Document:

Lease Agreement with ADP, Inc.

 Exhibit 10.4 
  
  
  
  
 LEASE AGREEMENT 
  
  
 Between 
  
  
  
  
  
 FUND IV AND FUND V ASSOCIATES,

 a Georgia general partnership, 
 as Landlord 
  
  
 And 
  
  
  
  
  
 ADP, INC. 
 a Delaware corporation,

 as Tenant 
  
  
  
 Dated: March 31, 2004 
  
  
  
 For Space at 
 Centurion Center 
 10407 Centurion Parkway North 
 Jacksonville, FL 

 TABLE OF CONTENTS 
  
 LEASE AGREEMENT 
  

					
	 No.

	  	 Description

	  	Page

	 1.
	  	Premises	  	5
	 2.
	  	Lease Term	  	5
	 3.
	  	Base Rent	  	5
	 4.
	  	Rent Payment	  	6
	 5.
	  	Late Charge	  	6
	 6.
	  	Partial Payment	  	6
	 7.
	  	Construction of this Agreement	  	6
	 8.
	  	Use of Premises	  	6
	 9.
	  	Definitions	  	7
	 10.
	  	Repairs By Landlord	  	7
	 11.
	  	Repairs By Tenant	  	8
	 12.
	  	Alterations and Improvements	  	8
	 13.
	  	Operating Expenses	  	9
	 14.
	  	Landlord's Failure to Give Possession	  	11
	 15.
	  	Acceptance and Waiver	  	12
	 16.
	  	Signs	  	12
	 17.
	  	Advertising	  	12
	 18.
	  	Removal of Fixtures	  	12
	 19.
	  	Entering Premises	  	12
	 20.
	  	Services	  	13
	 21.
	  	Indemnities	  	14
	 22.
	  	Tenant's Insurance; Waivers	  	15
	 23.
	  	Governmental Requirements	  	18
	 24.
	  	Abandonment of Premises	  	18
	 25.
	  	Assignment and Subletting	  	18
	 26.
	  	Default	  	19
	 27.
	  	Remedies	  	19
	 28.
	  	Destruction or Damage	  	20
	 29.
	  	Eminent Domain	  	21
	 30.
	  	Service of Notice	  	21
	 31.
	  	Mortgagee's Rights	  	21
	 32.
	  	Tenant's Estoppel	  	22
	 33.
	  	Attorney's Fees and Homestead	  	23
	 34.
	  	Parking	  	23
	 35.
	  	Storage	  	23
	 36.
	  	Waste Disposal	  	23
	 37.
	  	Surrender of Premises	  	24
	 38.
	  	Cleaning Premises	  	24
	 39.
	  	No Estate In Land	  	24
	 40.
	  	Cumulative Rights	  	24
	 41.
	  	Paragraph Titles; Severability	  	24
	 42.
	  	Damage or Theft of Personal Property	  	24
	 43.
	  	Holding Over	  	24

  

 2 

					
	 44.    
	  	Security Deposit	  	25
	 45.
	  	Building Allowance and Tenant Finishes	  	25
	 46.
	  	Rules and Regulations	  	25
	 47.
	  	Quiet Enjoyment	  	25
	 48.
	  	Entire Agreement	  	25
	 49.
	  	Limitation of Liability	  	26
	 50.
	  	Submission of Agreement	  	26
	 51.
	  	Authority	  	26
	 52.
	  	Relocation	  	26
	 53.
	  	Broker Disclosure	  	26
	 54.
	  	Notices	  	26
	 55.
	  	Force Majeure	  	27
	 56.
	  	Financial Statements	  	27
	 57.
	  	Special Stipulations	  	27

  
 Exhibits: 
  

			
	 A
	  	Premises
	 A-1
	  	Premises on Fourth Floor
	 A-2
	  	Premises on Third Floor
	 A-3
	  	Premises on First Floor
	 B
	  	Work Letter
	 B-1
	  	Building Standard Tenant Materials
	 C
	  	Acknowledgement, Acceptance and Agreement
	 D
	  	Special Stipulations
	 E-1
	  	First Floor Space Excluded from Refusal Space
	 E-2
	  	Second Floor Space Excluded from Refusal Space
	 F
	  	Expansion Space

  

 3 

 BASIC LEASE PROVISIONS 
  
 The following is a summary of some of the Basic Provisions of the Lease. In the event of any conflict between the terms of
these Basic Lease Provisions and the referenced Sections of the Lease, the referenced Sections of the Lease shall control. 
  

					
	 1.
	  	Building (See Section 1):	  	10407 Centurion Parkway North
			
	 	  	Project (See Section 1):	  	Centurion Center
	 	  	 	  	Jacksonville, FL
			
	 2.
	  	Premises (See Section 1):	  	 
			
	 	  	Floor:	  	Entire Fourth, and a portion of the First and Third
			
	 	  	Rentable Square Feet:	  	Approximately 31,931
			
	 3.
	  	Term (See Section 2):	  	65 months
			
	 4.
	  	Base Rent + Operating Expenses (See Sections 2, 3 and 13):	  	 

  

							
	Months

	 	 Annual Rate Per Rentable
 Square Foot of Premises

	 	Monthly
Installment

	 	Annual
Installment

	1-7*	 	$0.00	 	$0.00	 	$0.00
				
	8-17	 	$10.75 + $6.25** = $17.00	 	$45,235.58	 	$542,827.00
				
	18-29	 	$11.07 + $6.25** = $17.32	 	$46,087.08	 	$553,044.92
				
	30-41	 	$11.40 + $6.25** = $17.65	 	$46,965.18	 	$563,582.15
				
	42-53	 	$11.75 + $6.25** = $18.00	 	$47,896.50	 	$574,758.00
				
	54-65	 	$12.10 + $6.25** = $18.35	 	$48,827.82	 	$585,933.85

	*	 	For first seven (7) months of the Lease Term, there will be no charge for Rent or for Operating Expenses. 

	**	 	Beginning January 1, 2005, the amount of $6.25 shown for Operating Expenses may vary as described below in Section 13 of the Lease and is included for estimating purposes only.

  

					
			
	 5.
	  	Tenant’s Share (See Section 13):	  	36.45%
			
	 6.
	  	Security Deposit (See Section 44):	  	N/A
			
	 7.
	  	Landlord’s Broker (See Section 53):	  	Commercial Jacksonville
			
	 	  	Tenant’s Broker (See Section 53):	  	Newmark Southern Region
			
	 8.
	  	Notice Address (See Section 54)	  	 

  

 4 

 LEASE AGREEMENT 
  
 THIS LEASE AGREEMENT (hereinafter called the “Lease”) is made and entered into this 31st day of March, 2004, by and between FUND IV AND FUND V ASSOCIATES, a Georgia general partnership (hereinafter called
“Landlord”), and ADP, INC., a Delaware corporation (hereinafter called “Tenant”). 
  
 1. Premises. Landlord does hereby rent and lease to Tenant and Tenant does hereby rent and lease from Landlord, for the purposes set forth
in Section 8, below, the following described space (hereinafter called the “Premises”): 
  
 1,600 rentable square feet of space located on the 1st floor, 7,713 rentable square feet of space located on the 3rd floor, and 22,618 rentable square
feet of space located on the 4th floor, of a 4 story building (the “Building”) located on the real property described in Exhibit “A” attached hereto (the “Property”), said Premises to be located as shown by
diagonal lines on the drawing attached hereto as Exhibit “A-1”, Exhibit “A-2” and Exhibit “A-3” and made a part hereof by reference. The Building is located within a larger office park
(“Project”) consisting of approximately 5.5 acres, together with any and all improvements now or hereafter located thereon and together with any additional land and/or buildings which Landlord hereinafter acquires and makes a part of the
Project. The Premises shall be prepared for Tenant’s occupancy in the manner and subject to the provisions of Exhibit “B” attached hereto and made a part of hereof. As used in this Lease, “rentable square feet” shall
be determined by multiplying “usable square feet” (as determined based upon the ANSI Z.65-1996 standard promulgated by the Building Owners and Managers Association) multiplied by 1.13. Landlord and Tenant agree that the approximate number
of rentable square feet described above will be confirmed and agreed upon by the parties as part of the finalization of Tenant’s Plans according to Article II of the Work Letter. Once build-out of the Premises has been complete, the Premises
will be measured according to BOMA standards to determine the exact about of rentable square feet within the same. (see Exhibit “B”).  
  
 2. Lease Term. Landlord shall deliver and Tenant shall have and hold the Premises for a term (“Term”) commencing on the date fifty
(50) days following approval by Tenant of the Tenant Improvement Budget as defined in the Work Letter (the “Commencement Date”) and shall terminate at midnight on the last day (the “Expiration Date”) of the sixty-fifth (65th)
full calendar month following the Commencement Date, unless sooner terminated or extended as hereinafter provided. Promptly following the Commencement Date, Landlord and Tenant shall enter into a letter agreement in the form attached hereto as
Exhibit “C”, specifying the Commencement Date, the Expiration Date, the conclusively agreed number of rentable square feet contained within the Premises and the agreed amount of Base Rent payable hereunder for the first Lease Year
(as defined in Section 3 and 4 below). 
  
 3. Base
Rent. Tenant shall pay to Landlord, at P.O. Box 926040, Norcross, Georgia 30010-6040, or at such other place as Landlord shall designate in writing to Tenant, annual base rent (“Base Rent”) in the amounts set forth in the Basic
Lease Provisions. The term “Lease Year”, as used in the Basic Lease Provisions and throughout this Lease, shall mean each and every consecutive twelve (12) month period during the Term of this Lease, with the first such twelve (12) month
period commencing on the Commencement Date; provided, however, if the Commencement Date occurs other than on the first day of a calendar month the first Lease Year shall be that partial month plus the first full twelve (12) months thereafter.

  

 5 

 4. Rent Payment. The Base Rent for each Lease Year shall be payable in equal monthly
installments, due on the first day of each calendar month, in advance, in legal tender of the United States of America, without abatement, demand, deduction or offset whatsoever, except as may be expressly provided in this Lease. One full monthly
installment of Base Rent shall be due and payable on the date of execution of this Lease by Tenant and Landlord for the first month’s Base Rent and a like monthly installment of Base Rent shall be due and payable on or before the first day of
each calendar month following the Commencement Date during the Term hereof; provided, that if the Commencement Date should be a date other than the first day of a calendar month, the monthly Base Rent installment paid on the date of execution of
this Lease by Tenant shall be prorated to that partial calendar month, and the excess shall be applied as a credit against the next monthly Base Rent installment. Tenant shall pay, as Additional Rent, all other sums due from Tenant under this Lease
(the term “Rent”, as used herein, means all Base Rent, Additional Rent and all other amounts payable hereunder from Tenant to Landlord). 
  
 5. Late Charge. Other remedies for non-payment of Rent notwithstanding, if any monthly installment of Base Rent or Additional Rent is not
received by Landlord on or before the date due, or if any payment due Landlord by Tenant which does not have a scheduled due date is not received by Landlord on or before the tenth (10th) business day following the date Tenant was invoiced, a late
charge of five percent (5%) percent of such past due amount shall be immediately due and payable as Additional Rent. In the event that checks submitted by Tenant to Landlord for payment of amounts due pursuant to the Lease shall not be honored by
the financial institute due to insufficient funds in excess of two (2) times during the Term, Landlord may, in its sole discretion, require that all future payments by Tenant to Landlord be paid by certified funds, cashier’s check or cash.
 
  
 6. Partial Payment. No payment by Tenant
or acceptance by Landlord of an amount less than the Rent herein stipulated shall be deemed a waiver of any other Rent due. No partial payment or endorsement on any check or any letter accompanying such payment of Rent shall be deemed an accord and
satisfaction, but Landlord may accept such payment without prejudice to Landlord’s right to collect the balance of any Rent due under the terms of this Lease or any late charge assessed against Tenant hereunder. 
  
 7. Construction of this Agreement. No failure of Landlord or
Tenant to exercise any power given to either party hereunder, or to insist upon strict compliance by the other party of its obligations hereunder, and no custom or practice of the parties at variance with the terms hereof shall constitute a waiver
of Landlord’s or Tenant’s right to demand exact compliance with the terms hereof. Time is of the essence of this Lease. 
  
 8. Use of Premises. 
  
 (a) Tenant shall use and occupy the Premises for general office of a type customary for first-class office buildings, as well as electronic data
processing, check processing, call center operations and sales and support center operations and for other related lawful uses. Tenant shall have the right to operate its business on a twenty-four (24) hours a day / three hundred sixty-five (365)
day basis during the Lease Term. The Premises shall not be used for any illegal purpose, nor in violation of any valid regulation of any governmental body, nor in any manner to create any nuisance or trespass, nor in any manner to vitiate the
insurance or increase the rate of insurance on the Premises or the Building, nor in any manner inconsistent with the first-class nature of the Building. 
  

 6 

 (b) Tenant shall not cause or permit the receipt, storage, use, location or handling on the Property
(including the Building and Premises) of any product, material or merchandise which is explosive, highly inflammable, or a “hazardous or toxic material,” as that term is hereafter defined. “Hazardous or toxic material” shall
include all materials or substances which have been determined to be hazardous to health or the environment, including, without limitation hazardous waste (as defined in the Resource Conservation and Recovery Act); hazardous substances (as defined
in the Comprehensive Emergency Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act); gasoline or any other petroleum product or by-product or other hydrocarbon derivative; toxic substances, (as
defined by the Toxic Substances Control Act); insecticides, fungicides or rodenticide, (as defined in the Federal Insecticide, Fungicide, and Rodenticide Act); asbestos and radon and substances determined to be hazardous under the Occupational
Safety and Health Act or regulations promulgated thereunder. Notwithstanding the foregoing, Tenant shall not be in breach of this provision as a result of the presence in the Premises of de minimis amounts of hazardous or toxic materials which are
in compliance with all applicable laws, ordinances and regulations and are customarily present in a general office use (e.g., copying machine chemicals and kitchen cleansers). 
  
 (c) The occupancy rate of the Premises shall in no event be more than five (5) persons per one thousand (1,000) useable
square feet within the Premises, or the maximum occupancy permitted pursuant to applicable laws or codes, whichever is less. In the event that Tenant exceeds this ratio, and Landlord consents to such overage, Landlord may condition its consent upon
Tenant’s payment of any and all costs related with such overage, including without limitation, excessive maintenance charges, increased electrical and HVAC usage, costs of adding additional HVAC equipment and increased parking demand.
Notwithstanding the foregoing, Landlord hereby agrees that Tenant may, upon prior written notice to Landlord, increase the occupancy of the Premises to six (6) persons per one thousand (1,000) useable square feet within the Premises, provided that,
Tenant shall be responsible for the costs resulting from such usage as described above in this subsection. 
  
 9. Definitions. “Landlord,” as used in this Lease, shall include the party named in the first paragraph hereof, its
representatives, assigns and successors in title to the Premises. “Tenant” shall include the party named in the first paragraph hereof, its heirs and representatives, and, if this Lease shall be validly assigned or sublet, shall also
include Tenant’s assignees or subtenants, as to the Premises, or portion thereof, covered by such assignment or sublease. “Landlord” and “Tenant” include male and female, singular and plural, corporation, partnership,
limited liability company or individual, as may fit the particular parties. 
  
 10. Repairs By Landlord. Tenant, by taking possession of the Premises, shall accept and shall be held to have accepted the Premises as suitable for the use intended by this Lease. Landlord shall
not be required, after possession of the Premises has been delivered to Tenant, to make any repairs or improvements to the Premises, except as set forth in this Lease. Except for damage caused by casualty and condemnation (which shall be governed by
Section 28 and 29 below), and subject to normal wear and tear, Landlord shall maintain in good repair the exterior walls, roof, common areas, foundation and structural portions of the Building (the “Building Structure”) and the elevators
and central portions of the Building’s mechanical, 
  

 7 

 electrical, plumbing, life-safety, heating, ventilating and air-conditioning systems (including the branches which serve
only one tenant’s space) (the “Building Systems”), provided such repairs are not occasioned by Tenant, Tenant’s invitees or anyone in the employ or control of Tenant. 
  
 11. Repairs By Tenant. Except as described in Section 10 above, Tenant shall, at its own cost and expense,
maintain the Premises in good repair and in a neat and clean, first-class condition, including making all necessary repairs and replacements. Tenant shall further, at its own cost and expense, repair or restore any damage or injury to all or any
part of the Building caused by Tenant or Tenant’s agents, employees, invitees, licensees, visitors or contractors, including but not limited to any repairs or replacements necessitated by (i) the construction or installation of improvements to
the Premises by or on behalf of Tenant, (ii) the moving of any Property into or out of the Premises. If Tenant fails to make such repairs or replacements promptly, Landlord may, at its option, make the repairs and replacements and the costs of such
repair or replacements shall be charged to Tenant as Additional Rent and shall become due and payable by Tenant with the monthly installment of Base Rent next due hereunder. 
  
 12. Alterations and Improvements. Except for minor, decorative alterations which do not affect the Building
structure or systems, are not visible from outside the Premises and do not cost in excess of $25,000 in the aggregate, Tenant shall not make or allow to be made any alterations, physical additions or improvements in or to the Premises without first
obtaining in writing Landlord’s written consent for such alterations or additions, which consent will not be unreasonably withheld, conditioned or delayed provided that such consent shall not be deemed unreasonably withheld if the alterations
will affect the Building Structure or Building Systems or will be visible from outside the Premises. Upon Landlord’s request, Tenant will furnish Landlord plans and specifications for any proposed alterations, additions or improvements and
shall reimburse Landlord for its reasonable cost to review such plans. Any alterations, physical additions or improvements shall at once become the property of Landlord; provided, however, at such time as Landlord consents to any alteration,
addition or improvement, Landlord will notify Tenant whether Tenant will be required to remove the same and restore the Premises to the condition existing on the Commencement Date, reasonable wear and tear excepted, upon the expiration or
termination of the Lease. All costs of any such alterations, additions or improvements shall be borne by Tenant. All alterations, additions or improvements must be made in a good, first-class, workmanlike manner and in a manner that does not disturb
other tenants (i.e., any loud work must be performed during non-business hours) and Tenant and its contractors and subcontractors of any tier must maintain appropriate liability and builder’s risk insurance throughout the construction. Tenant
does hereby indemnify and hold Landlord harmless from and against all claims for damages or death of persons or damage or destruction of property arising out of the performance of any such alterations, additions or improvements made by or on behalf
of Tenant. Under no circumstances shall Landlord be required to pay, during the Term of this Lease and any extensions or renewals thereof, any ad valorem or Property tax on such alterations, additions or improvements, Tenant hereby covenanting to
pay all such taxes when they become due. In the event any alterations, additions, improvements or repairs are to be performed by contractors or workmen other than Landlord’s contractors or workmen, any such contractors or workmen (and their
respective insurance, indemnity and hold harmless obligations) must first be reasonably approved, in writing, by Landlord. Landlord agrees to assign to Tenant any rights it may have against the contractor of the Premises with respect to any work
performed by said contractor in connection with improvements made by Landlord at the request of Tenant. 
  

 8 

 13. Operating Expenses. 
  
 (a) Tenant agrees to reimburse Landlord throughout the Term, as Additional Rent hereunder for Tenant’s Share (as
defined below) of the annual Operating Expenses (as defined below) in excess of the Operating Expenses for calendar year 2004 (hereinafter called the “Base Year Amount”). The term “Tenant’s Share” shall mean the percentage
determined by dividing the rentable square footage of the Premises by the rentable square footage of the Building. Landlord and Tenant hereby agree that Tenant’s Share is 36.45%. If Tenant does not lease the Premises during the entire full
calendar year in which the Term of this Lease commences or ends, Tenant’s Share of excess Operating Expenses for the applicable calendar year shall be appropriately prorated for the partial year, based on the number of days Tenant has leased
the Premises during that year. In no event will Landlord collect more than one hundred percent (100%) of the excess Operating Expenses for the applicable calendar year. Notwithstanding the foregoing, Tenant’s Share of Operating Expenses that
are controlled by Landlord will not increase by more that four percent (4.0%) as compared to Tenant’s Share of the Operating Expenses that are controlled by Landlord from the previous Lease Year. For purposes of this provision, Operating
Expenses not controlled by Landlord shall include, but not be limited to, taxes, insurance, and utility rates. 
  
 (b) Operating Expenses shall be all those expenses of operating, servicing, managing, maintaining and repairing the Property, Building, all parking areas
and related common areas (as well as an allocation of certain Project expenses, as reasonably allocated by Landlord to the Building and the other buildings in the Project) in a manner deemed by Landlord reasonable and appropriate and in the best
interest of the tenants of the Building and in a manner consistent with first-class office buildings in the metropolitan area in which the Project is located. Operating Expenses shall include, without limitation, the following: 
  
 (1) All taxes and assessments, whether general or special, applicable to
the Property and the Building, which shall include real and personal property ad valorem taxes, and any and all reasonable costs and expenses incurred by Landlord in seeking a reduction of any such taxes and assessments. However, Tenant shall not be
obligated for taxes on the net income from the operation of the Building, unless there is imposed in the future a tax on rental income on the Building in lieu of the real Property ad valorem taxes, in which event such tax shall be deemed an
Operating Expense of the Building. 
  
 (2) Insurance premiums and
deductible amounts, including, without limitation, for commercial general liability, ISO Causes of Loss Special Form property, rent loss and other coverages carried by Landlord on the Building and Property (including terrorism insurance, if Landlord
elects to carry it or is required to carry it by any lender). 
  
 (3) All utilities, including, without limitation, water, power, heating, lighting, ventilation, sanitary sewer and air conditioning of the Building, but not including those utility charges actually paid by Tenant or other tenants of the
Building. 
  
 (4) Janitorial and maintenance expenses, including:

  
 (i) Janitorial services and janitorial supplies and other
materials used in the operation and maintenance of the Building; 
  

 9 

 (ii) The cost of maintenance and service agreements on equipment, window cleaning, grounds maintenance,
pest control, security, trash and snow removal, and other similar services or agreements; 
  
 (5) Management fees (or a charge equal to fair market management fees if Landlord provides its own management services) and the market rental value of a management office (Landlord will not increase the
percentage amount of such management fee during the Term of the Lease without Tenant’s approval); 
  
 (6) The costs, including interest, amortized over its useful life, of any capital improvement made to the Building by or on behalf of Landlord after the
date of this Lease which is required under any governmental law or regulation (or any judicial interpretation thereof) that was not applicable to the Building as of the date of this Lease, and of the acquisition and installation of any device or
equipment designed to improve the operating efficiency of any system within the Building or which is acquired to improve the safety of the Building or Project. 
  

(7) All services, supplies, repairs, replacements or other expenses directly and reasonably associated with servicing, maintaining, managing and
operating the Building, including, but not limited to the lobby, vehicular and pedestrian traffic areas and other common use areas. 
  
 (8) Wages and salaries of Landlord’s employees (not above the level of Building Manager) engaged in the maintenance, operation, repair and services
of the Building, including taxes, insurance and customary fringe benefits. 
  
 (9) Legal and accounting costs.  
  
 (10) Costs to maintain and repair the Building and Property. 
  
 (11) Landscaping and security costs unless Landlord hires a third party to provide such services pursuant to a service contract and the cost of that service contract is already included in Operating Expenses as
described above. 
  
 (12) The Building’s allocated share (as
reasonably be determined by Landlord) of certain expenses which are incurred on a Project-wide basis including, without limitation, costs in connection with (i) landscaping, (ii) utility and road repairs, (iii) security, (iv) signage installation,
replacement and repair and (v) taxes or assessments which are not assessed against a particular building or the parcel on which it is located. If the Project is covered by a declaration and/or an owners association and costs of the type described
above are allocated to the Building by way of dues or costs charged or assessed under that declaration or by that association, those charges or dues shall be included in the Operating Expenses. See Section D-3 of the Special Stipulations (attached
as Exhibit “D” to this Lease) for exclusions to Operating Expenses for the Building. 
  
 (c) If requested by Tenant, Landlord shall, on or before the Commencement Date and on or before December 20 of each calendar year, provide Tenant a statement of the estimated monthly installments of Tenant’s
Share of excess Operating Expenses increases which will be due for the remainder of the calendar year in which the Commencement Date occurs or for the upcoming calendar year, as the case may be. In the event Landlord has not provided Tenant with
such statement prior to January 1 of any calendar year, Tenant shall continue to pay 
  

 10 

 Tenant’s Share of excess Operating Expenses in the same amount as the previous calendar year, unless and until
Landlord provides a statement of estimated monthly installments for the current calendar year. As soon as practicable after December 31 of each calendar year during the Term of this Lease, Landlord shall furnish to Tenant an itemized
statement of the Operating Expenses within the Building for the calendar year then ended. Upon reasonable prior written request given not later than sixty (60) days following the date Landlord’s statement is delivered to Tenant, Landlord will
provide Tenant detailed documentation to support the itemized statement. If Tenant does not notify Landlord of any objection to Landlord’s itemized statement within sixty (60) days of Landlord’s delivery thereof, Tenant shall be
deemed to have accepted such statement as true and correct and shall be deemed to have waived any right to dispute the excess Operating Expenses due pursuant to that statement. 
  
 (i) Tenant shall pay to Landlord, together with its monthly payment of Base Rent as provided in Sections 3 and 4
hereinabove, as Additional Rent hereunder, the estimated monthly installment of Tenant’s Share of the excess Operating Expenses for the calendar year in question. At the end of any calendar year if Tenant has paid to Landlord an amount in
excess of Tenant’s Share of excess Operating Expenses for such calendar year, Landlord shall reimburse to Tenant any such excess amount (or shall apply any such excess amount to any amount then owing to Landlord hereunder, and if none, to the
next due installment or installments of Additional Rent due hereunder, at the option of Landlord). At the end of any calendar year if Tenant has paid to Landlord less than Tenant’s Share of excess Operating Expenses for such calendar year,
Tenant shall pay to Landlord any such deficiency within thirty (30) days after Tenant receives the annual statement. 
  
 (ii) For the calendar year in which this Lease terminates, and is not extended or renewed, the provisions of this Section shall apply, but Tenant’s
Share for such calendar year shall be subject to a pro rata adjustment based upon the number of days prior to the expiration of the Term of this Lease. Tenant shall make monthly estimated payments of the prorata portion of Tenant’s Share for
such calendar year (in the manner provided above) and when the actual prorated Tenant’s Share for such calendar year is determined Landlord shall send a statement to Tenant and if such statements reveals that Tenant’s estimated payments
for the prorated Tenant’s Share for such calendar year exceeded the actual prorated Tenant’s Share for such calendar year, Landlord shall include a check for that amount along with the statement. If the statement reveals that Tenant’s
estimated payments for the prorated Tenant’s Share for such calendar year were less than the actual prorated Tenant’s Share for such calendar year, Tenant shall pay the shortfall to Landlord within thirty (30) days of the date Tenant
receives Landlord’s statement. 
  
 (iii) If the Building is
less than ninety-five percent (95%) occupied throughout any calendar year of the Term, then the actual Operating Expenses for the calendar year in question shall be increased to the amount of Operating Expenses which Landlord reasonably determines
would have been incurred during that calendar year if the Building had been fully occupied throughout such calendar year. If the provisions of this subsection are applied in any calendar year the Base Year Amount shall likewise be adjusted for the
calendar year on which it is based. 
  
 14. Landlord’s
Failure to Give Possession. Except as set forth in Article VII of the Work Letter, Landlord shall not be liable for damages to Tenant for failure to deliver possession of the Premises to Tenant if such failure is due to no fault of Landlord,
to the failure of any 
  

 11 

 construction or remodeling of the Premises by Tenant to be completed or to the failure of any previous tenant to vacate
the Premises. Landlord will use commercially reasonable efforts to give possession to Tenant by the scheduled Commencement Date of the Term. If Landlord’s failure to do so is caused by the act of any previous tenant holding over, Landlord
agrees to use reasonable efforts to recover possession as soon as reasonably possible, including filing a customary dispossession action. 
  
 15. Acceptance and Waiver. Landlord shall not be liable to Tenant, its agents, employees, guests or invitees (and, if Tenant is an entity,
its officers, agents, employees, guests or invitees) for any damage caused to any of them due to the Building or any part or appurtenances thereof being improperly constructed or being or becoming out of repair, or arising from the leaking of gas,
water, sewer or steam pipes, from water rising from underground pipes or the ground, or from electricity, but Tenant, by moving into the Premises and taking possession thereof, shall accept, and shall be held to have accepted the Premises as
suitable for the purposes for which the same are leased, and shall accept and shall be held to have accepted the Building and every appurtenances thereof, and Tenant by said act waives any and all defects therein; provided, however, that this
Section shall not apply to any damages or injury caused by or resulting from the negligence or willful misconduct of Landlord. 
  
 16. Signs. A Building standard suite entry shall be installed on the door to the Premises or adjacent to the entry to the Premises as part
of the Work and the cost thereof shall be paid out of the Allowance. Subject to local law and the covenants of the Project, Tenant shall have the right to install prominent signage at the top of the Building facing J. Turner Butler Boulevard and
Centurion Parkway. Otherwise, Tenant shall not paint or place signs, placards, or other advertisement of any character upon the windows or inside walls of the Premises except with the consent of Landlord which consent may be withheld by Landlord in
its absolute discretion, and Tenant shall place no signs upon the outside walls, common areas or the roof of the Building. 
  
 17. Advertising. Landlord may advertise the Premises as being “For Rent” at any time following a default by Tenant which remains
uncured and at any time within one hundred eighty (180) days prior to the expiration, cancellation or termination of this Lease for any reason and during any such periods may exhibit the Premises to prospective tenants. 
  
 18. Removal of Fixtures. If Tenant is not in default hereunder,
Tenant may, prior to the expiration of the Term of this Lease, or any extension thereof, remove any trade fixtures and equipment which it has placed in the Premises which can be removed without significant damage to the Premises, provided Tenant
repairs all damages to the Premises caused by such removal. 
  
 19. Entering Premises. Landlord may enter the Premises at reasonable hours provided that Landlord’s entry shall not unreasonably interrupt Tenant’s business operations and that prior notice is given when reasonably
possible (and, if in the opinion of Landlord any emergency exists, at any time and without notice): (a) to make repairs, perform maintenance and provide other services described in Section 20 below (no prior notice is required to provide routine
services) which Landlord is obligated to make to the Premises or the Building pursuant to the terms of this Lease or to the other premises within the Building pursuant to the leases of other tenants; (b) to inspect the Premises to see that Tenant is
complying with all of the terms and conditions of this Lease and with the rules and regulations hereof; (c) to remove from the 
  

 12 

 Premises any articles or signs kept or exhibited therein in violation of the terms hereof; (d) to run pipes, conduits,
ducts, wiring, cabling or any other mechanical, electrical, plumbing or HVAC equipment through the areas behind the walls, below the floors or above the drop ceilings; and (e) to exercise any other right or perform any other obligation that Landlord
has under this Lease. Landlord shall be allowed to take all material into and upon the Premises that may be required to make any repairs, improvements and additions, or any alterations, without in any way being deemed or held guilty of trespass and
without constituting a constructive eviction of Tenant. The Rent reserved herein shall not abate while said repairs, alterations or additions are being made and Tenant shall not be entitled to maintain a set-off or counterclaim for damages against
Landlord by reason of loss from interruption to the business of Tenant because of the prosecution of any such work. All such repairs, decorations, additions and improvements shall be done during ordinary business hours, or, if any such work is at
the request of Tenant to be done during any other hours, the Tenant shall pay all overtime and other extra costs. 
  
 20. Services. 
  
 (a) The normal business hours of the Building shall be from 7:00 A.M. to 7:00 P.M. on Monday through Friday, and 9:00 A.M. to 12:00 P.M. on Saturday,
exclusive of holidays reasonably designated by Landlord (“Building Holidays”). Initially and until further notice by Landlord to Tenant, the Building Holidays shall be: New Year’s Day, Memorial Day, Independence Day, Labor Day,
Thanksgiving (and the day after Thanksgiving) and Christmas. Landlord shall furnish the following services during the normal business hours of the Building except as noted: 
  
 (i) Elevator service for passenger and delivery needs (available 24 hours a day); 
  
 (ii) Air conditioning adequate to cool the Premises to a temperature of
approximately 75 degrees Fahrenheit, dry bulb (+ or – 2 degrees) at a maximum relative humidity of 50% and heat adequate to warm the Premises to a temperature of approximately 70 degrees Fahrenheit, dry bulb with no humidity control, as
necessary for outside temperatures as determined by ASHRAE Summer and Winter Comfort Zones, subject to governmental regulations; 
  
 (iii) Hot and cold running water for all restrooms and lavatories; 
  
 (iv) Soap, paper towels, and toilet tissue for public restrooms; 
  
 (v) Janitorial service Monday through Friday, in keeping with the standards
generally maintained in similar office buildings in the metropolitan area in which the Project is located; 
  
 (vi) Custodial, electrical and mechanical maintenance services are provided Monday through Friday; 
  
 (vii) Electric power for lighting and outlets not in excess of a total of 6
watts per useable square foot of the Premises at 100% connected load; 
  
 (viii) Replacement of Building standard lamps and ballasts as needed; 
  

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 (ix) Repairs and maintenance as described in Section 10 of this Lease; and 
  
 (x) General management, including supervision, inspections, recordkeeping,
accounting, leasing and related management functions. 
  
 (b) The
services provided in subparagraph (a) herein, and the amount of Rent prescribed herein are predicated on and are in anticipation of certain usage of the Premises by Landlord as follows: 
  
 (i) Air conditioning design is based on sustained outside temperatures being no higher and no lower than the outside
temperatures for the weather station closest to the Building as set forth in the 2001 ASHRAE Fundamentals Handbook, Chapter 27, Climatic Design Information, Tables 1A and 1B for Heating and Cooling Design Conditions (89% Heating Dry Bulb Column 2b,
and 1% Cooling Dry Bulb/Mean Coincident Wet Bulb Columns 2c and 2d), with sustained occupancy of the Premises by no more than four (4) persons per 1,000 useable square feet of floor area (or the maximum occupancy permitted pursuant to applicable
laws or codes, whichever is less) and heat generated by electrical lighting and fixtures not to exceed 6 watts per useable square foot. 
  
 (ii) Any services in excess of those provided herein required by Tenant due to its use of the Premises on a twenty-four (24) hour / three hundred and
sixty-five (365) days-a-year basis shall be provided by Landlord at Tenant’s sole cost and expense. If Tenant uses services in an amount or for a period in excess of that provided for herein, then Landlord reserves the right to charge Tenant a
reasonable sum as Additional Rent hereunder as reimbursement for the direct cost of such added services and to charge Tenant for the cost of any additional equipment or facilities or modifications thereto, necessary to provide the additional
services. Landlord shall also have the right to charge Tenant a reasonable administrative charge if separate meters are required to measure the electricity or water services provided to the Premises. After hours HVAC will be available to for
purchase by Tenant at the rate of $35 per hour, per floor. Tenant and Landlord will work together to determine the amount of the costs of the additional services as described above, provided, however, the final determination of such costs will be
made by Landlord, in its sole discretion. 
  
 (c) Landlord shall
not be liable for any damages directly or indirectly resulting from the interruption in any of the services described above, nor shall any such interruption entitle Tenant to any abatement of Rent or any right to terminate this Lease. Landlord shall
use all reasonable efforts to furnish uninterrupted services as required above. If Landlord is aware of or receives advance notice from a service provider regarding an interruption of services, Landlord will promptly notify Tenant of the same.

  
 21. Indemnities. Tenant does hereby
indemnify and save harmless Landlord against all claims for damages to persons or property which are caused anywhere in the Building or on the Property by the negligence or willful misconduct of Tenant, its agents or employees or which occur in the
Premises (or arise out of actions taking place in the Premises) unless such damage is caused by the negligence or willful misconduct of Landlord, its agents, or employees. Landlord does hereby indemnify and hold Tenant harmless against all claims
for damaged persons or property if caused by the negligence or willful misconduct of Landlord, its agents or employees. 
  

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 The indemnities set forth hereinabove shall include the obligation to pay reasonable expenses incurred by the indemnified
party, including, without limitation, reasonable, actually incurred attorney’s fees. The indemnities contained herein do not override the waivers contained in Section 22(d) below. 
  
 22. Tenant’s Insurance; Waivers. 
  
 (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant,
Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amounts specified and in the form hereinafter provided for: 
  
 (i) Commercial General and Umbrella Liability Insurance covering the Premises and Tenant’s use thereof against claims
for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), with a limit for each occurrence not less than $3,000,000
and to have general aggregate limits of not less than $5,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in
Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability (CGL) and Umbrella Liability insurance policy or policies must apply separately to
the Premises and to Tenant’s use thereof (and not to any other location or use of Tenant) and, if necessary, such policy shall contain an endorsement to that effect. CGL insurance shall be written on ISO occurrence form CG 00 01 01 96 (or a
substitute form providing equivalent or better coverage). The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein, shall name all additional insureds required by Section
22(b) below and shall specify on the face thereof that the limits of such policy applies separately to the Premises. 
  
 (ii) Commercial all risk property insurance covering all of the items included in Tenant’s leasehold improvements, heating, ventilating and air
conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions or changes made by Tenant pursuant to Section 12, providing protection against
perils included within the ISO Special Causes of Loss—Form insurance policy (or substitute form providing, in Landlord’s reasonable discretion, equivalent or better coverage), together with insurance against sprinkler damage, vandalism and
malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant’s insurance company for the repair, construction and restoration or replacement of the property damaged or destroyed unless this Lease shall cease and
terminate under the provisions of Section 28 of this Lease. The certificate of insurance evidencing such coverage which is delivered by Tenant pursuant to Section 22(b) below shall designate Landlord and Wells Management, Inc. as loss payee as their
interests may appear with respect to the Building, all leasehold improvements, heating, ventilating and air-conditioning equipment and all fixtures (other than Tenant’s trade fixtures). 
  
 (iii) Workers’ Compensation and Employer’s Liability insurance
affording statutory coverage and containing statutory limits with the Employer’s Liability portion thereof to have minimum limits of $500,000.00. 
  

 15 

 (iv) Business Interruption Insurance, which insurance shall be issued on an “all risks” basis
(or its equivalent). 
  
 (v) Automobile (and if necessary,
commercial umbrella) liability insurance with a limit of not less than $5,000,000 for each accident. Such insurance shall insure liability arising out of any automobiles used in connection with Tenant’s business (including owned, hired, leased
and non-owned automobiles). 
  
 (b) All policies of the insurance
provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-IX in the most current available “Best’s Insurance Reports”, and licensed to do
business in the state in which Landlord’s Building is located. Landlord, in its sole discretion, shall be permitted to temporarily waive or accept alternative coverages for Tenant’s insurance as required by the terms of this Section 22.
Each and every such policy: 
  
 (i) shall name Landlord and
Wells Management, Inc. as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in item (ii) shall also name Landlord as loss payee as its interest may appear with respect
to all leasehold improvements, heating, ventilating and air-conditioning equipment and fixtures (other than Tenant’s trade fixtures). 
  
 (ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any
such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, as often as any such policy shall expire or
terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent; 
  
 (iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in
advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amounts of insurance; 
  
 (iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry; and 
  
 (v) shall not have any deductible or self-insured retention exceeding
$25,000. 
  
 (c) Any insurance provided for in Section 22(a) may
be maintained by means of a policy or policies of blanket insurance, or may be insured by Tenant’s self-insurance program (so long as Tenant has investment grade ratings for its securities) covering additional items or locations or insureds,
provided, however, that: 
  
 (i) Landlord and any other parties
in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear; 
  

 16 

 (ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or
diminished by reason of the use of such blanket policy of insurance; 
  
 (iii) any such policy or policies except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the
total insurance allocated to the Tenant’s improvements and property more specifically detailed in Section 22(a); and 
  
 (iv) the requirements set forth in this Section 22 are otherwise satisfied. 
  
 (d) Notwithstanding anything to the contrary set forth hereinabove, Landlord and Tenant do hereby waive any and all claims
against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by an ISO Causes of Loss—Special Form property insurance of the type described in Section 22(a)(ii) above.
Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable ISO Causes of Loss —Special Form property insurance carried by the party whose property is damaged. These waivers shall
apply if the damage would have been covered by a customary ISO Causes of Loss—Special Form property insurance policy, even if the party fails to obtain such coverage. The intent of this provision is that each party shall look solely to its
insurance with respect to property damage or destruction which can be covered by ISO Causes of Loss—Special Form property insurance of the type described in Section 22(a)(ii). To further effectuate the provisions of this Section 22(d), Landlord
and Tenant both agree to provide copies of this Lease (and in particular, these waivers) to their respective insurance carriers and to require such insurance carriers to waive all rights of subrogation against the other party with respect to
property damage covered by the applicable ISO Causes of Loss—Special Form property insurance policy. 
  
 (e) Tenant acknowledges and agrees that any contractors (and subcontractors of any tier) hired by Tenant to do work in the Premises will be required to
carry sufficient insurance coverage insuring the contractor (or subcontractor), Tenant and Landlord with terms equivalent to those specified in this Section 22, and Tenant shall provide certificates of such insurance to Landlord prior to commencing
any work in the Premises. 
  
 (f) Landlord’s Insurance.
Landlord shall, throughout the Term by insurance carriers with a rating and financial size of not less than A- VIII in the most current available “Best’s Insurance Reports”, keep and maintain in full force and effect the following
insurance: 
  
 (i) Commercial general and excess liability
insurance, insuring against claims of bodily injury and death or property damage or loss on the Project with a combined single limit of not less than $20,000,000.00. 
  
 (ii) A policy of commercial all risk property insurance covering the Building and Landlord’s personal property, if
any, in the amount of the then current replacement value of such property. 
  

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 (iii) Any insurance carried by Landlord may be maintained by means of a policy or policies of blanket
insurance, covering additional items or locations or insureds, provided, however, that: 
  
 (1) Tenant and any other parties in interest from time to time designated by Tenant to Landlord shall be named as an additional insured thereunder as its interest may appear; 
  
 (2) the coverage afforded Tenant and any such other parties in interest will
not be reduced or diminished by reason of the use of such blanket policy of insurance; 
  
 (3) any such policy or policies shall specify therein (or Landlord shall furnish Tenant with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the
Project; and 
  
 (4) the requirements set forth in this Section
22 are otherwise satisfied. 
  
 23. Governmental
Requirements. Tenant shall, at its own expense, promptly comply with all requirements of any legally constituted governmental or public authority made necessary by reason of Tenant’s occupancy of the Premises, including, without
limitation, the Americans with Disabilities Act. 
  
 24.
Abandonment of Premises. Tenant agrees not to abandon or vacate the Premises during the Term of this Lease. If Tenant does abandon or vacate the Premises for more than ninety (90) days, Landlord may terminate this Lease, by written notice
to Tenant at any time prior to Tenant reoccupying the Premises, but such termination shall not entitle Landlord to pursue any other remedies unless an uncured Event of Default then exists, in which case Landlord may pursue any and all remedies
provided by this Lease, at law or in equity. 
  
 25.
Assignment and Subletting. Tenant may not, without the prior written consent of Landlord, which consent may not be unreasonable withheld, conditioned or delayed by Landlord, assign this Lease or any interest hereunder, or sublet
the Premises or any part thereof, or permit the use of the Premises by any party other than Tenant. In the event that Tenant is a corporation or entity other than an individual, any transfer of a majority or controlling interest in Tenant (whether
by stock transfer, merger, operation of law or otherwise) shall be considered an assignment for purposes of this paragraph and shall require Landlord’s prior written consent. Consent to one assignment or sublease shall not waive this provision,
and all later assignments and subleases shall likewise be made only upon the prior written consent of Landlord. Tenant shall reimburse Landlord for its legal and administrative costs in reviewing any such proposed assignment or sublease. Subtenants
or assignees shall become liable to Landlord for all obligations of Tenant hereunder, without relieving Tenant’s liability hereunder and, in the event of any default by Tenant under this Lease, Landlord may, at its option, but without any
obligation to do so, elect to treat such sublease or assignment as a direct Lease with Landlord and collect rent directly from the subtenant. If Tenant desires to assign or sublease, Tenant must provide written notice to Landlord describing the
proposed transaction in detail and providing all documentation (including detailed financial information for the proposed assignee or subtenant) reasonably necessary to let Landlord evaluate the proposed transaction. Landlord shall notify

  

 18 

 Tenant within twenty (20) days of its receipt of such notice whether Landlord consents to the requested assignment or
sublease. If Landlord fails to respond within such twenty (20) day period, Landlord will be deemed not to consented to the assignment or sublease. 
  
 Notwithstanding the foregoing, Landlord and Tenant shall have the right to assign the Lease or sublease the Premises, or any part thereof, to an
“Affiliate” without the prior written consent of the Landlord, provided that Tenant is not in default under the Lease. For purposes of this provision, the term “Affiliate” shall mean any corporation or other entity controlling,
controlled by, or under common control with (directly or indirectly) Tenant, including, without limitation, any parent corporation controlling Tenant or any subsidiary that Tenant controls. The term “control,” as used herein, shall mean
the power to direct or cause the direction of the management and policies of the controlled entity through the ownership of more than fifty percent (50%) of the voting securities in such controlled entity. Subtenants or assignees shall become liable
to Landlord for all obligations of Tenant hereunder, without relieving Tenant’s liability hereunder and, in the event of any default by Tenant under this Lease. 
  
 26. Default. If Tenant shall default in the payment of Rent herein reserved when due and fails to cure such
default within ten (10) business days after written notice of such default is given to Tenant by Landlord; or if Tenant shall be in default in performing any of the terms or provisions of this Lease other than the provisions requiring the payment of
Rent, and fails to cure such default within thirty (30) days after written notice of such default is given to Tenant by Landlord or, if such default cannot be cured within thirty (30) days, Tenant shall not be in default if Tenant promptly commences
and diligently proceeds the cure to completion as soon as possible and in all events within ninety (90) days; or if Tenant is adjudicated a bankrupt; or if a permanent receiver is appointed for Tenant’s Property and such receiver is not removed
within sixty (60) days after written notice from Landlord to Tenant to obtain such removal; or if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceedings under any present or future law, whereby the Rent or any
part thereof, is, or is proposed to be, reduced or payment thereof deferred; or if Tenant’s effects should be levied upon or attached and such levy or attachment is not satisfied or dissolved within thirty (30) days after written notice from
Landlord to Tenant to obtain satisfaction thereof; or, if Tenant is an individual, in the event of the death of the individual and the failure of the executor, administrator or personal representative of the estate of the deceased individual to have
assigned the Lease within three (3) months after the death to an assignee approved by Landlord; then, and in any of said events, Landlord, at its option, may exercise any or all of the remedies set forth in Section 27 below. 
  
 27. Remedies. Upon the occurrence of any default set forth in
Section 26 above which is not cured by Tenant within the applicable cure period provided therein, if any, Landlord may exercise all or any of the following remedies: 
  
 (a) terminate this Lease by giving Tenant written notice of termination, in which event this Lease shall terminate on the
date specified in such notice and all rights of Tenant under this Lease shall expire and terminate as of such date, Tenant shall remain liable for all obligations under this Lease up to the date of such termination and Tenant shall surrender the
Premises to Landlord on the date specified in such notice, and if Tenant fails to so surrender, Landlord shall have the right, without notice, to enter upon and take possession of the Premises and to expel and remove Tenant and its effects without
being liable for prosecution or any claim of damages therefor; 
  

 19 

 (b) terminate this Lease as provided in the immediately preceding subsection and recover from Tenant all
damages Landlord may incur by reason of Tenant’s default, including without limitation, the then present value of (i) the total Rent which would have been payable hereunder by Tenant for the period beginning with the day following the date of
such termination and ending with the Expiration Date of the term as originally scheduled hereunder, minus (ii) the aggregate reasonable rental value of the Premises for the same period (as determined by a real estate broker licensed in the state
where the Project is located, who has at least ten (10) years experience, immediately prior to the date in question evaluating commercial office space, taking into account all relevant factors including, without limitation, the length of the
remaining Term, the then current market conditions in the general area, the likelihood of reletting for a period equal to the remainder of the Term, net effective rates then being obtained by landlords for similar type space in similar buildings in
the general area, vacancy levels in the general area, current levels of new construction in the general area and how that would affect vacancy and rental rates during the period equal to the remainder of the Term and inflation), plus (iii) the costs
of recovering the Premises, and all other expenses incurred by Landlord due to Tenant’s default, including, without limitation, reasonable attorneys’ fees, plus (iv) the unpaid Rent earned as of the date of termination, plus interest, all
of which sum shall be immediately due and payable by Tenant to Landlord; 
  
 (c) without terminating this Lease, and without notice to Tenant, Landlord may in its own name, but as agent for Tenant enter into and take possession of the Premises and re-let the Premises, or a portion thereof, as
agent of Tenant, upon any terms and conditions as Landlord may deem necessary or desirable (Landlord shall in no way be responsible or liable for any failure to re-let the Premises or any part thereof or any failure to collect rent due upon any such
reletting). Upon any such re-letting, all rentals received by Landlord from such re-letting shall be applied first to the costs incurred by Landlord in accomplishing any such re-letting, and thereafter shall be applied to the Rent owed by Tenant to
Landlord during the remainder of the term of this Lease and Tenant shall pay any deficiency between the remaining Rent due hereunder and the amount received by such re-letting as and when due hereunder. Landlord agrees to use reasonable good faith
efforts to relet the Premises to mitigate damages; 
  
 (d) allow
the Premises to remain unoccupied and collect Rent from Tenant as it becomes due; or 
  
 (e) pursue such other remedies as are available at law or in equity. 
  
 28. Destruction or Damage. 
  
 (a) If the Building or the Premises are totally destroyed by storm, fire, earthquake, or other casualty, or damaged to the extent that, in Landlord’s
reasonable opinion the damage cannot be restored within one hundred eighty (180) days of the date Landlord provides Tenant written notice of Landlord’s reasonable estimate of the time necessary to restore the damage, or if the damage is not
covered by standard ISO Causes of Loss—Special Form property insurance, or if the Landlord’s lender requires that the insurance proceeds be applied to its loan, Landlord shall have the right to terminate this Lease effective as of the date
of such destruction or damage by written notice to Tenant on or before thirty (30) days following Landlord’s notice described in the next sentence and Rent shall be accounted for as between Landlord and Tenant as of that date. Landlord shall
provide Tenant with notice within sixty (60) days following the date of the damage of the estimated time needed to restore, the estimated percentage of damage to the Building and to the Premises, whether the loss is covered by 
  

 20 

 Landlord’s insurance coverage and whether or not Landlord’s lender requires the insurance proceeds be applied
to its loan. If more than fifty percent (50.0%) of the Building or the Premises is destroyed by such casualty, Tenant shall have the right to terminate this lease by delivering written notice to Landlord within ten (10) business days following the
date of Landlord’s notice to Tenant. 
  
 (b) If the Premises
are damaged by any such casualty or casualties but Landlord is not entitled to or does not terminate this Lease as provided in subparagraph (a) above, this Lease shall remain in full force and effect, Landlord shall notify Tenant in writing within
sixty (60) days of the date of the damage that the damage will be restored (and will include Landlord’s good faith estimate of the date the restoration will be complete), in which case Rent shall abate as to any portion of the Premises which is
not usable, and Landlord shall restore the Premises to substantially the same condition as before the damage occurred as soon as practicable, whereupon full Rent shall recommence. 
  
 29. Eminent Domain. If the whole of the Building or Premises, or such portion thereof as will make the
Building or Premises unusable in the reasonable judgment of Landlord for their intended purposes, is condemned or taken by any legally constituted authority for any public use or purpose, then in either of said events, Landlord may terminate this
Lease by written notice to Tenant and the Term hereby granted shall cease from that time when possession thereof is taken by the condemning authorities, and Rent shall be accounted for as between Landlord and Tenant as of that date. If a portion of
the Building or Premises is so taken, but not such amount as will make the Premises unusable in the reasonable judgment of Landlord for the purposes herein leased, or if Landlord elects not to terminate this Lease, this Lease shall continue in full
force and effect and the Rent shall be reduced prorata in proportion to the amount of the Premises so taken. Tenant shall have no right or claim to any part of any award made to or received by Landlord for such condemnation or taking, and all awards
for such condemnation or taking shall be made solely to Landlord. Tenant shall, however, have the right to pursue any separate award that does not reduce the award to which Landlord is entitled. 
  
 30. Service of Notice. Intentionally Omitted. 
  
 31. Mortgagee’s Rights. 
  
 (a) Tenant agrees that this Lease shall be subject and subordinate (i) to
any mortgage, deed to secure debt or other security interest now encumbering the Property and to all advances which may be hereafter made, to the full extent of all debts and charges secured thereby and to all renewals or extensions of any part
thereof, and to any mortgage, deed to secure debt or other security interest which any owner of the Property may hereafter, at any time, elect to place on the Property; (ii) to any assignment of Landlord’s interest in the leases and rents from
the Building or Property which includes the Lease which now exists or which any owner of the Property may hereafter, at any time, elect to place on the Property; and (iii) to any Uniform Commercial Code Financing Statement covering the personal
property rights of Landlord or any owner of the Property which now exists or any owner of the Property may hereafter, at any time, elect to place on the foregoing personal property (all of the foregoing instruments set forth in (i), (ii) and
(iii) above being hereafter collectively referred to as “Security Documents”). Tenant agrees upon request of the holder of any Security Documents (“Holder”) to hereafter execute any documents which the counsel for Landlord or
Holder may deem necessary to evidence the subordination of the Lease to the Security Documents. If Tenant fails to execute any such 
  

 21 

 requested documents, Landlord or Holder is hereby empowered to execute such documents in the name of Tenant evidencing
such subordination, as the act and deed of Tenant, and this authority is hereby declared to be coupled with an interest and not revocable. 
  
 (b) In the event of a foreclosure pursuant to any Security Documents, Tenant shall at the election of the Landlord, thereafter remain bound pursuant to
the terms of this Lease as if a new and identical Lease between the purchaser at such foreclosure (“Purchaser”), as landlord, and Tenant, as tenant, had been entered into for the remainder of the Term hereof and Tenant shall attorn to the
Purchaser upon such foreclosure sale and shall recognize such Purchaser as the Landlord under the Lease. Such attornment shall be effective and self-operative without the execution of any further instrument on the part of any of the parties hereto.
Tenant agrees, however, to execute and deliver at any time and from time to time, upon the request of Landlord or of Holder, any instrument or certificate that may be necessary or appropriate in any such foreclosure proceeding or otherwise to
evidence such attornment. 
  
 (c) If the Holder of any Security
Document or the Purchaser upon the foreclosure of any of the Security Documents shall succeed to the interest of Landlord under the Lease, such Holder or Purchaser shall have the same remedies, by entry, action or otherwise for the non-performance
of any agreement contained in the Lease, for the recovery of Rent or for any other default or event of default hereunder that Landlord had or would have had if any such Holder or Purchaser had not succeeded to the interest of Landlord. Any such
Holder or Purchaser which succeeds to the interest of Landlord hereunder, shall not be (a) liable for any act or omission of any prior Landlord (including Landlord); or (b) subject to any offsets or defenses which Tenant might have against any prior
Landlord (including Landlord); or (c) bound by any Rent which Tenant might have paid for more than the current month to any prior Landlord (including Landlord); or (d) bound by any amendment or modification of the Lease made without its consent.

  
 (d) Tenant hereby acknowledges that if the interest of
Landlord hereunder is covered by an assignment of Landlord’s interest in Lease, Tenant shall pay all Rent due and payable under the Lease directly to the Holder of the assignment of Landlord’s interest in Lease upon notification of the
exercise of the rights thereunder by the Holder thereof. 
  
 (e)
Notwithstanding anything to the contrary set forth in this Section 31, the Holder of any Security Documents shall have the right, at any time, to elect to make this Lease superior and prior to its Security Document. No documentation, other than
written notice to Tenant, shall be required to evidence that the Lease has been made superior and prior to such Security Documents, but Tenant hereby agrees to execute any documents reasonably requested by Landlord or Holder to acknowledge that the
Lease has been made superior and prior to the Security Documents. 
  
 (f) Notwithstanding anything to the contrary in this Section 31, as a condition of Tenant’s obligation to subordinate the Lease as described herein, Landlord shall notify Tenant of such Holder and use its best efforts to cause Holder
to enter into a subordination, non-disturbance and attornment agreement reasonably acceptable to Tenant. 
  
 32. Tenant’s Estoppel. Tenant shall, from time to time, upon not less than ten (10) business days prior written request by Landlord,
execute, acknowledge and deliver to Landlord a written statement certifying that this Lease is unmodified and in full force and effect (or, if there 
  

 22 

 have been modifications, that the same is in full force and effect as modified and stating the modifications), the dates
to which the Rent has been paid, that Tenant is not in default hereunder and has no offsets or defenses against Landlord under this Lease, whether or not to the best of Tenant’s knowledge Landlord is in default hereunder (and if so, specifying
the nature of the default), and other matters reasonably requested by Landlord concerning the status of the Lease and the Premises, it being intended that any such statement delivered pursuant to this paragraph may be relied upon by a prospective
purchaser of Landlord’s interest or by a mortgagee of Landlord’s interest or assignee of any security deed upon Landlord’s interest in the Premises. Tenant shall have a reciprocal right to obtain an estoppel letter from Landlord.

  
 33. Attorney’s Fees and Homestead. If
Landlord or Tenant exercises any of the remedies provided under this Lease as a result of the other party’s failure to comply with its obligations, or if Landlord or Tenant brings any action to enforce its rights under this Lease, the failing
party shall be obligated to reimburse the prevailing party, on demand, for all costs and expenses, including reasonable attorneys’ fees and court costs, incurred in connection therewith.  
  
 34. Parking. No rights to specific parking spaces are granted
under this Lease; however, subject to Landlord’s rights pursuant to the remainder of this Section 34, Tenant shall be entitled to use up to 4 spaces per each 1,000 rentable square feet of space in the initial Premises (140 total spaces) in the
parking facilities located on the Property. All parking spaces provided to Tenant shall be unreserved and are to be used by Tenant, its employees and invitees in common with the other tenants of the Building and their employees and invitees.
Landlord reserves the right to build improvements upon, reduce the size of, relocate, reconfigure, eliminate, and/or make alterations or additions to such parking facilities at any time. The use of the parking spaces is provided by Landlord to
Tenant without additional charge. Landlord agrees to use commercially reasonable efforts to obtain property adjacent to the Property and construct additional surface parking (but not structured parking) on such property for use by Tenant so long as
the total cost to acquire the property and construct such parking does not exceed $215,000, provided, however, that this obligation of Landlord shall expire on the date eighteen (18) months following the Commencement Date. 
  
 35. Storage. If Landlord makes available to Tenant any storage
space outside the Premises, anything stored therein shall be wholly at the risk of Tenant, and Landlord shall have no responsibility or liability for the items stored therein. 
  
 36. Waste Disposal. 
  

(a) All normal trash and waste (i.e., waste that does not require special handling pursuant to subparagraph (b) below) shall be disposed of through the
janitorial service. 
  
 (b) Tenant shall be responsible for the
removal and disposal of any waste deemed by any governmental authority having jurisdiction over the matter to be hazardous or infectious waste or waste requiring special handling, such removal and disposal to be in accordance with any and all
applicable governmental rules, regulations, codes, orders or requirements. Tenant agrees to separate and mark appropriately all waste to be removed and disposed of through the janitorial service pursuant to (a) above and hazardous, infectious or
special waste to be removed and disposed of by Tenant pursuant to this subparagraph (b). Tenant hereby indemnifies and holds harmless Landlord from and against any loss, claims, demands, damage or injury Landlord may suffer or sustain as a result of
Tenant’s failure to comply with the provisions of this subparagraph (b). 
  

 23 

 37. Surrender of Premises. Whenever under the terms hereof Landlord is entitled to
possession of the Premises, Tenant at once shall surrender the Premises and the keys thereto to Landlord in the same condition as on the Commencement Date hereof, natural wear and tear or damage by fire or other casualty only excepted, and Tenant
shall remove all of its personalty therefrom and shall, if directed to do so by Landlord pursuant to Section 12, above, remove all improvements (including cabling) and restore the Premises to its original condition prior to the construction of any
improvements which have been made therein by or on behalf of Tenant, including any improvements made prior to the Commencement Date. Landlord may forthwith re-enter the Premises and repossess itself thereof and remove all persons and effects
therefrom. Tenant’s obligation to observe or perform these covenants shall survive the expiration or other termination of the Term of this Lease. If the last day of the Term of this Lease or any renewal falls on Sunday or a legal holiday, this
Lease shall expire on the business day immediately preceding. 
  
 38. Cleaning Premises. Upon vacating the Premises, Tenant agrees to return the Premises to Landlord broom clean and in the same condition when Tenant’s possession commenced, natural wear and tear or damage by fire or
other casualty excepted. 
  
 39. No Estate In Land.
This contract shall create the relationship of landlord and tenant between Landlord and Tenant; no estate shall pass out of Landlord; Tenant has only a usufruct, not subject to levy or sale, and not assignable by Tenant except with Landlord’s
consent. 
  
 40. Cumulative Rights. All rights,
powers and privileges conferred hereunder upon the parties hereto shall be cumulative but not restrictive to those given by law. 
  
 41. Paragraph Titles; Severability. The paragraph titles used herein are not to be considered a substantive part of this Lease, but merely
descriptive aids to identify the paragraph to which they refer. Use of the masculine gender includes the feminine and neuter, and vice versa, where necessary to impart contextual continuity. If any paragraph or provision herein is held invalid by a
court of competent jurisdiction, all other paragraphs or severable provisions of this Lease shall not be affected thereby, but shall remain in full force and effect. 
  
 42. Damage or Theft of Personal Property. All personal property brought into the Premises shall be at the risk
of the Tenant only and Landlord shall not be liable for theft thereof or any damage thereto occasioned by any acts of co-tenants, or other occupants of the Building, or any other person, except, with respect to damage to the Premises, as may be
occasioned by the negligent or willful act of the Landlord, its employees and agents. 
  
 43. Holding Over. In the event Tenant remains in possession of the Premises after the expiration of the Term hereof, or of any renewal term, (or, if extended by Tenant pursuant to its one-time right to
extend described in Special Stipulation D-11, after the expiration of such extended term) with Landlord’s written consent, Tenant shall be a tenant at will and such tenancy shall be subject to all the provisions hereof, except that the monthly
rental shall be at the higher of 150% of the monthly Base Rent payable hereunder upon such expiration of the Term hereof, or of any renewal term, or 150% of the then current fair market rental value of the Premises as 
  

 24 

 the same would be adjusted pursuant to the provisions of Section 4 hereof. In the event Tenant remains in possession of
the Premises after the expiration of the Term hereof, or any renewal term, without Landlord’s written consent, Tenant shall be a tenant at sufferance and may be evicted by Landlord without any notice, but Tenant shall be obligated to pay rent
for such period that Tenant holds over without written consent at the same rate provided in the previous sentence. There shall be no renewal of this Lease by operation of law or otherwise. Nothing in this Section shall be construed as a consent by
Landlord for any holding over by Tenant after the expiration of the Term hereof, or any renewal term. 
  
 44. Security Deposit. Intentionally omitted. 
  
 45. Building Allowance and Tenant Finishes. 
  
 (a) Landlord will provide to Tenant an allowance (“Allowance”) of $25.00 per rentable square foot contained within the Premises to be applied to
the cost of the Work and Additional Work described in Exhibit “B”. A portion of the Allowance not to exceed $10.00 per rentable square foot contained within the Premises, may be applied to the payment of Rent or otherwise as
determined by Tenant in its sole discretion. Tenant and Landlord agree that all costs of the Work and Additional Work in excess of such Allowance which are requested by Tenant and approved by Landlord shall be paid by Tenant to Landlord as follows:
twenty-five (25%) percent of Tenant’s estimated costs prior to the commencement of the Work, fifty percent (50%) of Tenant’s estimated costs within twenty (20) business days of Landlord’s notice that fifty percent (50%) of the Work is
complete and the balance of actual costs upon substantial completion and prior to occupancy. The amount due for each installment shall be set forth in a written invoice from Landlord. Should Tenant fail to pay for such excess costs when due as
herein provided, such amount due shall accrue interest at the rate of one and one-half (1 1/2%) percent per month
or fraction thereof from the date such payment is due until paid (Annual Percentage Rate—18%) and the failure to pay such amount when due shall be a default, subject to the provisions of Section 26. 
  
 (b) The Work Letter attached hereto as Exhibit “B” is hereby
made a part of this Lease, and its provisions shall control in the event of a conflict with the provisions contained in this Lease. 
  
 46. Rules and Regulations. The rules and regulations in regard to the Building, annexed hereto, and all reasonable rules and regulations
which Landlord may hereafter, from time to time, adopt and promulgate (per notice provisions of Section 54, below) for the government and management of said Building, are hereby made a part of this Lease and shall, during the said term, be observed
and performed by Tenant, his agents, employees and invitees. 
  
 47. Quiet Enjoyment. Tenant, upon payment in full of the required Rent and full performance of the terms, conditions, covenants and agreements contained in this Lease, shall peaceably and quietly have, hold and enjoy the
Premises during the term hereof. Landlord shall not be responsible for the acts or omissions of any other tenant, Tenant or third party that may interfere with Tenant’s use and enjoyment of the Premises. 
  
 48. Entire Agreement. This Lease contains the entire agreement
of the parties and no representations, inducements, promises or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. 
  

 25 

 49. Limitation of Liability. Landlord’s obligations and liability with respect to this
Lease shall be limited solely to Landlord’s interest in the Building (including any insurance proceeds or condemnation awards related thereto), as such interest is constituted from time to time, and neither Landlord nor any partner of Landlord,
or any officer, director, shareholder, or partner of any partner of Landlord, shall have any personal liability whatsoever with respect to this Lease. No owner of the Property, whether or not named herein, shall have liability hereunder after it
ceases to hold title to the Property. 
  
 50. Submission of
Agreement. Submission of this Lease to Tenant for signature does not constitute a reservation of space or an option to acquire a right of entry. This Lease is not binding or effective until execution by and delivery to both Landlord and
Tenant. 
  
 51. Authority. If Tenant executes this
Lease as a corporation, limited partnership, limited liability company or any other type of entity, each of the persons executing this Lease on behalf of Tenant does hereby represent and warrant that Tenant is a duly organized and validly existing
corporation, limited partnership, limited liability company or other type of entity, that Tenant is qualified to do business in the state where the Project is located, that Tenant has full right, power and authority to enter into this Lease, and
that each person signing on behalf of Tenant is authorized to do so. 
  
 52. Relocation. Intentionally Omitted. 
  
 53. Broker Disclosure. Commercial Jacksonville, a real estate broker licensed in the State of Florida, has acted as agent for Landlord in this transaction and is to be paid a commission by Landlord pursuant to a separate
agreement. Newmark Southern Region, a real estate broker licensed in the State of Florida, has acted as agent for Tenant in this transaction and is to be paid a commission by Landlord pursuant to a separate agreement. Landlord represents that it has
dealt with no other broker other than the broker(s) identified herein. Landlord agrees that, if any other broker makes a claim for a commission based upon the actions of Landlord, Landlord shall indemnify, defend and hold Tenant harmless from any
such claim. Tenant represents that it has dealt with no broker other than the broker(s) identified herein. Tenant agrees that, if any other broker makes a claim for a commission based upon the actions of Tenant, Tenant shall indemnify, defend and
hold Landlord harmless from any such claim. Tenant will cause its broker to execute a customary lien waiver, adequate under the law of the state where the Project is located, to extinguish any lien claims such broker may have in connection with this
Lease. 
  
 54. Notices. Any notice which is required
or permitted to be given by either party under this Lease shall be in writing and must be given only by certified mail, return receipt requested or by nationally recognized overnight courier service at the addresses set forth below. Any such notice
shall be deemed given on the date sent or deposited for delivery in accordance with one of the permitted methods described above. The time period for responding to any such notice shall begin on the date the notice is actually received, but refusal
to accept delivery or inability to accomplish delivery because the party can no longer be found at the then current notice address, shall be deemed receipt. Either party may change its notice address by notice to the other party in accordance with
the terms of this Section 54. The following are the initial notice addresses for each party: 
  

 26 

			
	Landlord’s Notice Address:	  	Wells Management, Inc.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Norcross, Georgia 30092-2295
	 	  	Attention: Property Manager
	 	  	Fax: (770) 243-8197
		
	With a copy to:	  	Wells Capital, Inc.
	 	  	6200 The Corners Parkway, Suite 250
	 	  	Norcross, Georgia 30092-2295
	 	  	Attention: Asset Manager
	 	  	Fax: (770) 243-8197
		
	With a copy to:	  	Hatcher Thomas LLC
	 	  	1401 Dresden Drive, Suite 300
	 	  	Atlanta, Georgia 30319
	 	  	Attn: Don Thomas
		
	            Tenant’s Notice Address:	  	ADP Inc.
	 	  	5800 Windward Parkway
	 	  	Alpharetta, GA 30005
	 	  	Attention: Division President
		
	With a copy to:	  	ADP, INC.
	 	  	One ADP Boulevard
	 	  	Roseland, NJ 07068
	 	  	Attention: General Counsel

  
 55. Force
Majeure. In the event of a strike, lockout, labor trouble, civil commotion, an act of God, or any other event beyond Landlord’s or Tenant’s control (a “force majeure event”) which results in the Landlord or Tenant being
unable to timely perform its obligations hereunder to repair the Premises, provide services, or complete Work (as provided in Exhibit “B”), so long as Landlord or Tenant diligently proceeds to perform such obligations after the end of the
force majeure event, Landlord or Tenant shall not be in breach hereunder and this Lease shall not terminate. Under no circumstances will an occurrence of a force majeure event excuse Tenant’s obligation to pay any Base Rent, additional rent, or
any other charges and sums due and payable. 
  
 56.
Financial Statements. At any time during the Term, upon ten (10) days prior written notice from Landlord to Tenant, Tenant agrees to provide Landlord with the most current published financial statement for Tenant and financial statements
for the two (2) years prior to the current financial statement year for Tenant. Such statements are to be certified by Tenant to be true, correct and complete, prepared in accordance with generally accepted accounting principles and, if it is the
normal practice of Tenant, audited by an independent certified public accountant. 
  
 57. Special Stipulations. The Special Stipulations, if conflicting, if any, attached hereto as Exhibit “D ” are modifications to the terms of this Lease and such Special Stipulation
shall control in the event of any conflict with the other provisions of this Lease or any exhibits hereto. 
  

 27 

 IN WITNESS WHEREOF, the parties herein have hereunto set their hands and seals, the day and year first
above written. 
  

					
	 LANDLORD:

	
	FUND IV AND FUND V ASSOCIATES
		
	 By:
	 	  

	 	 	 Title:
	 	  

	
	 TENANT:

	
	ADP, INC.
		
	 By:
	 	  

	 	 	 James B. Benson, President

			
	 	 	 	 	(CORPORATE SEAL)

  

 28 

 RULES AND REGULATIONS 
  
 1. The sidewalks, entry passages, corridors, halls, elevators and stairways shall not be obstructed by Tenants or used by
them for any purpose other than those of ingress and egress. The floors, skylights and windows that reflect or admit light into any place in said building shall not be covered or obstructed by Tenants. The toilets, drains and other water apparatus
shall not be used for any other purpose than those for which they were constructed and no sweepings, rubbish or other obstructing substances shall be thrown therein. 
  
 2. No advertisement or other notice shall be inscribed, painted or affixed on any part of the outside or inside of said
building, except upon the doors, and of such order, size and style, and at such places, as shall be approved and designated by Landlord. Interior signs on doors will be ordered for Tenants by Landlord, the cost thereof to be charged to and paid for
by Tenants. 
  
 3. No Tenant shall do or permit to be done in his
Premises, or bring or keep anything therein, which shall in any way increase the rate of insurance carried by Landlord on the Building, or on the Property, or obstruct or interfere with the rights of other Tenants or in any way injure or annoy them,
or violate any applicable laws, codes or regulations. Tenants, agents, employees or invitees shall maintain order in the Premises and the Building, shall not make or permit any improper noise in the Premises or the Building or interfere in any way
with other Tenants, tenants or those having business with them. Nothing shall be thrown by Tenants, their clerks or servants, out of the windows or doors, or down the passages or skylights of the Building. No rooms shall be occupied or used as
sleeping or lodging apartments at any time. No part of the Building shall be used or in any way appropriated for gambling, immoral or other unlawful practices, and no intoxicating liquor or liquors shall be sold in the Building. 
  
 4. Tenants shall not employ any persons other than the janitors of Landlord
(who will be provided with pass-keys into the offices) for the purpose of cleaning or taking charge of the Premises, except as may be specifically provided otherwise in the Lease. 
  
 5. No animals, birds, bicycles or other vehicles shall be allowed in the offices, halls, corridors, elevators or elsewhere
in the Building, without the approval of Landlord. 
  
 6. No
painting shall be done, nor shall any alterations be made to any part of the Building or the Premises by putting up or changing any partitions, doors or windows, nor shall there be any nailing, boring or screwing into the woodwork or plastering, nor
shall any connection be made in the electric wires or gas or electric fixtures, without the consent in writing on each occasion of Landlord. All glass, locks and trimmings in or upon the doors and windows of the Building shall be kept whole and,
when any part thereof shall be broken by Tenant or Tenant’s agent, the same shall be immediately replaced or repaired by Tenant (subject to Tenant’s compliance with Section 12 of the Lease) and put in order under the direction and to the
satisfaction of Landlord, or its agents, and shall be kept whole and in good repair. Tenants shall not injure, overload, or deface the Building, the woodwork or the walls of the Premises, nor carry on upon the Premises any noxious, noisy or
offensive business. 
  
 7. A reasonable number of card keys will
be furnished Tenants without charge. No additional security systems, access systems, locks or latches shall be put upon any door without the written consent of Landlord. Tenants, at the termination of their Lease, shall return to Landlord all card
keys to doors in the Building. 
  

 29 

 8. Landlord in all cases retains the power to prescribe the weight and position of iron safes or other
heavy articles. Tenants must make arrangements with the superintendent of the Building when the elevator is required for the purpose of the carrying of any kind of freight (however, no additional charge will be assessed for such use). 
  
 9. The use of burning fluid, camphene, benzine, kerosene or anything except
gas or electricity, for lighting the Premises, is prohibited. No offensive gases or liquids will be permitted. 
  
 10. If Tenants desire blinds, coverings or drapes over the windows, they must be of such shape, color and material as may be prescribed by Landlord, and
shall be erected only with Landlord’s consent and at the expense of the Tenant desiring them. No awnings shall be placed on the Building. 
  
 11. All wiring and cabling work shall be done only by contractors approved in advance by Landlord and Landlord shall have the right to have all such work
supervised by Building engineering/maintenance personnel. 
  
 12.
At Landlord’s discretion, Landlord may hire security personnel for the Building, and every person entering or leaving the Building may be questioned by such personnel as to the visitor’s business in the Building and shall sign his or her
name on a form provided by the Building for so registering such persons. Landlord shall have no liability with respect to breaches of the Building security, if any. 
  
 13. No smoking shall be permitted in any portion of the interior of the Building (including the Premises). 
  
 14. Tenants shall not install equipment that causes electrical consumption at
any time to exceed the capacity of the existing feeders, risers, or wiring. 
  
 15. No soliciting of any type is permitted in the Project. 
  

 30 

 EXHIBIT “A” 
  
 PROPERTY 
  
 [INSERT LEGAL DESCRIPTION FOR BUILDING] 
  

 31 

 EXHIBIT “A-1” 
  
 PORTION OF PREMISES ON FOURTH (4TH) FLOOR 
  
 [ATTACH FLOOR PLAN SHOWING 
 PREMISES BY DIAGONAL LINES] 
  

 32 

 EXHIBIT “A-2” 
  
 PORTION OF PREMISES ON THIRD (3RD) FLOOR 
  
 [ATTACH FLOOR PLAN SHOWING 
 PREMISES BY DIAGONAL LINES] 
  

 33 

 EXHIBIT “A-3” 
  
 PORTION OF PREMISES ON FIRST (1ST) FLOOR 
  
 [ATTACH FLOOR PLAN SHOWING 
 PREMISES BY DIAGONAL LINES] 
  

 34 

 EXHIBIT “B” 
  
 WORK LETTER 
  
 This Work Letter (Agreement”) is made this      day of March, 2004, by and between FUND IV AND FUND V ASSOCIATES, a
Georgia general partnership (hereinafter called “Landlord”), and ADP, INC., a Delaware corporation (hereinafter called “Tenant”). 
  
 Landlord and Tenant hereby covenant and agree as follows (all capitalized terms not otherwise defined herein shall have the meanings ascribed to such
terms in the Lease Agreement dated of even date herewith executed by Landlord and Tenant): 
  
 ARTICLE I 
 WORK 
  
 Except as otherwise specifically provided, Landlord shall furnish, install and/or perform in the premises the following
items of work (hereinafter “Work”) pursuant to the provisions of this Agreement: All Leasehold Improvements shown in Tenant’s Plans (as defined in Article II hereof) costing up to an amount not exceeding in the aggregate the
Allowance, provided that Building Standard Tenant Materials are contained in “Tenant’s Plans.” “Building Standard Tenant Materials” shall mean the materials Landlord has chosen to be utilized in Tenant spaces, including the
materials described in Exhibit “B-1” attached hereto and made a part hereof or materials of comparable quality substituted therefor by Landlord. Landlord shall install the Building Standard Tenant Materials according to the Construction
Documents (as hereinafter defined) at Tenant’s expense. Alterations, relocation or substitution of Building Standard Tenant Materials may exceed the Allowance. 
  
 ARTICLE II 
 TENANT’S PLANS 
  
 1. Landlord, through Tom
Duke (the “Architect”) and McMann, McVey & Mangum (the “Engineer”), shall prepare complete plans and specifications (“Tenant’s Plans”) for Work as follows: 
  
 (a) Detailed architectural drawings and specifications of Tenant’s
partition plan, partition types, reflected ceiling plan, power, communications, and telephone plan (location of data and telephone outlets with pull boxes only), electrical outlets, finish plan, millwork construction drawings, elevations,
construction details and sections; and 
  
 (b) Mechanical,
electrical, plumbing and lighting plans and specifications where necessary for installation and connection Building Systems. 
  
 2. Landlord and Tenant hereby agree that time is of the essence, and the following procedure and schedule shall be adhered to with respect to the design
and development of final construction documents (“Construction Documents”) and the construction of Work: 
  
 (a) Provided Tenant has timely supplied all necessary information to Landlord, Architect and Engineer shall prepare and deliver to Landlord and Tenant
copies of Tenant’s Plans based upon all information previously provided and approved by Tenant; 
  

 35 

 (b) Landlord and Tenant shall thereafter promptly review Tenant’s Plans. Landlord shall have the
right to approve or reject such plans in its sole discretion and shall notify Tenant in sufficient detail as to why Landlord is rejecting any of the proposed Tenant’s Plans. Tenant shall sign off on the proposed Tenant’s Plans or reject
and modify the proposed Tenant’s Plans, prepared in accordance with Subsection (a) above within five (5) business days after receipt of such Tenant’s Plans by Architect and Engineer; 
  
 (c) Landlord shall obtain bids from at least three (3) pre-approved
contractors for the performance of each of the following portions of Work, as applicable, providing for by Tenant’s Plans: electrical; mechanical; plumbing; drywall, wall finishes; and carpeting. Tenant, with Landlord’s approval, may also
select an alternate contractor for pricing of some or all of such construction activities, provided that no Building Systems are involved; 
  
 (d) Following receipt of bids based upon the approved Tenant’s Plans (and an opportunity for Tenant to revise Tenant’s Plans) and upon the
approval of Tenant of the winning bid and the pricing associated with the same (the “Tenant Improvement Budget”), the Construction Documents shall be prepared from such Tenant’s Plans by Architect and Engineer, and a contract for
construction shall be awarded by Landlord to a bidder with a price and construction schedule reasonably acceptable to Landlord and Tenant. Construction shall be commenced and diligently pursued to completion in accordance with such construction
schedule. Upon prior notice to Tenant, Landlord reserves the right to make reasonable substitutions of equal or better quality and value for Building Standard Materials in the event of unavailability of materials or altered field conditions;

  
 (e) “Substantial Completion” (i.e., the date upon
which Work is substantially completed, except for punch list items, in accordance with the Construction Documents) will be fifty (50) days following Tenant’s approval of the Tenant Improvement Budget; 
  
 (f) Items shown on a punch list to be prepared by Tenant, Architect and
Engineer at Substantial Completion will then be completed, and Landlord shall thereafter obtain a Temporary Certificate of Occupancy, if necessary, and a permanent Certificate of Occupancy for the Premises, if required, as promptly as possible; and

  
 (g) Any unused portion of the Allowance not exceeding $10.00
per rentable square foot of the Premises may be applied to Rent or otherwise used by Tenant’s in its sole discretion. 
  
 3. The contractor selected though the bidding process shall construct the Leasehold Improvements to the Premises in accordance with the Construction
Documents prepared from Tenant’s Plans which have been approved by the parties. Said Tenant’s Plans are to be initialed by Landlord and Tenant and attached hereto as Exhibit “D-2.” 
  
 4. Tenant agrees that it shall look solely to Architect and Engineer with
respect to the adequacy, correctness or sufficiency of Tenant’s Plans or compliance thereof with any applicable laws, codes, regulations or ordinances of any applicable governmental authority, or otherwise, and that Landlord’s review or
approval of Tenant’s Plans shall not constitute a representation, guaranty or warranty with respect to Tenant’s Plans. 
  
 5. Tenant’s Plans shall be filed by Architect or Engineer, at Landlord’s sole cost and expense, as shall be required by law and approved by all
governmental authorities having jurisdiction thereof. Any and all permits which may be required shall be procured by Architect or Engineer as part of the Allowance. Tenant and Tenant’s architect and designers, if any, shall cooperate with
Landlord in obtaining any such approvals and permits without delay. 
  

 36 

 6. Any changes required by any governmental authority, agency or department affecting the construction of
any Work or any Additional Work to be performed therein shall not be deemed to be a violation of Tenant’s Plans or any provision of this Work agreement and shall be accepted and paid for by Tenant to the extent the costs of the same exceed the
Allowance. 
  
 ARTICLE III 
 ALLOWANCE; ADDITIONAL WORK 
  
 1. Landlord shall bear the cost of the design and preparation of Tenant’s Plans and the performance of the Work, except that Tenant shall bear the
expense of any Work in excess of the Allowance to be used as provided in this Agreement. The Allowance will not be applied against the cost of the demolition of the partitions (not the ceilings) within the Premises required by the Plans, but such
cost will be paid by Landlord, at its sole cost and expense. 
  
 2. All work (with the exception of the demolition of existing partitions) shown in Tenant’s Plans costing in excess of the Allowance shall be deemed to be Additional Work (“Additional Work”), and Tenant shall pay Landlord for
the actual cost thereof as provided in Section 45 of the Lease. All revised or additional Tenant’s Plans are subject to Landlord’s review and written approval, such approval not to be unreasonably withheld or delayed. Should any revisions
or additions to the original Tenant’s Plans result in a delay of Substantial Completion (hereinafter defined) of the Premises, Tenant agrees that such shall constitute a Tenant Delay (hereinafter defined). 
  
 3. Tenant shall pay Landlord’s Construction Manager its direct,
out-of-pocket costs for designing, furnishing, installing and/or constructing Tenant’s Plans (as they may be modified). “Change Order(s)” shall mean any alteration, substitution, addition or change to or in Tenant’s Plans or
construction Documents requested by Tenant after the same has been consented to by Landlord. 
  
 4. Should Tenant modify Tenant’s Plans or the construction Documents subsequent to their approval by Landlord and Tenant, and such modifications increase the cost of Work to the extent such cost exceeds the
Allowance, then Tenant shall be solely responsible for such cost increase. 
  
 5. If any items of Additional Work shall entail the ordering and/or purchase by Landlord of unusual or specialty materials or products involving, in Landlord’s sole judgment, material cost, Landlord may require
Tenant to pay to Landlord with five (5) days of Landlord’s request therefor before proceeding to purchase or order same (which request may be contained in Landlord’s estimate of the cost thereof furnished to Tenant) a deposit (but only if
the cost of the same results in costs in excess of the Allowance), on account of the cost of such Additional Work, as shall be determined by Landlord in its sole discretion. Tenant shall have the right to purchase any necessary materials directly
from its own vendors without any markup by Landlord or its contractor. 
  
 6. If, in Landlord’s reasonable judgment, any items of Additional Work shall involve ordering of materials or products which must be specially fabricated to order and thus will materially delay the performance of Work, then Landlord
may require Tenant to agree on a fixed Commencement Date of this Lease (allowing a reasonable time for the performance of Work in 
  

 37 

 absence of the necessity of performing the Additional Work occasioning such material delay). If the parties cannot agree
upon a fixed Commencement Date, then Landlord shall have the right to decline to perform such Additional work, and Tenant shall be responsible for the performance thereof (subject to the terms of this Lease) after the completion of Work and any
other Additional Work not objected to by Landlord. 
  
 ARTICLE
IV 
 PAYMENT 
  
 Landlord will provide the Allowance to Tenant upon the terms and conditions described in Section 45 of the Lease. 
  
 ARTICLE V 
 APPROVALS; AUTHORIZATIONS; TENANT’S AUTHORIZED AGENT(S) 
  
 1. The approval by Tenant of Tenant’s Plans shall be deemed authorization by Tenant for Landlord to proceed with the performance of Work and any
Additional Work and shall be deemed approval by Tenant of Landlord’s cost estimate for the work. 
  
 2. Any approvals required to be given by Tenant shall be deemed given unless within five (5) days after request is made therefor, notice of disapproval is
given. Any architect or designer acting for or on behalf of Tenant shall be deemed an agent of Tenant duly authorized to bind and act for Tenant in all respects. 
  
 ARTICLE VI 
 NO CHANGES IN TENANT’S PLANS 
  
 No change(s)
may be made by Tenant in any of Tenant’s Plans which, in Landlord’s reasonable opinion, will cause any additional cost or expense to Landlord unless Tenant shall specifically agree to pay Landlord’s reasonable costs incurred as a
result of any such changes(s) and to be responsible for any delay in the completion of Work. In no event may any changes be made to any of Tenant’s Plans (or to any Work or Additional Work performed in the Premises) after Landlord shall have
sent to Tenant written notice of the anticipated date of Substantial Completion of Work. 
  
 ARTICLE VII 
 TENANT DELAY; LANDLORD DELAY; 
 ADVANCEMENT OF COMMENCEMENT DATE 
  
 If there is a delay in the Substantial Completion of Work, or any portion thereof, due to any act or omission of Tenant, its contractors, subcontractors,
architects, space designers, movers, consultants, agents or employees, including, without limitation, delays due to failure by Tenant, in a timely manner, to deliver Tenant’s Plans, Tenant’s making changes in Tenant’s Plans or in
Work, delays by Tenant in submission of information, approving working drawings or cost estimates or giving authorizations or approvals, requests for other than Building Standard Materials, or delays resulting from the fact that portions of Work
must be scheduled after the completion of certain items of Tenant’s Installations (hereinafter defined) (any of the foregoing being called a “Tenant Delay”), then the Premises, or such portion thereof, shall be deemed Substantially
Completed on the 
  

 38 

 date the premises or such portion thereof would have been available for occupancy but for the duration of any such
aforementioned Tenant Delay, even though work to be done by Landlord has not been commenced or completed. The parties recognize that a Tenant Delay may be aggravated or extended by a strike, materials or labor shortage, or loss of time due to
construction scheduling changes occasioned by such Tenant Delay or other unavoidable delays, any or all of which would not have adversely affected the timely completion of Work in the absence of such Tenant Delay, and agree that the duration of
Tenant Delay should include all delays resulting from such other causes, notwithstanding that as a result thereof, the Tenant Delay in question may substantially exceed, in duration, the length of time during which the act or omission of Tenant or
its agents, employees or contractors causing such Tenant’s Delay may have occurred or continued. 
  
 If there is a delay (a “Landlord Delay”) in the in the Substantial Completion of Work that is not a Tenant Delay and is not due to a strike,
materials or labor shortage or other unavoidable delays outside the control of Landlord, Tenant shall receive one (1) additional day of rental concession for each additional day of such delay. In the event the Premises has not been delivered to
Tenant due to a Landlord Delay on or before the date three (3) months after the Commencement Date, the Tenant will have the right to terminate the Lease by delivering thirty (30) days written notice to Landlord. If Tenant fails to deliver such
written notice within such thirty (30) day period, such right to terminate will be no longer of any force or effect. 
  
 ARTICLE VIII 
 TENANT’S INSTALLATIONS 
  
 In the event Tenant shall desire to make any installations in the Premises
(“Tenant’s Installations”) which are not to be made by Landlord for Tenant, the following shall apply: 
  
 1. On condition that such Tenant’s Installations will not require any structural change, and further provided that all Work and Additional Work
required to be made by Landlord therein shall have reached a point with respect to which, in Landlord’s sole judgment, exercised in good faith, the making of Tenant’s Installations will not delay or hamper Landlord in the completion of
Work or any Additional Work, Tenant may enter the Premises for the purpose of making Tenant’s Installations, subject, however, to the applicable provisions of the Lease. In addition to the insurance requirements set forth in the Lease, Tenant
shall provide whatever insurance coverage and certificates as are required by Landlord’s Construction Manager in connection with work to be done by Tenant’s contractors and subcontractors, including, but not limited to, naming Landlord and
the Construction Manager as Additional Insureds. 
  
 2. Prior to
the Commencement Date, any entry by Tenant in or on the Premises shall be at Tenant’s sole risk and shall be subject to all of terms, covenants and the provisions of the Lease. Tenant’s Installations shall be completed free of all liens
and encumbrances (copies of releases supplied to Landlord at Landlord’s request without delay.) 
  
 3. Prior to soliciting bids from any contractor(s) for performance of any work or installation of any materials or equipment that Tenant may desire to
have performed or installed in the Premises, Tenant shall first submit to Landlord, for its approval or disapproval, the names of any such contractor(s) and Tenant shall only obtain bids and enter into contracts (for work or materials or equipment
to be installed in the Premises) with contractor(s) first approved, in writing, by Landlord. Tenant agrees that in performing any work, the labor employed by Tenant or anyone performing such work for or on behalf of Tenant shall always be harmonious
and compatible with the labor employed by Landlord and/or any contractors or subcontractors of Landlord. Should such labor, in Landlord’s sole opinion, be incompatible, Landlord may require Tenant to withdraw from the Premises immediately until
Tenant takes possession of the Premises. 
  

 39 

 4. In the event Tenant or any agent, visitor, guest, employee, subcontractor or contractor of Tenant
(“Persons Under Tenant’s Control”) shall enter upon the Premises or any other part of the Building, Tenant agrees to indemnify and save Landlord free and harmless from and against any and all claims whatsoever arising out of said
entry or any work performed by such Persons Under Tenant’s Control. Persons Under Tenant’s Control shall comply with the special rules, regulations and requirements of Building management for the performance of work (including, without
limitation, the requirement that Tenant maintain workers’ compensation, public liability and property insurance coverages as Landlord may reasonably require). Persons Under Tenant’s Control shall coordinate their activities so as to avoid
the intrusion into or disruption of the operation of the Building and the business operation of other tenants. 
  
 5. As a condition of Landlord’s permitting Tenant to make any of Tenant’s Installations in the Premises, Landlord may require that Tenant agree
with Landlord on a fixed Commencement Date of this Lease (allowing a reasonable time for the performance of Work). If the parties cannot agree upon a fixed Commencement Date, then Landlord may refuse permission for Tenant to perform Tenant’s
Installations prior to the occurrence of the Commencement Date. 
  
 6. Only Landlord’s contractors shall be permitted to do any work on the Building Systems. 
  
 ARTICLE IX 
 SUBSTANTIAL COMPLETION 
  
 Substantially Completed and Substantial Completion shall have occurred upon
the following: (1) Work shall have been completed in substantial compliance with the Construction Documents, except for punch list items and Tenant’s Work, and otherwise sufficient so that Architect can execute the most recently published
version of AIA form G704, titled “Certificate of Substantial Completion,” or (2) Landlord shall have obtained a certificate of occupancy or other evidence reasonably satisfactory to Tenant that upon completion of Tenant’s Work, a
certificate of occupancy will be issued, permitting the lawful use of the Premises; provided, however, that to the extent compliance with the conditions set forth above would have occurred but for Tenant Delay, then compliance with such conditions
shall be deemed to have occurred on the date it would have occurred but for the Tenant Delay. 
  
 ARTICLE X 
 DESIGNATION OF REPRESENTATIVES 
  
 Landlord hereby designates Mike Watson, Landlord’s Construction Manager
to act as its authorized representative on this Work Agreement. Any response from such person under this Work Agreement shall be the response of Landlord. Tenant hereby designates Gary Sorber to act as its authorized representative on this Work
Agreement. Any response from such Person under this Work Agreement shall be the response of Tenant. 
  

 40 

 IN WITNESS WHEREOF, this Work Agreement has been executed as of the day and year first above written.

  

					
	 LANDLORD:

	
	FUND IV AND FUND V ASSOCIATES
		
	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

	
	 TENANT:

	
	ADP, INC.
		
	 By:
	 	  

	 	 	 James B. Benson, President

	 	 	(CORPORATE SEAL)

  

 41 

 EXHIBIT “B-1” 
  
 BUILDING STANDARD TENANT MATERIALS 
  

Doors: 
  
 Building standard core doors are 3’ x 8’-9” solid core stain grade Weyerhauser doors in 2” hollow metal frames. 
  
 Existing 4th floor doors throughout tenant space are 3’ x 7’ paint grade doors with 2” welded hollow metal frames and integral hollow metal side lights.
(This is not the building standard; the previous full floor tenant had installed these as part of their tenant improvements). 
  
 Hardware: 
  
 Corbin / Russwin mortised lever sets, polished chrome finish 
  
 Acoustical Ceiling: 
  
 Grid: Armstrong, 2’ x 2’, 15/16” width 
  
 Ceiling Tiles: Celotex TBQ154, Textured Baroque, 2’ x 2’ with tegular edge 
  
 Light Fixtures: 
  
 2’ x 4’ (18) cell parabolic fluorescent fixtures with (3) T-12 lamps (building standard manufacturer is Phillips). 
  
 Exit Lights: 
  
 LED type ceiling mounted 
  
 HVAC: 
  
 VAV and PIU boxes are manufactured by Trane. Energy Management System is Trane Summit. 
  
 Window Blinds: 
  
 Off-white color horizontal mini-blinds supplied by Bartimaeus, Inc. in Atlanta 
  
 Sprinkler Heads: 
  
 Semi-recessed chrome heads with chrome trim rings 
  

 42 

 EXHIBIT “C” 
  
 ACKNOWLEDGMENT, ACCEPTANCE AND AMENDMENT 
  
 Tenant hereby acknowledges that the Premises demised pursuant to the Lease to which this Exhibit “C is attached (the
“Lease”), and all tenant finish items to be completed by the Landlord, or Landlord’s contractors, have been satisfactorily completed in every respect, except for the punchlist items set forth below, and Tenant hereby accepts said
Premises as substantially complete and ready for the uses intended as set forth in the Lease. Landlord shall complete the punchlist items, if any, as soon as is reasonably possible. Possession of the Premises is hereby delivered to Tenant, and any
damages to walls, ceilings, floors or existing work, except for any damages caused by Landlord or Landlord’s contractors in completing any punchlist items, shall be the sole responsibility of Tenant. 
  
 If any improvements or tenant finishes are to be constructed or installed by
Tenant or Tenant’s contractors, as previously approved by Landlord, Tenant hereby agrees to indemnify and hold harmless Landlord from and against any claims, demands, loss or damage Landlord may suffer or sustain as a result of such work by
Tenant or Tenant’s contractors, including, without limitation, any claim of lien which may be filed against the Premises or Landlord’s Property as a result of such work by Tenant’s contractors or representatives. In the event any such
claim of lien is filed against Landlord’s Property by any contractor, laborer or materialman performing work on the Premises at Tenant’s direction, Tenant agrees to cause such lien to be discharged, by payment of the claim or bond, within
twenty (20) days of receipt of demand by Landlord. 
  
 Tenant and
Landlord hereby further acknowledge and agree as follows: 
  
 1.
The Commencement Date (as defined in the Lease) is                     , 20         and the
Expiration Date (as defined in the Lease) is                     , 20        . 
  
 2. The exact rentable square feet contained within the Premises is
             square feet; and if differing from Exhibit “A-1” attached to the Lease, the Premises are as shown and outlined in red on Exhibit “C-1”
attached hereto. 
  
 3. Tenant’s Share is
            %. 
  
 4. The initial Base Rent payable under the Lease is $            , payable in equal monthly installments as provided in the Lease. 
  
 5. Rent under the Lease will commence as
of                     . 
  
 6. Tenant intends to occupy the Premises
on                    . 
  
 7.             (No.) keys to the Premises have been delivered to Tenant or
Tenant’s representative. 
  

 43 

 8. The following punch list items are all that remain to be completed by Landlord or Landlord’s
contractor: 
  
  
 9. This Acknowledgment, Acceptance and Amendment, when executed by Landlord and Tenant, shall be attached to and shall become a part of the Lease. If any provision contained herein conflicts with any provision of the
Lease, the provisions hereof shall supersede and control, and the Lease shall be deemed modified and amended to conform with the provisions hereof. 
  
 10. Other agreements or modifications: 
  
  
 IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands and
seals, this          day of                     ,
200    . 
  

									
	 TENANT:
	  	 LANDLORD:

	  

	  	  

				
	 By:
	  	  

	  	 By:
	  	  

	 	  	 James B. Benson, President
	  	 	  	 Title:
	  	  

				
	 By:
	  	  

	  	 By:
	  	  

	 	  	 Robert J Singer, Assistant Secretary
	  	 	  	 Title:
	  	  

					
	 	  	[CORPORATE SEAL	  	 	  	 	  	[CORPORATE SEAL

  

 44 

 EXHIBIT “D” 
  
 SPECIAL STIPULATIONS 
  
 D-1. Tenant will be responsible for any and all rent or excise tax assessed against the Premises by the State of Florida or related governmental agency.

  
 D-2. Radon. Radon is a naturally occurring radioactive
gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.
Additional information regarding radon and radon testing may be obtained from your county health department. 
  
 D-3. Exclusions to Operating Expenses. The following items will be excluded from the definition of Operating Expenses as set forth in Section 13 of
the Lease: 
  
 (a) Capital expenditures except those capital
expenditures (a) made primarily to reduce Operating Expenses, or to comply with any laws or other governmental requirements, or (b) for replacements (as opposed to additions or new improvements) of non-structural items located in the common areas of
the property required to keep such areas in good condition; provided, all such permitted capital expenditures (together with reasonable financing charges) shall be amortized for purposes of this Lease over the useful life of the item in accordance
with generally accepted accounting principles. 
  
 (b) Leasing
commissions, attorney fees, costs and disbursements and other expenses incurred in connection with negotiations or disputes with tenants or other occupants or prospective tenants or other occupants, or associated with the enforcement of any leases
or the defense of Landlord’s title to or interest in the Building or any part thereof, or legal fees incurred in connection with any Real Estate Tax proceedings (unless made primarily to reduce the Real Estate Tax component of Operating
Expenses); 
  
 (c) Costs (including permit, license and inspection
fees) incurred in renovating or otherwise improving or decorating, painting or redecorating space for tenants or other occupants or in renovating or redecorating vacant space; 
  
 (d) Landlord’s costs of any services sold or provided tenants or other occupants for which Landlord is entitled to be
reimbursed by such tenants or other occupants as an additional charge or rental over and above the basic rent (and escalations thereof) payable under the lease with such tenant or other occupant; 
  
 (e) Costs incurred due to violation by Landlord or any tenant of the terms
and conditions of any lease; 
  
 (f) Payments in respect of
overhead or profit to subsidiaries or affiliates of Landlord, or to any party as a result of a non-competitive selection process, for management or other services on or to the Building, or for supplies or other materials to the extent that the costs
of such services, supplies, or materials exceed the costs that would have been paid had the services, supplies, or materials exceed the costs had the services, supplies, or materials been provided by parties unaffiliated with the Landlord on a
competitive basis; 
  

 45 

 (g) Landlord’s general corporate overhead and general administrative expenses; 
  
 (h) All items and services for which Tenant reimburses Landlord or pays to
third parties or which Landlord provides selectively to one or more tenants or occupants of the Building (other than Tenant) without reimbursement; 
  
 (i) Advertising and promotional expenditures; 
  
 (j) Costs incurred to provide services or other benefits to other tenants or occupants of a type that are not provided or available to Tenant hereunder;

  
 (k) Repairs or other work occasioned by fire, windstorm or
other casualty, or by condemnation, the costs of which are reimbursed to Landlord by insurers, other parties or by governmental authorities in eminent domain. 
  

(l) Debt service, interest or other finance charges unless specifically included above; and 
  
 (m) Rental payments to any ground lessor or landlord. 
  
 (n) Franchise taxes, income taxes, gross receipts taxes, and transfer and
gains taxes of Landlord. 
  
 (o) The cost of electric current
furnished to any other tenant. 
  
 (p) The cost of installing,
operating, and maintaining any specialty facility such as an observatory, broadcasting facility, restaurant or luncheon club, athletic or recreational club, theatre or cafeteria. 
  
 (q) The cost of correcting defects in construction of the building, parking garage, or other part of the premises, or in the
building equipment. 
  
 (r) The cost of any additions to the
building that result in a larger building. 
  
 (s) Any expenses
incurred in connection with any hazardous materials’ abatement, encapsulation, or removal, including, without limitation, asbestos. 
  
 (t) The cost of providing “overtime” HVAC to any Tenant. 
  
 (u) Costs incurred as a result of the negligent or otherwise tortious acts or omissions of Landlord, its agents, employees
and contractors. 
  
 (v) Costs or payments associated with
Landlord’s obtaining air rights or development rights. 
  
 (w) In the event the occupancy in the Building during any calendar year of the term is less than 95%, then variable cost component of Operating Expenses shall be “grossed up” to the amount of Operating Expenses that, using
reasonable projections, would normally be expected to be incurred during such year if the Building were 95% occupied; and such projections shall be consistently applied. 
  

 46 

 (x) Depreciation. 
  
 D-4. Option to Renew. So long as this Lease is in full force and effect and Tenant (a) is occupying and doing
business from the Demised Premises at the time the election is exercised; (b) is not in material default under this Lease either at the time of the election or at the effective date thereof; and (c) has not been late in making payments within the
applicable grace period, if any, due under the Lease more than twice within any twelve (12) month period during the Term, Tenant shall have the option to renew this Lease for two (2) additional terms of three (3) years each (the “First Renewal
Term”, the “Second Renewal Term”). Such option to renew may be exercised by Tenant by giving written notice to Landlord of Tenant’s intention to renew the Lease at least seven (7) months prior to the expiration of the original
Lease Term (the “Original Term”) or the First Renewal Term, as the case may be (the “Renewal Election Date”). During the following sixty days, Tenant will have the exclusive right to negotiate the terms and conditions of such
renewal with Landlord. The Base Rental Rate in effect at the expiration of the then current term of the Lease shall be increased to reflect ninety five (95) percent of the current fair market rental rate for comparable renewal space in the Building
and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Base Rental Rate
for the Premises no later than 30 days after receipt of Tenant’s written request therefore. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. If
Landlord and Tenant agree upon such terms and conditions and if Tenant properly exercises its right to extend the Lease Term for the First Renewal Term, the First Renewal Term shall commence on the day immediately following the expiration date of
the Original Term; and if Tenant properly exercises its right to extend the Lease Term for the Second Renewal Term, the Second Renewal Term shall commence on the day immediately following the expiration date of the First Renewal Term. In the event
that Tenant shall fail to exercise the applicable option to renew on or before the Renewal Election Date of if Landlord and Tenant fail to agree on the terms and conditions of such renewal, such applicable option to renew, and any subsequent option
to renew, shall be null and void in its entirety. Notwithstanding anything to the contrary in this Lease, the options to renew herein provided are unique and personal to Tenant and shall not be transferable to any assignee, subtenant or other
successor-in-interest to Tenant other than Affiliates to which the Lease has been assigned pursuant to Section 25 of the Lease. 
  
 D-5. Right to Expand. Provided this Lease is then in full force and effect and Tenant is in compliance with the terms and conditions of this Lease,
by delivering written notice to Landlord at any time during the eighteen (18) month period beginning on the Commencement Date of this Lease, Tenant shall have the right to expand (“Right to Expand”) into any space not currently leased to
other tenants, not subject to the rights of Synovus Financial Corp. (described in detail in D-12, below) and excluding the 1st (1st) floor of the Building (the “Expansion Space”) as shown on the attached Exhibit “F” and in
accordance with the following term and conditions: 
  
 (a) Tenant
will notify Landlord in writing if it wishes to exercise its Right to Expand and such notice will declare whether Tenant wishes to expand into all or only a portion of the Expansion Space. If Tenant timely notifies Landlord of its desire to exercise
its Right to Expand, Landlord and Tenant will amend the Lease to add the selected portion of the Expansion Space to the Premises upon the terms and conditions described herein as of the date Tenant occupies the Expansion Space. The Base Rent and
other economic terms for the Expansion Space will be the same monthly rental (on a per square foot basis) then being paid by Tenant for the Premises, with 
  

 47 

 the term coterminous with the Lease Term and the Allowance per rentable square foot of the Expansion Space will be equal
to the Allowance paid on a per rentable square foot basis of the Premises but prorated to reflect the shorter term. Such amendment will adjust Tenant’s Share accordingly. Notwithstanding the above, the payment of Base Rent will not commence on
the Expansion Space until the date one (1) year following the Commencement Date of this Lease. For example, if Tenant occupies the Expansion Space on April 1, 2005, and this Lease commenced on June 1, 2004, Tenant would not be required to pay Base
Rent on the Expansion Space for two (2) months until June 1, 2005, however, if tenant occupies the Expansion Space on July 1, 2005, Tenant would be obligated to pay the Base Rent then being charged to Tenant for the original Premises for the
Expansion Space. This rental concession applies only to the Expansion Space and to no other portion of the Premises. No other rental concession shall apply to the Expansion Space. 
  
 (b) If Tenant does not exercise its Right to Expand in a timely manner, Tenant will have irretrievably lost its right to the
Expansion Space. If Tenant does exercise its Right to Expand as to only a portion of the Expansion Space, its Right to Expand will continue as to the remaining portion of the Expansion Space until the expiration of the eighteenth (18th) month period
described above. 
  
 (c) Except as expressly set forth to the
contrary herein, all other terms and conditions of this Lease shall apply to the Expansion Space, and from and after the date Tenant elects to lease the Expansion Space, the Expansion Space shall be and shall be deemed to be a part of the Premises.

  
 (d) During the initial six (6) months of the Lease following
the Commencement Date, Landlord will not market the Expansion Space located on the third (3rd) floor of the Building for lease to third parties. During such six (6) month period, Tenant may Lease all or any portion of such Expansion Space in
accordance with this Special Stipulation D-5. 
  
 (e)
Notwithstanding anything to the contrary in this Lease, the option to expand herein provided is unique and personal to Tenant and shall not be transferable to any assignee, subtenant or other successor-in-interest to Tenant other than Affiliates to
which the Lease has been assigned pursuant to Section 25 of the Lease. 
  
 D-6. Right to Audit. Provided that Tenant is not then in material default beyond any applicable cure period under this Lease, Tenant shall have the right, once each calendar year, to reasonably review supporting data for the
calculation of Operating Expenses, in accordance with the following procedure: 
  
 (a) Tenant shall, within sixty (60) days after the receipt of a statement of Operating Expenses provided by Landlord, deliver a written notice to Landlord specifying the Operating Expenses that are claimed to be
incorrect and requesting the right to audit the data related to the same. In no event shall Tenant be entitled to withhold, deduct, or offset any monetary obligation of Tenant to Landlord under the Lease pending the completion of and regardless of
the results of any audit hereunder. 
  
 (b) Tenant agrees that any
review of records shall be at the sole expense of Tenant and conducted according to Generally Accepted Accounting Principles. Tenant acknowledges and agrees that any records reviewed constitute confidential information of Landlord, which shall not
be disclosed to anyone other than the accountants performing the review and the principals of Tenant who receive the results of the review. The disclosure of such information to any other person, whether or not caused by the conduct of Tenant, shall
constitute a material breach of this Lease. 
  

 48 

 (c) Any errors disclosed by the review shall be promptly corrected by Landlord, provided, however, that
if Landlord disagrees with any such claimed errors, Landlord shall have the right to cause another review to be made by an independent firm of certified public accountants of national standing. In the event of a disagreement between the two
accounting firms, the review that discloses the least amount of deviation shall be deemed to be correct. In the event that the results of the review of records (taking into account, if applicable, the results of any additional review caused by
Landlord) reveal that Tenant has overpaid obligations for a preceding period, the amount of such overpayment shall be credited against Tenant’s subsequent installment obligations to pay Operating Expenses. If it is determined that Tenant
overpaid by ten percent or more (110%) of the total charges of Operating Expenses for the calendar year, Landlord will pay Tenant’s reasonable accounting fees incurred in connection with the audit. In the event that such results show that
Tenant has underpaid its obligations for a preceding period, Tenant shall be liable for Landlord’s reasonable accounting fees, and the amount of such underpayment shall be paid by Tenant to Landlord with the next succeeding installment
obligation of Operating Expenses. 
  
 D-7. Default by Landlord. If
Landlord fails to observe or perform any term or condition required to be observed or performed by it under this Lease which failure materially, adversely affects Tenant’s use and occupancy of or access to the Premises, and Landlord does not
cure such failure within thirty (30) days (or within a reasonable time thereafter if necessary under the circumstances so long as Landlord is diligent in its prosecution of the cure of such failure) after receipt of written notice from Tenant
specifying such failure and requesting that it be remedied, then, subject to the provisions of Section 49 of the Lease, Tenant shall be entitled, at its election, to exercise concurrently or successively, any one or more of the rights available in
law or in equity under the laws of the United States or the State of Florida. Notwithstanding the foregoing to the contrary and except as set forth below, Tenant shall have no right, and hereby expressly waives any right to, perform any work on
behalf of Landlord or otherwise exercise “self help” and any right to deduct or withhold any amounts from any rentals due hereunder. Tenant acknowledges and agrees that all of its covenants and obligations, contained herein are independent
of Landlord’s covenants and obligations contained herein. Tenant shall neither be relieved from the performance of its covenants and obligations (including, without limitation, the obligation to pay Rent) nor entitled to terminate this Lease,
due to a breach or default by Landlord of any of its obligations or covenants, unless expressly permitted to the contrary by the terms of this Lease. 
  
 (a) Notwithstanding, if Landlord defaults in the performance of Landlord’s obligations under the Work Letter or Section 10 of this Lease (the
“Landlord Repair Obligations”), which default continues beyond the notice and cure period set forth in this Section and if Landlord’s default directly, materially and adversely affects Tenant’s use of the Premises or access to
the Premises on the terms and conditions of this Lease, Tenant shall have the right to deliver notice (the “Self-Help Notice”) to Landlord that Tenant intends to perform (“Self Help”) on Landlord’s behalf on the terms and
conditions hereinafter set forth. The Self Help Notice shall specify the specific action required of Landlord under the terms of the Lease and shall specify the steps Tenant intends to take in performing on Landlord’s behalf. If Landlord does
not commence the cure identified in the Self Help Notice (or a reasonable substitute therefor) within fifteen (15) days of Landlord’s receipt of the Self Help Notice, then subject to the following, Tenant shall have the right to proceed to take
the Self Help specifically identified in the Self Help Notice. 
  

 49 

 (b) Notwithstanding the foregoing to the contrary, if Landlord believes that the action identified in the
Self Help Notice is not required because it is not necessary pursuant to the terms of the Lease, or if Landlord is already taking the actions Landlord believes appropriate in the circumstances in accordance with its obligations under the Lease,
Landlord shall have the option within said fifteen-day period to submit the dispute to arbitration in the City of Jacksonville, State of Florida, pursuant to the commercial arbitration rules then in effect of the American Arbitration Association (or
at any other place, or under any other form of arbitration mutually acceptable to Landlord and Tenant). 
  
 (c) If the action identified in the Self Help Notice is required under the terms of the Lease to be taken by Landlord and is not taken within such fifteen
(15) days period, and Landlord has not submitted the dispute to arbitration as aforesaid, then so long as Tenant delivers to Landlord detailed information setting forth a particularized breakdown of the costs and expenses incurred in connection with
the Self Help taken by Tenant, Tenant shall be entitled to set-off from Base Rent Tenant’s reasonable and necessary, actual out-of-pocket costs and expenses in effecting such Self Help, but only to the extent consistent with that identified in
the Self Help Notice. Landlord shall have the right to dispute any amount so set-off by submitting the dispute to arbitration in the City of Jacksonville, State of Florida, pursuant to the commercial arbitration rules then in effect of the American
Arbitration Association (or at any other place, or under any other form of arbitration mutually acceptable to Landlord and Tenant). 
  
 (d) In the event Tenant undertakes such Self Help, Tenant shall use only those contractors used by Landlord in the Building for work on such systems of
facilities unless such contractors are unwilling or unable to perform, or timely perform, such work, in which event Tenant may utilize the services of any other qualified contractor which normally and regularly performs similar work in other
first-class, workmanlike manner and otherwise in accordance with the provisions of Sections 11 and 12 of the Lease and subject to compliance with all other provisions of the Lease, including, without limitation, Sections 21 and 22 hereof.

  
 D-8. Controlled Access System. Landlord hereby consents
to the implementation by Tenant, at Tenant’s cost, of a card access security system in the Premises. 
  
 D-9. Roof Rights. Tenant shall have the right, at its sole cost and expense but without fee or charge by Landlord, to install and the obligation to
maintain equipment and/or antennae(s) on the roof of the Building for Tenant’s communication network. Tenant will install such equipment in accordance with the provisions of Section 12 of the Lease. Upon termination or expiration of the Lease
for any reason, Tenant must remove all such equipment and restore the roof to the condition existing on the Commencement Date, reasonable wear and tear excepted. Landlord and Tenant will mutually agree on the location of such equipment as well
appropriate screening of the same from view. 
  
 D-10.
Landlord’s Representations. Landlord warrants and represents that, to the best of its present knowledge, the Premises will be at the Commencement Date (i) free from any Hazardous Materials and shall comply with the Comprehensive
Environmental Response and Liability Act, and (ii) in compliance with all codes and regulations pursuant to any federal, state or local governmental law or regulation (ADA, etc.). 
  

 50 

 D-11. Tenant’s One-Time Right to Extend the Term. So long as there is no Event of Default
under this Lease, either at the time of exercise or at the time the extended term commences, Tenant shall have a one-time right to extend the Term for a period not to exceed (4) months by delivering written notice to Landlord at least seven (7)
months before such expiration. Tenant’s right to extend is a one-time right; regardless of the duration of such extension period selected by Tenant in such notice, Tenant will not have the right to further extend the Lease pursuant to the right
described herein. If Tenant timely delivers such notice, including the duration of the extension desired, all the then current terms and conditions of the Lease will continue to apply during the extension term to Tenant and to the Premises,
including, but not limited to, the then-current Base Rental rate. If Tenant fails to deliver timely notice of its desire to so extend the Term, this right to extend will no longer be of any further force or effect and the expiration date of the
Lease will remain unchanged. Should Tenant fail to deliver such timely notice and fail to vacate the Premise on or before the expiration date, the holdover charges set forth in Section 43 of the Lease will apply. Notwithstanding anything to the
contrary in this Lease, the option to extend the Term herein provided is unique and personal to Tenant and shall not be transferable to any assignee, subtenant or other successor-in-interest to Tenant other than Affiliates to which the Lease has
been assigned pursuant to Section 25 of the Lease. 
  
 D-12.
Tenant’s On-Going Right of First Refusal. During the Lease Term, but not more than once during any period of twelve (12) consecutive months of the same, so long as this Lease is in full force and effect and Tenant: (a) is occupying and
doing business from the Premises (and any additional Refusal Space leased by Tenant pursuant to the right described in this Section) at the time the election is exercised, (b) is not in default under the Lease either at the time of the election or
at the effective date thereof, (c) has maintained a history of payments within the applicable grace period, if any, provided under the Lease, if Landlord receives a bona fide written offer (the “Offer”) for the lease of all or any portion
of the Building and not then leased by Tenant and not subject to the rights of Synovus Financial Corp. (the “Refusal Space”, the space excluded from the Refusal Space is more further described on Exhibit E-1 and Exhibit E-2 attached hereto
and made a part hereof), Tenant shall have the right of first refusal to lease the Space at the rent and on the terms and conditions of the Offer. The right of first refusal will be effected by Landlord giving Tenant written notice of the particular
Offer received by Landlord, together with a summary of the Offer, requiring Tenant to accept the Offer within five (5) business days after the mailing of such notice. If Tenant does not notify Landlord of its desire to lease the Refusal Space with
such five (5) business day period, Landlord will have the right to accept the Offer free of the rights of Tenant under this Section. 
  
 Tenant’s right of first refusal to lease the Space will continue throughout the Term and the Renewal Term with respect to any Space available for
lease from time to time. Any Space leased by Tenant will be added to the Premises as of the date provided in the Offer, and the Rent will be adjusted to reflect the Rent required to be paid in accordance with the Offer. Tenant agrees to execute
amendments to this Lease to reflect additions to the Premises resulting from the exercise of the right of first refusal to lease. 
  
 Tenant’s lease of any Space pursuant to this right of first refusal will be on all the terms and conditions set forth in this Lease, except as to
terms and conditions set forth in the Offer. Landlord is under no obligation to offer for lease all or any portion of the Space to Tenant or any other person. 
  

 51 

 Notwithstanding anything to the contrary in this Lease, the right of first refusal herein provided is
unique and personal to Tenant and shall not be transferable to any assignee, subtenant or other successor-in-interest to Tenant other than Affiliates to which the Lease has been assigned pursuant to Section 25 of the Lease. 
  

 52 

 EXHIBIT “E-1” 
  
 FIRST FLOOR SPACE EXCLUDED FROM REFUSAL SPACE 
  
 [TO BE ATTACHED] 
  

 53 

 EXHIBIT “E-2” 
  
 SECOND FLOOR SPACE EXCLUDED FROM REFUSAL SPACE 
  
 [TO BE ATTACHED] 
  

 54 

 EXHIBIT “F” 
  
 EXPANSION SPACE 
  
 [ATTACH FLOOR PLAN SHOWING 
 EXPANSION SPACE BY
DIAGONAL LINES] 
  

 55Amended & Restated Credit Agreement

 Exhibit 10.1 

  
 AMENDED AND RESTATED 
 CREDIT AGREEMENT 
  
 dated as of 
  
 July 16, 2004 
  
 between 
  
 MORRIS COMMUNICATIONS COMPANY, LLC 
  

MORRIS PUBLISHING GROUP, LLC 
  
 The LENDERS Party Hereto 
  
 J.P. MORGAN SECURITIES INC. 
 as Advisor, Lead
Arranger and Bookrunner 
  
 THE BANK OF NEW YORK 
 SUNTRUST BANK 
 KEY CORPORATE CAPITAL INC.

 as Co-Documentation Agents 
  
 FLEET NATIONAL BANK 
 WACHOVIA BANK, NATIONAL
ASSOCIATION 
 as Co-Syndication Agents 
  
 and 
  
 JPMORGAN CHASE BANK 
 as Administrative Agent 
  

  
 $400,000,000 
  

  

  
 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page

		
	ARTICLE I	  	 
		
	DEFINITIONS	  	 
			
	 SECTION 1.01.
	  	 Defined Terms
	  	2
	 SECTION 1.02.
	  	 Classification of Loans and Borrowings
	  	24
	 SECTION 1.03.
	  	 Terms Generally
	  	24
	 SECTION 1.04.
	  	 Accounting Terms and Determinations
	  	25
		
	ARTICLE II	  	 
		
	THE CREDITS	  	 
			
	 SECTION 2.01.
	  	 The Commitments
	  	26
	 SECTION 2.02.
	  	 Loans and Borrowings
	  	28
	 SECTION 2.03.
	  	 Requests for Borrowings
	  	29
	 SECTION 2.04.
	  	 Funding of Borrowings
	  	30
	 SECTION 2.05.
	  	 Interest Elections
	  	31
	 SECTION 2.06.
	  	 Changes of Commitments
	  	32
	 SECTION 2.07.
	  	 Repayment of Loans; Evidence of Debt
	  	33
	 SECTION 2.08.
	  	 Prepayment of Loans
	  	37
	 SECTION 2.09.
	  	 Fees
	  	40
	 SECTION 2.10.
	  	 Interest
	  	40
	 SECTION 2.11.
	  	 Alternate Rate of Interest
	  	41
	 SECTION 2.12.
	  	 Increased Costs
	  	42
	 SECTION 2.13.
	  	 Break Funding Payments
	  	43
	 SECTION 2.14.
	  	 Taxes
	  	43
	 SECTION 2.15.
	  	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	44
	 SECTION 2.16.
	  	 Mitigation Obligations; Replacement of Lenders
	  	46
	 SECTION 2.17.
	  	 Delivery of Lender Addenda
	  	47
		
	ARTICLE III	  	 
		
	REPRESENTATIONS AND WARRANTIES	  	 
			
	 SECTION 3.01.
	  	 Corporate Existence
	  	47
	 SECTION 3.02.
	  	 Financial Condition
	  	47

  

 (ii) 

					
	 SECTION 3.03.
	  	 Litigation
	  	48
	 SECTION 3.04.
	  	 No Breach
	  	48
	 SECTION 3.05.
	  	 Action
	  	49
	 SECTION 3.06.
	  	 Approvals
	  	49
	 SECTION 3.07.
	  	 Use of Credit
	  	49
	 SECTION 3.08.
	  	 ERISA
	  	49
	 SECTION 3.09.
	  	 Taxes
	  	50
	 SECTION 3.10.
	  	 Investment Company Act
	  	50
	 SECTION 3.11.
	  	 Public Utility Holding Company Act
	  	50
	 SECTION 3.12.
	  	 Material Agreements and Liens
	  	50
	 SECTION 3.13.
	  	 Environmental Matters
	  	51
	 SECTION 3.14.
	  	 Capitalization
	  	53
	 SECTION 3.15.
	  	 Subsidiaries and Investments, Etc.
	  	53
	 SECTION 3.16.
	  	 Title to Assets
	  	54
	 SECTION 3.17.
	  	 True and Complete Disclosure
	  	54
	 SECTION 3.18.
	  	 Certain Material Agreements
	  	54
	 SECTION 3.19.
	  	 Real Property
	  	55
		
	ARTICLE IV	  	 
		
	CONDITIONS	  	 
			
	 SECTION 4.01.
	  	 Restatement Effective Date
	  	55
	 SECTION 4.02.
	  	 Each Credit Event
	  	57
		
	ARTICLE V	  	 
		
	AFFIRMATIVE COVENANTS	  	 
			
	 SECTION 5.01.
	  	 Financial Statements and Other Information
	  	57
	 SECTION 5.02.
	  	 Notices of Material Events
	  	59
	 SECTION 5.03.
	  	 Existence, Etc.
	  	60
	 SECTION 5.04.
	  	 Insurance
	  	61
	 SECTION 5.05.
	  	 Interest Rate Protection Agreements
	  	61
	 SECTION 5.06.
	  	 Use of Proceeds
	  	61
	 SECTION 5.07.
	  	 Certain Obligations Respecting Restricted Subsidiaries
	  	61
	 SECTION 5.08.
	  	 Aircraft Assets
	  	62
	 SECTION 5.09.
	  	 Further Assurances
	  	62
		
	ARTICLE VI	  	 
		
	NEGATIVE COVENANTS	  	 
			
	 SECTION 6.01.
	  	 Prohibition of Fundamental Changes
	  	64
	 SECTION 6.02.
	  	 Limitation on Liens
	  	68
	 SECTION 6.03.
	  	 Indebtedness
	  	69

  

 (iii) 

					
	 SECTION 6.04.
	  	 Investments
	  	71
	 SECTION 6.05.
	  	 Restricted Payments
	  	72
	 SECTION 6.06.
	  	 Financial Covenants
	  	74
	 SECTION 6.07.
	  	 Permitted Indebtedness
	  	75
	 SECTION 6.08.
	  	 Lines of Business
	  	77
	 SECTION 6.09.
	  	 Transactions with Affiliates
	  	77
	 SECTION 6.10.
	  	 Modifications of Certain Agreements
	  	77
	 SECTION 6.11.
	  	 Designations of Unrestricted Subsidiaries, Etc.
	  	77
	 SECTION 6.12.
	  	 Designated Senior Debt
	  	79
	 SECTION 6.13.
	  	 Morris Finance
	  	79
		
	ARTICLE VII	  	 
		
	EVENTS OF DEFAULT	  	 
		
	ARTICLE VIII	  	 
		
	THE ADMINISTRATIVE AGENT	  	 
		
	ARTICLE IX	  	 
		
	MISCELLANEOUS	  	 
			
	 SECTION 9.01.
	  	 Notices
	  	86
	 SECTION 9.02.
	  	 Waivers; Amendments
	  	87
	 SECTION 9.03.
	  	 Expenses; Indemnity; Damage Waiver
	  	88
	 SECTION 9.04.
	  	 Successors and Assigns
	  	89
	 SECTION 9.05.
	  	 Survival
	  	92
	 SECTION 9.06.
	  	 Counterparts; Integration; Effectiveness
	  	93
	 SECTION 9.07.
	  	 Severability
	  	93
	 SECTION 9.08.
	  	 Right of Setoff
	  	93
	 SECTION 9.09.
	  	 Governing Law; Jurisdiction; Etc.
	  	93
	 SECTION 9.10.
	  	 WAIVER OF JURY TRIAL
	  	94
	 SECTION 9.11.
	  	 Headings
	  	94
	 SECTION 9.12.
	  	 Treatment of Certain Information; Confidentiality
	  	94
	 SECTION 9.13.
	  	 USA PATRIOT Act
	  	95

  

 (iv) 

					
	 SCHEDULE I
	  	-	  	 Revolving Credit Commitments

	 SCHEDULE II
	  	-	  	 Material Agreements and Liens

	 SCHEDULE III
	  	-	  	 Hazardous Materials

	 SCHEDULE IV
	  	-	  	 Subsidiaries and Investments

	 SCHEDULE V
	  	-	  	 Litigation

	 SCHEDULE VI
	  	-	  	 Real Property

			
	 ANNEX I
	  	-	  	 LENDER ADDENDUM

			
	 EXHIBIT A
	  	-	  	 Form of Assignment and Assumption

	 EXHIBIT B
	  	-	  	 Copy of Security and Guarantee Agreement

	 EXHIBIT C
	  	-	  	 Copy of Pledge Agreement

	 EXHIBIT D
	  	-	  	 Form of Opinion of Counsel to the Borrower

	 EXHIBIT E
	  	-	  	 Form of Opinion of Special Counsel to JPMCB

  

 (v) 

 AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 16, 2004, between MORRIS COMMUNICATIONS COMPANY,
LLC, MORRIS PUBLISHING GROUP, LLC, the LENDERS party hereto (including each “Revolving Credit Lender” party to the Existing Credit Agreement referred to below) and JPMORGAN CHASE BANK, as Administrative Agent. 
  
 Morris Communications Company, LLC, (“MCC”), Morris
Publishing Group, LLC (the “Borrower”), the lenders named therein (including the Revolving Credit Lenders hereunder) and JPMorgan Chase Bank, as the Administrative Agent, are parties to a Credit Agreement dated as of August 7, 2003
(as heretofore modified and supplemented and in effect on the date hereof immediately before giving effect to the amendment and restatement contemplated hereby, the “Existing Credit Agreement”). 
  
 The Borrower has requested that (i) the Tranche A Term Loan Lenders and
Tranche C Term Loan Lenders (each as defined below) establish in its favor pursuant to Section 2.01(c) of the Existing Credit Agreement Incremental Term Loan Commitments under and as defined in said Section 2.01(c) in an aggregate principal amount
equal to $225,000,000, the proceeds of which loans will refinance the “Tranche B Term Loans” outstanding on the date hereof under the Existing Credit Agreement, (ii) the Existing Credit Agreement be amended in certain respects (including
to provide for such Incremental Term Loan Commitments) and (iii) the Existing Credit Agreement be restated in its entirety as provided herein to reflect the amendments described above (including the establishment of such Incremental Term Loan
Commitments). 
  
 The restatement of the Existing Credit Agreement
contemplated hereby is subject to the execution and delivery of this Agreement by MCC, the Borrower and the “Required Revolving Credit Lenders” under and as defined in the Existing Credit Agreement, and to the execution and delivery of
Lender Addenda in the form of Annex I hereto by each Tranche A Term Loan Lender and Tranche C Term Loan referred to below, and does not require the consent of any other parties. 
  
 Accordingly, MCC, the Borrower, Revolving Credit Lenders constituting the “Required Revolving Credit Lenders”
under the Existing Credit Agreement, and each Tranche A Term Loan Lender and Tranche C Term Loan Lender executing and delivering a Lender Addenda in the form of Annex I hereto, hereby agree that the Existing Credit Agreement shall be amended and
restated as of the date hereof (but subject to Section 4.01) in its entirety as follows (it being understood that it is the intent of the parties hereto that, insofar as relating to the establishment of the Incremental Term Loan Commitments with
respect to Tranche A Term Loans and Tranche C Term Loans, this Agreement shall be deemed to constitute an agreement to establish Incremental Term Loans under and as defined in the Existing Credit Agreement): 
  

  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following
terms have the meanings specified below: 
  
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

 
 “Acceptable Lease Terms” means, with respect to any lease
agreement covering real property sold by the Borrower or any Restricted Subsidiary pursuant to Section 6.01(c)(vii), or distributed by the Borrower pursuant to Section 6.05(f), that such lease agreement (a) shall expire not prior to the date ten
years after the Effective Date (or, if earlier, the remaining useful life of the real property) and shall be renewable at the option of the lessee for an additional term of not less than five years after such initial expiration date, (b) requires
that the lease agreement shall be recorded prior to the grant by the respective lessor of any Lien upon such real property, and that any such Lien shall be subject to the provisions of such lease agreement, and that such Lien shall be subject to
such lease agreement, (c) the rental payments to be made under such lease agreement by MCC or the respective Restricted Subsidiary shall be not less favorable than would be applicable to a lease agreement entered into on market terms with an
unaffiliated third party and shall consist of equal consecutive monthly or quarterly payments (excluding rental payments during any renewal of such lease agreement, so long as such renewal rental payments are not in any event greater than market
terms determined at the time the renewal becomes effective), provided that such payments may from time to time be increased in accordance with increases in the Consumer Price Index published by the Bureau of Labor Statistics in the Department
of Labor, (d) shall not contain any terms that would impose unusual burdens upon the ability of the respective lessee to use the leased property and (e) shall not contain terms that render such lease a Guarantee of obligations of the lessor.

  
 “Acquisition Subsidiary” means (i) any entity
that is acquired pursuant to an acquisition permitted under Section 6.01(c)(iv), or pursuant to an Investment permitted under Section 6.04(e), that becomes a Restricted Subsidiary after such acquisition or Investment and (ii) any Restricted
Subsidiary formed by MCC after the date hereof for the purpose of making any such acquisition or Investment. An “Acquisition Subsidiary” may include a Restricted Subsidiary described in the foregoing clause (ii) as well as the entity
acquired by such Restricted Subsidiary described in the foregoing clause (i). 
  
 “Adjusted LIBO Rate” means, for the Interest Period for any Eurodollar Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such
Interest Period multiplied by (b) the Statutory Reserve Rate for such Interest Period. 
  

 Credit Agreement 
 - 2 - 

 “Administrative Agent” means JPMCB, in its capacity as administrative agent for the
Lenders hereunder. 
  
 “Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means any Person that directly or indirectly controls, or is under common control with, or is controlled by, the Borrower
and, if such Person is an individual, any member of the immediate family (including parents, spouse, children and siblings) of such individual and any trust whose principal beneficiary is such individual or one or more members of such immediate
family and any Person who is controlled by any such member or trust. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”)
means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), provided that, in
any event, any Person that owns directly or indirectly securities having 20% or more of the voting power for the election of directors or other governing body of a corporation or 20% or more of the partnership or other ownership interests of any
other Person (other than as a limited partner of such other Person) will be deemed to control such corporation or other Person. Notwithstanding the foregoing, (a) no individual (other than William S. Morris III) shall be an Affiliate solely by
reason of his or her being a director, officer or employee of MCC or any of its Restricted Subsidiaries, (b) no sibling of William S. Morris III shall be an Affiliate solely by reason of his or her being such a sibling and (c) none of the Restricted
Subsidiaries shall be Affiliates. 
  
 “Alternate Base
Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate for such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change
in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, as the case may be. 
  
 “Applicable Percentage” means, with respect to any Lender,
the percentage of the total Commitments or Loans of all Classes hereunder represented by the aggregate amount of such Lender’s Commitments or Loans of all Classes hereunder. 
  

 Credit Agreement 
 - 3 - 

 “Applicable Rate” means, for any day, with respect to any ABR Loan or Eurodollar Loan of
any Class, or with respect to the commitment fees payable hereunder, as the case may be (i) 0.75% in the case of any Tranche C Term Loan that is an ABR Loan, (ii) 1.75% in the case of any Tranche C Term Loan that is a Eurodollar Loan and (iii) in
the case of any Revolving Credit Loan, Tranche A Term Loan or commitment fee, the rate per annum set forth below under the caption “ABR” or “Eurodollar” for the applicable Class, or “Commitment Fee”, respectively, based
upon the Cash Flow Ratio as of the most recent determination date: 
  

											
	 	  	Revolving Credit Loans

	  	Term Loans

	  	Commitment
Fee

	 Cash Flow Ratio

	  	ABR

	  	Eurodollar

	  	ABR

	  	Eurodollar

	  
	 Greater than or equal to 5.00 to 1
	  	150.0	  	250.0	  	50.0	  	150.0	  	50.0
	 Less than 5.00 to 1 but greater than or equal to 4.50 to 1
	  	125.0	  	225.0	  	50.0	  	150.0	  	50.0
	 Less than 4.50 to 1 but greater than or equal to 4.00 to 1
	  	112.5	  	212.5	  	25.0	  	125.0	  	50.0
	 Less than 4.00 to 1
	  	100.0	  	200.0	  	0	  	100.0	  	50.0

  
 For purposes of the foregoing, (i) the
Cash Flow Ratio shall be determined as of the end of each fiscal quarter of MCC’s fiscal year based upon MCC’s consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Rate
resulting from a change in the Cash Flow Ratio shall be effective during the period commencing on and including the date three Business Days after delivery to the Administrative Agent of such consolidated financial statements indicating such change
and ending on the date immediately preceding the effective date of the next such change; provided that the Cash Flow Ratio shall be deemed to be in the highest category indicated above (A) at any time that an Event of Default has occurred and
is continuing and (B) if MCC fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated
financial statements are delivered. 
  
 “Approved
Fund” shall mean, with respect to any Lender that is a fund that invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment
advisor as such Lender or by an Affiliate of such investment advisor. 
  
 “Asset Cash Flow” means, on any date during any fiscal year, with respect to any assets or equity interests being sold as contemplated in Section 6.01(c)(vi), the sum (determined on a consolidated basis, if applicable,
without duplication in accordance with GAAP), of the following, in each case to the extent attributable to such assets or equity interests: (a) net operating income (calculated before federal, state and local income taxes, Interest Expense,
extraordinary and unusual items, income or loss attributable to equity in Affiliates and Other Income) for the period of four fiscal quarters ending on or most recently ended prior to said date plus (b) non-cash items, including, without limitation,
depreciation and amortization (to the extent deducted in determining net operating income) for such period. 
  
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party
whose consent is required by 

  

 Credit Agreement 
 - 4 - 

 
Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Basic Documents” means, collectively, the Loan Documents
and the Tax Consolidation Agreements. 
  
 “Board”
means the Board of Governors of the Federal Reserve System of the United States of America. 
  
 “Borrower” means Morris Publishing Group, LLC, a Georgia limited liability company. 
  
 “Borrowing” means (a) all ABR Loans of the same Class made, converted or continued on the same date or (b) all Eurodollar Loans of the
same Class that have the same Interest Period. 
  
 “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 
  
 “Business Day” means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to remain closed and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, a Eurodollar Borrowing, or to a notice by
the Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in Dollar deposits are carried out in the London interbank market. 
  
 “Capital Expenditure Contributions” means (a) any equity
contribution (whether constituting a contribution to the capital of MCC by Holdings or the purchase of additional equity interests in MCC by Holdings) received in cash and designated at the time the same is made by a senior financial officer of MCC
as a “Capital Expenditure Contribution” for purposes of this Agreement or (b) any dividend to MCC from any Unrestricted Subsidiary that is designated at the time the same is made by a senior financial officer of MCC as a “Capital
Expenditure Contribution” for purposes of this Agreement, which designations shall be set forth in a notice to such effect delivered by MCC to the Administrative Agent. 
  
 “Capital Expenditures” means, for any period, expenditures (including, without limitation, the aggregate
amount of Capital Lease Obligations incurred during such period, but excluding interest capitalized during such period in respect of Indebtedness incurred to finance the acquisition or construction of fixed assets, plant and equipment) made by MCC
or any of its Restricted Subsidiaries to acquire or construct fixed assets, plant and equipment (including renewals, improvements and replacements) during such period computed in accordance with GAAP. Notwithstanding the foregoing, any acquisition
permitted under Section 6.01(c)(iv) and any Investment permitted under Section 6.04(e), shall be excluded from Capital Expenditures, 

  

 Credit Agreement 
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and the cost of any repair or replacement of any Property that is the subject of a Casualty Event shall be excluded from Capital Expenditures. 
  
 “Capital Lease Obligations” means, for any Person, all
obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) Property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of
such Person under GAAP (including Statement of Financial Accounting Standards No. 13 of the Financial Accounting Standards Board), and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof,
determined in accordance with GAAP (including such Statement No. 13). 
  
 “Cash and Cash Equivalents” means, as at any date of determination thereof for MCC and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), the aggregate amount of
all cash (including, without limitation, balances held in operating deposit accounts) and all Liquid Investments held by MCC and its Restricted Subsidiaries on such date. 
  
 “Cash Flow” means, for any period, the sum, for MCC and its Restricted Subsidiaries (determined on a
consolidated basis without duplication in accordance with GAAP), of the following: (a) net operating income for such period, calculated before federal, state and local income taxes, Interest Expense, extraordinary and unusual items (other than any
one-time charges related to start-up expenses for the shared services center and business and technology platform), income or loss attributable to equity in Affiliates and Other Income, it being understood that the first $1,000,000 of Other Rental
Income for any period shall be included in “net operating income”, plus (b) non-cash items for such period, including, without limitation, depreciation and amortization, impairment charges with respect to goodwill and other
intangibles, unrealized gains or losses on financial instruments (such as contemplated by FAS 133), non-cash financing losses on the extinguishment of debt and the non-cash portion of post-retirement benefits (to the extent deducted in determining
net operating income) plus (c) any one-time charges related to start-up expenses for such period for the shared services center and business and technology platform that constitute operating expenses for such period, provided that the
aggregate amount of such charges and expenses that may be so added back under this clause (c) shall not exceed (A) $5,500,000 for any date of determination on or before June 30, 2004, (B) $4,000,000 for any date of determination after June 30, 2004
and on or before June 30, 2005, and (C) $3,000,000 for any date of determination after June 30, 2005 and on or before December 31, 2005. In determining “net operating income” for any period, there shall be excluded from expenses the
aggregate amount of Special Deferred Compensation for such period. 
  
 Notwithstanding the foregoing, in determining Cash Flow as at any date with respect to any period, appropriate adjustments shall be made to take into account the effect of any acquisition or Disposition during such period (or thereafter
through such date) involving aggregate consideration in excess of $1,000,000, as if such acquisition or Disposition had occurred on the first day of such period. 
  

 Credit Agreement 
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 “Cash Flow Ratio” means, as at any date of determination thereof, the ratio of (i) Total
Indebtedness as at such date to (ii) Cash Flow for the period of four fiscal quarters ending on or most recently ended prior to such date. 
  
 “Casualty Event” means, with respect to any property of any Person, any loss of or damage to, or any condemnation or other taking of,
such property for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a condemnation award or other compensation. 
  
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule
or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender or by such
Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  
 “Class”, when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans constituting such Borrowing, are Revolving Credit Loans, Tranche A Term Loans, Tranche C Term Loans or Incremental Term Loans and, when used in reference to any Commitment, refers to whether such Commitment
is a Revolving Credit Commitment, Tranche A Term Loan Commitment, Tranche C Term Loan Commitment or Incremental Term Loan Commitment. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Commitment” means a Revolving Credit Commitment, Tranche A
Term Loan Commitment, Tranche C Term Loan Commitment or Incremental Term Loan Commitment, or any combination thereof (as the context requires). 
  
 “Default” means an Event of Default or an event that with notice or lapse of time or both would become an Event of Default. 

 
 “Disposition” means any sale, assignment, transfer or
other disposition of any Property (whether now owned or hereafter acquired) by MCC or any of its Restricted Subsidiaries to any Person, including any Casualty Event, but excluding any sale, assignment, transfer or other disposition of (a) any
Property sold or disposed of in the ordinary course of business and on ordinary business terms, (b) Excluded Property and (c) any Property in an aggregate amount of less than $1,000,000. 
  
 “Dollars” or “$” refers to lawful money of the United States of America. 
  

 Credit Agreement 
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 “Effective Date” means the date on which the conditions specified in Section 4.01 of the
Existing Credit Agreement were satisfied (or waived in accordance with Section 9.02 of the Existing Credit Agreement). 
  
 “Environmental Claim” means, with respect to any Person, (a) any written or oral notice, claim, demand or other communication
(collectively, a “claim”) by any other Person alleging or asserting such Person’s liability for investigatory costs, cleanup costs, governmental response costs, damages to natural resources or other Property, personal injuries,
fines or penalties arising out of, based on or resulting from (i) the presence, or Release into the environment, of any Hazardous Material at any location, whether or not owned by such Person, or (ii) circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law. The term “Environmental Claim” shall include, without limitation, any claim by any governmental authority for enforcement, cleanup, removal, response, remedial or other actions or
damages pursuant to any applicable Environmental Law, any claim by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from the presence of Hazardous Materials or arising from
alleged injury or threat of injury to health, safety or the environment, and any Lien filed against any property covered by any Mortgage. 
  
 “Environmental Laws” means any and all present and future Federal, state, local and foreign laws, rules or regulations, and any orders or
decrees, in each case as now or hereafter in effect, relating to the regulation or protection of human health, safety or the environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals or toxic or
hazardous substances or wastes into the indoor or outdoor environment, including, without limitation, ambient air, soil, surface water, ground water, wetlands, land or subsurface strata, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, chemicals or toxic or hazardous substances or wastes. 
  
 “Equity Contributions” means any equity contribution (whether constituting a contribution to the capital of MCC by Holdings or the
purchase of additional equity interests in MCC by Holdings) received in cash and designated at the time the same is made by a senior financial officer of MCC as an “Equity Contribution” for purposes of this Agreement, which designation
shall be set forth in a notice to such effect delivered by MCC to the Administrative Agent. 
  
 “Equity Issuance” means (a) any issuance or sale by MCC or any of its Restricted Subsidiaries after the Effective Date of (i) any of its capital stock, (ii) any warrants or options exercisable in
respect of its capital stock (other than any warrants or options issued to directors, officers or employees of MCC or any of its Subsidiaries pursuant to employee benefit plans established in the ordinary course of business and any capital stock of
MCC issued upon the exercise of such warrants or options) or (iii) any other security or instrument representing an equity interest (or the right to obtain any equity interest) in MCC or any of its Subsidiaries or (b) the receipt by MCC or any of
its Restricted Subsidiaries after the Effective Date of any 

  

 Credit Agreement 
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capital contribution (whether or not evidenced by any equity security issued by the recipient of such contribution); provided that Equity Issuance
shall not include (w) any reimbursement of the costs of any Special Deferred Compensation described in clause (a) of the definition of such term in this Section, (x) the first $50,000,000 of Equity Contributions received after the date hereof, (y)
the first $100,000,000 of Capital Expenditure Contributions received after the date hereof or (z) any contribution made to the capital of MCC in order to enable the payments to be made pursuant to Section 6.05(h) or any contribution made to the
capital of MCC pursuant to Section 5(b) of the Pledge Agreement. 
  
 “Equity Rights” means, with respect to any Person, any outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting
trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, such Person.

  
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with MCC or the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of
Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
  
 “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by MCC or any of its ERISA Affiliates
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by MCC or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by MCC or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by MCC or any ERISA
Affiliate of any notice, or the receipt by any Multiemployer Plan from MCC or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA. 
  
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

  

 Credit Agreement 
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 “Event of Default” has the meaning assigned to such term in Article VII. 
  
 “Excluded Property” means, collectively, (i) any interest in
the equity capital of Mediacom, or the net proceeds of any sale thereof, or (ii) any interest in the equity capital of any Unrestricted Subsidiary (including Shivers Investments, LLC), or the net proceeds of any sale thereof. 
  
 “Excluded Taxes” means, with respect to the Administrative
Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States
of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.16(b)), any withholding tax that
is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with
Section 2.14(e), except to the extent that such Foreign Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.14(a).

  
 “Existing Credit Agreement” has the meaning
assigned to such term in the preamble to this Agreement. 
  
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary,
to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Fiscal Quarter” means each fiscal quarter of MCC and the Borrower, respectively. The “first”
Fiscal Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to March 31 in such year, the “second” Fiscal Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to June 30 in such year, the
“third” Fiscal Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to September 30 in such year, and the “fourth” Fiscal Quarter in any fiscal year shall be the Fiscal Quarter ending on or nearest to
December 31 in such year, in each case as provided in Section 1.04(d). 
  
 “Fixed Charge Coverage Ratio” means, as at any date of determination, the ratio of (a) Cash Flow for the period of four fiscal quarters ending on or most recently ended prior to 

  

 Credit Agreement 
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such date to (b) the sum of (i) the amount, if any, by which the aggregate principal amount of Revolving Credit Loans outstanding hereunder at the beginning
of such period shall exceed the aggregate amount of the Revolving Credit Commitments scheduled to be in effect at the end of such period after giving effect to any reductions of such Commitments scheduled to occur during such period pursuant to
Section 2.06 plus (ii) all regularly scheduled payments or regularly scheduled mandatory prepayments of principal of any other Indebtedness made during such period (including the Term Loans and the principal component of any payments in
respect of Capital Lease Obligations, but excluding the final installment of principal of the Term Loans and any prepayments pursuant to Section 2.08 and excluding also any Indebtedness of the type described in clause (c) or (f) of the definition of
such term in this Section 1.01, except to the extent MCC and its Restricted Subsidiaries have made payments in respect of the principal thereof during such period) plus (iii) all Interest Expense for such period plus (iv) income taxes
for such period (excluding, however, taxes attributable to Unrestricted Subsidiaries to the extent paid by such Unrestricted Subsidiaries) plus (v) Restricted Payments made in cash during such period plus (vi) Capital Expenditures for
such period, excluding (x) Capital Expenditures funded by Capital Expenditure Contributions made during the twelve month period ending on or most recently ended prior to such date (as contemplated by the definition of such term in this Section 1.01)
and (y) Capital Expenditures related to start-up expenses for the shared services center and business and technology platform, provided that the aggregate amount of such charges and expenses that may be so excluded shall not exceed (A)
$20,000,000 for any date of determination on or before June 30, 2004, (B) $15,000,000 for any date of determination after June 30, 2004 and on or before June 30, 2005 and (C) $10,000,000 for any date of determination after June 30, 2005 and on or
before December 31, 2005. 
  
 “Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
  
 “GAAP”
means generally accepted accounting principles applied on a basis consistent with those which, in accordance with the last sentence of Section 1.04(a), are to be used in making the calculations for purposes of determining compliance with this
Agreement. 
  
 “Governmental Authority” means the
government of the United States of America, or of any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
  
 “Guarantee” means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for the payment or maintenance of,
or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other distributions upon the stock or
equity interests of any Person, or an agreement to purchase, sell or 

  

 Credit Agreement 
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lease (as lessee or lessor) Property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of such
debtor’s obligations or an agreement to assure a creditor against loss, and including, without limitation, causing a bank or other financial institution to issue a letter of credit or other similar instrument for the benefit of another Person,
but excluding endorsements for collection or deposit in the ordinary course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. 
  
 “Guarantors” means MCC and each Subsidiary Guarantor.

  
 “Hazardous Material” means, collectively, (a)
any petroleum or petroleum products, flammable explosives, radioactive materials, friable asbestos, urea formaldehyde foam insulation, and transformers or other equipment that contain dielectric fluid containing polychlorinated biphenyls
(PCB’s), (b) any chemicals or other materials or substances which are now or hereafter become defined as or included in the definition of “hazardous substances”, “hazardous wastes”, “hazardous materials”,
“extremely hazardous wastes”, “restricted hazardous wastes”, “toxic substances”, “toxic pollutants”, “contaminants”, “pollutants” or words of similar import under any Environmental Law and
(c) any other chemical or other material or substance, exposure to which is now or hereafter prohibited, limited or regulated under any Environmental Law. 
  
 “Holdings” means Morris Communications Holding Company, LLC, a Georgia limited liability company. 
  
 “Incremental Term”, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are made pursuant to Section 2.01(c). 
  
 “Incremental Term Loan Commitment” means, with respect to each Incremental Term Loan Lender, and for any Series thereof, the commitment
of such Incremental Term Loan Lender to make Incremental Term Loans of such Series, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 or 2.08(b) and (b) reduced or increased from time to time pursuant to assignments by
or to such Incremental Term Loan Lender pursuant to Section 9.04. The aggregate amount of the Incremental Loan Commitments of all Series incurred after the Restatement Effective Date, together with any Permitted Indebtedness incurred in accordance
with Section 6.07(a)(A) after the Restatement Effective Date, shall not exceed $300,000,000 or such higher amount to which the Required Lenders shall have consented. 
  
 “Incremental Term Loan Lender” means a Lender with an Incremental Term Loan Commitment or an outstanding
Incremental Term Loan of any Series. 
  
 “Indebtedness” means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person
subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts

  

 Credit Agreement 
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payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business; (c) Indebtedness of others secured by a
Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person, excluding, if such Person is the lessee of Property (whether pursuant to an operating lease or capital lease), Liens on such
Property securing Indebtedness of the lessor; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such Person; (e) Capital Lease
Obligations of such Person; and (f) Indebtedness of others Guaranteed by such Person to the extent of the amount of such Indebtedness that such Person has agreed to Guarantee. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Information Memorandum” means the Confidential Information
Memorandum dated June 2004 prepared by MCC and the Borrower with respect to the transactions contemplated hereby. 
  
 “Interest Coverage Ratio” means, as at any date of determination thereof, the ratio of (a) Cash Flow for the period of four fiscal
quarters ending on or most recently ended prior to such date to (b) Interest Expense for such period. 
  
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.

  
 “Interest Expense” means, for any period, the
sum, for Holdings (but not any Subsidiaries thereof) and MCC and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), of the following: (a) all interest in respect of Indebtedness accrued or
capitalized during such period (whether or not actually paid during such period, but excluding fees, commissions, purchase price payments or other costs in respect of any Interest Rate Protection Agreement and excluding also any Indebtedness of the
type described in clause (c) or (f) of the definition of such term in this Section 1.01, except to the extent MCC and its Restricted Subsidiaries have made payments in respect of interest thereof during such period) plus (b) the net amounts
payable (or minus the net amounts receivable) under Interest Rate Protection Agreements accrued during such period (whether or not actually paid or received during such period) plus (c) the aggregate amount of fees or commissions paid
in respect of letters of credit (other than commercial letters of credit) during such period. Notwithstanding the foregoing, “Interest Expense” shall exclude any amount paid or amortized during any period in respect of up-front fees
arising in connection with the incurrence of Indebtedness. 
  
 Interest Expense as at any date for any period will be adjusted on a pro forma basis to take into account the effect of any acquisition or Disposition during such period (or after such period through such date) involving
aggregate consideration in excess of $1,000,000, as if such acquisition or Disposition (and any related incurrence or prepayment of Indebtedness) had occurred on the first day of such period. 
  

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 “Interest Payment Date” means (a) with respect to any ABR Loan, each Quarterly Date and
(b) with respect to any Eurodollar Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at
three-month intervals after the first day of such Interest Period. 
  
 “Interest Period” means, for any Eurodollar Loan or Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six
months thereafter, as specified in the applicable Borrowing Request or Interest Election Request; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period that commences on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof,
the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or
continued shall be the effective date of the most recent conversion or continuation of such Loans. 
  
 “Interest Rate Protection Agreement” means, for any Person, an interest rate swap, cap or collar agreement or similar arrangement between
such Person and one or more financial institutions providing for the transfer or mitigation of interest risks either generally or under specific contingencies. 
  

“Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of capital
stock, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition (including, without limitation, any “short sale” or any sale of any securities
at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of Property from another Person
subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit having a term not exceeding 180 days representing the purchase price of inventory
or supplies sold by such Person in the ordinary course of business); (c) the entering into of any Guarantee of, or other contingent obligation with respect to, Indebtedness or other liability of any other Person and (without duplication) any amount
committed to be advanced, loaned or extended to such Person; or (d) the entering into of any Interest Rate Protection Agreement. 
  
 “JPMCB” means JPMorgan Chase Bank. 
  

 Credit Agreement 
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 “Lender Addendum” means, with respect to any Tranche A Term Loan Lender or Tranche C
Term Loan Lender, a Lender Addendum substantially in form of Annex 1 hereto, dated as of the date hereof and executed and delivered by such Lender as provided in Section 2.17. 
  
 “Lenders” means, collectively, (a) the Revolving Credit Lenders listed on Schedule I, (b) the Tranche A
Term Loan Lenders and Tranche C Term Loan Lenders that become party hereto by executing and delivering a Lender Addendum pursuant to Section 2.17, (c) the Incremental Term Loan Lenders (if any) and (d) any other Person that shall have become a party
hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
  
 “LIBO Rate” means, for the Interest Period for any Eurodollar Borrowing, the rate appearing on Page 3750 of the Telerate Service (or on
any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of such Service, as determined by the Administrative Agent from time
to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate
for the offering of Dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the LIBO Rate for such Interest Period shall be the rate at which Dollar deposits
of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period. 
  
 “Lien” means, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this Agreement and the other Loan Documents, a Person
shall be deemed to own subject to a Lien any Property that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement (other than an operating lease)
relating to such Property. 
  
 “Liquid
Investments” means: (a) direct obligations of the United States of America, or of any agency thereof, or obligations guaranteed as to principal and interest by the United States of America, or of any agency thereof, in either case maturing
not more than 180 days from the date of acquisition thereof; (b) certificates of deposit issued by any Lender, or by any bank or trust Borrower organized under the laws of the United States of America or any state thereof and having capital, surplus
and undivided profits of at least $500,000,000, in each case maturing not more than 180 days from the date of acquisition thereof; (c) certificates of deposit issued by any Eligible Foreign Bank maturing not more than 180 days from the date of
acquisition thereof (for purposes hereof, “Eligible Foreign Bank” means any bank organized 

  

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under the laws of any member of the Organization for Economic Cooperation and Development, the long-term debt securities of which are rated A or better by
Standard & Poor’s Ratings Group, a Division of McGraw Hill, Inc. or A2 or better by Moody’s Investors Service, Inc.); (d) certificates of deposit issued by any bank (other than a bank described in clause (b) or (c) above) not to exceed
$1,000,000 in the aggregate at any time outstanding; and (e) commercial paper rated A-1 or better or P-1 by Standard & Poor’s Ratings Group, a Division of McGraw Hill, Inc. or Moody’s Investors Service, Inc., respectively, maturing not
more than 90 days from the date of acquisition thereof. 
  
 “Loan Documents” means, collectively, this Agreement and the Security Documents. 
  
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 
  
 “Margin Stock” means “margin stock” within the
meaning of Regulations T, U and X. 
  
 “Material Adverse
Effect” means a material adverse effect on (a) the Property, business, operations, financial condition, prospects, liabilities or capitalization of MCC and its Restricted Subsidiaries taken as a whole, (b) the ability of any Obligor to
perform its obligations under any of the Basic Documents to which it is a party, (c) the validity or enforceability of any of the Basic Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Basic
Documents or (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith. 
  
 “MCC” means Morris Communications Company, LLC, a Georgia limited liability company. 
  
 “Mediacom” means Mediacom Communications Corporation, a
Delaware corporation. 
  
 “Morris Finance” means
Morris Publishing Finance Co., a Georgia corporation. 
  
 “Mortgages” means, collectively, one or more instruments of Mortgage, Deeds of Trust, Assignment of Rents, Security Agreement and Fixture Filing executed by an Obligor in favor of the Administrative Agent and the Lenders
(or in favor of a trustee for the benefit of the Administrative Agent and the Lenders) and covering the properties and leasehold interests identified in Schedule VI that are to be subject to the Lien of a Mortgage. 
  
 “Multiemployer Plan” means a multiemployer plan as defined
in Section 4001(a)(3) of ERISA. 
  
 “Net
Proceeds” means, with respect to any Disposition, the aggregate amount of all cash payments received by MCC and its Restricted Subsidiaries directly or indirectly in 

  

 Credit Agreement 
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connection with such Disposition; provided that (i) such Net Proceeds shall be net of (x) the amount of any legal, title and recording tax expenses,
commissions and other fees and expenses paid by MCC and its Restricted Subsidiaries in connection with such Disposition and (y) any Federal, state and local income or other taxes estimated to be payable by MCC and its Restricted Subsidiaries as a
result of such Disposition (but only to the extent that such estimated taxes are in fact paid to Shivers pursuant to the Tax Consolidation Agreements when due pursuant to the provisions thereof) and (ii) such Net Proceeds shall be net of any
repayments by MCC or any of its Restricted Subsidiaries of Indebtedness to the extent that (x) such Indebtedness is secured by a Lien on the Property that is the subject of such Disposition and (y) such Indebtedness is in fact repaid upon the
consummation of the purchase of such Property. 
  
 “Newspaper Entities” means, collectively, the Borrower and its Subsidiaries. 
  
 “Obligors” means, collectively, the Borrower, the Guarantors and Holdings. 
  
 “Operating Agreement” means the Operating Agreement dated October 26, 2001 for MCC, as modified and
supplemented and in effect from time to time. 
  
 “Other
Income” means, for any period, collectively, (i) Other Investment Income for such period and (ii) to the extent exceeding $1,000,000, Other Rental Income for such period. 
  
 “Other Investment Income” means, for any period, the sum for MCC and its Restricted Subsidiaries
(determined on a consolidated basis without duplication in accordance with GAAP), of the aggregate amount of cash dividends and cash interest received by MCC and its Restricted Subsidiaries during such period in respect of Investments in preferred
and common stock and notes and other debt securities (including, without limitation, Cash and Cash Equivalents) held by MCC and its Restricted Subsidiaries. 
  
 “Other Rental Income” means, for any period, the sum for MCC and its Restricted Subsidiaries (determined on a consolidated basis without
duplication in accordance with GAAP), of all income received by MCC and its Restricted Subsidiaries during such period in respect of the leasing or subleasing of real property owned or leased by MCC or any of its Restricted Subsidiaries. 

 
 “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 under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.

  
 “Participant” has the meaning assigned to
such term in Section 9.04(e). 
  
 “PBGC” means
the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  

 Credit Agreement 
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 “Permitted Indebtedness” means Indebtedness of MCC and the Subsidiary Guarantors
incurred in accordance with Section 6.07(a). 
  
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of
ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Pledge Agreement” means the Pledge Agreement dated as of August 7, 2003 between Holdings and the Administrative Agent, a copy of which is attached hereto as Exhibit C. 
  
 “Prime Rate” means the rate of interest per annum publicly
announced from time to time by JPMCB as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

 
 “Principal Payment Dates” means the Quarterly Dates
falling on or nearest to March 31, June 30, September 30 and December 31 of each year, commencing with March 31, 2005, through and including the applicable Term Loan Maturity Date. 
  
 “Property” means any right or interest in or to property of any kind whatsoever and whether tangible or
intangible. 
  
 “Quarterly Dates” means the last
Business Day of March, June, September and December in each year, the first of which shall be the first such day after the date hereof. 
  
 “Register” has the meaning set forth in Section 9.04. 
  
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
  
 “Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration
into the indoor or outdoor environment, including, without limitation, the movement of Hazardous Materials through ambient air, soil, surface water, ground water, wetlands, land or subsurface strata. 
  
 “Required Lenders” means, at any time, Lenders having Loans
and unused Commitments representing at least a majority of the sum of the total Loans and unused Commitments at such time. References herein to the Required Lenders of any Class shall refer 

  

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to the Lenders of such Class holding at least a majority of the sum of the total Loans and unused Commitments of such Class at such time. 
  
 “Restatement Effective Date” means the date on which the
conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
  
 “Restricted Payment” means, collectively, (a) all distributions of MCC and its Restricted Subsidiaries (in cash, Property or obligations)
on, or other payments or distributions on account of, or the setting apart of money for a sinking or other analogous fund for, or the purchase, redemption, retirement or other acquisition of, any portion of any ownership interest in MCC or the
Borrower or of any warrants, options or other rights to acquire any such ownership interest (or to make any payments to any Person, such as “phantom stock” payments, where the amount thereof is calculated with reference to fair market or
equity value of MCC or any of its Subsidiaries) and (b) any payments made by MCC or the Borrower to any holders of any equity interests in MCC or the Borrower that are designed to reimburse such holders for the payment of any Taxes attributable to
the operations of MCC and its Subsidiaries. 
  
 “Restricted Subsidiary” means any Subsidiary of MCC other than an Unrestricted Subsidiary. 
  
 “Revolving Credit”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such
Borrowing, are made pursuant to Section 2.01(a). 
  
 “Revolving Credit Availability Period” means the period from and including the Restatement Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the
Revolving Credit Commitments. 
  
 “Revolving Credit
Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Credit Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit
Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 or 2.08(b) and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount
of each Lender’s Revolving Credit Commitment is set forth on Schedule I, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as applicable. The initial aggregate amount of the
Lenders’ Revolving Credit Commitments is $150,000,000. 
  
 “Revolving Credit Commitment Termination Date” means the Quarterly Date falling on or nearest to September 30, 2010. 
  
 “Revolving Credit Exposure” means, with respect to any Lender at any time, the aggregate outstanding principal amount of such
Lender’s Revolving Credit Loans at such time. 
  

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 “Revolving Credit Lender” means a Lender with a Revolving Credit Commitment or, if the
Revolving Credit Commitments have terminated or expired, a Lender with Revolving Credit Exposure. 
  
 “Satisfactory Terms of Subordination” means, with respect to any Permitted Indebtedness incurred in accordance with Section 6.07(a), that
such Permitted Indebtedness is subordinated to the obligations of the Borrower to pay principal of and interest on the Loans and other obligations hereunder on terms of subordination satisfactory to the Required Lenders, and in respect of which
neither MCC nor any of its Subsidiaries is contingently or otherwise obligated other than any thereof that are Guarantors under the Security and Guarantee Agreement, and then only pursuant to a Guarantee that is itself subordinated to the
obligations of such Guarantors on terms of subordination satisfactory to the Required Lenders. 
  
 “Security and Guarantee Agreement” means the Security and Guarantee Agreement dated as of August 7, 2003 between the Borrower, each Guarantor and the Administrative Agent, a copy of which is attached
hereto as Exhibit B. 
  
 “Security Document
Confirmations” means, with respect to the Security and Guarantee Agreement, the Pledge Agreement or any Mortgage executed by any Obligor, one or more instruments executed by such Obligor confirming that (i) the Guarantee of such Obligor set
forth in the Security and Guarantee Agreement continues in effect with respect to the obligations of the Borrower hereunder after giving effect to the amendment and restatement of the Existing Credit Agreement contemplated hereby and (ii) the Lien
of such instruments continues to secure the obligations of such Obligor hereunder and under the Security and Guarantee Agreement, the Pledge Agreement and each Mortgage, as applicable, after giving effect to such amendment and restatement.

  
 “Security Documents” means, collectively, the
Security and Guarantee Agreement, the Mortgages, the Security Document Confirmations, the Pledge Agreement and all Uniform Commercial Code financing statements required by the Security and Guarantee Agreement, the Mortgages, the Security Document
Confirmations or the Pledge Agreement to be filed with respect to the security interests in personal property and fixtures created pursuant to the Security and Guarantee Agreement, the Mortgages, the Security Document Confirmations or the Pledge
Agreement. 
  
 “Senior Cash Flow Ratio” means, as
at any date of determination thereof, the ratio of (i) Total Senior Indebtedness as at such date to (ii) Cash Flow for the period of four fiscal quarters ending on or most recently ended prior to such date. 
  
 “Series” has the meaning assigned to such term in Section
2.01(c). 
  
 “Shivers” means Shivers Trading
& Operating Company, a Georgia corporation. 
  

 Credit Agreement 
 - 20 - 

 “Special Deferred Compensation” means deferred compensation paid to senior officers and
other executive employees of MCC and any Subsidiary of MCC to the extent (a) paid by MCC in cash and concurrently reimbursed in cash by Shivers or another Affiliate of MCC (not including MCC or any Restricted Subsidiary of MCC), (b) paid by MCC
through the delivery of shares of Class A Common Stock of Mediacom or (c) paid in cash (or through the delivery of shares of Class A Common Stock of Mediacom) by Shivers or another Affiliate of MCC (not including MCC or any Restricted Subsidiary of
MCC), but treated as an expense of MCC and its Restricted Subsidiaries that is offset by a deemed capital contribution to MCC and its Restricted Subsidiaries by such Affiliate. 
  
 “Statutory Reserve Rate” means, for the Interest Period for any Eurodollar Borrowing, a fraction (expressed
as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the arithmetic mean, taken over each day in such Interest Period, of the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation
D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage. 
  
 “Subsidiary” means,
for any Person, any corporation, limited liability company, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of
directors or other persons performing similar functions of such corporation, limited liability company, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of
such corporation, limited liability company, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more
Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. “Wholly Owned Subsidiary” means any such corporation, limited liability company, partnership or other entity of which all of the equity
securities or other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are so owned or controlled. 
  
 “Subsidiary Guarantors” means, collectively, (i) each of the Subsidiaries of MCC contemplated to be signatories, as “Subsidiary
Guarantors” to the Security and Guarantee Agreement (as provided in the form thereof attached as Exhibit B hereto), and (ii) each other Subsidiary of MCC that becomes a party to the Security and Guarantee Agreement as contemplated by Section
5.09. 
  

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 “Swingline Indebtedness” means Indebtedness permitted under Section 6.03(k) which has
been identified in a written notice from MCC or the Borrower to the Administrative Agent as “Swingline Indebtedness” for purposes of this Agreement and each other Loan Document. 
  
 “Tax Consolidation Agreements” means, collectively, the respective tax consolidation agreements entered
into pursuant to Section 4.01(j) of the Existing Credit Agreement between (a) MCC, Holdings and Shivers and (b) the Borrower, MCC and Shivers. 
  
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority. 
  
 “Term”, when used in
reference to any Loan or Borrowing, refers to whether the Class of such Loan or Borrowing is Tranche A Term, Tranche C Term or Incremental Term, as opposed to Revolving Credit. 
  
 “Term Loan Commitments” means, collectively, the Tranche A Term Loan Commitments, Tranche C Term Loan
Commitments and the Incremental Term Loan Commitments. 
  
 “Term Loan Lenders” means, collectively, the Tranche A Term Loan Lenders, the Tranche C Term Loan Lenders and the Incremental Term Loan Lenders of any Series. 
  
 “Term Loan Maturity Date” means: (a) with respect to the Tranche A Term Loans, the Quarterly Date falling
on or nearest to September 30, 2010, (b) with respect to the Tranche C Term Loans, the Quarterly Date falling on or nearest to March 31, 2011 and (c) with respect to the Incremental Term Loans of any Series, the maturity date for such Series
specified at the time the same is established pursuant to Section 2.01(c). 
  
 “Total Indebtedness” means, as at any date, the sum of all Indebtedness at such date for Holdings (but not any Subsidiaries thereof), MCC and its Restricted Subsidiaries (determined on a consolidated
basis without duplication in accordance with GAAP). 
  
 “Total Senior Indebtedness” means, as at any date, the sum of all Indebtedness at such date of MCC and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), excluding,
however, the 2003 Senior Subordinated Notes and any Permitted Indebtedness that has been issued upon Satisfactory Terms of Subordination. 
  
 “Tranche A Term”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing,
are made pursuant to Section 2.01(b)(i). 
  
 “Tranche A
Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make one or more Tranche A Term Loans hereunder on 

  

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 - 22 - 

 
the Restatement Effective Date, expressed as an amount representing the maximum aggregate principal amount of the Tranche A Term Loans to be made by such
Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.06 or 2.08(b) and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender’s Tranche A Term Loan Commitment is set forth in the Lender Addendum executed by such Lender, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Tranche A Term Loan Commitment, as applicable.
The initial aggregate amount of the Lenders’ Tranche A Term Loan Commitments is $100,000,000. 
  
 “Tranche A Term Loan Lender” means a Lender with a Tranche A Term Loan Commitment or an outstanding Tranche A Term Loan. 
  
 “Tranche C Term”, when used in reference to any Loan or
Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are made pursuant to Section 2.01(b)(ii). 
  
 “Tranche C Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make one or more Tranche C
Term Loans hereunder on the Restatement Effective Date, expressed as an amount representing the maximum aggregate principal amount of the Tranche C Term Loans to be made by such Lender hereunder, as such commitment may be (a) reduced from time to
time pursuant to Section 2.06 or 2.08(b) and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Tranche C Term Loan Commitment is set forth in
the Lender Addendum executed by such Lender, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Tranche C Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’ Tranche C Term
Loan Commitments is $150,000,000. 
  
 “Tranche C Term Loan
Lender” means a Lender with a Tranche C Term Loan Commitment or an outstanding Tranche C Term Loan. 
  
 “Transactions” means the execution, delivery and performance by MCC and the Borrower of this Agreement and the other Loan Documents, the
borrowing of Loans and the use of the proceeds thereof. 
  
 “2003 Senior Subordinated Notes” means the 7% senior subordinated notes due August 1, 2013 issued on the Effective Date and on September 24, 2003 in the aggregate principal amount of $300,000,000 by the Borrower pursuant to
an indenture dated August 7, 2003 between the Borrower, Morris Finance, the guarantors thereunder and Wachovia Bank, National Association as trustee. 
  

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 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans constituting such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “Unrestricted Subsidiaries” means, collectively, (a) each entity designated as an “Unrestricted Subsidiary” in Part C of
Schedule IV hereto, (b) any entity from time to time hereafter designated as an “Unrestricted Subsidiary” in accordance with the requirements of Section 6.11 and (c) any Subsidiary of an Unrestricted Subsidiary. 
  
 “Withdrawal Liability” means liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Revolving Credit Loan”, “Tranche A Term Loan”, “Tranche C Term Loan” or “Incremental Term Loan”) or by Type (e.g., an “ABR Loan”, or a “Eurodollar Loan”) or by Class
and Type (e.g., a “Eurodollar Revolving Credit Loan” or an “ABR Revolving Credit Loan”); each Series of Incremental Term Loans shall be deemed a separate Class of Loans hereunder. In similar fashion, (i) Borrowings may be
classified and referred to by Class, by Type and by Class and Type, and (ii) Commitments may be classified and referred to by Class; each Series of Incremental Term Borrowings and Incremental Term Loan Commitments shall be deemed a separate
Borrowing and Commitment hereunder. 
  
 SECTION 1.03. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and
assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  

 Credit Agreement 
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 SECTION 1.04. Accounting Terms and Determinations. 
  
 (a) Accounting Terms. Except as otherwise expressly provided herein,
all accounting terms used herein shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Lenders hereunder shall (unless otherwise disclosed to the Lenders in writing at
the time of delivery thereof in the manner described in subsection (b) below) be prepared, in accordance with generally accepted accounting principles applied on a basis consistent with those used in the preparation of the latest financial
statements furnished to the Lenders hereunder (which, prior to the delivery of the first financial statements under Section 5.01, means the audited financial statements for MCC and its Subsidiaries as at December 31, 2003 referred to in Section
3.02). All calculations made for the purposes of determining compliance with this Agreement shall (except as otherwise expressly provided herein) be made by application of generally accepted accounting principles applied on a basis consistent with
those used in the preparation of the latest annual or quarterly financial statements furnished to the Lenders pursuant to Section 5.01 (or, prior to the delivery of the first financial statements under Section 5.01, used in the preparation of the
audited financial statements for MCC and its Subsidiaries as at December 31, 2003 referred to in Section 3.02) unless 
  
 (i) MCC and the Borrower shall have objected to determining such compliance on such basis at the time of delivery of such financial
statements or 
  
 (ii) the Required Lenders shall
so object in writing within 30 days after delivery of such financial statements, 
  
 in either of which events such calculations shall be made on a basis consistent with those used in the preparation of the latest financial statements as to which such objection shall not have been made (which, if objection is made in
respect of the first financial statements delivered under Section 5.01, means said audited financial statements referred to in Section 3.02). 
  
 (b) Statements of Changes. MCC and the Borrower shall deliver to the Lenders at the same time as the delivery of any annual or quarterly financial
statements under Section 5.01 (i) a description in reasonable detail of any material variation between the application of accounting principles employed in the preparation of such statements and the application of accounting principles employed in
the preparation of the next preceding annual or quarterly financial statements as to which no objection has been made in accordance with the last sentence of subsection (a) above and (ii) reasonable estimates of the difference between such
statements arising as a consequence thereof. 
  
 (c) Changes in
Fiscal Periods. To enable the ready and consistent determination of compliance with the covenants set forth in Sections 5 and 6, neither the Borrower nor MCC will change the last day of its fiscal year from December 31 of each year, or the last
days of the first three fiscal quarters in each of its fiscal years from March 31, June 30 and September 30 of each year, respectively, provided that, notwithstanding the foregoing, the Borrower or MCC may for accounting convenience adjust
such fiscal periods to end on dates different than those 

  

 Credit Agreement 
 - 25 - 

 
prescribed above, so long as the last day of any such fiscal period does not end on a date later than the dates prescribed above, or earlier than six days
prior to the dates prescribed above. 
  
 (d) Tax Consolidation
Agreements. Pursuant to the Tax Consolidation Agreements, the Borrower, Holdings, MCC and Shivers have agreed that MCC and its Subsidiaries are not obligated to pay to Holdings or Shivers amounts in respect of Federal and State income taxes in
excess of those provided therein. Whenever making determinations under this Agreement of the amount of Federal and State income taxes payable during any period (or the amount of refunds in respect of such taxes receivable during any period) by MCC
and its Restricted Subsidiaries, the amount of such taxes payable or receivable shall be deemed to be equal to the amounts payable or receivable, as the case may be, in respect of such taxes under the Tax Consolidation Agreements without reference
to whether Holdings, Shivers and their respective Subsidiaries shall in fact pay any amounts in respect of Federal and State income taxes (or receive any amounts in respect of refunds of Federal and State income taxes) during the relevant period.

  
 ARTICLE II 
  
 THE CREDITS 
  
 SECTION 2.01. The Commitments. 
  
 (a) Revolving Credit Loans. Subject to the terms and conditions set
forth herein, each Revolving Credit Lender agrees to make Revolving Credit Loans to the Borrower from time to time during the Revolving Credit Availability Period in an aggregate principal amount that will not result in (i) such Lender’s
Revolving Credit Exposure exceeding such Lender’s Revolving Credit Commitment or (ii) the total Revolving Credit Exposures, together with the aggregate amount of Swingline Indebtedness, exceeding the total Revolving Credit Commitments. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Credit Loans. 
  
 (b) Term Loans. 
  
 (i) Tranche A Term Loans. Subject to the terms and conditions set forth herein, each Tranche A Term Loan Lender agrees to make one
or more Tranche A Term Loans to the Borrower on the Restatement Effective Date in a principal amount not exceeding its Tranche A Term Loan Commitment. Amounts prepaid or repaid in respect of Tranche A Term Loans may not be reborrowed. 
  
 (ii) Tranche C Term Loans. Subject to the terms and
conditions set forth herein, each Tranche C Term Loan Lender agrees to make one or more Tranche C Term Loans to the Borrower on the Restatement Effective Date in a principal amount not exceeding its 

  

 Credit Agreement 
 - 26 - 

 
Tranche C Term Loan Commitment. Amounts prepaid or repaid in respect of Tranche C Term Loans may not be reborrowed. 
  
 It is the intent of the parties hereto that the Tranche A Term Loans and
Tranche C Terms Loans hereunder constitute Incremental Term Loans under the Existing Credit Agreement and that, insofar as relating to the establishment of such Incremental Term Loans, this Agreement shall be deemed to constitute an agreement to
establish Incremental Term Loans under and as defined in the Existing Credit Agreement. 
  
 Any Tranche A Term Loan or Tranche C Term Loan to be made by any Lender that holds Tranche B Term Loans under the Existing Credit Agreement on the Restatement Effective Date may, at the option of such Lender, be made
through the conversion of the Tranche B Term Loans held by it into Tranche A Term Loans and Tranche C Term Loans, as specified by such Lender (and each reference in this Agreement to the “making” of any such Loan, or words of similar
import, shall in the case of such Lender be deemed to include such conversion). 
  
 (c) Incremental Term Loans. In addition to Borrowings of Revolving Credit Loans, Tranche A Term Loans and Tranche C Term Loans pursuant to paragraphs (a) and (b) above, at any time and from time to time prior
to the Term Loan Maturity Date, the Borrower may request that one or more Persons (which may include the Lenders) offer to enter into commitments to make term loans (each such loan being herein called an “Incremental Term Loan”)
under this paragraph (c), it being understood that if such offer is to be made by any Person that is not already a Lender hereunder, the Administrative Agent shall have consented to such Person being a Lender hereunder to the extent such consent
would be required pursuant to Section 9.04(b) in the event of an assignment to such Person. In the event that one or more of such Persons offer, in their sole discretion, to enter into such commitments, and such Persons and the Borrower agree as to
the amount of such commitments that shall be allocated to the respective Persons making such offers and the fees (if any) to be payable by the Borrower in connection therewith and the amortization and maturity date to be applicable thereto, the
Borrower, such Persons and the Administrative Agent shall execute and deliver an appropriate agreement with respect thereto, and such Persons shall become obligated to make Incremental Term Loans under this Agreement in an amount equal to the amount
of their respective Incremental Loan Commitments as specified in such agreement. The Incremental Term Loans to be made pursuant to any such agreement between the Borrower and one or more Lenders in response to any such request by the Borrower shall
be deemed to be a separate “Series” of Incremental Term Loans for all purposes of this Agreement. 
  
 Anything herein to the contrary notwithstanding, (i) the minimum aggregate principal amount of Incremental Term Loan Commitments entered into pursuant to
any such request (and, accordingly, the minimum aggregate principal amount of any Series of Incremental Loans) shall be $25,000,000, (ii) the aggregate principal amount of all Incremental Term Loan Commitments and Incremental Term Loans incurred
after the Restatement Effective Date, together with any Permitted Indebtedness incurred in accordance with Section 6.07(a)(A) during the period commencing on the Restatement Effective Date through the term of this Agreement, shall 

  

 Credit Agreement 
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not exceed $300,000,000 or such higher amount to which the Required Lenders shall have consented, (iii) the final maturity for the Incremental Term Loans of
any Series shall not be earlier than the Term Loan Maturity Date for Tranche C Term Loans, (iv) the weighted average life to maturity (determined in a manner satisfactory to the Administrative Agent) of the Incremental Term Loans of any Series at
the time of the making thereof shall not be shorter than the then-remaining weighted average life to maturity (so determined) of the Tranche C Term Loans and (v) except for the amortization and interest rate to be applicable thereto, and any fees to
be paid in connection therewith, the Incremental Term Loans of any Series shall have the same terms as the Tranche C Term Loans, provided that in no event shall the sum of the aggregate amount of Incremental Term Loans incurred after the
Restatement Effective Date, the aggregate amount of increases in Revolving Credit Commitments effected pursuant to Section 2.06(e) and the aggregate amount of Permitted Indebtedness incurred in accordance with Section 6.07(a)(A), together with the
aggregate amount of Indebtedness incurred pursuant to Section 5(b) of the Pledge Agreement, exceed $300,000,000 or such higher amount to which the Required Lenders shall have consented. 
  
 SECTION 2.02. Loans and Borrowings. 
  
 (a) Obligations of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class
(and, in the case of Incremental Term Loans, of a particular Series) and Type made by the Lenders ratably in accordance with their respective Commitments of the applicable Class (and, if applicable, of the applicable Series). The failure of any
Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure
to make Loans as required. 
  
 (b) Type of Loans. Subject
to Section 2.11, each Borrowing shall be constituted entirely of ABR Loans or of Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
  
 (c) Minimum Amounts; Limitation on Number of Borrowings. Each
Eurodollar Borrowing shall be in an aggregate amount of $5,000,000 or a larger multiple of $1,000,000. Each ABR Borrowing shall be in an aggregate amount equal to $2,000,000 or a larger multiple of $500,000; provided that an ABR Borrowing may
be in an aggregate amount that is equal to the entire unused balance of the total Commitments of the applicable Class (or, in the case of an Incremental Term Loan Commitment of any Series, in an aggregate amount that is equal to the entire unused
balance of the total Commitments of such Series). Borrowings of more than one Class and Type may be outstanding at the same time; provided that there shall not at any time be more than a total of fifteen Eurodollar Borrowings outstanding.

  

 Credit Agreement 
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 (d) Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, the
Borrower shall not be entitled to request (or to elect to convert to or continue as a Eurodollar Borrowing): (i) any Revolving Credit Borrowing if the Interest Period requested therefor would end after the Revolving Credit Commitment Termination
Date; (ii) any Term Borrowing if the Interest Period requested therefor would end after the applicable Term Loan Maturity Date; (iii) any Tranche A Term Loan or Tranche C Term Loan Borrowing if the Interest Period requested therefor would commence
before and end after any Principal Payment Date unless, after giving effect thereto, the aggregate principal amount of the Term Loans of such Class having Interest Periods that end after such Principal Payment Date shall be equal to or less than the
aggregate principal amount of the Term Loans of such Class permitted to be outstanding after giving effect to the payments of principal required to be made on such Principal Payment Date or (iv) any Incremental Term Borrowing of any Series if the
Interest Period requested therefor would commence before and end after any date for the payment of principal thereof unless, after giving effect thereto, the aggregate principal amount of the Incremental Term Loans of such Series having Interest
Periods that end after such date shall be equal to or less than the aggregate principal amount of the Incremental Term Loans of such Series permitted to be outstanding after giving effect to the payments of principal required to be made on such
date. 
  
 SECTION 2.03. Requests for Borrowings.

  
 (a) Notice by the Borrower. To request a Borrowing, the
Borrower shall notify the Administrative Agent of such request by telephone (i) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (ii) in the case
of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. 
  
 (b) Content of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in compliance with Section
2.02: 
  
 (i) whether the requested Borrowing is
to be a Revolving Credit Borrowing, Tranche A Term Borrowing, Tranche C Term Borrowing or Incremental Term Loan Borrowing (including, if applicable, the respective Series of Incremental Term Loans to which such Borrowing relates); 
  
 (ii) the aggregate amount of the requested Borrowing;

  
 (iii) the date of such Borrowing, which shall
be a Business Day; 
  
 (iv) whether such
Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
  

 Credit Agreement 
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 (v) in the case of a Eurodollar Borrowing, the Interest Period therefor, which shall be a
period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and 
  
 (vi) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.04. 
  
 (c) Notice by the Administrative Agent to
the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the
requested Borrowing. 
  
 (d) Failure to Elect. If no
election as to the Type of a Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the requested Borrowing shall be made instead as
an ABR Borrowing. 
  
 SECTION 2.04. Funding of Borrowings.

  
 (a) Funding by Lenders. Each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to
the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated
by the Borrower in the applicable Borrowing Request. 
  
 (b)
Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such
Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the
Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of
such Lender, the Federal Funds Effective Rate or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan
included in such Borrowing. 
  

 Credit Agreement 
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 SECTION 2.05. Interest Elections. 
  
 (a) Elections by the Borrower. The Loans constituting each Borrowing initially shall be of the Type specified in the
applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a Borrowing of a different Type or to
continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurodollar Borrowing, may elect the Interest Period therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions
of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate Borrowing. 

 
 (b) Notice of Elections. To make an election pursuant to this
Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election
to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in
a form approved by the Administrative Agent and signed by the Borrower. 
  
 (c) Content of Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 
  
 (i) the Borrowing to which such Interest Election Request applies (including, if applicable, the respective
Series of Incremental Term Loans to which such Interest Election Request relates) and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case
the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing); 
  
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing; and 
  
 (iv)
if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section
2.02(d). 
  

 Credit Agreement 
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 (d) Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest
Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a
Eurodollar Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing
may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period therefor. 
  
 SECTION 2.06. Changes of Commitments. 
  
 (a) Scheduled Termination of Commitments. Unless previously
terminated, (i) the Tranche A Term Loan Commitments and Tranche C Term Loan Commitments shall terminate at 5:00 p.m., New York City time, on the Restatement Effective Date, (ii) the Revolving Credit Commitments shall terminate on the Revolving
Credit Commitment Termination Date and (iii) the Incremental Term Loan Commitments of each Series shall terminate on the close of business on the date specified therefor pursuant to Section 2.01(c) at the time such Series is established. 

 
 (b) Voluntary Termination or Reduction of Commitments. The Borrower
may at any time terminate, or from time to time reduce, the Commitments of any Class (including the Commitments of any Series of Incremental Term Loans); provided that (i) each reduction of the Commitments of any Class pursuant to this
Section shall be in an amount that is $5,000,000 or a larger multiple of $1,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Revolving Credit
Loans in accordance with Section 2.08, the total Revolving Credit Exposures would exceed the total Revolving Credit Commitments. 
  
 (c) Notice of Voluntary Termination or Reduction of Commitments. The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Commitments of any Class under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Revolving Credit
Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. 
  

 Credit Agreement 
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 (d) Effect of Termination or Reduction of Commitments. Any termination or reduction of the
Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of such Class. 
  
 (e) Commitment Increases. The Borrower shall have the right, so long
as no Default shall have occurred and be continuing, at any time prior to the Revolving Credit Commitment Termination Date, to increase the total aggregate amount of the Revolving Credit Commitments hereunder by (x) adding a lender or lenders hereto
with a Revolving Credit Commitment or Revolving Credit Commitments of up to the amount (or aggregate amount) of such increase (which lender or lenders shall thereupon become “Lenders” hereunder) and/or (y) enabling any Lender or Lenders to
increase its (or their) Revolving Credit Commitment (or Revolving Credit Commitments) up to the amount of any such increase; provided that: (i) in no event shall any Lender’s Revolving Credit Commitment be increased without the consent
of such Lender, (ii) if any Revolving Credit Loans are outstanding hereunder on the date that any such increase is to be effective, such Revolving Credit Loans shall on or prior to the effectiveness of such increase be prepaid from the proceeds of
additional Revolving Credit Loans made hereunder (reflecting such increase in Revolving Credit Commitments), which prepayment shall be accompanied by accrued interest on the Revolving Credit Loans being prepaid and any costs incurred by any Lender
in accordance with Section 2.13, (iii) any such increase shall be in a multiple of $20,000,000, (iv) in no event shall the sum of the aggregate amount of Incremental Term Loans incurred after the Restatement Effective Date, the aggregate amount of
increases in Revolving Credit Commitments pursuant to this Section and the aggregate amount of Permitted Indebtedness incurred in accordance with Section 6.07(a)(A), together with the aggregate amount of Indebtedness incurred pursuant to Section
5(b) of the Pledge Agreement, exceed $300,000,000 or such higher amount to which the Required Lenders shall have consented, (v) no increase in Revolving Credit Commitments contemplated by this Section shall result in any one Lender having a
Revolving Credit Commitment in an amount which equals more than 20% of the aggregate amount of the Revolving Credit Commitments hereunder, and (vi) no increase in Revolving Credit Commitments shall occur within twelve months of a reduction in the
Revolving Credit Commitments pursuant to Section 2.06(b). 
  
 SECTION 2.07. Repayment of Loans; Evidence of Debt. 
  
 (a) Repayment. The Borrower hereby unconditionally promises to pay the Loans as follows: 
  
 (i) to the Administrative Agent for account of the Revolving Credit Lenders the outstanding principal amount of the Revolving Credit Loans
on the Revolving Credit Commitment Termination Date, 
  
 (ii) to the Administrative Agent for account of the Tranche A Term Loan Lenders the outstanding principal amount of the Tranche A Term Loans on each Principal 

  

 Credit Agreement 
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Payment Date set forth below in the aggregate principal amount set forth opposite such Principal Payment Date (subject to adjustment pursuant to paragraph
(b) of this Section): 
  

			
	 Principal Payment Date

	  	Amount ($)

	 March 31, 2005
	  	1,250,000
	 June 30, 2005
	  	1,250,000
	 September 30, 2005
	  	1,250,000
	 December 31, 2005
	  	1,250,000
	 March 31, 2006
	  	2,500,000
	 June 30, 2006
	  	2,500,000
	 September 30, 2006
	  	2,500,000
	 December 31, 2006
	  	2,500,000
	 March 31, 2007
	  	2,500,000
	 June 30, 2007
	  	2,500,000
	 September 30, 2007
	  	2,500,000
	 December 31, 2007
	  	2,500,000
	 March 31, 2008
	  	3,750,000
	 June 30, 2008
	  	3,750,000
	 September 30, 2008
	  	3,750,000
	 December 31, 2008
	  	3,750,000
	 March 31, 2009
	  	5,000,000
	 June 30, 2009
	  	5,000,000
	 September 30, 2009
	  	5,000,000
	 December 31, 2009
	  	5,000,000
	 March 31, 2010
	  	13,333,333
	 June 30, 2010
	  	13,333,333
	 September 30, 2010
	  	13,333,334

  

 Credit Agreement 
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 (iii) to the Administrative Agent for account of the Tranche C Term Loan Lenders the
outstanding principal amount of the Tranche C Term Loans on each Principal Payment Date set forth below in the aggregate principal amount set forth opposite such Principal Payment Date (subject to adjustment pursuant to paragraph (b) of this
Section): 
  

			
	 Principal Payment Date

	  	Amount ($)

	 March 31, 2005
	  	375,000
	 June 30, 2005
	  	375,000
	 September 30, 2005
	  	375,000
	 December 31, 2005
	  	375,000
	 March 31, 2006
	  	375,000
	 June 30, 2006
	  	375,000
	 September 30, 2006
	  	375,000
	 December 31, 2006
	  	375,000
	 March 31, 2007
	  	375,000
	 June 30, 2007
	  	375,000
	 September 30, 2007
	  	375,000
	 December 31, 2007
	  	375,000
	 March 31, 2008
	  	375,000
	 June 30, 2008
	  	375,000
	 September 30, 2008
	  	375,000
	 December 31, 2008
	  	375,000
	 March 31, 2009
	  	375,000
	 June 30, 2009
	  	375,000
	 September 30, 2009
	  	375,000
	 December 31, 2009
	  	375,000
	 March 31, 2010
	  	375,000
	 June 30, 2010
	  	375,000
	 September 30, 2010
	  	375,000
	 December 31, 2010
	  	375,000
	 March 31, 2011
	  	141,000,000

  
 (iv)
to the Administrative Agent for the account of the Incremental Term Loan Lenders of any Series the outstanding principal amount of the Incremental Term Loans of such Series in such installments on such dates and in such amounts as shall be agreed
upon between the Borrower and such Incremental Term Loan Lenders at the time the 

  

 Credit Agreement 
 - 35 - 

 
Incremental Term Loan Commitments of such Series are established pursuant to Section 2.01(c). 
  
 (b) Adjustment of Amortization Schedule. If the initial aggregate amount of the Tranche A Term Loan Commitments or
Tranche C Term Loan Commitments exceeds the aggregate principal amount of Term Loans of such Class that are made on the Restatement Effective Date, then the scheduled repayments of Borrowings of such Class to be made pursuant to this Section shall
be reduced ratably by an aggregate amount equal to such excess. To the extent not previously paid, all Term Loans of each Class shall be due and payable on the Term Loan Maturity Date for such Class. 
  
 (c) Manner of Payment. Prior to any repayment or prepayment of any
Borrowings of any Class hereunder, the Borrower shall select the Borrowing or Borrowings of the applicable Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 11:00 a.m.,
New York City time, three Business Days before the scheduled date of such repayment; provided that each repayment of Borrowings of any Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings of
such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings of the applicable Class and, second, to other Borrowings
of such Class in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing shall be applied ratably to the Loans included in
such Borrowing. 
  
 (d) Maintenance of Records by Lenders.
Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. 
  
 (e) Maintenance of
Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof (and, in the case of Incremental Term Loans, the respective
Series thereof) and each Interest Period therefor, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for account of the Lenders and each Lender’s share thereof. 
  
 (f) Effect of Entries. The entries made in the records maintained pursuant to paragraph (d) or (e) of this Section shall be prima facie evidence of the existence and amounts of the obligations
recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms
of this Agreement. 
  

 Credit Agreement 
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 (g) Promissory Notes. Any Lender may request that Loans of any Class made by it be evidenced by a
promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the
Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the
payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.08. Prepayment of Loans. 
  
 (a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject
to the requirements of this Section. Any prepayment of the Term Loans shall be applied to the respective Term Loans of each Class ratably in accordance with the respective outstanding principal amounts thereof and to the installments thereof ratably
in accordance with the respective principal amounts thereof. 
  
 (b) Mandatory Prepayments. The Borrower will prepay the Loans, and/or the Commitments shall be subject to automatic reduction, as follows: 
  
 (i) Dispositions. No later than five Business Days after the occurrence of any Disposition, the Borrower will deliver to the
Lenders a statement, certified by a senior officer of the Borrower, in form and detail satisfactory to the Administrative Agent, of the amount of the Net Proceeds of such Disposition and, to the extent the Net Proceeds from such Disposition (when
taken together with the aggregate amount of Net Proceeds from all other such Dispositions for which a prepayment has not yet been made under this Section 2.08(b)(i)) shall exceed $5,000,000, the Borrower shall prepay the Loans, and the Commitments
shall be subject to automatic reduction, as follows: 
  
 (A) concurrently with the delivery of such statement, in an aggregate amount equal to 100% of the Net Proceeds of such Dispositions so received by MCC and its Subsidiaries in cash; and 
  
 (B) thereafter, quarterly, on the date of the delivery by
the Borrower to the Lenders pursuant to Section 5.01 of financial statements for each quarterly fiscal period, to the extent MCC or any of its Subsidiaries shall receive Net Proceeds during such quarterly fiscal period in cash under deferred payment
arrangements or Investments entered into or received in connection with any Disposition, an amount equal to (x) 100% of the aggregate amount of such Net Proceeds minus (y) any transaction expenses associated with such Disposition and not
previously deducted in the determination of Net Proceeds plus (or minus, as the case may be) (z) any other adjustment received or paid by MCC or such Subsidiary pursuant to the respective agreements, if any, giving rise to such 

  

 Credit Agreement 
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Disposition and not previously taken into account in the determination of the Net Proceeds of such Disposition, provided that, if prior to the date
upon which the Borrower would otherwise be required to make a prepayment under this clause (B) with respect to any quarterly fiscal period the aggregate amount of such Net Proceeds received in cash shall aggregate an amount that will require a
prepayment of $5,000,000 or more under this clause (B) with respect to such quarterly fiscal period, then the Borrower shall immediately make a prepayment under this clause (B) in an amount equal to such required prepayment. 
  
 Prepayments of Loans and reductions of Commitments shall be effected in each case in the
manner and to the extent specified in clause (iv) of this paragraph. 
  
 Notwithstanding the foregoing, the Borrower shall not be required to make a prepayment pursuant to this Section 2.08(b)(i) (A) with respect to Net Proceeds arising out of Dispositions of Property or the equity capital of any Subsidiary
other than the Newspaper Entities, until such time as the aggregate Net Proceeds with respect to all Dispositions of such Property or equity capital received by MCC and its Subsidiaries after the date hereof shall exceed $50,000,000, and then only
to the extent that such Proceeds exceed $50,000,000 nor (B) with respect to the Net Proceeds from any Disposition in the event that the Borrower advises the Administrative Agent (the Administrative Agent hereby agreeing to notify the Lenders upon
receipt of such advice) at the time the Net Proceeds from such Disposition are received that MCC intends to retain such Net Proceeds and reinvest the same in replacement assets pursuant to a transaction permitted hereunder, so long as: 

 
 (x) the Net Proceeds so retained from any Disposition are
in fact so reinvested within 360 days of such Disposition (it being understood that, in the event Net Proceeds from more than one Disposition are retained by MCC pending reinvestment, such Net Proceeds shall be deemed to be applied in the same order
in which such Dispositions occurred and, accordingly, any such Net Proceeds so retained for more than 360 days shall be forthwith applied to the prepayment of Loans and reductions of Commitments as provided above), provided that, if such Net
Proceeds arise out of a Disposition of the assets or stock of a Newspaper Entity, such Net Proceeds are reinvested into one or more Newspaper Entities; and 
  
 (y) the aggregate amount of Net Proceeds (exclusive of investment earnings thereon) so retained at any time
pending reinvestment as contemplated by this sentence shall not at any time exceed $125,000,000, 
  
 Nothing in this Section 2.08(b)(i) shall be deemed to limit the obligation of the Borrower to obtain the consent of the Required Lenders pursuant to Section 9.02(b) to any Disposition described above not otherwise
permitted under this Agreement. 
  

 Credit Agreement 
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 (ii) Equity Issuance. Upon any Equity Issuance, the Borrower will deliver to the
Lenders a statement, certified by a senior officer of the Borrower, in form and detail satisfactory to the Administrative Agent, of the amount of the Net Proceeds thereof and the Borrower shall prepay the Loans, and the Commitments shall be subject
to automatic reduction, in an aggregate amount equal to 100% of the Net Proceeds of such Equity Issuance, such prepayment and reduction to be effected in each case in the manner and to the extent specified in clause (iv) of this paragraph.
Notwithstanding the foregoing, the Borrower shall not be required to make a prepayment pursuant to this Section 2.08(b) until such time as the aggregate Net Proceeds received by it with respect to all Equity Issuances made by it after the date
hereof shall exceed $5,000,000. 
  
 (iii)
Change of Control. Upon the occurrence of any “change of control” as defined under the 2003 Senior Subordinated Notes and any other Permitted Indebtedness, the Borrower shall prepay the outstanding principal amount of all Loans, and
all of the Commitments shall terminate. 
  
 (iv)
Application. Prepayments and/or reductions of Commitments pursuant to this paragraph shall be applied as follows: 
  
 first, to the prepayment of the outstanding Term Loans, ratably in accordance with the respective principal amounts thereof, and to
the installments thereof ratably in accordance with the respective principal amounts thereof, and 
  
 second, following the prepayment in full of all outstanding amounts of Term Loans to the prepayment of the Revolving Credit Loans
(and to the simultaneous reduction of the Revolving Credit Commitments or, to the extent the Revolving Credit Loans shall have been paid in full, the Revolving Credit Commitments shall be automatically reduced by an amount equal to the amount of
such required prepayment). 
  
 (c) Notices, Etc. The
Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the
date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the
principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that, if a notice of prepayment is given in
connection with a conditional notice of termination of the Revolving Credit Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06. Promptly
following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the relevant Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of a
Borrowing of the same Type as 

  

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provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10 and shall be made in the manner specified in Section 2.07(c). 
  
 SECTION 2.09. Fees. 
  
 (a) Commitment Fee. The Borrower agrees to pay to the Administrative
Agent for account of each Lender a commitment fee, which shall accrue at the Applicable Rate on the average daily unused amount of the Revolving Credit Commitment of such Lender during the period from and including the date hereof to but excluding
the earlier of the date such Revolving Credit Commitment terminates and the Revolving Credit Commitment Termination Date. Accrued commitment fees shall be payable on each Quarterly Date and on the earlier of the date the Revolving Credit Commitments
terminate and the Revolving Credit Commitment Termination Date, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day). 
  
 (b) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

  
 (c) Payment of Fees. All fees payable hereunder shall
be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of facility fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.10. Interest. 
  
 (a) ABR Loans. The Loans constituting each ABR Borrowing shall bear
interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Rate. 
  
 (b) Eurodollar Loans. The Loans constituting each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period for such Borrowing plus the
Applicable Rate. 
  
 (c) Default Interest. Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory prepayment or otherwise, such overdue amount
shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other
amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. 
  

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 (d) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan and, in the case of Revolving Credit Loans, upon termination of the Revolving Credit Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand,
(ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of a Revolving Credit Loan that is an ABR Loan prior to the Revolving Credit Commitment Termination Date), accrued interest on the principal amount repaid or
prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the
effective date of such conversion. 
  
 (e) Computation. All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year
of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by
the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  
 SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of the Interest Period for any Eurodollar Borrowing: 
  
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
  
 (b) if such Borrowing is of a particular Class of Loans (including of a particular Series of Incremental Term Loans), the Administrative
Agent is advised by the Required Lenders of such Class that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Loans included in such Borrowing
for such Interest Period; 
  
 then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i)
any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and such Borrowing (unless prepaid) shall be continued as, or converted to, an ABR
Borrowing and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
  

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 SECTION 2.12. Increased Costs. 
  
 (a) Increased Costs Generally. If any Change in Law shall: 
  
 (i) impose, modify or deem applicable any reserve, special
deposit or similar requirement against assets of, deposits with or for account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
  
 (ii) impose on any Lender or the London interbank market any
other condition affecting this Agreement or Eurodollar Loans made by such Lender; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lenders of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or
receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

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

  
 (c) Certificates from Lenders. A certificate of a
Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 
  

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 SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any principal of any
Eurodollar Loan other than on the last day of an Interest Period therefor (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow,
convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.08(c) and is revoked in accordance herewith), or (d) the assignment as
a result of a request by the Borrower pursuant to Section 2.16(b) of any Eurodollar Loan other than on the last day of an Interest Period therefor, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of a Eurodollar Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that
such Lender would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a
failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Interest
Period, over (ii) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an
affiliate of such Lender) for Dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 SECTION 2.14. Taxes. 
  
 (a) Payments Free of Taxes. Any and all payments by or on account of
any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the
Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted
to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) Indemnification by the Borrower. The Borrower shall indemnify the
Administrative Agent and each Lender, within 10 days after written demand therefor, for the full 

  

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amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error. 
  
 (d) Evidence of
Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
  
 (e) Foreign Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under
the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or
times prescribed by applicable law or reasonably requested by the 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. 

 
 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. 
  
 (a) Payments by the Borrower. The
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees, or under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior
to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been
received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except as otherwise expressly provided in
the relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of
any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case
of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder or under any other Loan Document (except to the extent otherwise provided therein) shall be made in Dollars. 
  

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

  
 (c) Pro Rata Treatment. Except to the extent otherwise
provided herein: (i) each Borrowing of a particular Class (including of a particular Series of Incremental Term Loans) shall be made from the relevant Lenders, each payment of commitment fee under Section 2.09 shall be made for account of the
relevant Lenders, and each termination or reduction of the amount of the Commitments of a particular Class (including of a particular Series of Incremental Term Loans) under Section 2.06 shall be applied to the respective Commitments of such Class
of the relevant Lenders, pro rata according to the amounts of their respective Commitments of such Class; (ii) each Borrowing of any Class (including of a particular Series of Incremental Term Loans) shall be allocated pro rata among the relevant
Lenders according to the amounts of their respective Commitments of such Class (in the case of the making of Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of
Loans); (iii) each payment or prepayment by the Borrower of principal of Loans of a particular Class (including of a particular Series of Incremental Term Loans) shall be made for account of the relevant Lenders pro rata in accordance with the
respective unpaid principal amounts of the Loans of such Class held by them; and (iv) each payment of interest by the Borrower of interest on Loans of a particular Class (including of a particular Series of Incremental Term Loans) shall be made for
account of the relevant Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders. 
  
 (d) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon then due than the proportion received by any other Lender, then
the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to MCC or any Subsidiary or Affiliate thereof (as to
which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively 

  

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do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of
set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
  
 (e) Presumptions of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to
the date on which any payment is due to the Administrative Agent for account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds
Effective Rate. 
  
 (f) Certain Deductions by the
Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(b) or 2.15(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.16. Mitigation Obligations; Replacement of Lenders.

  
 (a) Designation of a Different Lending Office. If any
Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  

(b) Replacement of Lenders. If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for account of any Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee
that 

  

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shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have
received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
  
 SECTION 2.17. Delivery of Lender Addenda. Each Tranche A Term Loan
Lender and Tranche C Term Loan Lender shall become a party to this Agreement by delivering to the Administrative Agent a Lender Addendum duly executed by such Term Loan Lender, the Borrower and the Administrative Agent. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 MCC (as to itself and each of its Subsidiaries), and, to the extent applicable to the Borrower and its Subsidiaries, the
Borrower (as to itself and each of its Subsidiaries), represents and warrants to the Lenders that: 
  
 SECTION 3.01. Corporate Existence. Each of MCC and its Subsidiaries: (a) is a limited liability company, corporation, partnership or other entity
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (b) has all requisite corporate or other power, and has all material governmental licenses, authorizations, consents and approvals,
necessary to own its assets and carry on its business as now being or as proposed to be conducted; and (c) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such
qualification necessary and where failure so to qualify could have a Material Adverse Effect. 
  
 SECTION 3.02. Financial Condition. MCC has heretofore furnished to each of the Lenders the following: 
  
 (a) the audited consolidated balance sheet of MCC and its Subsidiaries as at December 31, 2003 and the related audited consolidated
statements of income, retained earnings and cash flows of MCC and its Subsidiaries for the fiscal year ended on said date, with the opinion thereon of Deloitte & Touche LLP; 
  

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 (b) the unaudited consolidated balance sheet of MCC and its Subsidiaries as at March 31,
2004 and the related unaudited consolidated statements of income, retained earnings and cash flows of MCC and its Subsidiaries for the three-month period ended on such date; 
  
 (c) the audited consolidated balance sheet of the Newspaper Entities as at December 31, 2003 and the related
audited consolidated statements of income, retained earnings and cash flows of the Newspaper Entities for the fiscal year ended on said date, with the opinion thereon of Deloitte & Touche LLP; and 
  
 (d) the unaudited consolidated balance sheet of the
Newspaper Entities as at March 31, 2004 and the related unaudited consolidated statements of income, retained earnings and cash flows of the Newspaper Entities for the three-month period ended on such date. 
  
 All such financial statements are complete and correct and fairly present the consolidated
financial condition of MCC and its Restricted Subsidiaries (and of the Newspaper Entities) as at said dates and the respective consolidated results of their operations for the fiscal year and three-month period ended on said dates (subject, in the
case of such financial statements as at March 31, 2004, to normal audit adjustments) all in accordance with generally accepted accounting principles and practices applied on a consistent basis. None of MCC or any of its Restricted Subsidiaries has
on the date hereof any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments. Since December 31, 2003, there has been no material adverse
change in the consolidated financial condition, operations, business or prospects taken as a whole of MCC and its Restricted Subsidiaries (or of the Newspaper Entities) from that set forth in said financial statements as at said date. 
  
 SECTION 3.03. Litigation. Except as disclosed to the Lenders in
Schedule V hereto, there are no legal or arbitral proceedings, or any proceedings by or before any governmental or regulatory authority or agency, now pending or (to the knowledge of the Borrower) threatened against MCC or any of its Subsidiaries
which, if adversely determined, could have a Material Adverse Effect. 
  
 SECTION 3.04. No Breach. None of the execution and delivery of this Agreement and the other Basic Documents, the consummation of the transactions herein and therein contemplated or compliance with the terms and provisions hereof and
thereof will conflict with or result in a breach of, or require any consent (except for consents of members under operating agreements, each of which shall have been obtained on or before the Restatement Effective Date) under the charter or by-laws
of MCC or any of its Subsidiaries or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument to which MCC or any of its Subsidiaries is a party or by
which any of them or any of their Property is bound or to which any of them is subject, or constitute a default under any such agreement or instrument, or (except for 

  

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the Liens created pursuant to the Security Documents) result in the creation or imposition of any Lien upon any Property of MCC or any of its Subsidiaries
pursuant to the terms of any such agreement or instrument. 
  
 SECTION 3.05. Action. The Borrower has all necessary limited liability company and other power, authority and legal right to execute, deliver and perform its obligations under this Agreement, the Security and Guarantee Agreement and
each of the other Basic Documents to which it is a party and each Guarantor has all necessary limited liability company and other power, authority and legal right to execute, deliver and perform its obligations under the Security and Guarantee
Agreement; the execution, delivery and performance by the Borrower of this Agreement, the Security and Guarantee Agreement and each of the other Basic Documents to which it is a party, and by each Guarantor of the Security and Guarantee Agreement,
have been duly authorized by all necessary limited liability company and other action on its part (including, without limitation, any required member or shareholder approvals); and this Agreement has been duly and validly executed and delivered by
the Borrower and constitutes, and the Security and Guarantee Agreement and each of the other Basic Documents to which it is a party (in the case of MCC and the Borrower) and the Security and Guarantee Agreement (in the case of each Guarantor) when
executed and delivered will constitute, its legal, valid and binding obligation, enforceable against the Borrower or such Guarantor, as the case may be, in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
  
 SECTION 3.06.
Approvals. No authorizations, approvals or consents of, and no filings or registrations with, any governmental or regulatory authority or agency, or any securities exchange, are necessary for the execution, delivery or performance by the
Borrower or any Guarantor of the Basic Documents to which it is a party or for the legality, validity or enforceability hereof or thereof, except for filings and recordings in respect of the Liens created pursuant to the Security Documents.

  
 SECTION 3.07. Use of Credit. Neither MCC nor any of its
Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any
extension of credit hereunder will be used to buy or carry any Margin Stock. 
  
 SECTION 3.08. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could
reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of
the date of the most recent financial statements reflecting such amounts, exceed by more 

  

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than $3,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans
(based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $3,000,000 the fair market value of the
assets of all such underfunded Plans. 
  
 SECTION 3.09.
Taxes. Except for the Tax Consolidation Agreements, there is no tax sharing, tax allocation or similar agreement in effect providing for the manner in which tax payments owing by MCC and its Subsidiaries (whether in respect of Federal or
State income or other taxes) are allocated among the members of the group. MCC and its Subsidiaries have filed (either directly, or indirectly through Shivers), all Federal and State income tax returns and all other material tax returns that are
required to be filed by them and have paid (either directly, or indirectly through Shivers) all taxes due pursuant to such returns or pursuant to any assessment received by Shivers or by MCC or any of its Subsidiaries. The charges, accruals and
reserves on the books of MCC or any of its Subsidiaries in respect of taxes and other governmental charges are, in the opinion of the Borrower, adequate. 
  
 SECTION 3.10. Investment Company Act. Neither MCC nor any of its Subsidiaries is an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 
  
 SECTION 3.11. Public Utility Holding Company Act. Neither MCC nor any of its Subsidiaries is a “holding company”, or an
“affiliate” of a “holding company” or a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended. 
  
 SECTION 3.12. Material Agreements and Liens. 
  
 (a) Indebtedness. Part A of Schedule II hereto is a complete and
correct list, as of the date of this Agreement, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of
credit (or commitment for any extension of credit) to, or guarantee by, MCC or any of its Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $100,000, and the aggregate principal or face amount
outstanding or that may become outstanding under each such arrangement is correctly described in Part A of said Schedule II. 
  
 (b) Liens. Part B of Schedule II hereto is a complete and correct list, as of the date of this Agreement, of each Lien securing Indebtedness of any
Person the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $100,000 and covering any Property of MCC or any of its Subsidiaries and the aggregate Indebtedness secured (or which may be secured) by each such Lien
and the Property covered by each such Lien is correctly described in Part B of said Schedule II. 
  

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 SECTION 3.13. Environmental Matters . Each of MCC and its Subsidiaries has obtained all
environmental, health and safety permits, licenses, registrations and other authorizations required under all Environmental Laws to carry on its business as now being or as proposed to be conducted, except to the extent failure to have any such
permit, license, registration or authorization would not have a Material Adverse Effect. Each of such permits, licenses, registrations and authorizations is in full force and effect and each of MCC and its Subsidiaries is in compliance with the
terms and conditions thereof, and is also in compliance with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in any applicable Environmental Law or in any
regulation, code, plan, order, decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved thereunder, except to the extent failure to comply therewith would not have a Material Adverse Effect or is disclosed in
Schedule III hereto. 
  
 In addition, except as set forth in
Schedule III hereto: 
  
 (a) No notice, notification, demand,
request for information, citation, summons or order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending or, to the best of the Borrower’s knowledge, threatened by any governmental
or other entity with respect to any alleged failure by MCC or any of its Subsidiaries to have any environmental, health or safety permit, license, registration or other authorization required under any Environmental Law in connection with the
conduct of the business of MCC or any of its Subsidiaries or with respect to any generation, treatment, storage, recycling, transportation, discharge or disposal, or any Release or threatened Release, of any Hazardous Materials generated by MCC or
any of its Subsidiaries which information, citations, summons, order, penalty or alleged failure could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 (b) As of the date hereof, neither MCC nor any of its Subsidiaries owns,
operates or leases a treatment, storage or disposal facility requiring a permit under the Resource Conservation and Recovery Act of 1976, as amended, or under any comparable state or local statute; and, as of the date hereof: 
  
 (i) no polychlorinated biphenyls (PCB’s) are or (within
the five year period preceding the date hereof) have been present at any site or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries except for PCB’s that may be present in transformers that are either (x) not
owned by MCC or any of its Subsidiaries or (y) in compliance with Environmental Law; 
  
 (ii) no friable asbestos or asbestos-containing materials are or (within the five year period preceding the date hereof) have been present
at any site or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries except for friable asbestos or asbestos-containing materials that are subject to operation and maintenance plans and would not cost in excess of
$100,000 at any single facility to fully abate or remediate; 
  

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 (iii) there are no underground storage tanks or surface impoundments for Hazardous
Materials, active or abandoned, at any site or facility now or (within the five year period preceding the date hereof) previously owned, operated or leased by MCC or any of its Subsidiaries which could reasonably be expected to result in costs or
liabilities to MCC and its Subsidiaries of $100,000 in the event that such underground storage tank or surface impoundment were required to be removed or remediated; 
  
 (iv) no Hazardous Materials have been Released at, on or under any site or facility now or (within the five
year period preceding the date hereof, and to the best of MCC’s knowledge at any time prior to such five year period) previously owned, operated or leased by MCC or any of its Subsidiaries in a reportable quantity established by statute,
ordinance, rule, regulation or order that could reasonably be expected to result in costs or liabilities to MCC and its Subsidiaries of $100,000 or more. 
  
 (c) Neither MCC nor any of its Subsidiaries has transported or arranged for the transportation of any Hazardous Material to any location that is listed on
the National Priorities List (“NPL”) under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), listed for possible inclusion on the NPL by the Environmental
Protection Agency in the Comprehensive Environmental Response and Liability Information System, as provided for by 40 C.F.R. § 300.5 (“CERCLIS”), or on any similar state or local list or that is the subject of Federal, state or
local enforcement actions or other investigations that could reasonably be expected to lead to Environmental Claims against MCC or any of its Subsidiaries. 
  
 (d) Within the five year period preceding the date hereof, no Hazardous Material generated by MCC or any of its Subsidiaries has been recycled, treated,
stored, disposed of or Released by MCC or any of its Subsidiaries at any location other than those listed in Schedule III hereto that could reasonably be expected to have a Material Adverse Effect. 
  
 (e) No oral or written notification of a Release or threatened Release of a
Hazardous Material has been filed by or on behalf of MCC or any of its Subsidiaries and no site or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries is listed or proposed for listing on the NPL, CERCLIS or any
similar state list of sites requiring investigation or clean-up, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 (f) No Liens have arisen under or pursuant to any Environmental Laws on any site or facility owned, operated or leased by
MCC or any of its Subsidiaries and no government action has been taken or is in process that could subject any such site or facility to such Liens and neither MCC or any of its Subsidiaries would be required to place any notice or restriction
relating to the presence of Hazardous Materials at any site or facility owned by it in any deed to the real property on which such site or facility is 

  

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located, in each case that could reasonably be expected to result in Liens securing obligations of $100,000 or more. 
  
 (g) There have been no environmental investigations, studies, audits, tests,
reviews or other analyses conducted by or that are in the possession of MCC or any of its Subsidiaries in relation to any site or facility now or previously owned, operated or leased by MCC or any of its Subsidiaries which have not been made
available to the Lenders and which indicate that there is a reasonable probability of remediation costs of more than $100,000. 
  
 SECTION 3.14. Capitalization. MCC has heretofore delivered to the Lenders a true and complete copy of the Operating Agreement. The only member of
MCC on the date hereof is Holdings. As of the date hereof, there are no outstanding Equity Rights with respect to MCC (other than Equity Rights in respect of Special Deferred Compensation to be provided by Shivers and its Affiliates, not including
MCC and its Restricted Subsidiaries) and there are no outstanding obligations of MCC or any of its Subsidiaries to repurchase, redeem, or otherwise acquire any equity interests in MCC, nor are there any outstanding obligations of MCC or any of its
Subsidiaries to make payments to any Person, such as “phantom stock” payments, where the amount thereof is calculated with reference to the fair market value or equity value of MCC or any of its Subsidiaries. 
  
 SECTION 3.15. Subsidiaries and Investments, Etc. 
  
 (a) Subsidiaries. Set forth in Part A of Schedule IV hereto is a
complete and correct list, as of the date of this Agreement, of all of the Subsidiaries of MCC together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary and (ii) the nature of the ownership interests held by
each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests. Except as disclosed in Part A of Schedule IV hereto, (x) each of MCC and its Subsidiaries owns, free and clear of Liens (other than Liens
created pursuant to the Security Documents), and has the unencumbered right to vote, all outstanding ownership interests in each Person shown to be held by it in Part A of Schedule IV hereto, (y) all of the issued and outstanding capital stock of
each such Person organized as a corporation is validly issued, fully paid and nonassessable and (z) there are no outstanding Equity Rights with respect to such Person. 
  
 (b) Investments. Set forth in Part B of Schedule IV hereto is a complete and correct list, as of the date of this
Agreement, of all Investments (other than Cash and Cash Equivalents or Investments disclosed in Part A or Part B of said Schedule IV hereto) held by MCC or any of its Subsidiaries in any Person and, for each such Investment, (x) the identity of the
Person or Persons holding such Investment and (y) the nature of such Investment (or, in the alternative, a statement that the aggregate book value of such Investments does not exceed $1,000,000). Except as disclosed in Part B of Schedule IV hereto,
each of MCC and its Subsidiaries owns, free and clear of all Liens (other than Liens created pursuant to the Security Documents), all such Investments. 
  

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 (c) Unrestricted Subsidiaries. Set forth in Part C of Schedule IV hereto is a complete and correct
list, as of the date of this Agreement, of all of the Unrestricted Subsidiaries of MCC. Except as disclosed in Part C of Schedule IV hereto, each Subsidiary listed in Part A of Schedule IV hereto shall be a Restricted Subsidiary. 
  
 (d) Absence of Restrictive Agreements. None of the Restricted
Subsidiaries of MCC is, on the date of this Agreement, subject to any indenture, agreement, instrument or other arrangement of the type described in the second paragraph of Section 5.07 other than the Newspaper Entities under the 2003 Senior
Subordinated Notes. 
  
 SECTION 3.16. Title to Assets. MCC
and each of its Restricted Subsidiaries owns and has on the date hereof, and will own and have on the Restatement Effective Date, good and marketable title (subject only to Liens permitted by Section 6.02) to the Properties shown to be owned in the
most recent financial statements referred to in Section 3.03 (other than Properties disposed of in the ordinary course of business or otherwise permitted to be disposed of pursuant to Section 6.01). MCC and each of its Restricted Subsidiaries owns
and has on the date hereof, and will own and have on the Restatement Effective Date, good and marketable title to, and enjoys on the date hereof, and will enjoy on the Restatement Effective Date, peaceful and undisturbed possession of, all
Properties (subject only to Liens permitted by Section 6.02) that are necessary for the operation and conduct of its businesses. 
  
 SECTION 3.17. True and Complete Disclosure. The information, reports, financial statements, exhibits and schedules furnished in writing by or on
behalf of MCC and its Subsidiaries to the Administrative Agent or any Lender in connection with the negotiation, preparation or delivery of this Agreement, the other Basic Documents and the Information Memorandum or included herein or therein or
delivered pursuant hereto or thereto, when taken as a whole, do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in light of the circumstances under which they
were made, not misleading. All written information furnished after the date hereof by MCC and its Subsidiaries to the Administrative Agent and the Lenders in connection with this Agreement and the other Basic Documents and the transactions
contemplated hereby and thereby will be true, complete and accurate in every material respect, or (in the case of projections) based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to
the Borrower that could reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in the other Basic Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to
the Lenders for use in connection with the transactions contemplated hereby or thereby. 
  
 SECTION 3.18. Certain Material Agreements. The Borrower has heretofore delivered to the Administrative Agent a complete and correct copy of the Tax Consolidation Agreements (including any modifications or
supplements thereto) as in effect on the date hereof. 
  

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 SECTION 3.19. Real Property. Set forth on Schedule VI (Part 1) is a list, as of the Restatement
Effective Date, of all of the real property interests held by MCC and its Restricted Subsidiaries (excluding outdoor advertising sites relating to outdoor advertising activities), indicating in each case whether the respective property is owned or
leased, the identity of the owner or lessee and the location of the respective property, provided that such Schedule VI (Part 1) may exclude real property interests whose fair market value, in the aggregate as to MCC and all of its Restricted
Subsidiaries, does not exceed $1,000,000. 
  
 ARTICLE IV

  
 CONDITIONS 
  
 SECTION 4.01. Restatement Effective Date. The effectiveness of this
Agreement (and the amendment and restatement of the Existing Credit Agreement to be effected hereby) and of the obligations of the Lenders to make Loans hereunder shall not become effective until the date on which the Administrative Agent shall have
received each of the following documents, each of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance (or such condition shall have been waived in accordance with Section
9.02): 
  
 (a) Executed Counterparts. From
each Obligor party hereto and from Revolving Credit Lenders constituting the “Required Revolving Credit Lenders” under and as defined in the Existing Credit Agreement either (i) a counterpart of this Agreement signed on behalf of such
party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement. In addition, the
Administrative Agent shall have received from each Tranche A Term Loan Lender and Tranche C Term Loan Lender a Lender Addendum in the form of Annex I hereto, or written evidence satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page to such Annex) that such party has signed a counterpart of such Annex. 
  
 (b) Opinion of Counsel to the Borrower. A favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Restatement Effective Date) of Hull, Towill, Norman, Barrett & Salley, P.C., counsel for the Borrower, substantially in the form of Exhibit D, and covering such other matters relating to the Borrower, this Agreement or the Transactions
as the Required Lenders shall reasonably request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent). 
  
 (c) Opinion of Special Counsel to JPMCB. An opinion, dated the Restatement Effective Date, of
Milbank, Tweed, Hadley & McCloy LLP special counsel to JPMCB, 

  

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substantially in the form of Exhibit E (and JPMCB hereby instructs such counsel to deliver such opinion to the Lenders). 
  
 (d) Organizational Documents. Such documents and
certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Obligor, and of the respective managing members thereof (if applicable), the authorization of the
Transactions and any other legal matters relating to the Obligors and any such managing member, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
  
 (e) Officer’s Certificate. A certificate, dated
the Restatement Effective Date and signed by a senior officer of the Borrower, confirming compliance with the conditions set forth in the first sentence of Section 4.02. 
  
 (f) Security Document Confirmations. Security Document Confirmations in form and substance
satisfactory to the Administrative Agent and duly executed and delivered by the respective Obligors party thereto. 
  
 (g) Evidence of Repayment of Loans. Evidence that the Borrower shall have requested that the Lenders make Tranche A Term Loans and
Tranche C Term Loans hereunder, and the Lenders shall have made such Loans, in such amounts as shall be necessary to pay in full the principal of and interest on the “Tranche B Term Loans”, if any, outstanding under the Existing Credit
Agreement on the Restatement Effective Date, together with all compensation payable under Section 2.13 thereof as a result of such payment, and the proceeds of such Loans shall have been applied to the payment in full of such amounts. In addition,
if after giving effect to the reduction of Revolving Credit Commitments contemplated hereby the aggregate outstanding amount of Revolving Credit Loans shall exceed the aggregate amount of Revolving Credit Commitments, evidence that the Borrower
shall have prepaid Revolving Credit Loans in an amount equal to such excess. 
  
 (h) Other Documents. Such other documents as the Administrative Agent or any Lender or special counsel to JPMCB may reasonably request. 
  
 Notwithstanding the foregoing, the effectiveness of this Agreement (and the amendment and restatement of the Existing Credit
Agreement to be effected hereby) and of the obligation of each Lender to make its initial Loan hereunder is also subject to the payment by MCC and the Borrower of such fees as MCC and the Borrower shall have agreed to pay to any Lender or the
Administrative Agent in connection herewith, including the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP, special counsel to JPMCB, in connection with the negotiation, preparation, execution and delivery of this Agreement
and the other Loan Documents and the Loans hereunder (to the extent that statements for such fees and expenses have been delivered to MCC and the Borrower). 
  

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 The Administrative Agent shall notify the Borrower and the Lenders of the Restatement Effective Date, and
such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02)
on or prior to 3:00 p.m., New York City time, on July 23, 2004 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 
  
 SECTION 4.02. Each Credit Event. The obligation of each Lender to make any Loan to the Borrower upon the occasion of
each borrowing hereunder (including the initial borrowing) is subject to the further conditions precedent that, both immediately prior to the making of such Loan and also after giving effect thereto and to the intended use thereof: 
  
 (a) no Default shall have occurred and be continuing; and

  
 (b) the representations and warranties made
by the Borrower in Section 3, and by each Obligor in each of the other Loan Documents, shall be true and complete on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 
  
 Each notice of borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date
of such notice and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such borrowing, as of the date of such borrowing). 
  
 ARTICLE V 
  
 AFFIRMATIVE COVENANTS 
  
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, MCC
covenants and agrees (and, to the extent applicable to the Borrower and its Subsidiaries, the Borrower covenants and agrees) with the Lenders that: 
  
 SECTION 5.01. Financial Statements and Other Information. MCC and the Borrower shall deliver to each of the Lenders: 
  
 (a) as soon as available and in any event within 60 days
after the end of each of the first three quarterly fiscal periods of each fiscal year of MCC, consolidated statements of income, retained earnings and cash flows of MCC and its Restricted Subsidiaries (and, separately stated, for the Borrower and
its Subsidiaries) for such period and for the period from the beginning of the respective fiscal year to the end of such period, and the related 

  

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consolidated balance sheet of MCC and its Restricted Subsidiaries (and, separately stated, of the Borrower and its Subsidiaries) as at the end of such
period, setting forth in each case in comparative form the corresponding consolidated figures for MCC or the Borrower, as applicable, for the corresponding period in the preceding fiscal year (except that, in the case of balance sheets, such
comparison shall be to the last day of the prior fiscal year), accompanied by a certificate of a senior financial officer of MCC or the Borrower, as applicable, which certificate shall state that said consolidated financial statements fairly present
the consolidated financial condition and results of operations of MCC and its Restricted Subsidiaries (or of the Borrower and its Subsidiaries), in each case in accordance with generally accepted accounting principles, consistently applied, as at
the end of, and for, such period (subject to normal year-end audit adjustments); 
  
 (b) as soon as available and in any event within 106 days after the end of each fiscal year of MCC, consolidated statements of income,
retained earnings and cash flows of MCC and its Restricted Subsidiaries (and, separately stated, of the Borrower and its Subsidiaries) for such fiscal year and the related consolidated balance sheet of MCC and its Restricted Subsidiaries (and,
separately stated, of the Borrower and its Subsidiaries) as at the end of such fiscal year, setting forth in each case in comparative form the corresponding consolidated figures for MCC or the Borrower, as applicable, for the preceding fiscal year,
and accompanied in each case by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall state that said consolidated financial statements fairly present the consolidated financial condition
and results of operations of MCC and its Restricted Subsidiaries (or of the Borrower and its Subsidiaries) as at the end of, and for, such fiscal year in accordance with generally accepted accounting principles consistently applied, as at the end
of, and for, such fiscal year; 
  
 (c) promptly
upon their becoming available, copies of all registration statements and regular periodic reports, if any, which MCC or any of its Subsidiaries shall have filed with the Securities and Exchange Commission (or any governmental agency substituted
therefor) or any national securities exchange and supplied to the holders of any 2003 Senior Subordinated Notes or any other Permitted Indebtedness; 
  
 (d) promptly upon the mailing thereof to the shareholders or members of MCC generally, copies of all financial statements, reports and
proxy statements so mailed; 
  
 (e) promptly (but
in any event within five Business Days) following the occurrence thereof, notice of any voluntary or involuntary bankruptcy proceeding filed by or against Shivers or Holdings; 
  
 (f) promptly (but in any event within five Business Days) after any senior officer of MCC or the Borrower
knows or has reason to believe that any Default has occurred, a notice of such Default describing the same in reasonable detail and, together with such 

  

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notice or as soon thereafter as possible, a description of the action that MCC or the Borrower has taken or proposes to take with respect thereto; and

  
 (g) from time to time such other information
regarding the financial condition, operations, business or prospects of MCC or any of its Subsidiaries (including, without limitation, any Plan or Multiemployer Plan and any reports or other information required to be filed under ERISA) as any
Lender or the Administrative Agent may reasonably request. 
  
 MCC and the
Borrower will, respectively, furnish to each Lender, at the time it furnishes each set of financial statements pursuant to paragraph (a) or (b) above, a certificate of a senior financial officer of each of MCC and the Borrower 
  
 (i) to the effect that no Default has occurred and is
continuing (or, if any Default has occurred and is continuing, describing the same in reasonable detail and describing the action that MCC or the Borrower, as applicable, has taken or proposes to take with respect thereto) and 
  
 (ii) setting forth in reasonable detail (x) the computations
necessary to determine whether MCC or the Borrower, as applicable, is in compliance with Sections 2.08(b)(i), 6.02, 6.03, 6.04, 6.05 and 6.06 as of the end of the respective quarterly fiscal period or fiscal year and (y) a reconciliation to the
adjustments necessary to take into account the effect of any acquisition or Disposition during the four quarterly fiscal periods ending with the date of such financial statements as contemplated in the definitions of “Cash Flow” and
“Interest Expense” in Section 1.01, 
  
 such certificate to include an
itemization of the Net Proceeds of any Disposition received during the relevant reporting period by MCC and its Subsidiaries. 
  
 SECTION 5.02. Notices of Material Events. MCC and the Borrower will, respectively, furnish to the Administrative Agent and each Lender prompt
written notice of the following: 
  
 (a) the
occurrence of any Default; 
  
 (b) the filing or
commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting MCC or the Borrower or any of their Affiliates that, if adversely determined, could reasonably be expected to result in a
Material Adverse Effect; 
  
 (c) the occurrence
of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of MCC and its Subsidiaries in an aggregate amount exceeding $5,000,000; 
  

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 (d) the assertion of any Environmental Claim by any Person against, or with respect to
the activities of, MCC or any of its Subsidiaries and any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations, other than any Environmental Claim or alleged violation that, if adversely
determined, would not (either individually or in the aggregate) have a Material Adverse Effect; and 
  
 (e) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be accompanied by a statement of a senior
financial officer of MCC and the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 5.03. Existence, Etc. MCC will, and will cause each of its Restricted Subsidiaries to: 
  
 (a) preserve and maintain its legal existence and all of its
material rights, privileges, licenses and franchises, provided that nothing in this Section shall prohibit any transaction expressly permitted under Section 6.01, or prohibit the conversion of a Restricted Subsidiary from a corporation or
partnership into a limited liability company, so long as, after giving effect to such conversion, such Restricted Subsidiary shall have executed and delivered such instruments, and delivered such proof of corporate or other action and opinions of
counsel, as the Administrative Agent shall deem appropriate to confirm the obligations of such Restricted Subsidiary under the Security Documents; 
  
 (b) comply with the requirements of all applicable laws, rules, regulations and orders of governmental or regulatory authorities if
failure to comply with such requirements could have a Material Adverse Effect; 
  
 (c) pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its
Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being
maintained in accordance with GAAP; 
  
 (d)
maintain all of its Properties used or useful in its business in good working order and condition, ordinary wear and tear excepted; 
  
 (e) keep adequate records and books of account, in which complete entries will be made in accordance with generally accepted accounting
principles consistently applied; 
  
 (f) permit
representatives of any Lender or the Administrative Agent, during normal business hours, to examine, copy and make extracts from its books and records, to 

  

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inspect any of its Properties, and to discuss its business and affairs with its officers, all to the extent reasonably requested by such Lender or the
Administrative Agent (as the case may be); and 
  
 (g) not commingle its funds with those of Shivers or any other Subsidiary of Shivers (other than MCC and its Restricted Subsidiaries), or use its funds other than in the business conducted by MCC and its Restricted Subsidiaries. 

 
 SECTION 5.04. Insurance. MCC will, and will cause each of its
Restricted Subsidiaries to, keep insured by financially sound and reputable insurers all Property of a character usually insured by corporations engaged in the same or similar business similarly situated against loss or damage of the kinds and in
the amounts customarily insured against by such corporations and carry such other insurance as is usually carried by such corporations, provided that in any event, MCC shall be permitted to maintain deductibles (including through
self-insurance), and maintain insurance through insurers not meeting the standards described above, in an aggregate amount up to but not exceeding $10,000,000 with respect to any category of insurance. 
  
 SECTION 5.05. Interest Rate Protection Agreements. If on the last day
of any quarterly fiscal period, commencing with the quarterly fiscal period ended June 30, 2004, the Cash Flow Ratio shall be greater than 4.00 to 1, MCC or the Borrower will, within 90 days after the date upon which the financial statements for
such quarterly fiscal period are required to be delivered pursuant to Section 5.01, enter into, and thereafter maintain in full force and effect, one or more Interest Rate Protection Agreements with one or more of the Lenders or their affiliates
(and/or with a bank or other financial institution having capital, surplus and undivided profits of at least $500,000,000), that effectively enables MCC (in a manner satisfactory to the Required Lenders) to protect itself, for the two-year period
commencing on the date such arrangements are entered into, against adverse fluctuations in the three-month London interbank offered rates as to a notional principal amount which, together with that portion of the aggregate outstanding principal
amount of Indebtedness of MCC and its Restricted Subsidiaries bearing a fixed rate of interest and any existing Interest Rate Protection Agreements or other arrangements, shall in the aggregate be at least equal to 40% of the aggregate outstanding
principal amount of the Indebtedness of MCC and its Restricted Subsidiaries. 
  
 SECTION 5.06. Use of Proceeds. The Borrower will use the proceeds of (i) the Tranche A Term Loans and Tranche C Term Loans hereunder to refinance the “Tranche B Term Loans” outstanding under the
Existing Credit Agreement and (ii) the Revolving Credit Loans hereunder to finance working capital and other general corporate purposes of MCC and its Subsidiaries; provided that neither the Administrative Agent nor any Lender shall have any
responsibility as to the use of any of the proceeds of any Loans hereunder. 
  
 SECTION 5.07. Certain Obligations Respecting Restricted Subsidiaries. MCC will, and will cause each of its Restricted Subsidiaries to, take such action from time to time as shall be necessary to ensure that MCC
and each of its Restricted Subsidiaries at all times own 

  

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(subject only to the Lien of the Security and Guarantee Agreement) at least the same percentage of the outstanding equity interests (including stock) of each
of its Restricted Subsidiaries as is owned on the date hereof. Without limiting the generality of the foregoing, none MCC nor any of its Restricted Subsidiaries shall sell, transfer or otherwise dispose of any equity interests in any Restricted
Subsidiary owned by them, nor permit any Restricted Subsidiary to issue any equity interests of any class whatsoever to any Person (other than to MCC or another Restricted Subsidiary). In the event that any such additional equity interests shall be
issued by any Restricted Subsidiary, or any other Subsidiary of MCC holding any equity interests in any Restricted Subsidiary, the Borrower agrees forthwith to deliver (or cause to be delivered) to the Administrative Agent pursuant to the Security
and Guarantee Agreement the certificates, if any, evidencing such equity interests, accompanied by undated powers executed in blank and shall take such other action as the Administrative Agent shall request to perfect the security interest created
therein pursuant to the Security and Guarantee Agreement. 
  
 MCC
will not permit any of its Restricted Subsidiaries to enter into, after the date of this Agreement, any indenture, agreement, instrument or other arrangement that, directly or indirectly, prohibits or restrains, or has the effect of prohibiting or
restraining, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances or Investments or the sale, assignment, transfer or
other disposition of Property (other than customary restrictions on the assignability of contracts). 
  
 Nothing in this Section shall be deemed to prohibit a Disposition of any Subsidiary to the extent that such Disposition is permitted under Section 6.01.

  
 SECTION 5.08. Aircraft Assets. MCC will, and will cause
each of its Subsidiaries to, take such action as shall be necessary to ensure that it delivers to the Administrative Agent such security agreements and other instruments not later than the date thirty days after the Restatement Effective Date as the
Administrative Agent shall request to create and perfect Liens on the aircraft assets of MCC and its Subsidiaries, it being understood that, in connection with any incurrence of Indebtedness permitted under Section 6.03(m) that is to be secured by
such aircraft assets, the Administrative Agent is authorized and directed to release such Liens upon application of the net cash proceeds thereof to the Revolving Credit Loans as contemplated in Section 6.03(m). 
  
 SECTION 5.09. Further Assurances. MCC will, and will cause each of its
Subsidiaries to, take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. 
  
 Without limiting the generality of the foregoing, MCC will take such action, and will cause each of its Restricted
Subsidiaries to take such action, from time to time as shall be necessary to ensure that each Restricted Subsidiary of MCC (other than the Borrower, any Subsidiary organized in any jurisdiction outside of the United States of America or any
Subsidiary that, as of the Restatement Effective Date, is not a Wholly Owned Subsidiary) is a 

  

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“Subsidiary Guarantor” under the Security and Guarantee Agreement. Accordingly, in the event that any new Restricted Subsidiary meeting such
conditions is formed or acquired by MCC after the date hereof, MCC will cause such Restricted Subsidiary to become a “Subsidiary Guarantor” and a “Securing Party” under the Security and Guarantee Agreement pursuant to an
instrument of assumption in form and substance satisfactory to the Administrative Agent, and to deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each
Obligor pursuant to Section 4.01 hereof upon the Effective Date or as the Administrative Agent shall have requested (and the Borrower hereby instructs such counsel to deliver such opinions to the Lenders and the Administrative Agent). 
  
 In addition, without limiting the generality of the foregoing, the Borrower
will, and will cause each of the other Obligors to, take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements and other
instruments) as shall be reasonably requested by the Administrative Agent to create, in favor of the Administrative Agent for the benefit of the Lenders (and any affiliate thereof that is a party to any Interest Rate Protection Agreement entered
into with the Borrower), perfected security interests and Liens in substantially all of the property of the Obligors as collateral security for its obligations hereunder and under the Security Documents; provided that any such security
interest or Lien shall be subject to the relevant requirements of the Security Documents. 
  
 If any Obligor shall acquire any real property interest outside of the State of Florida, including improvements, after the Restatement Effective Date having a fair market value of $3,000,000 or more (or shall make
improvements upon any existing real property interest outside of the State of Florida resulting in the fair market value of such interest together with such improvements being equal to $3,000,000 or more), then (subject, in the case of any such
interest that is a leasehold interest, to the delivery by the relevant landlords of any required landlord consent and memoranda of lease for recording in the appropriate county land office) it will (or, as applicable, will cause the respective
Obligor holding such real property interest to) execute and deliver in favor of the Administrative Agent a mortgage, deed of trust or deed to secure debt (as appropriate for the jurisdiction in which such respective real property is situated)
pursuant to which such Obligor will create a Lien upon such real property interest (and improvements) in favor of the Administrative Agent for the benefit of the Lenders (and any affiliate thereof that is a party to any Interest Rate Protection
Agreement entered into with the Borrower) as collateral security for the obligations of the Obligors hereunder and under the Security Documents, and will deliver (or, or in case of landlords’ consents, will use its best efforts to cause the
relevant landlords to deliver) such opinions of counsel, landlords’ consents, and title insurance policies as the Administrative Agent shall reasonably request in connection therewith. 
  

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 ARTICLE VI 
  
 NEGATIVE COVENANTS 
  
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, MCC
covenants and agrees (and, to the extent applicable to the Borrower and its Subsidiaries, the Borrower covenants and agrees) with the Lenders that: 
  
 SECTION 6.01. Prohibition of Fundamental Changes. 
  
 (a) Mergers and Acquisitions. MCC will not, nor will it permit any of its Restricted Subsidiaries to, enter into any transaction of merger or
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution). MCC will not, nor will it permit any of its Restricted Subsidiaries to, acquire any business or Property from, or capital stock of,
or be a party to any acquisition of, any Person except for purchases of inventory and other Property to be sold or used in the ordinary course of business, Investments permitted under Section 6.04(e) and Capital Expenditures permitted hereunder.

  
 (b) Dispositions. MCC will not, nor will it permit any
of its Restricted Subsidiaries to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or a substantial part of the business or Property of MCC and its Restricted Subsidiaries on a consolidated
basis, whether now owned or hereafter acquired and MCC will not permit any of the Newspaper Entities to convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or a substantial part of the business
or Property of the Newspaper Entities on a consolidated basis, whether now owned or hereafter acquired. 
  
 (c) Certain Exceptions. Notwithstanding the foregoing provisions of this Section: 
  
 (i) any Restricted Subsidiary may elect to convert from a corporation or partnership into a limited
liability company and any Restricted Subsidiary (other than any Acquisition Subsidiary at the time obligated in respect of any Indebtedness permitted under Section 6.03(h)) may be merged or consolidated with or into (x) the Borrower if the Borrower
shall be the continuing or surviving corporation or (y) MCC or any other Restricted Subsidiary, provided, however, that a Newspaper Entity may not be merged or consolidated with or into MCC or a Restricted Subisidiary unless the
surviving entity is a Newspaper Entity; 
  
 (ii)
any Restricted Subsidiary (other than a Newspaper Entity) may sell, lease, transfer or otherwise dispose of any or all of its Property (upon voluntary liquidation or otherwise), provided that any such sale, lease, transfer or other
disposition to an Affiliate shall satisfy the requirements of Section 6.09, it being understood that any such sale, lease, transfer or other disposition to an Affiliate of real property that satisfies the 

  

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requirements of clause (vii) below, shall be deemed to satisfy the requirements of Section 6.09; 
  
 (iii) any Newspaper Entity (other than any Acquisition
Subsidiary obligated at the time in respect of any Indebtedness permitted under Section 6.03(h)) may sell, lease, transfer or otherwise dispose of any or all of its Property (upon voluntary liquidation or otherwise) to any other Newspaper Entity
(other than to any Acquisition Subsidiary obligated at the time in respect of any Indebtedness permitted under Section 6.03(h)); 
  
 (iv) MCC or any of its Restricted Subsidiaries may (whether by way of purchase of assets or stock, by merger or consolidation or
otherwise) make any acquisition of a business, and the related assets, of any other Person (i.e. any Person other than MCC or any of its Restricted Subsidiaries), provided that: 
  
 (x) (A) no later than five Business Days prior to the consummation of such acquisition, the Borrower shall
have delivered to the Administrative Agent drafts or executed counterparts of the respective agreements or instruments pursuant to which such acquisition is to be consummated (together with any related management, non-compete, employment, option or
other material agreements and any lease or other agreement entered into with any Affiliate of the seller) and any schedules or other material ancillary documents to be executed or delivered in connection therewith as are sufficient to demonstrate
compliance by the Borrower with the requirements of this Section 6.01(c)(iv) and (B) promptly following request therefor, the Borrower shall deliver copies of such other information or documents relating to such acquisition as any Lender or Lenders
(through the Administrative Agent) shall have reasonably requested; the agreements, instruments and other documents referred to above shall provide that 
  
 (I) neither MCC nor any of its Restricted Subsidiaries shall, in connection with such acquisition, assume any (1) Indebtedness of the
seller or sellers (except Indebtedness that is permitted under Section 6.03(h)) or (2) other obligations of the seller or sellers (except for obligations incurred in the ordinary course of business in operating the Property so acquired and
reasonably necessary or desirable to the continued operation of such Property) and 
  
 (II) all Property to be acquired in connection with such acquisition shall be acquired free and clear of any and all Liens (except for
Liens that are permitted by Section 6.02); 
  
 (y) in connection with such acquisition, the Borrower shall have undertaken environmental surveys and assessments prepared by a firm of licensed engineers (familiar with the identification of toxic and hazardous substances) and shall have
delivered copies thereof to the Administrative Agent no later than five 

  

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Business Days prior to the consummation of such acquisition; such surveys and assessments shall be in form and substance satisfactory to the Administrative
Agent and the Required Lenders and shall have results satisfactory to the Administrative Agent and the Required Lenders, provided that neither the Administrative Agent nor any Lender shall have any responsibility to MCC or any Subsidiary or
any other Person arising out of or relating to the scope or results of such environmental due diligence; and 
  
 (z) no later than five Business Days prior to the consummation of such acquisition, the Borrower shall furnish to the Lenders (1)
projected pro forma consolidated balance sheets, income statements and cash flow statements (including a statement of sources and uses of funds for such acquisition showing, among other things, the source of financing for such
acquisition) of MCC and its Restricted Subsidiaries after giving effect to such acquisition for the period commencing on the date of such acquisition and ending one year after the latest Principal Payment Date and (2) a certificate of a senior
officer showing calculations in reasonable detail demonstrating that, after giving effect to such acquisition on a pro forma basis (as if such acquisition had been consummated at the beginning of the relevant periods), the Borrower
will be in compliance with the provisions of Section 6.06, 
  
 provided
that (X) no acquisition may be made under this clause (iii) unless at the time thereof, and after giving effect thereto, no Default shall have occurred and shall be continuing, (Y) if the aggregate consideration paid in connection with any such
acquisition is less than $35,000,000, the Borrower shall not be required to deliver the pro forma projected financial statements referred to in subclause (z)(1) above and (Z) if the aggregate consideration paid in connection with any
such acquisition is less than $10,000,000, the Borrower shall not be required to deliver the agreements, environmental surveys and pro forma calculations otherwise required by the foregoing clauses (x), (y) and (z) until the date upon
which the financial statements for the quarterly fiscal period in which such acquisition occurred are required to be delivered under Section 5.01 (except that if the aggregate consideration paid in connection with such acquisition is less than
$1,000,000, the Borrower shall not be required to deliver such agreements, environmental surveys and pro forma calculations unless requested by the Administrative Agent); 
  
 (v) MCC may sell, transfer or otherwise dispose of any Excluded Property (or of the equity interests in any
Restricted Subsidiary whose only assets consist of Excluded Property), provided that no later than five Business Days prior to the consummation of such sale, transfer or disposition, the Borrower shall furnish to the Lenders a certificate
setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such sale, transfer or disposition had been consummated at the beginning of the relevant periods), that
the Borrower would have been in compliance with the provisions of Section 6.06; 
  

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 (vi) the Newspaper Entities may sell, transfer or otherwise dispose of Property
(including by way of an exchange of Property owned by such Newspaper Entity for Property owned by any other Person), so long as (a) the aggregate amount of Asset Cash Flow attributable to such assets or equity interests being sold, transferred,
disposed or exchanged during any single fiscal year shall not exceed $7,500,000, or during the period commencing on the Effective Date through the term of this Agreement shall not exceed $20,000,000, (b) at the time thereof, and after giving effect
thereto, no Default or Event of Default shall have occurred and be continuing, (c) no later than five Business Days prior to the consummation of such transaction, MCC shall furnish to the Lenders a certificate of a senior officer showing
calculations in reasonable detail demonstrating that, after giving effect to such transaction on a pro forma basis (as if such acquisition had been consummated at the beginning of the relevant periods), MCC will be in compliance with
the provisions of Section 6.06 and (d) to the extent any such exchange of property constitutes an “Asset Swap” under and as defined in the indenture for the 2003 Senior Subordinated Notes, the Borrower shall have delivered to the
Administrative Agent a copy of any fairness opinion delivered pursuant to such indenture; and 
  
 (vii) MCC and its Restricted Subsidiaries may sell, transfer or otherwise dispose of real property owned by them (or of the equity
interests in any Restricted Subsidiary whose only assets consist of real property) for cash, provided that 
  
 (v) no such sale, transfer or other disposition by a Newspaper Entity shall be to a Restricted Subsidiary that is not a Newspaper Entity,

  
 (w) any such sale, transfer or other
disposition to an Affiliate shall provide that concurrently with such transaction such Affiliate shall enter into a lease agreement containing Acceptable Lease Terms and which is otherwise in form and substance satisfactory to the Administrative
Agent pursuant to which such real property shall be leased back to a Newspaper Entity, 
  
 (x) no later than five Business Days prior to the consummation of such sale, transfer or disposition, MCC shall furnish to the Lenders a
certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such sale, transfer or disposition had been consummated at the beginning of the relevant
periods), that (A) MCC would have been in compliance with the provisions of Sections 6.06(b) and 6.06(c) and (B) MCC would have been in compliance with the provisions of Section 6.06(a) as if such Section required a Cash Flow Ratio of 0.75 lower
than the respective Cash Flow Ratio specified for the relevant periods in said Section, 
  
 (y) the aggregate amount of Capital Lease Obligations that such lease agreement gives rise to, together with the aggregate amount of
Capital Lease Obligations incurred pursuant to this clause (vii) and Section 6.05(f) in all prior 

  

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lease transactions during the period commencing on the Effective Date through the term of this Agreement, shall not exceed $25,000,000, and 
  
 (z) the aggregate fair market value of the real property
sold, transferred or otherwise disposed of pursuant to this clause (vii), together with the aggregate fair market value of the real property transferred pursuant to Section 6.05(f) during the period commencing on the Effective Date through the term
of this Agreement, shall not exceed $100,000,000. 
  
 SECTION
6.02. Limitation on Liens. MCC will not, nor will it permit any of its Restricted Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except: 
  
 (a) Liens created pursuant to the Security Documents;

  
 (b) Liens in existence on the date hereof and
listed in Part B of Schedule II hereto; 
  
 (c)
Liens imposed by any governmental authority for taxes, assessments or charges not yet due or which are being contested in good faith and by appropriate proceedings if, adequate reserves with respect thereto are maintained on the books of MCC or the
affected Subsidiaries, as the case may be, in accordance with GAAP; 
  
 (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or
which are being contested in good faith and by appropriate proceedings and Liens securing judgments but only to the extent, for an amount and for a period not resulting in an Event of Default under paragraph (h) of Article VII; 
  
 (e) pledges or deposits under worker’s compensation,
unemployment insurance and other social security legislation; 
  
 (f) 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; 
  
 (g) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements, licenses, restrictions on the use of Property or minor
imperfections in title thereto which, in the aggregate will not result in a Material Adverse Effect; 
  

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 (h) in the case of sign locations of MCC and its Restricted Subsidiaries, so-called
amortization zoning and other restrictions imposed by state and local authorities upon the use of such locations; 
  
 (i) Liens upon Property of any Acquisition Subsidiary securing Indebtedness permitted under Section 6.03(h), each of which Liens either
(A) existed on such Property before the time such Acquisition Subsidiary was acquired and was not created in anticipation thereof, or (B) was created solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or
refund, the cost of acquiring such Acquisition Subsidiary, provided that no such Lien shall extend to or cover any Property of MCC or any Restricted Subsidiary other than such Acquisition Subsidiary; 
  
 (j) Liens upon real and/or tangible personal Property
acquired after the date hereof (by purchase, construction or otherwise) by MCC or any of its Restricted Subsidiaries and securing Indebtedness permitted under Section 6.03(m), each of which Liens either (A) existed on such Property before the time
of its acquisition and was not created in anticipation thereof, or (B) was created solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of such
Property, provided that (x) no such Lien shall extend to or cover any Property of MCC or such Restricted Subsidiary other than the Property so acquired and improvements thereon and (y) the principal amount of Indebtedness secured by any such
Lien shall not at the date of incurrence thereof exceed the fair market value (as determined in good faith by a senior financial officer of MCC) of such Property at the time it was acquired (by purchase, construction or otherwise); 
  
 (k) Liens arising in connection with Capital Lease
Obligations permitted under Section 6.03(l), so long as no such Lien applies to any Property other than the Property subject to the respective lease agreement that gives rise to a Capital Lease Obligation; 
  
 (l) Liens on the aircraft assets of MCC and its Subsidiaries
securing Indebtedness permitted under Section 6.03(m); 
  
 (m) additional Liens securing Indebtedness in an aggregate amount up to but not exceeding $10,000,000; and 
  
 (n) any extension, renewal or replacement of the foregoing, provided, however, that the Liens permitted hereunder shall not be
spread to cover any additional Indebtedness or Property (other than a substitution of like Property). 
  
 SECTION 6.03. Indebtedness. MCC will not, nor will it permit any of its Restricted Subsidiaries to, create, incur or suffer to exist any
Indebtedness except: 
  
 (a) Indebtedness
to the Lenders hereunder; 
  

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 (b) Indebtedness outstanding on the date hereof and listed in Part A of Schedule II
hereto; 
  
 (c) Indebtedness of Restricted
Subsidiaries of MCC to MCC or to other Restricted Subsidiaries of MCC; 
  
 (d) Indebtedness in respect of the 2003 Senior Subordinated Notes in an aggregate principal amount not exceeding $300,000,000; 
  

(e) Permitted Indebtedness incurred by the Borrower in accordance with Section 6.07(a)(A) up to an aggregate principal amount not
exceeding $300,000,000, provided that in no event shall the sum of the aggregate amount of Incremental Term Loans incurred after the Restatement Effective Date, the aggregate amount of increases in Revolving Credit Commitments pursuant to
Section 2.06(e) and the aggregate amount of Permitted Indebtedness incurred in accordance with Section 6.07(a)(A), together with the aggregate amount of Indebtedness incurred pursuant to Section 5(b) of the Pledge Agreement, exceed $300,000,000 or
such higher amount to which the Required Lenders shall have consented; 
  
 (f) Indebtedness incurred in accordance with Section 6.07(a)(B) up to an aggregate principal amount during the period commencing on the Effective Date through the term of this Agreement not exceeding $25,000,000;

  
 (g) Indebtedness incurred in accordance with
Section 6.07(a)(C); 
  
 (h) Indebtedness
(including extensions, renewals and refinancings thereof) of an Acquisition Subsidiary incurred in connection with an acquisition permitted under Section 6.01(c)(iv), or an Investment permitted under Section 6.04(e), up to but not exceeding
$50,000,000 in aggregate principal amount at any one time outstanding, so long as, if the aggregate principal amount of such Indebtedness then outstanding is equal to or exceeds $5,000,000, the weighted average life to maturity (determined in
accordance with GAAP) of such Indebtedness at the time the same is incurred or assumed (or, as applicable, at the time the same shall be extended, renewed or refinanced) shall be longer than the remaining weighted average life to maturity (so
determined and, assuming that the Revolving Credit Commitments hereunder are at all times fully utilized) of the Loans hereunder at such time; 
  
 (i) Indebtedness of the Borrower or MCC consisting of a Guarantee of Indebtedness permitted under the foregoing clause (f), so long as
neither the Borrower nor MCC becomes subject to any financial covenants or restrictive covenants pursuant to or in connection with such Guarantee; 
  
 (j) in addition to any Indebtedness permitted under clause (i) above, any Indebtedness of the type described in clause (f) of the
definition of such term in 

  

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Section 1.01 up to but not exceeding $30,000,000 in the aggregate at any one time outstanding; 
  
 (k) short-term Indebtedness of the Borrower or MCC in an aggregate amount not exceeding $20,000,000,
provided that the aggregate amount of such Indebtedness, together with the total Revolving Credit Exposures shall not at any time exceed the Revolving Credit Commitments; 
  
 (l) Indebtedness in respect of Capital Lease Obligations permitted to be incurred under Sections
6.01(c)(vii) and 6.05(f); and 
  
 (m) additional
Indebtedness of MCC or any Restricted Subsidiary to any Person other than an Affiliate up to but not exceeding $25,000,000 in aggregate principal amount at any one time outstanding, it being understood that, upon the incurrence of any Indebtedness
under this clause (m) secured by the aircraft assets of MCC and its Subsidiaries, the Borrower shall prepay Revolving Credit Loans in an amount equal to the net cash proceeds of such Indebtedness (which prepayment shall be made without any required
reduction in Revolving Credit Commitments), 
  
 provided that the
aggregate principal amount of Indebtedness under the foregoing clauses (i), (j) and (m) shall not at any time exceed, in the aggregate, $50,000,000. 
  
 SECTION 6.04. Investments . MCC will not, nor will it permit any of its Restricted Subsidiaries to, make or permit to remain outstanding any
Investments except: 
  
 (a) Investments
outstanding on the date hereof and identified in Part B of Schedule IV hereto; 
  
 (b) Cash and Cash Equivalents; 
  
 (c) Investments by MCC and its Restricted Subsidiaries in Restricted Subsidiaries; 
  
 (d) Interest Rate Protection Agreements; and 
  
 (e) additional Investments in an aggregate amount at any
time not exceeding $50,000,000, of which no more than $15,000,000 shall constitute Investments in Affiliates, provided that no additional Investment may be made under this clause (e) unless at the time thereof, and after giving effect thereto
no Default shall have occurred and shall be continuing (it being understood that any Investment permitted under this clause (e) that would also constitute an acquisition under Section 6.01(c)(iv) shall be subject to the provisions of said Section
6.01(c)(iv)). 
  

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 For purposes of clause (e) of this Section, the aggregate amount of an Investment at any time shall be
deemed to be equal to (i) the aggregate amount of cash, together with the aggregate fair market value of property, loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment minus (ii) the aggregate
amount of dividends, distributions or other payments received in cash in respect of such Investment; the amount of an Investment shall not in any event be reduced by reason of any write-off of such Investment nor increased by any increase in the
amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise paid out. 
  
 SECTION 6.05. Restricted Payments. MCC will not, nor will it permit any of its Restricted Subsidiaries to, declare or make any Restricted Payment
at any time, except that, so long as at the time thereof and after giving effect thereto no Default or Event of Default shall have occurred and be continuing: 
  

(a) MCC may make Restricted Payments in cash (i) during any fiscal year, in an aggregate amount up to but not exceeding $15,000,000 and
(ii) during the period commencing on the Effective Date through the term of this Agreement, in an aggregate amount up to but not exceeding $60,000,000; 
  
 (b) MCC may make Restricted Payments at any time in an aggregate cumulative amount during the period commencing on the Effective Date
through the term of this Agreement not in excess of the lesser of (i) the aggregate Equity Contributions made in cash after the date hereof and prior to the date of the latest such Restricted Payment and (ii) $60,000,000; 
  
 (c) MCC may at any time make Restricted Payments consisting
of Excluded Property (or of the equity interests in any Restricted Subsidiary whose only assets consist of Excluded Property), provided that, in the case of any such Restricted Payment consisting of the equity interests in any Restricted
Subsidiary, no later than five Business Days prior to such distribution, the Borrower shall furnish to the Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro
forma basis, as if such distribution had occurred at the beginning of the relevant periods, that MCC would have been in compliance with the provisions of Section 6.06; 
  
 (d) MCC may make payments to Holdings and Shivers pursuant to the Tax Consolidation Agreements; 

 
 (e) MCC may make Restricted Payments to officers and
other executive employees of MCC and its Subsidiaries to the extent constituting Special Deferred Compensation; 
  

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 (f) MCC may make Restricted Payments consisting of the distribution of real property
owned by MCC or a Restricted Subsidiary (or of the equity interests in any Restricted Subsidiary whose only assets consist of real property), provided that 
  
 (w) concurrently with any such distribution, the Person acquiring such real property shall enter into a
lease agreement containing Acceptable Lease Terms and which is otherwise in form and substance satisfactory to the Administrative Agent pursuant to which such real property shall be leased back to MCC or a Restricted Subsidiary, 
  
 (x) no later than five Business Days prior to such
distribution, MCC shall furnish to the Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent demonstrating on a pro forma basis (as if such distribution and equity contribution had
occurred at the beginning of the relevant periods), that (A) MCC would have been in compliance with the provisions of Sections 6.06(b) and 6.06(c) and (B) MCC would have been in compliance with the provisions of Section 6.06(a) as if such Section
required a Cash Flow Ratio of 0.75 lower than the respective Cash Flow Ratio specified for the relevant periods in said Section, 
  
 (y) the aggregate amount of Capital Lease Obligations that such lease agreement gives rise to, together with the aggregate amount of
Capital Lease Obligations incurred pursuant to this paragraph (f) and Section 6.01(c)(vii) in all prior lease transactions during the period commencing on the Effective Date through the term of this Agreement, shall not exceed $25,000,000, and

  
 (z) the aggregate fair market value of the
real property transferred pursuant to this Section 6.05(f), together with the aggregate fair market value of the real property sold, transferred or otherwise disposed of pursuant to Section 6.01(c)(vii) during the period commencing on the Effective
Date through the term of this Agreement, shall not exceed $100,000,000; 
  
 (g) MCC may make Restricted Payments in respect of one or more employee compensation plans (including “phantom stock” payments referred to in the definition of the term “Restricted Payments” in
Section 1.01) maintained for employees of MCC and its Restricted Subsidiaries so long as the aggregate amount of such Restricted Payments made in any single fiscal year shall not exceed $1,500,000 and the aggregate amount of such Restricted Payments
made during the period commencing on the Effective Date through the term of this Agreement shall not exceed $10,000,000; and 
  
 (h) MCC may make Restricted Payments in cash to Holdings on each date provided for payment of interest in respect of Indebtedness incurred
pursuant to Section 5(b) of the Pledge Agreement in an aggregate amount up to but not exceeding the amount of interest payable on such date. 
  

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 Nothing herein shall be deemed to prohibit the payment of dividends or other distributions in respect of equity by any
Subsidiary of MCC to MCC or to any Restricted Subsidiary of MCC. 
  
 SECTION 6.06. Financial Covenants. 
  
 (a) Cash
Flow Ratios. MCC will not permit the Cash Flow Ratio and the Senior Cash Flow Ratio to exceed the following respective amounts at any time during the following respective periods: 
  

					
	 Period

	  	Cash
Flow Ratio

	  	Senior Cash
Flow Ratio

	 From June 30, 2004 through day preceding last day of the third Fiscal Quarter in 2005
	  	6.00 to 1	  	4.00 to 1
			
	 From last day of third Fiscal Quarter in 2005 through day preceding last day of the third Fiscal Quarter in 2006
	  	5.75 to 1	  	3.75 to 1
			
	 From last day of third Fiscal Quarter in 2006 and at all times thereafter
	  	5.50 to 1	  	3.50 to 1

  
 (b) Fixed Charge
Coverage Ratio. MCC will not permit the Fixed Charge Coverage Ratio to be less than 1.05 to 1 at any time. 
  

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 (c) Interest Coverage Ratio. MCC will not permit the Interest Coverage Ratio to be less than the
following respective amounts at any time during the following respective periods: 
  

			
	 Period

	  	Interest Coverage
Ratio

	 From June 30, 2004 through day preceding last day of the third Fiscal Quarter in 2005
	  	2.25 to 1
		
	 From last day of third Fiscal Quarter in 2005 and at all times thereafter
	  	2.50 to 1

  
 SECTION 6.07.
Permitted Indebtedness 
  
 (a) Issuance. At any time
after the date of this Agreement, the Borrower may issue or incur Indebtedness as follows: 
  
 (A) subject to Section 6.03(e), MCC, the Borrower or Morris Finance may incur additional unsecured Indebtedness in one or more public
offerings or private placements of notes (i) for which MCC, the Borrower or Morris Finance, as applicable, is directly and primarily liable, (ii) that is issued pursuant to documentation containing terms (including, without limitation, interest,
amortization, mandatory prepayments, covenants and events of default) in form and substance satisfactory to the Required Lenders, provided that such Indebtedness shall in any event (x) have a final maturity date that shall not be earlier than
the date six months after the latest Principal Payment Date (scheduled as of the date of incurrence of such Indebtedness) hereunder, (y) not provide for amortization prior to such final maturity date and (z) not provide for Guarantees from any
Subsidiary other than a Subsidiary Guarantor under the Security and Guarantee Agreement, (iii) so long as at the time of issuance of such Indebtedness and after giving effect thereto and to the application of the proceeds thereof, the Borrower shall
be in compliance with Section 6.06 (the determination of such ratios to be calculated on a pro forma basis as if such Indebtedness were incurred, and the proceeds thereof were so applied, in each case, at the beginning of such period,
and the Administrative Agent shall have received a certificate of a senior officer to such effect setting forth in reasonable detail the computations necessary to determine such compliance) and (iv) so long as immediately prior thereto and after
giving effect to the incurrence thereof, no Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate of a senior officer to such effect; 
  
 (B) MCC may incur additional unsecured Indebtedness by
borrowing funds from Shivers or a Subsidiary of Shivers so long as (i) such Indebtedness is issued pursuant to documentation containing terms (including, without limitation, interest, amortization, mandatory prepayments, covenants and events of
default) in form and substance satisfactory to the Administrative Agent, provided that such Indebtedness shall in any 

  

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event (x) have a final maturity date that shall not be earlier than the date six months after the latest Principal Payment Date (scheduled as of the date of
incurrence of such Indebtedness) hereunder, (y) not provide for amortization prior to such final maturity date and (z) not provide for Guarantees from any Restricted Subsidiary, (ii) at the time of issuance of such Indebtedness and after giving
effect thereto and to the application of the proceeds thereof, MCC shall be in compliance with Section 6.06 (the determination of such ratios to be calculated on a pro forma basis as if such Indebtedness were incurred, and the proceeds
thereof were so applied, in each case, at the beginning of such period, and the Administrative Agent shall have received a certificate of a senior officer to such effect setting forth in reasonable detail the computations necessary to determine such
compliance) and (iii) if immediately prior thereto and after giving effect to the incurrence thereof, no Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate of a senior officer to such
effect; and 
  
 (C) MCC, the Borrower or Morris
Finance may incur additional unsecured subordinated Indebtedness in one or more public offerings or private placements of notes (i) for which MCC or the Borrower is directly and primarily liable, (ii) that is issued pursuant to documentation
containing terms (including, without limitation, interest, amortization, mandatory prepayments, covenants and events of default) in form and substance satisfactory to the Required Lenders, provided that such Indebtedness shall in any event
(x) have a final maturity date that shall not be earlier than the date six months after the latest Principal Payment Date (scheduled as of the date of incurrence of such Indebtedness) hereunder, (y) not provide for amortization prior to such final
maturity date and (z) not provide for Guarantees from any Subsidiary other than a Subsidiary Guarantor under the Security and Guarantee Agreement, (iii) so long as at the time of issuance of such Indebtedness and after giving effect thereto and to
the application of the proceeds thereof, the Borrower shall be in compliance with Section 6.06 (the determination of such ratios to be calculated on a pro forma basis as if such Indebtedness were incurred, and the proceeds thereof were
so applied, in each case, at the beginning of such period, and the Administrative Agent shall have received a certificate of a senior officer to such effect setting forth in reasonable detail the computations necessary to determine such compliance)
and (iv) so long as immediately prior thereto and after giving effect to the incurrence thereof, no Default shall have occurred and be continuing, and the Administrative Agent shall have received a certificate of a senior officer to such effect.

  
 (b) Redemption, Etc. Following the issuance thereof,
MCC will not, nor will it permit any of its Subsidiaries to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other
acquisition of, or make any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Permitted Indebtedness, except for regularly scheduled payments or prepayments of principal and interest in
respect thereof required pursuant to the instruments evidencing such Permitted Indebtedness, provided that so long as at the time thereof and after giving effect thereto no Default shall have occurred and be continuing, 

  

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MCC may prepay any of the Indebtedness issued in accordance with clause (B) of paragraph (a) above. 
  
 SECTION 6.08. Lines of Business. Neither MCC nor any of its Restricted
Subsidiaries shall engage to any substantial extent in any line or lines of business activity other than the types of businesses engaged in on the date hereof by MCC and its Subsidiaries. MCC will not, and will not permit any of its Restricted
Subsidiaries (other than the Newspaper Entities) to, own any newspaper assets, or engage in the business of publishing newspapers, other than (a) as a result of acquisitions in which the acquired entity owns newspaper assets or engages in the
business of publishing newspapers but is not primarily engaged in the business of owning newspaper assets or publishing newspapers or (b) where the ownership of newspaper assets or publishing of newspapers generates Cash Flow not exceeding
$1,000,000 during any single fiscal year. 
  
 SECTION 6.09.
Transactions with Affiliates. Except as expressly permitted by this Agreement, MCC will not, nor will it permit any of its Restricted Subsidiaries to, directly or indirectly: (a) make any Investment in an Affiliate; (b) transfer, sell, lease,
assign or otherwise dispose of any Property to an Affiliate; (c) merge into or consolidate with or purchase or acquire Property from an Affiliate; or (d) enter into any other transaction directly or indirectly with or for the benefit of an Affiliate
(including, without limitation, guarantees and assumptions of obligations of an Affiliate); provided that (x) any Affiliate who is an individual may serve as a director, officer or employee of MCC or any of its Restricted Subsidiaries and
receive reasonable compensation for his or her services in such capacity, (y) MCC and its Restricted Subsidiaries may enter into transactions (other than extensions of credit by MCC or any of its Restricted Subsidiaries to an Affiliate) providing
for the leasing of Property, the rendering or receipt of services or the purchase or sale of inventory and other Property in the ordinary course of business if the monetary or business consideration arising therefrom would be substantially as
advantageous to MCC and its Restricted Subsidiaries as the monetary or business consideration which would obtain in a comparable transaction with a Person not an Affiliate and (z) MCC and the Borrower may be a party to, and make payments under, the
Tax Consolidation Agreements. 
  
 SECTION 6.10. Modifications
of Certain Agreements. MCC and the Borrower will not consent to any modification, supplement or waiver of any of the provisions of the Tax Consolidation Agreements or any lease agreement entered into pursuant to Section 6.01(c)(vii) or,
following the issuance thereof, any of the provisions of any instrument evidencing or governing the 2003 Senior Subordinated Notes or any Permitted Indebtedness, without in each case the prior written consent of the Administrative Agent (with the
approval of the Required Lenders). 
  
 SECTION 6.11.
Designations of Unrestricted Subsidiaries, Etc. MCC will not designate any Subsidiary as an “Unrestricted Subsidiary” unless: 
  
 (a) such Subsidiary has no Indebtedness other than Indebtedness (i) as to which neither MCC nor any Restricted Subsidiary (A) provides
credit support of any kind 

  

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(including any undertaking, agreement or instrument that would constitute Indebtedness) or (B) is directly or indirectly liable as a guarantor or otherwise,
and (ii) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness
of MCC or any Restricted Subsidiary to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity; 
  
 (b) such Subsidiary is a Person with respect to which neither MCC nor any Restricted Subsidiary has any
direct or indirect obligation to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; 
  
 (c) such Subsidiary has not Guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of MCC or any Restricted Subsidiary; 
  
 (d) at the time thereof and after giving effect thereto, no Default or Event of Default shall have occurred or be continuing; 
  
 (e) if such Subsidiary is a Newspaper Entity then, unless each of the Lenders shall consent otherwise at the time of such designation, the
aggregate assets and cash flows attributable to Newspaper Entities (including such Subsidiary) that have been designated as Unrestricted Subsidiaries (including any Unrestricted Subsidiaries that are no longer Subsidiaries of MCC) shall not
represent more than 5% of the aggregate assets and cash flow, respectively, of the Newspaper Entities (and for these purposes, the aggregate assets and cash flow of any previously-designated Unrestricted Subsidiary shall be deemed to be equal to the
aggregate assets and relevant cash flow for such Unrestricted Subsidiary at the time of such designation); and 
  
 (f) MCC shall furnish to the Lenders a certificate setting forth calculations in form and detail satisfactory to the Administrative Agent
demonstrating on a pro forma basis (as if such designation had been consummated at the beginning of the relevant periods) that the Cash Flow Ratios described in Section 6.06(a) would not increase by more than 0.25 to 1. 
  
 Any designation of a Restricted Subsidiary as an Unrestricted Subsidiary
pursuant to this Section 6.11 shall constitute an Investment in such Unrestricted Subsidiary in an amount equal to the aggregate amount of the Investments by MCC and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such
designation. 
  
 Any designation of a Subsidiary of MCC as an
Unrestricted Subsidiary shall be evidenced to the Administrative Agent by filing with the Administrative Agent a certified copy of a resolution of the board of directors of the Issuer giving effect to such designation and a certificate of a senior
financial officer of the Borrower and MCC certifying that such designation 

  

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complied with the preceding conditions and is permitted by Section 6.11. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding
conditions (other than clause (d)), it shall immediately cease to be an Unrestricted Subsidiary for the purposes hereof and any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the Borrower or MCC, as
applicable, as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 6.03, the Borrower and MCC shall be in default of such covenant. 
  
 The board of directors of MCC may at any time designate an Unrestricted Subsidiary to be a Restricted Subsidiary,
provided that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if (i) after giving
effect to such deemed incurrence of Indebtedness, MCC shall be in compliance with Section 6.06 calculated on pro forma basis (as if such designation had occurred at the beginning of the relevant periods). 
  
 SECTION 6.12. Designated Senior Debt. The Borrower will not designate
any Indebtedness as “Designated Senior Debt” as defined under the 2003 Senior Subordinated Notes unless the Required Lenders have approved such designation. Notwithstanding the foregoing, the Borrower may designate one issuance or series
of Permitted Indebtedness incurred in accordance with Section 6.07(a)(A) after the Restatement Effective Date through the term of this Agreement as “Designated Senior Debt” without the consent of the Required Lenders, so long the aggregate
principal amount of such issuance or series is at least equal to $100,000,000. 
  
 SECTION 6.13. Morris Finance. MCC will not permit Morris Finance to own any property, other than cash in an amount not exceeding $1,000 representing nominal capitalization, and will not permit Morris Finance
engage in any business or other activities other than to incur Indebtedness in respect of the 2003 Senior Subordinated Notes or other Indebtedness permitted hereunder. 
  
 ARTICLE VII 
  
 EVENTS OF DEFAULT 
  
 If any of the following events (“Events of Default”) shall occur: 
  
 (a) The Borrower shall default in the payment when due (whether at stated maturity or upon mandatory or
optional prepayment) of any principal of or interest on any Loan, or shall default for two or more days in the payment of any fee or any other amount payable by it hereunder or under any other Loan Document; or 
  
 (b) MCC or any of its Restricted Subsidiaries shall default
in the payment when due of any principal of or interest on any of its other Indebtedness having an aggregate principal amount of $5,000,000 or more; or any event specified in any note, agreement, 

  

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indenture or other document evidencing or relating to any such Indebtedness or any event specified in any Interest Rate Protection Agreement shall occur if
the effect of such event is to cause, or (with the giving of any notice or the lapse of time or both) to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, such Indebtedness to
become due, or to be prepaid in full (whether by redemption, purchase, offer to purchase or otherwise), prior to its stated maturity or to have the interest rate thereon reset to a level so that securities evidencing such Indebtedness trade at a
level specified in relation to the par value thereof or, in the case of an Interest Rate Protection Agreement, to permit the payments owing under such Interest Rate Protection Agreement to be liquidated; or 
  
 (c) Any representation, warranty or certification made or
deemed made herein or in any other Loan Document (or in any modification or supplement hereto or thereto) by any Obligor, or any certificate furnished to any Lender or the Administrative Agent pursuant to the provisions hereof or thereof, shall
prove to have been false or misleading as of the time made, deemed made or furnished in any material respect; or 
  
 (d) The Borrower or MCC shall default in the performance of any of its obligations under any of Sections 5.01(f), 5.05, 5.07, 5.09, 6.01,
6.02, 6.03, 6.04, 6.05, 6.06, 6.07 or 6.10; the Borrower, MCC or any Subsidiary Guarantor shall default in the performance of any of its obligations under Section 6.01 of the Security and Guarantee Agreement; Shivers shall default in the performance
of any of its obligations under the Tax Consolidation Agreements; Holdings shall default in the performance of Section 4.01 or 5 of the Pledge Agreement; or any Obligor shall default in the performance of any of its other obligations in any other
Loan Document and such default shall continue unremedied for a period of thirty days after notice thereof to the Borrower by the Administrative Agent or any Lender (through the Administrative Agent); or 
  
 (e) The Borrower or any Guarantor shall admit in writing its
inability to, or be generally unable to, pay its debts as such debts become due; or 
  
 (f) The Borrower or any Guarantor shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee, examiner or liquidator of itself or of all or a substantial part of its Property, (ii) make a general assignment for the benefit of its creditors, (iii) commence a voluntary case under the Bankruptcy Code, (iv) file a petition
seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement or winding-up, or composition or readjustment of debts, (v) fail to controvert in a timely and appropriate manner,
or acquiesce in writing to, any petition filed against it in an involuntary case under the Bankruptcy Code or (vi) take any corporate action for the purpose of effecting any of the foregoing; or 
  
 (g) A proceeding or case shall be commenced, without the
application or consent of the Borrower or any Guarantor, in any court of competent jurisdiction, seeking (i) its 

  

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reorganization, liquidation, dissolution, arrangement or winding-up, or the composition or readjustment of its debts, (ii) the appointment of a receiver,
custodian, trustee, examiner, liquidator or the like of the Borrower or such Guarantor or of all or any substantial part of its Property, or (iii) similar relief in respect of the Borrower or such Guarantor under any law relating to bankruptcy,
insolvency, reorganization, winding-up, or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed
and in effect, for a period of 60 or more days; or an order for relief against the Borrower or such Guarantor shall be entered in an involuntary case under the Bankruptcy Code; or 
  
 (h) A final judgment or judgments for the payment of money in excess of $5,000,000 in the aggregate
(exclusive of judgment amounts fully covered by insurance where the insurer has admitted liability in respect of such judgment) or in excess of $50,000,000 in the aggregate (regardless of insurance coverage) shall be rendered by one or more courts,
administrative tribunals or other bodies having jurisdiction against the Borrower or any Guarantor and the same shall not be discharged (or provision shall not be made for such discharge), or a stay of execution thereof shall not be procured, within
30 days from the date of entry thereof and the Borrower or the relevant Guarantor shall not, within said period of 30 days, or such longer period during which execution of the same shall have been stayed, appeal therefrom and cause the execution
thereof to be stayed during such appeal; or 
  
 (i) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
  
 (j) A reasonable basis shall exist for the assertion against
MCC or any of its Subsidiaries of (or there shall have been asserted against MCC or any of its Subsidiaries) claims or liabilities, whether accrued, absolute or contingent, based on or arising from the generation, storage, transport, handling or
disposal of Hazardous Materials by MCC or any of its Subsidiaries or Affiliates or any predecessor in interest of the Borrower or any of its Subsidiaries or Affiliates or relating to any site or facility owned, operated or leased by MCC or any of
its Subsidiaries or Affiliates which claims or liabilities (insofar as they are payable by MCC or any of its Subsidiaries, but after deducting any portion thereof which is reasonably expected to be paid by other creditworthy Persons jointly and
severally liable therefor), in the judgment of the Required Lenders are reasonably likely to be determined adversely to MCC or any of its Subsidiaries and the amount thereof is, singly or in the aggregate, reasonably likely to have a Material
Adverse Effect; or 
  
 (k) (i) Shivers shall
cease to own at least 65% of the equity interests of Holdings (or shall cease to own at least 65% of the aggregate voting power of Holdings), (ii) MCC shall cease to be a Wholly Owned Subsidiary of Holdings, (iii) the Borrower shall cease to be a
Wholly Owned Subsidiary of MCC or (iv) Holdings shall grant any Lien on, the 

  

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respective ownership interests held by them in Holdings and MCC (other than any Lien pursuant to the Pledge Agreement); or 
  
 (l) An aggregate of at least 51% of the issued and
outstanding shares of stock (of each class) of Shivers shall cease to be owned, collectively, by (i) William S. Morris III, his spouse, his children or his grandchildren, (ii) a trust for the benefit of William S. Morris III, his spouse, his
children or his grandchildren, which trust is under the control of William S. Morris III, his spouse, his children or his grandchildren or (iii) a partnership, corporation or limited liability company which is controlled by (and the partnership
interests in which are owned by) William S. Morris III, his spouse or his children or his grandchildren or their spouses or by a trust referred to in the foregoing clause; or 
  
 (m) The Operating Agreement shall be modified without the prior consent of the Administrative Agent (with
the approval of the Required Lenders) in any manner that would adversely affect the obligations of the Borrower, or the rights of the Lenders or the Administrative Agent, hereunder or under any of the other Loan Documents; or 
  
 (n) the Liens created by the Security Documents shall at any
time not constitute a valid and perfected Lien on the collateral intended to be covered thereby (to the extent perfection by filing, registration, recordation or possession is required herein or therein) in favor of the Administrative Agent, free
and clear of all other Liens (other than Liens permitted under the respective Security Documents), excluding, however, collateral deemed by the Administrative Agent not to be material in relation to the collateral security provided as a whole by the
Security Documents, or, except for expiration in accordance with its terms, any of the Security Documents shall for whatever reason be terminated or cease to be in full force and effect, or the enforceability thereof shall be contested by the
Borrower or MCC, 
  
 then, and in every such event (other than an event with
respect to the Borrower described in clause (f) or (g) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take
either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with
respect to the Borrower described in clause (f) or (g) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the
Borrower accrued hereunder, 

  

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shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

  
 ARTICLE VIII 
  
 THE ADMINISTRATIVE AGENT 
  
 Each of the Lenders hereby irrevocably appoints the Administrative Agent as
its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with
such actions and powers as are reasonably incidental thereto. 
  
 The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person and its
Affiliates may accept deposits from, lend money to and generally engage in any kind of business with MCC or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
  
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall
not be liable for the failure to disclose, any information relating to MCC or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent
shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein or 

  

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therein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely
upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 The Administrative Agent may perform any and all its duties and exercise its
rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
  
 The Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the
right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of
its resignation, then the retiring Administrative Agent’s resignation shall nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall
perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a
successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of
the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this
Article and Section 9.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 
  

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 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or
any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or thereunder. 
  
 Except as otherwise provided in Section 9.02(b) with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement
or waiver under any of the Loan Documents, provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or a material portion of the
collateral or otherwise terminate all or a material portion of the Liens under any Security Document providing for collateral security, agree to additional obligations (other than Incremental Term Loans hereunder, including any increase therein to
which the Required Lenders shall have consented) being secured by all or a material portion of all of such collateral security (unless the Lien for such additional obligations shall be junior to the Lien in favor of the other obligations secured by
such Security Document, in which event the Administrative Agent may consent to such junior Lien provided that it obtains the consent of the Required Lenders thereto), alter the relative priorities of the obligations entitled to the benefits of the
Liens created under the Security Documents with respect to all or a material portion of such collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release any Lien covering property that is
the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented, or is owned by a Subsidiary that is designated as an Unrestricted Subsidiary in compliance with the provisions of
Section 6.11. 
  
 In addition, without the prior consent of each
Lender, the Administrative Agent shall not release MCC or any Subsidiary Guarantor that is a Newspaper Entity from its Guarantee under the Security and Guarantee Agreement, provided that if all the capital stock of any such Subsidiary
Guarantor is sold to any Person that is not an Affiliate of the Borrower or MCC pursuant to a disposition permitted hereunder or to which the Required Lenders have consented, or the respective Subsidiary is designated as an Unrestricted Subsidiary
in compliance with the provisions of Section 6.11, the Guarantee of such Subsidiary Guarantor and its Wholly Owned Subsidiaries under the Security and Guarantee Agreement may be terminated (and the Administrative Agent is hereby authorized, in such
circumstances, to terminate any such Guarantee). 
  
 No
Syndication Agent or Documentation Agent, in its respective capacity as such, shall have any duties or responsibilities under this Agreement or any other Loan Document. 
  

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 ARTICLE IX 
  
 MISCELLANEOUS 
  
 SECTION 9.01. Notices.  
  
 (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
  
 (i) if to MCC or the Borrower, to MCC or the Borrower at
Morris Publishing Group, LLC, 725 Broad Street, Augusta, Georgia 30901, Attention of William S. Morris IV (Telecopy No. (706) 722-7125; Telephone No. (706) 823-3333), with a copy to Morris Communications Company, LLC, 725 Broad Street, Augusta,
Georgia 30901, Attention of Craig S. Mitchell (Telecopy No. (706) 722-7125; Telephone No. (706) 823-3236); 
  
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, 1111 Fannin, Floor 10, Houston, Texas 77002, Attention of Melanie Pipkins,
Loan and Agency Services Group (Telecopy No. (713) 750-2857; Telephone No. (713) 750-2666), with a copy to JPMorgan Chase Bank, 270 Park Avenue, 36th Floor, New York, New York 10017, Attention of Peter Thauer (Telecopy No. (212) 270-4584; Telephone No. (212) 270-6289); and 
  
 (iii) if to a Lender, to it at its address (or telecopy number) set forth in its Administrative
Questionnaire. 
  
 (b) Electronic Notification. Notices and
other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article
II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
  
 (c) Modifications to Notice Provisions. Any party hereto may change its address or telecopy number for notices and other communications hereunder
by notice to the other parties hereto (or, in the case of any such change by a Lender, by notice to the Borrower and the Administrative Agent). All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt. 
  

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 SECTION 9.02. Waivers; Amendments. 
  
 (a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in
exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender
may have had notice or knowledge of such Default at the time. 
  
 (b) Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and
the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall 
  
 (i) increase any Commitment of any Lender without the written consent of such Lender, 
  
 (ii) reduce the principal amount of any Loan or reduce the
rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, 
  
 (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder,
or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, 
  
 (iv) change Section 2.15(d) without the consent of each Lender affected thereby, or 
  
 (v) change any of the provisions of this Section or the
percentage in the definition of the term “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender, 
  

 Credit Agreement 
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 provided further that no such agreement shall amend, modify or otherwise affect the rights
or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent. 
  
 Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement that has the effect (either
immediately or at some later time) of enabling the Borrower to satisfy a condition precedent to the making of a Loan of any Class shall be effective against the Lenders of such Class for purposes of the Commitments of such Class unless the Required
Lenders of such Class shall have concurred with such waiver or modification, and no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class
in a manner that does not affect all Classes equally shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver or modification. 
  
 SECTION 9.03. Expenses; Indemnity; Damage Waiver. 
  
 (a) Costs and Expenses. The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided
for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, or any Lender, in connection with the enforcement or
protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made hereunder, including in connection with any workout, restructuring or negotiations
in respect thereof and (iii) and all costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other
document referred to therein. 
  
 (b) Indemnification by the
Borrower. The Borrower shall indemnify the Administrative Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by MCC or any of its Subsidiaries or any
Environmental Claim 

  

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related in any way to MCC or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses resulted from the gross negligence or willful misconduct of such Indemnitee. 
  
 (c) Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of
such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as such. 

 
 (d) Waiver of Consequential Damages, Etc. To the extent permitted
by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. 
  
 (e) Payments. All amounts due under this Section shall be payable promptly after written demand therefor. 

 
 SECTION 9.04. Successors and Assigns. 
  
 (a) Assignments Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with
this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby,
the affiliates, directors, officers, employees, attorneys and agents of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Assignments by Lenders. 
  
 (i) Assignments Generally. Subject to the conditions set forth in
clause (ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Credit 

  

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Commitment, and the Loans, at the time held by it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

 
 (A) the Borrower, provided that no consent of the
Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default under Section 7(a), 7(f) or 7(g) hereof shall have occurred and is continuing, any other assignee; and 
  
 (B) the Administrative Agent, provided that no
consent of the Administrative Agent shall be required for (x) an assignment of any Term Loans or (y) an assignment of any Revolving Credit Loans or Revolving Credit Commitments to an assignee that is a Lender with a Revolving Credit Commitment
immediately prior to giving effect to such assignment. 
  
 (ii)
Certain Conditions to Assignments. Assignments shall be subject to the following additional conditions: 
  
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender, or an assignment of the entire remaining amount of the
assigning Lender’s Revolving Credit Commitment (together with all Revolving Credit Loans) or Term Loans, the amount of the Revolving Credit Commitment or Term Loans of the assigning Lender subject to each such assignment (determined as of the
date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than U.S. $5,000,000 (or less than $1,000,000 in the case of any assignment of Term Loans) unless each of the Borrower and
the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default under Section 7(a), 7(f) or 7(g) hereof has occurred and is continuing; 
  
 (B) each partial assignment of any Revolving Credit
Commitment or Term Loans shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement in respect of such Commitment (together with a proportionate part of the outstanding
Revolving Credit Loans) and Term Loans; 
  
 (C)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially the form of Exhibit A, together with a processing and recordation fee of U.S. $3,500; and 
  
 (D) the assignee, if it shall not already be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire. 
  
 (iii) Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) below, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under 

  

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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 rights referred to in Section 9.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 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 (e) below. 
  
 (c) Maintenance of Register by the Administrative Agent. The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in New York City a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Credit Commitment of, and principal amount of the Loans held by, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

  
 (d) Acceptance of Assignments by Administrative Agent.
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) above and any written consent to such assignment required by said paragraph (b), the 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 (d). 
  
 (e) Participations. Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or
other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Revolving Credit Commitments and the Loans held
by it); provided that (i) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan
Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification
or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any 

  

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amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (f) below, the
Borrower agrees that each Participant shall be entitled to the benefits of Section 2.12, 2.13 and 2.14 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) above. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 2.15(d) as though it were a Lender, provided such Participant agrees to be subject to Section 2.15(d) as though it were a Lender hereunder. 
  
 (f) Limitations on Rights of Participants. A Participant shall not be
entitled to receive any greater payment under Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.14(e) as though it were a Lender. 
  
 (g) Certain Pledges. 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 such pledge or assignment 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 assignee for such Lender as a party hereto. 
  
 (h) Disclosure of Certain Information. A Lender may furnish any information concerning MCC or any of its Subsidiaries in the possession of such
Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of Section 9.12(b). 
  
 (i) No Assignments to the Borrower or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender
may assign or participate any interest in any Loan held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender. 
  
 SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in
the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making
of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid
and so long as the Commitments have not expired or terminated. The 

  

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provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
  
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable
to the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any of and all the
obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of
each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 
  
 SECTION 9.09. Governing Law; Jurisdiction; Etc. 
  
 (a) Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) Submission to Jurisdiction. The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in 

  

 Credit Agreement 
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any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the
Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 
  
 (c) Waiver of Venue. The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

  
 (d) Service of Process. Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 SECTION 9.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.12. Treatment of Certain Information; Confidentiality.

  
 (a) Treatment of Certain Information. The Borrower
acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to MCC or one or more of its Subsidiaries (in connection with this Agreement or 

  

 Credit Agreement 
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otherwise) by any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share any information
delivered to such Lender by MCC and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or
affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder. Such authorization shall survive the repayment of the Loans, the expiration or termination of the Commitments or
the termination of this Agreement or any provision hereof. 
  
 (b)
Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers,
employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (ii) to the extent requested or required by any regulatory authority, including the National Association of Insurance Commissioners, (iii) to the extent required by applicable laws or regulations or by any subpoena or
similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document
or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this paragraph, to any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement, (vii) with the consent of the Borrower or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this paragraph or (B) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this paragraph, “Information” means all information received from the Borrower relating to the Borrower or its
business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after
the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation
to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
  
 SECTION 9.13. USA PATRIOT Act. Each Lender hereby notifies each Obligor that pursuant to the requirements of the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it may be required to obtain, verify and record information that identifies such Obligor, which information includes the names and addresses of such Obligor and other
information that will allow such Lender to identify such Obligor in accordance with said Act. 
  

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

					
	 MORRIS PUBLISHING GROUP, LLC

		
	By	 	 /s/

	 	 	 Name:
	 	 Craig S. Mitchell

	 	 	 Title:
	 	 Vice President – Finance

	
	 U.S. Federal Tax Identification No. 58-1445060

	
	 MORRIS COMMUNICATIONS COMPANY, LLC

		
	By	 	 /s/

	 	 	 Name:
	 	 Craig S. Mitchell

	 	 	 Title:
	 	 Vice President – Finance

	
	 U.S. Federal Tax Identification No. 58-1445060

  

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 LENDERS 
  

					
	 JPMORGAN CHASE BANK,
individually and as Administrative Agent

		
	By	 	 /s/

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 Credit Agreement 
 - 97 - 

					
	 [REVOLVING CREDIT LENDERS]

		
	By	 	 /s/

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 Credit Agreement 
 - 98 -

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