
proceeding. 
 10.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. 
 10.8 Brokerage or Finder’s Fee. Each of the
parties hereto represent and warrant to each other that no broker or other person is entitled to a brokerage or finder’s fee or commission or other compensation in respect to the execution of this Agreement and the completion of the
transactions contemplated hereby. Each of the parties hereto agree to indemnify and hold the other harmless against and in respect to any and all claims, losses, liabilities or expenses which may be asserted against such other party by any broker or
other person who claims to be entitled to a brokerage or finder’s fee or commission in respect of the execution of this Agreement and the completion of the transactions contemplated hereby by reason of his or its acting at the request of such
party. 
 10.9 Representation, No Presumption. Each party acknowledges that he or it has obtained such legal, accounting, and
investment representation as such party has deemed necessary or appropriate, and no party is relying on representation obtained by any other party with respect to this Agreement or the actions contemplated hereby. This Agreement or any provision
hereof shall not be construed against any party due to the fact that this Agreement or provision hereof was drafted by said party. 
 10.11
Specific Performance. The parties recognize that irreparable injury will result from a breach of any provision of this Agreement and that money damages will be inadequate to fully remedy the injury. Accordingly, in the event of a breach or
threatened breach of one or more of the provisions of this Agreement, any party who may be injured (in addition to any other remedies which may be available to that party) shall be entitled to one or more preliminary or permanent orders
(i) restraining and enjoining any act which would constitute a breach or (ii) compelling the performance of any obligation which, if not performed, would constitute a breach. 
 10.12 Complete Agreement. This Agreement constitutes the complete and exclusive statement of the agreement between and among the parties. It
supersedes all prior written and oral statements, agreements or understandings including any prior representation, statement, condition, or warranty. Except as expressly provided otherwise herein, this Agreement may not be amended without the
written consent of all of the parties. 
  

					
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 10.13 Section Titles. The headings herein are inserted as a matter of convenience only, and do not
define, limit, or describe the scope of this Agreement or the intent of the provisions hereof. 
 10.14 Further Action. The parties
hereto shall execute and deliver all documents, provide all information and take or forbear from all such action as may be necessary or appropriate to achieve the purposes of the Agreement. Illinois, Lowrie, VCG and the Company shall cooperate with
each other in the preparation of federal and state income tax returns for 2004. 
 10.15 Severability. If any provision of this
Agreement, or the application of such provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is held invalid,
shall not be affected thereby. In the event that any such provision is deemed to be invalid, the parties agree that a court making such judgement shall have the ability to interpret and apply such provision to the fullest extent permitted by law,
within such provision’s original intent, and still maintain its validity. 
  

					
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the day and
year first above written. 
  

			
	VCG:
	
	VCG HOLDING CORP.
		
	By:	 	/s/ Donald W. Prosser
	Name: Donald W. Prosser
	Title: Chief Financial Officer
	Date: February 7, 2007
	
	Illinois Acquisitions Inc.:
		
	By:	 	/s/ Troy H. Lowrie
	Troy H. Lowrie, President
	Date: February 7, 2007
	
	Lowrie:
		
	By:	 	/s/ Troy H. Lowrie
	Troy H. Lowrie, President of the general partner
	Date: February 7, 2007
	
	COMPANY:
	
	IRC, LP
		
	By:	 	/s/ Troy H. Lowrie
	Name: Troy H. Lowrie
	Title: President of the general partner
	Date: February 7, 2007

  

					
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