Document:

Second Lien Credit Facility

 Exhibit 10.34 
  

 
  

TERM LOAN AND 
 SECURITY
AGREEMENT 
  
  

MUTUAL QUEST FUND 
 (AS
LENDER) 
  
  

WITH 
  

 
 GATEHOUSE
MEDIA INTERMEDIATE HOLDCO, INC. 
 (BORROWER) 

AND 
 THE GUARANTORS
NAMED HEREIN 
 (GUARANTORS) 
  

 

November 26, 2013 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	I.	 	DEFINITIONS	  	 	1	  
				
		 	1.1.	 	Accounting Terms	  	 	1	  
				
		 	1.2.	 	General Terms	  	 	1	  
				
		 	1.3.	 	Uniform Commercial Code Terms	  	 	33	  
				
		 	1.4.	 	Certain Matters of Construction	  	 	33	  
			
	II.	 	ADVANCES, PAYMENTS	  	 	34	  
				
		 	2.1.	 	Reserved	  	 	34	  
				
		 	2.2.	 	Procedures for Selection of Applicable Interest Rates	  	 	34	  
				
		 	2.3.	 	Term Loan	  	 	36	  
				
		 	2.4.	 	Reserved	  	 	36	  
				
		 	2.5.	 	Disbursement of Advance Proceeds	  	 	36	  
				
		 	2.6.	 	Making and Settlement of Advances	  	 	36	  
				
		 	2.7.	 	Statement of Account	  	 	37	  
				
		 	2.8.	 	Manner and Repayment of Advances	  	 	37	  
				
		 	2.9.	 	Mandatory and Optional Prepayments	  	 	38	  
				
		 	2.10.	 	Use of Proceeds	  	 	39	  
			
	III.	 	INTEREST AND FEES	  	 	40	  
				
		 	3.1.	 	Interest	  	 	40	  
				
		 	3.2.	 	Reserved	  	 	40	  
				
		 	3.3.	 	Reserved	  	 	40	  
				
		 	3.4.	 	Fee Letter	  	 	40	  
				
		 	3.5.	 	Computation of Interest and Fees	  	 	40	  
				
		 	3.6.	 	Maximum Charges	  	 	40	  
				
		 	3.7.	 	Increased Costs	  	 	41	  
				
		 	3.8.	 	Basis For Determining Interest Rate Inadequate or Unfair	  	 	41	  
				
		 	3.9.	 	Capital Adequacy	  	 	42	  
				
		 	3.10.	 	Taxes	  	 	43	  
				
		 	3.11.	 	Replacement of Lender	  	 	44	  
				
		 	3.12.	 	Mitigation	  	 	45	  

  
 -i- 

									
			
	IV.	 	COLLATERAL: GENERAL TERMS	  	 	45	  
				
		 	4.1.	 	Security Interest in the Collateral	  	 	45	  
				
		 	4.2.	 	Perfection of Security Interest	  	 	46	  
				
		 	4.3.	 	Preservation of Collateral	  	 	46	  
				
		 	4.4.	 	Ownership and Location of Collateral	  	 	47	  
				
		 	4.5.	 	Defense of Lender’s Interests	  	 	47	  
				
		 	4.6.	 	Inspection of Premises	  	 	48	  
				
		 	4.7.	 	Reserved	  	 	48	  
				
		 	4.8.	 	Chief Executive Office	  	 	48	  
				
		 	4.9.	 	Reserved	  	 	48	  
				
		 	4.10.	 	Maintenance of Equipment	  	 	48	  
				
		 	4.11.	 	Exculpation of Liability	  	 	48	  
				
		 	4.12.	 	Financing Statements	  	 	49	  
				
		 	4.13.	 	Senior Creditor as Bailee	  	 	49	  
			
	V.	 	REPRESENTATIONS AND WARRANTIES	  	 	49	  
				
		 	5.1.	 	Authority	  	 	49	  
				
		 	5.2.	 	Formation and Qualification	  	 	50	  
				
		 	5.3.	 	Survival of Representations and Warranties	  	 	50	  
				
		 	5.4.	 	Tax Returns	  	 	50	  
				
		 	5.5.	 	Financial Statements	  	 	50	  
				
		 	5.6.	 	Entity Names	  	 	51	  
				
		 	5.7.	 	O.S.H.A	  	 	51	  
				
		 	5.8.	 	Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance	  	 	52	  
				
		 	5.9.	 	Patents, Trademarks, Copyrights and Licenses	  	 	53	  
				
		 	5.10.	 	Licenses and Permits	  	 	54	  
				
		 	5.11.	 	Default of Indebtedness	  	 	54	  
				
		 	5.12.	 	No Default	  	 	54	  
				
		 	5.13.	 	No Burdensome Restrictions	  	 	54	  
				
		 	5.14.	 	No Labor Disputes	  	 	54	  
				
		 	5.15.	 	Margin Regulations	  	 	54	  
				
		 	5.16.	 	Investment Company Act	  	 	54	  
				
		 	5.17.	 	Disclosure	  	 	55	  
				
		 	5.18.	 	Delivery of Senior Loan Documents	  	 	55	  

  
 -ii- 

									
				
		 	5.19.	 	Reserved	  	 	55	  
				
		 	5.20.	 	Swaps	  	 	55	  
				
		 	5.21.	 	Business and Property of Loan Parties	  	 	55	  
				
		 	5.22.	 	Ineligible Securities	  	 	55	  
				
		 	5.23.	 	Federal Securities Laws	  	 	55	  
				
		 	5.24.	 	Equity Interests	  	 	55	  
				
		 	5.25.	 	Commercial Tort Claims	  	 	56	  
				
		 	5.26.	 	Letter of Credit Rights	  	 	56	  
				
		 	5.27.	 	Material Contracts	  	 	56	  
				
		 	5.28.	 	Delivery of Plan of Reorganization, Confirmation Order and Related Documentation	  	 	56	  
				
		 	5.29.	 	Effectiveness of Plan of Reorganization	  	 	56	  
			
	VI.	 	AFFIRMATIVE COVENANTS	  	 	56	  
				
		 	6.1.	 	Compliance with Laws	  	 	56	  
				
		 	6.2.	 	Conduct of Business and Maintenance of Existence and Assets	  	 	57	  
				
		 	6.3.	 	Books and Records	  	 	57	  
				
		 	6.4.	 	Payment of Taxes	  	 	57	  
				
		 	6.5.	 	Financial Covenants	  	 	58	  
				
		 	6.6.	 	Insurance	  	 	58	  
				
		 	6.7.	 	Payment of Indebtedness and Leasehold Obligations	  	 	59	  
				
		 	6.8.	 	Environmental Matters	  	 	59	  
				
		 	6.9.	 	Standards of Financial Statements	  	 	61	  
				
		 	6.10.	 	Federal Securities Laws	  	 	61	  
				
		 	6.11.	 	Execution of Supplemental Instruments	  	 	61	  
				
		 	6.12.	 	Exercise of Rights	  	 	61	  
				
		 	6.13.	 	Government Receivables	  	 	61	  
				
		 	6.14.	 	Membership / Partnership Interests	  	 	61	  
				
		 	6.15.	 	Reserved	  	 	61	  
				
		 	6.16.	 	Substantial Consummation of Plan of Reorganization	  	 	61	  
				
		 	6.17.	 	Post-Closing Obligations	  	 	61	  
			
	VII.	 	NEGATIVE COVENANTS	  	 	62	  
				
		 	7.1.	 	Merger, Consolidation, Acquisition and Sale of Assets	  	 	62	  
				
		 	7.2.	 	Creation of Liens	  	 	63	  

  
 -iii- 

									
				
		 	7.3.	 	Guarantees	  	 	63	  
				
		 	7.4.	 	Investments	  	 	63	  
				
		 	7.5.	 	Loans	  	 	63	  
				
		 	7.6.	 	Capital Expenditures	  	 	63	  
				
		 	7.7.	 	Dividends	  	 	63	  
				
		 	7.8.	 	Indebtedness	  	 	64	  
				
		 	7.9.	 	Nature of Business	  	 	64	  
				
		 	7.10.	 	Transactions with Affiliates	  	 	64	  
				
		 	7.11.	 	Reserved	  	 	65	  
				
		 	7.12.	 	Subsidiaries	  	 	65	  
				
		 	7.13.	 	Fiscal Year and Accounting Changes	  	 	65	  
				
		 	7.14.	 	Pledge of Credit	  	 	65	  
				
		 	7.15.	 	Amendment of Organizational Documents	  	 	65	  
				
		 	7.16.	 	Compliance with ERISA	  	 	66	  
				
		 	7.17.	 	Prepayment of Indebtedness	  	 	66	  
			
	VIII.	 	CONDITIONS PRECEDENT	  	 	66	  
				
		 	8.1.	 	Conditions to Initial Advance	  	 	66	  
			
	IX.	 	INFORMATION AS TO LOAN PARTIES	  	 	71	  
				
		 	9.1.	 	Disclosure of Material Matters	  	 	71	  
				
		 	9.2.	 	Reserved	  	 	71	  
				
		 	9.3.	 	Environmental Reports	  	 	71	  
				
		 	9.4.	 	Litigation	  	 	72	  
				
		 	9.5.	 	Material Occurrences	  	 	72	  
				
		 	9.6.	 	Reserved	  	 	72	  
				
		 	9.7.	 	Annual Financial Statements	  	 	72	  
				
		 	9.8.	 	Quarterly Financial Statements	  	 	73	  
				
		 	9.9.	 	Reserved	  	 	73	  
				
		 	9.10.	 	Other Reports	  	 	73	  
				
		 	9.11.	 	Additional Information	  	 	73	  
				
		 	9.12.	 	Projected Operating Budget	  	 	74	  
				
		 	9.13.	 	Variances From Operating Budget	  	 	74	  
				
		 	9.14.	 	Notice of Suits, Adverse Events	  	 	74	  
				
		 	9.15.	 	ERISA Notices and Requests	  	 	74	  

  
 -iv- 

									
				
		 	9.16.	 	Additional Documents	  	 	75	  
				
		 	9.17.	 	Updates to Certain Schedules	  	 	75	  
				
		 	9.18.	 	Controlling Agent Determinations	  	 	75	  
			
	X.	 	EVENTS OF DEFAULT	  	 	75	  
				
		 	10.1.	 	Nonpayment	  	 	75	  
				
		 	10.2.	 	Breach of Representation	  	 	76	  
				
		 	10.3.	 	Financial Information	  	 	76	  
				
		 	10.4.	 	Judicial Actions	  	 	76	  
				
		 	10.5.	 	Noncompliance	  	 	76	  
				
		 	10.6.	 	Judgments	  	 	76	  
				
		 	10.7.	 	Bankruptcy	  	 	76	  
				
		 	10.8.	 	Reserved	  	 	77	  
				
		 	10.9.	 	Lien Priority	  	 	77	  
				
		 	10.10.	 	Senior Loan Default	  	 	77	  
				
		 	10.11.	 	Cross Default	  	 	77	  
				
		 	10.12.	 	Breach of Guaranty or Pledge Agreement	  	 	77	  
				
		 	10.13.	 	Change of Control	  	 	77	  
				
		 	10.14.	 	Invalidity	  	 	78	  
				
		 	10.15.	 	Seizures	  	 	78	  
				
		 	10.16.	 	Pension Plans	  	 	78	  
				
		 	10.17.	 	Anti-Money Laundering/International Trade Law Compliance	  	 	78	  
				
		 	10.18.	 	Plan of Reorganization and Confirmation Order	  	 	78	  
			
	XI.	 	LENDER’S RIGHTS AND REMEDIES AFTER DEFAULT	  	 	78	  
				
		 	11.1.	 	Rights and Remedies	  	 	78	  
				
		 	11.2.	 	Lender’s Discretion	  	 	80	  
				
		 	11.3.	 	Setoff	  	 	80	  
				
		 	11.4.	 	Rights and Remedies not Exclusive	  	 	80	  
				
		 	11.5.	 	Allocation of Payments After Event of Default	  	 	81	  
			
	XII.	 	WAIVERS AND JUDICIAL PROCEEDINGS	  	 	81	  
				
		 	12.1.	 	Waiver of Notice	  	 	81	  
				
		 	12.2.	 	Delay	  	 	82	  
				
		 	12.3.	 	Jury Waiver	  	 	82	  

  
 -v- 

									
			
	XIII.	 	EFFECTIVE DATE AND TERMINATION	  	 	82	  
				
		 	13.1.	 	Term	  	 	82	  
				
		 	13.2.	 	Termination	  	 	82	  
				
		 	13.3.	 	Release of Collateral	  	 	83	  
			
	XIV.	 	RESERVED	  	 	83	  
			
	XV.	 	RESERVED	  	 	83	  
			
	XVI.	 	GUARANTY	  	 	83	  
			
	XVII.	 	MISCELLANEOUS	  	 	85	  
				
		 	17.1.	 	Governing Law	  	 	85	  
				
		 	17.2.	 	Entire Understanding	  	 	86	  
				
		 	17.3.	 	Successors and Assigns; Participations; New Lenders	  	 	87	  
				
		 	17.4.	 	Application of Payments	  	 	90	  
				
		 	17.5.	 	Indemnity	  	 	91	  
				
		 	17.6.	 	Notice	  	 	92	  
				
		 	17.7.	 	Survival	  	 	93	  
				
		 	17.8.	 	Severability	  	 	93	  
				
		 	17.9.	 	Expenses	  	 	94	  
				
		 	17.10.	 	Injunctive Relief	  	 	94	  
				
		 	17.11.	 	Consequential Damages	  	 	94	  
				
		 	17.12.	 	Captions	  	 	94	  
				
		 	17.13.	 	Counterparts; Facsimile Signatures	  	 	94	  
				
		 	17.14.	 	Construction	  	 	94	  
				
		 	17.15.	 	Confidentiality; Sharing Information	  	 	94	  
				
		 	17.16.	 	Publicity	  	 	95	  
				
		 	17.17.	 	Certifications From Banks and Participants; USA PATRIOT Act	  	 	95	  
				
		 	17.18.	 	Anti-Terrorism Laws	  	 	96	  

  
 -vi- 

 LIST OF EXHIBITS AND SCHEDULES 

Exhibits 
  

			
	Exhibit 1.2(a)	  	Compliance Certificate
	Exhibit 1.2(b)	  	Subordination Agreement
	Exhibit 2.3(a)	  	Term Loan Note
	Exhibit 5.5(b)	  	Financial Projections
	Exhibit 8.1(h)	  	Financial Condition Certificate
	Exhibit 17.3	  	Commitment Transfer Supplement
	
	Schedules
		
	Schedule I	  	Subsidiary Guarantors
	Schedule II-A	  	Transaction Expenses
	Schedule II-B	  	Restructuring-related Expenses
	Schedule III	  	Permitted Dividends (Illustrative Example)
	Schedule 1.2(a)	  	Certain Excluded Property
	Schedule 1.2(b)	  	Permitted Dispositions
	Schedule 1.2(c)	  	Permitted Encumbrances
	Schedule 4.4	  	Equipment and Inventory Locations; Place of Business, Chief Executive Office, Real Property
	Schedule 4.8(j)	  	Concentration and Depository Accounts
	Schedule 4.12	  	Financing Statements
	Schedule 5.1	  	Consents
	Schedule 5.2(a)	  	States of Qualification and Good Standing
	Schedule 5.2(b)	  	Subsidiaries
	Schedule 5.4	  	Federal Tax Identification Number
	Schedule 5.6	  	Prior Names
	Schedule 5.7	  	Environmental
	Schedule 5.8(b)(i)	  	Litigation
	Schedule 5.8(b)(ii)	  	Indebtedness
	Schedule 5.8(d)	  	Plans
	Schedule 5.9	  	Intellectual Property
	Schedule 5.10	  	Licenses and Permits
	Schedule 5.14	  	Labor Disputes
	Schedule 5.24	  	Equity Interests
	Schedule 5.25	  	Commercial Tort Claims
	Schedule 5.26	  	Letter of Credit Rights
	Schedule 5.27	  	Material Contracts
	Schedule 7.3	  	Guarantees
	Schedule A	  	Real Property Locations (First Tier)
	Schedule B	  	Real Property Locations (Second Tier)
	Schedule C	  	Real Property Locations (Third Tier)

  
 -vii- 

 TERM LOAN 

AND 
 SECURITY AGREEMENT

 Term Loan and Security Agreement dated as of November 26, 2013 among GATEHOUSE MEDIA INTERMEDIATE HOLDCO, INC., a corporation
organized under the laws of the State of Delaware (the “Company” or “Borrower”), GATEHOUSE MEDIA, INC., a corporation organized under the laws of the State of Delaware (“Holdco”), each of the
subsidiary guarantors set forth on Schedule I hereto (together with Holdco and each Person joined hereto as a guarantor from time to time, collectively, the “Guarantors”, and each a “Guarantor”) and Mutual Quest
Fund (“Mutual Quest” and together with any other bank or financial institution from time to time party to this Agreement, the “Lender”). 

IN CONSIDERATION of the mutual covenants and undertakings herein contained, Borrower and Lender hereby agree as follows: 

I. DEFINITIONS. 
 1.1. Accounting Terms.
As used in this Agreement, the Other Documents or any certificate, report or other document made or delivered pursuant to this Agreement, accounting terms not defined in Section 1.2 or elsewhere in this Agreement and accounting terms partly
defined in Section 1.2 to the extent not defined shall have the respective meanings given to them under GAAP; provided, however, that, whenever such accounting terms are used for the purposes of determining compliance with financial
covenants in this Agreement, such accounting terms shall be defined in accordance with GAAP as applied in preparation of the audited financial statements of Borrower for the fiscal year ended December 31, 2012. 

1.2. General Terms. For purposes of this Agreement the following terms shall have the following meanings: 

“Accountants” shall have the meaning set forth in Section 9.7 hereof. 

“Advances” shall mean the Term Loan. 

“Affected Lender” shall have the meaning set forth in Section 3.11 hereof. “Affiliate” of any Person
shall mean (a) any Person which, directly or indirectly, is in control of, is controlled by, or is under common control with such Person, or (b) for purposes of Section 7.10, any Person who is a director (i) of such Person,
(ii) of any Subsidiary of such Person or (iii) of any Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to direct or cause the direction of
the management and policies of such Person whether by ownership of Equity Interests, contract or otherwise and (y) for purposes of Section 7.10, to vote 10% or more of the Equity Interests having ordinary voting power for the election of
directors of such Person or other Persons performing similar functions for any such Person. 

 “Agreement” shall mean this Term Loan and Security Agreement, as the same may be
amended, restated, supplemented or otherwise modified from time to time. 
 “Alternate Base Rate” shall mean, for any day,
a rate per annum equal to the highest of (a) the Base Rate in effect on such day, (b) the sum of the Federal Funds Open Rate in effect on such day plus one half of one percent (0.5%), and (c) the sum of the Daily LIBOR Rate in
effect on such day plus one percent (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable and not unlawful. 

“Alternate Source” shall have the meaning set forth in the definition of “Federal Funds Open Rate”. 

“Anti-Terrorism Laws” shall mean any Laws relating to terrorism, trade sanctions programs and embargoes, import/export
licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time. 

“Applicable Law” shall mean all laws, rules and regulations applicable to the Person, conduct, transaction, covenant, this
Agreement, any Other Document or contract in question, including all applicable common law and equitable principles, all provisions of all applicable state, federal and foreign constitutions, statutes, rules, regulations, treaties, directives and
orders of any Governmental Body, and all orders, judgments and decrees of all courts and arbitrators. 
 “Applicable
Margin” shall mean an amount equal to ten percent (10.00%) for Advances under the Term Loan consisting of Domestic Rate Loans and eleven percent (11.00%) for Advances under the Term Loan consisting of LIBOR Rate Loans. 

“Application Date” shall have the meaning set forth in Section 2.8(b) hereof. 

“Approvals” shall have the meaning set forth in Section 5.7(b) hereof. 

“Approved Electronic Communication” shall mean each notice, demand, communication, information, document and other material
transmitted, posted or otherwise made or communicated by e-mail, E-Fax, the StuckyNet System©, or any other equivalent electronic service agreed to by the Lender, whether owned, operated or
hosted by Lender, any of its Affiliates or any other Person, that any party is obligated to, or otherwise chooses to, provide to Lender pursuant to this Agreement or any Other Document, including any financial statement, financial and other report,
notice, request, certificate and other information material; provided, that Approved Electronic Communications shall not include any notice, demand, communication, information, document or other material that Lender specifically instructs a
Person to deliver in physical form. 
 “Bankruptcy Court” shall mean the United States Bankruptcy Court for the District of
Delaware. 
 “Bankruptcy Cases” shall mean the cases in the Bankruptcy Court captioned as In re GateHouse Media,
Inc., et. al., Case No. 13-12503 (MFW)(Jointly Administered). 

  
 2 

 “Base Rate” shall mean the rate as published in the Wall Street Journal
“Interest Rates” listing under the caption “Prime rate” from time to time, such rate to be adjusted automatically, without notice, on the effective date of any change in such rate. 

“Benefited Lender” shall have the meaning set forth in Section 2.6 hereof. 

“Borrower” shall have the meaning set forth in the preamble to this Agreement and shall extend to all permitted successors
and assigns of such Persons. 
 “Borrower’s Account” shall have the meaning set forth in Section 2.7 hereof. 

“Business Day” shall mean any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized
or required by law to be closed for business in East Brunswick, New Jersey and, if the applicable Business Day relates to any LIBOR Rate Loans, such day must also be a day on which dealings are carried on in the London interbank market. 

“Capital Expenditures” shall mean expenditures made or liabilities incurred for the acquisition of any fixed assets or
improvements (or of any replacements or substitutions thereof or additions thereto) which have a useful life of more than one year and which, in accordance with GAAP, would be classified as capital expenditures. Capital Expenditures shall include
the total principal portion of Capitalized Lease Obligations. Notwithstanding the foregoing, the term “Capital Expenditures” shall not include (i) Permitted Acquisitions and (ii) capital expenditures financed with the proceeds of
equity contributions to Holdco solely to the extent such proceeds are utilized contemporaneously upon receipt thereof and are identified as such. 

“Capitalized Lease Obligation” shall mean any Indebtedness of any Loan Party represented by obligations under a lease that is
required to be capitalized for financial reporting purposes in accordance with GAAP. 
 “Cash Equivalents” shall mean
(a) securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support
thereof) having maturities of not more than twelve months from the date of acquisition (“Government Obligations”), (b) Dollar denominated time deposits, certificates of deposit, Eurodollar time deposits and Eurodollar
certificates of deposit of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (ii) any bank whose short-term commercial paper rating at the time of the acquisition thereof is at
least A-1 or the equivalent thereof from S&P or from Moody’s is at least P-1 or the equivalent thereof from Moody’s (any such bank being an “Approved Bank”), in each case with maturities of not more than 364 days from
the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by any domestic corporation rated A 1 (or the
equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements with a term of not more than thirty (30) days with a
bank or trust company (including a Lender) or a recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of America, (e) obligations of any state
of the United States or 

  
 3 

 
any political subdivision thereof for the payment of the principal and redemption price of and interest on which there shall have been irrevocably deposited Government Obligations maturing as to
principal and interest at times and in amounts sufficient to provide such payment, (f) money market accounts subject to Rule 2a-7 of the Investment Company Act of 1940 (“Rule 2a-7”) which consist primarily of cash and
cash equivalents set forth in clauses (a) through (e) above and of which 95% shall at all times be comprised of First Tier Securities (as defined in Rule 2a-7) and any remaining amount shall at
all times be comprised of Second Tier Securities (as defined in Rule 2a-7) and (g) shares of any so-called “money market fund”; provided that such fund is registered under the Investment Company Act of 1940, has net assets
of at least $500,000,000 and has an investment portfolio with an average maturity of 365 days or less. 
 “CERCLA” shall
mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §§9601 et seq. 

“Change in Law” shall mean the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking
effect of any Applicable Law; (b) any change in any Applicable Law or in the administration, implementation, interpretation or application thereof by any Governmental Body; or (c) the making or issuance of any request, rule, guideline or
directive (whether or not having the force of law) by any Governmental Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Applicable Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law), in each case
pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented. 

“Change of Control” shall mean: (a) the occurrence of any event (whether in one or more transactions) which results in
(x) Company failing to own, directly or indirectly, (A) one hundred percent (100%) of the Equity Interests (on a fully diluted basis) of each Loan Party existing on the Closing Date (other than Holdco) or (B) with respect to Loan
Parties acquired after the Closing Date, the amount owned, directly or indirectly, by Company as of the date of such acquisition or (y) Holdco failing to own one hundred percent (100%) of the Equity Interests (on a fully diluted basis) of
Company, (b) at any time prior to the consummation of a Qualifying IPO or the distribution (directly or indirectly) of beneficial ownership of Holdco or any direct or indirect parent of Holdco to the shareholders of Newcastle Investment Corp.,
Permitted Holders fail to own and control, directly or indirectly, fifty percent (50%) or more of (i) the Equity Interests of Holdco having the right to vote for the election of members of the board of directors, and (ii) the Equity
Interests of Holdco (whether or not having the right to vote such Equity Interests) representing all economic interests of Holdco or (c) at any time upon or after the consummation of a Qualifying IPO or the distribution (directly or indirectly)
of beneficial ownership of Holdco or any direct or indirect parent of Holdco to the shareholders of Newcastle Investment Corp., any person or group of persons (within the meaning of Section 13(d) or 14(a) of the Exchange Act), other than
Permitted Holders, shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Exchange Act) of the 

  
 4 

 
greater of (x) thirty percent (30%) or more of the Equity Interests of Holdco having the right to vote for the election of members of the board of directors and (y) the percentage
of Equity Interests of Holdco having the right to vote for the election of members of the board of directors owned, in the aggregate, directly or indirectly, beneficially and of record, by the Permitted Holders, unless, in the case of either clause
(b) or (c) above, one or more Permitted Holders have, at such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board of directors of Holdco (or any
successor under Section 7.1(a)) or otherwise control Holdco (or any successor under Section 7.1(a)) directly or indirectly by management, contract or otherwise. 

“Charges” shall mean all taxes, charges, fees, imposts, levies or other assessments, including all net income, gross income,
gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation and property taxes, custom
duties, fees, assessments, liens, claims and charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts, imposed by any taxing or other authority, domestic or foreign (including the Pension
Benefit Guaranty Corporation or any environmental agency or superfund), upon the Collateral, any Loan Party or any of its Affiliates. 

“Closing Date” shall mean November 26, 2013 or such other date as may be agreed to in writing by the parties hereto.

 “Code” shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and
any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

“Collateral” shall mean and include (x) all right, title and interest of Holdco in the stock, securities, investment
property and financial assets of the Borrower, and (y) all right, title and interest of each Loan Party in all of the following property and assets of such Loan Party, in each case whether now existing or hereafter arising or created and
whether now owned or hereafter acquired and wherever located: 
 (a) all Receivables and all supporting obligations relating thereto; 

(b) all equipment and fixtures; 

(c) all general intangibles (including all payment intangibles and all software) and all supporting obligations related thereto; 

(d) all Inventory; 
 (e) all
Subsidiary Stock, securities, investment property, and financial assets; 
 (f) all Real Property; 

(g) all contract rights, rights of payment which have been earned under contract rights, chattel paper (including electronic chattel paper and
tangible chattel paper), commercial tort claims (whether now existing or hereafter arising); documents (including all 

  
 5 

 
warehouse receipts and bills of lading), deposit accounts, goods, instruments (including promissory notes), letters of credit (whether or not the respective letter of credit is evidenced by a
writing) and letter-of-credit rights, cash, certificates of deposit, insurance proceeds (including hazard, flood and credit insurance), security agreements, eminent domain proceeds, condemnation proceeds, tort claim proceeds and all supporting
obligations; 
 (h) all ledger sheets, ledger cards, files, correspondence, records, books of account, business papers, computers, computer
software (owned by any Loan Party or in which it has an interest), computer programs, tapes, disks and documents, including all of such property relating to the property described in clauses (a) through (g) of this definition; and 

(i) all proceeds and products of the property described in clauses (a) through (g) of this definition, in whatever form. It is the
intention of the parties that if Lender shall fail to have a perfected Lien in any particular property or assets of any Loan Party for any reason whatsoever, but the provisions of this Agreement and/or of the Other Documents, together with all
financing statements and other public filings relating to Liens filed or recorded by Lender against Loan Parties, would be sufficient to create a perfected Lien in any property or assets that such Loan Party may receive upon the sale, lease,
license, exchange, transfer or disposition of such particular property or assets, then all such “proceeds” of such particular property or assets shall be included in the Collateral as original collateral that is the subject of a direct and
original grant of a security interest as provided for herein and in the Other Documents (and not merely as proceeds (as defined in Article 9 of the Uniform Commercial Code) in which a security interest is created or arises solely pursuant to
Section 9-315 of the Uniform Commercial Code). Notwithstanding any provision of this Agreement or the Other Documents to the contrary, the requirements of this Agreement regarding the Collateral shall not require the creation or perfection of
pledges of or security interests in, or the obtaining of title insurance, surveys, appraisals or other deliverables with respect to, particular assets of the Loan Parties, or the provision of Guaranties by any Subsidiary, if, and for so long as, the
Controlling Agent determines in writing that the cost of creating or perfecting such pledges or security interests in such assets, or obtaining such title insurance, surveys, appraisals or other deliverables in respect of such assets, or providing
such Guaranties (taking into account any adverse tax consequences to Holdco and its Affiliates (including the imposition of withholding or other material taxes)) shall be excessive in view of the benefits to be obtained by the Lender therefrom;
provided, however, that the Lender shall not require the creation or perfection of security interests in any of the collateral listed on Schedule 1.2(a). 

Notwithstanding the forgoing or anything to the contrary contained in this Agreement, Collateral shall not include any Excluded Property. 

“Collections” means all cash, check, notes, instruments, and other items of payment (including insurance proceeds, cash
proceeds of asset sales, rental proceeds, and tax refunds). 
 “Commitment Transfer Supplement” shall mean a document in
the form of Exhibit 16.3 hereto, properly completed and otherwise in form and substance satisfactory to Lender by which the Purchasing Lender purchases all or a portion of Lender’s interests in the outstanding Term Loan. 

  
 6 

 “Compliance Certificate” shall mean a compliance certificate substantially in
the form of Exhibit 1.2(a) hereto to be signed by the Chief Financial Officer or Controller of Borrower. 
 “Company” shall
have the meaning set forth in the preamble to this Agreement and shall include its successors and assigns. 
 “Confirmation
Order” shall mean that certain order confirming the Plan of Reorganization pursuant to Section 1129 of the Bankruptcy Code entered in the Bankruptcy Cases by the Bankruptcy Court on November 6, 2013. 

“Consents” shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders
of Governmental Bodies and other third parties, domestic or foreign, necessary to carry on any Loan Party’s business or necessary (including to avoid a conflict or breach under any agreement, instrument, other document, license, permit or other
authorization) for the execution, delivery or performance of this Agreement, the Other Documents or the Senior Loan Documents, including any Consents required under all applicable federal, state or other Applicable Law. 

“Contract Rate” shall have the meaning set forth in Section 3.1 hereof. 

“Controlled Group” shall mean, at any time, each Loan Party and all members of a controlled group of corporations and all
trades or businesses (whether or not incorporated) under common control and all other entities which, together with any Loan Party, are treated as a single employer under Section 414 of the Code. 

“Controlling Agent” shall mean (i) until the Discharge of the Senior Obligations (as defined in the Subordination
Agreement) occurs, the Senior Administrative Agent and (ii) at any other time, the Lender. 
 “Copyright Security
Agreement” shall mean shall mean the Copyright Security Agreement, dated as of the Closing Date, between the Loan Parties party thereto and Lender, as amended, restated, supplemented or replaced. 

“Covered Entity” shall mean (a) each Loan Party, each Loan Party’s Subsidiaries, and all pledgors of Collateral and
(b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or
more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the
management and policies of such Person whether by ownership of equity interests, contract or otherwise; provided, that no shareholder of New Media Investment Group, Inc. shall be deemed to have control of a Person and constitute a “Covered
Entity” unless it has control pursuant to foregoing clause (y). 
 “Customer” shall mean and include the account
debtor with respect to any Receivable and/or the prospective purchaser of goods, services or both with respect to any contract or contract right, and/or any party who enters into or proposes to enter into any contract or other arrangement with
Borrower, pursuant to which Borrower is to deliver any personal property or perform any services. 

  
 7 

 “Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the
Lender by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the Reserve Percentage. 
 “Debt
Payments” shall mean for any period, in each case, all cash actually expended by any Loan Party to make: (a) interest payments on any Advances hereunder, plus (b) scheduled principal payments on the term loans under the
Senior Loan Documents, plus (c) payments for all fees, commissions and charges set forth herein (other than collateral monitoring fees and expenses pursuant to this Agreement), plus (d) payments on Capitalized Lease
Obligations, plus (e) payments with respect to any other Indebtedness for borrowed money (other than prepayments on the Term Loan pursuant to Sections 2.9 (a), 2.9(c) or 2.9(d), any prepayments of the term loans (pursuant to Sections
2.20(a), 2.20(c) or 2.20(d) of the Senior Loan Documents) or payments of revolving advances under the Senior Obligations or any prepayment fees or premiums already expensed within the definition of “Earnings Before Interest and Taxes”).

 “Default” shall mean an event, circumstance or condition which, with the giving of notice or passage of time or both,
would constitute an Event of Default. 
 “Default Rate” shall have the meaning set forth in Section 3.1 hereof. 

“Designated Lender” shall have the meaning set forth in Section 17.2(d) hereof. 

“Disclosure Statement” means the disclosure statement for the Plan of Reorganization as may be amended, supplemented or
modified from time to time, including all exhibits and schedules thereto, as approved by the Confirmation Order. 

“Document” shall have the meaning given to the term “document” in the Uniform Commercial Code. 

“Dollar” and the sign “$” shall mean lawful money of the United States of America. 

“Domestic Rate Loan” shall mean any Advance that bears interest based upon the Alternate Base Rate. 

“Earnings Before Interest and Taxes” shall mean, for any specified period, for the Loan Parties on a consolidated basis, the
sum of (i) net income (or loss) for such period, plus (ii) all interest expense (including Letter of Credit fees) for such period, plus (iii) charges against income for such period for federal, state, local and foreign
taxes for such period. 
 “EBITDA” shall mean, for any specified period, for the Loan Parties on a consolidated basis, the
sum of (i) Earnings Before Interest and Taxes for such period, plus (ii) depreciation expenses for such period, plus (iii) amortization expenses for such period, plus (iv) fees, transaction costs and
expenses incurred in connection with the Transactions accrued prior to or on the Closing Date to the extent such fees, costs and expenses are not capitalized, are expensed during the applicable testing period and paid within 120 days of the Closing
Date, as set forth on 

  
 8 

 
Schedule II-A (“Transaction Expenses”) and otherwise identified as restructuring related expenses as set forth on Schedule II-B, plus (v) with respect to the
Transactions only, such other non-cash expenses (including any required or permitted purchase accounting adjustments and non-cash charges relating to inventory and fixed assets) permitted pursuant to GAAP and incurred during such period,
minus (vi) with respect to the Transactions only, non-cash write-ups, plus (vii) non-cash, non-recurring items or expenses permitted pursuant to GAAP and incurred in such period in connection with the write-off of deferred
financing costs, plus (viii) any non-cash restructuring costs or impairment charges (without duplication) that will not result in cash expenditures at a future date, minus (ix) extraordinary and non-recurring gains,
plus (x) extraordinary, non-recurring cash employer severance expenses, not to exceed $1,000,000 per fiscal year, plus (xi) any management incentive fee expense incurred but deferred (evidenced by an irrevocable written
notice sent by the Loan Parties to Lender that such expense will be deferred and shall not be paid in cash so long as (I) such deferral is not utilized more than two (2) times during the Term, and (II) the amount that has accrued but which
was not paid during the subject deferral period may not be paid until on or after a date fifteen (15) months from the last day of the subject deferral period), plus (xii) non-cash compensation expenses not payable in cash in future
periods. 
 Notwithstanding the foregoing, EBITDA shall be deemed to be the following amounts for the following periods: 

 

					
	 Quarter ended March 31, 2013
	  	$	9,000,000	  
	 Quarter ended June 30, 2013
	  	$	17,400,000	  
	 Quarter ended September 30, 2013
	  	$	15,863,000	  

 “Effective Date” means the date indicated in a document or agreement to be the date on which
such document or agreement becomes effective, or, if there is no such indication, the date of execution of such document or agreement. 

“Environmental Complaint” shall have the meaning set forth in Section 9.3(b) hereof. 

“Environmental Laws” shall mean all federal, state and local environmental, land use, zoning, health, chemical use, safety
and sanitation laws, statutes, ordinances and codes as well as common laws, relating to the protection of the environment, human health and/or governing the use, storage, treatment, generation, transportation, processing, handling, production or
disposal of Hazardous Materials and the rules, regulations, policies, guidelines, interpretations, decisions, orders and directives of federal, state, international and local governmental agencies and authorities with respect thereto. 

“Equity Interests” shall mean, with respect to any Person, any and all shares, rights to purchase, options, warrants,
general, limited or limited liability partnership interests, member interests, participation or other equivalents of or interest in (regardless of how designated) equity of such Person, whether voting or nonvoting, including common stock, preferred
stock, 

  
 9 

 
convertible securities or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act),
including in each case all of the following rights relating to such Equity Interests, whether arising under the Organizational Documents of the Person issuing such Equity Interests (the “issuer”) or under the applicable laws of such
issuer’s jurisdiction of organization relating to the formation, existence and governance of corporations, limited liability companies or partnerships or business trusts or other legal entities, as the case may be: (i) all economic rights
(including all rights to receive dividends and distributions) relating to such Equity Interests; (ii) all voting rights and rights to consent to any particular action(s) by the applicable issuer; (iii) all management rights with respect to
such issuer; (iv) in the case of any Equity Interests consisting of a general partner interest in a partnership, all powers and rights as a general partner with respect to the management, operations and control of the business and affairs of
the applicable issuer; (v) in the case of any Equity Interests consisting of the membership/limited liability company interests of a managing member in a limited liability company, all powers and rights as a managing member with respect to the
management, operations and control of the business and affairs of the applicable issuer; (vi) all rights to designate or appoint or vote for or remove any officers, directors, manager(s), general partner(s) or managing member(s) of such issuer
and/or any members of any board of members/managers/partners/directors that may at any time have any rights to manage and direct the business and affairs of the applicable issuer under its Organizational Documents as in effect from time to time or
under Applicable Law; (vii) all rights to amend the Organizational Documents of such issuer, (viii) in the case of any Equity Interests in a partnership or limited liability company, the status of the holder of such Equity Interests as a
“partner”, general or limited, or “member” (as applicable) under the applicable Organizational Documents and/or Applicable Law; and (ix) all certificates evidencing such Equity Interests. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time
to time and the rules and regulations promulgated thereunder. 
 “Event of Default” shall have the meaning set forth in
Article X hereof. 
 “Excess Cash Flow” shall mean, for any fiscal period, in each case for Loan Parties on a Consolidated
Basis, EBITDA, minus each of the following, to the extent actually paid in cash during such fiscal period, Unfunded Capital Expenditures, taxes, dividends (including Permitted Dividends) and distributions made in respect of such fiscal
period, Transaction Expenses, Debt Payments (excluding amounts expensed within the definition of Earnings Before Interest and Taxes), pension payments (excluding amounts expensed within the definition of Earnings Before Interest and Taxes),
extraordinary, non-recurring cash employer severance expenses, not to exceed $1,000,000 per fiscal year (to the extent included in clause (x) of the definition of “EBITDA”) and any management incentive fee expense deferred in
accordance with clause (xi) of the definition of “EBITDA”. 
 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended. 
 “Excluded Property” shall mean (i) any property if and to the extent that a
security interest therein is prohibited by or in violation of any Applicable Law (unless such Applicable Law would be rendered ineffective with respect to the creation of such security interest under

  
 10 

 
Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other Applicable Law or principles of equity), (ii) any
property to the extent that and for as long as such grant of a security interest requires consent pursuant to any Applicable Law that has not been obtained, except to the extent that such Applicable Law is ineffective under Applicable Law or
principles of equity or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC to prevent the attachment of the security interest granted hereunder, (iii) any property subject to a purchase money security interest to the
extent that a grant of a security interest therein would violate such purchase money arrangement, (iv) any general intangible, instrument, software, permit, lease, license, contract, agreement, governmental approval or franchise, to which a
Loan Party is a party or any of its rights or interests thereunder if, to the extent and for so long as the grant of such security interest shall constitute or result in a breach of or a default under, or creates an enforceable right of termination
in favor of any party to such general intangible, instrument, software, permit, lease, license, contract, agreement, governmental approval or franchise (other than to the extent that any such term would be rendered ineffective, or is otherwise
unenforceable, pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or any other applicable requirement of law), provided that, to the extent severable, the security interest shall attach immediately to any portion of such lease,
license, contract or agreement that does not result in any such breach, termination or default, (v) any intent-to-use application for registration of a trademark filed pursuant to 15 U.S.C. § 1051(b) prior to the filing of an amendment to
allege use pursuant to 15 U.S.C. § 1051(c) or a verified statement of use pursuant to 15 U.S.C. § 1051(d) and the conversion of such intent-to-use application to a “Certificate of Registration” pursuant to Section 1(d) of
the Lanham Act or a “use in commerce” application pursuant to Section 1(c) of the Lanham Act, solely to the extent that and for so long as the grant of a security interest therein prior to such filing could impair the validity or
enforceability of any registration that issues from such intent-to-use application under applicable federal law, (vi) motor vehicles or other assets in which a security interest may be perfected only through compliance with a certificate of
title statute, (vii) any commercial tort claim for which the amount of probable damages is reasonably determined by the Loan Parties to be less than $250,000; (viii) Real Property other than the Real Property listed on Schedule A and
Schedule B; (ix) any Equity Interests held by Holdco of a Foreign Subsidiary, other than (A) 100% of such issued and outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and
(B) 65% (or such greater percentage that, due to a change in an Applicable Law after the date hereof, (X) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States
federal income tax purposes to be treated as a deemed dividend to such Loan Party and (Y) could not reasonably be expected to cause any material adverse tax consequences) of such issued and outstanding Equity Interests entitled to vote (within
the meaning of Treas. Reg. Section 1.956 2(c)(2)); and (x) any copyrights other than the Intellectual Property required to be listed on Schedule 5.9; provided, however that Excluded Property shall not include any proceeds of
any such lease, license, contract or agreement or any goodwill of Loan Parties’ business associated therewith or attributable thereto. 

“Excluded Taxes” shall mean, with respect to Lender or any Participant or any other recipient of any payment to be made by or
on account of any Obligations, (a) Taxes imposed on or measured by its overall net income (however denominated), franchise Taxes or branch profits Taxes, in each case, (i) imposed on it, by the jurisdiction (or any political subdivision
thereof) under the laws of which such recipient is organized or in which its principal office or applicable 

  
 11 

 
lending office is located or, in the case of Lender or any Participant, in which its applicable lending office is located, or (ii) imposed on it by reason of any connection between Lender or
such Participant or any other recipient of any payment to be made by or on account of any Obligations under this Agreement and the taxing jurisdiction, other than connections arising from Lender or such Participant or any other recipient of any
payment to be made under this Agreement or on account of any Obligations having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to or enforced by this Agreement or any Other Documents, or sold or assigned an interest in any Loan or this Agreement or any Other Documents, (b) in the case of a Foreign Lender, any withholding tax that is imposed on
amounts payable by or on account of any Obligations to or for the account of such Foreign Lender pursuant to a law in effect on the date on which such Foreign Lender becomes a party hereto (or designates a new lending office) 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 3.10(e), except to the extent that such Foreign Lender or Participant (or its assignor or seller of a participation, if any) was
entitled, at the time of designation of a new lending office (or assignment or sale of a participation), to receive additional amounts from Borrower with respect to such withholding tax pursuant to Section 3.10(a), or (c) any U.S. federal
withholding Taxes imposed under FATCA. 
 “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations thereunder or official interpretations thereof. 

“Federal Funds Effective Rate” shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed
and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on
the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal Funds Effective
Rate for the last day on which such rate was announced. 
 “Federal Funds Open Rate” shall mean for any day the rate per
annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption
“OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by Lender (an “Alternate
Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any
substitute screen) or any Alternate Source, a comparable replacement rate determined by Lender at such time (which determination shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds
Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. If and when the Federal Funds Open Rate changes, the rate of interest with respect to any advance to which the Federal Funds Open Rate applies will
change automatically without notice to Borrower, effective on the date of any such change. 

  
 12 

 “Fee Letter” shall mean the fee letter dated the Closing Date among Borrower and
Mutual Quest. 
 “Final Order” means an order, ruling or judgment entered by the United States Bankruptcy Court for
the District of Delaware that (a) is in full force and effect, (b) is not stayed, and (c) is no longer subject to review, reversal, modification or amendment, by appeal motion or writ of certiorari; provided, however, that the
possibility that a motion under Rule 50 or 60 of the Federal Rules of Civil Procedure, or any analogous rule under the Federal Rules of Civil Procedure or Bankruptcy Rules, may be filed relating to such order, ruling or judgment shall not cause such
order, ruling or judgment not to be a Final Order. 
 “Fixed Charge Coverage Ratio” shall mean, with respect to any
fiscal period, the ratio of (a) EBITDA, minus Unfunded Capital Expenditures made during such period, minus Permitted Dividends made during such period, minus pension payments to the extent not already expensed in the
computation of EBITDA, minus cash taxes paid during such period, to (b) all Debt Payments (to the extent not already expensed and not added in the computation of EBITDA) made during such period. 

“Flood Laws” shall mean all Applicable Laws relating to policies and procedures that address requirements placed on federally
regulated lenders under the National Flood Insurance Reform Act of 1994 and other Applicable Laws related thereto. 
 “Foreign
Lender” shall mean Lender or any Participant that, in each case, is organized under the laws of a jurisdiction other than that in which Borrower is resident for tax purposes. 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. 
 “Foreign
Subsidiary” shall mean any Subsidiary of any Person that is not organized or incorporated in the United States, any State or territory thereof or the District of Columbia. 

“Funded Debt” shall mean, with respect to any Person, without duplication, all Indebtedness for borrowed money evidenced by
notes, bonds, debentures, or similar evidences of Indebtedness, and specifically including Capitalized Lease Obligations, current maturities of long-term debt, revolving credit and short term debt (for borrowed money) extendible beyond one year at
the option of the debtor, and also including, in the case of Borrower, the Obligations and, without duplication, Indebtedness consisting of guaranties of Funded Debt of other Persons. 

“GAAP” shall mean generally accepted accounting principles in the United States of America in effect from time to time. 

“Governmental Acts” shall mean any act or omission, whether rightful or wrongful, of any present or future de jure or de
facto Governmental Body. 

  
 13 

 “Governmental Body” shall mean any nation or government, any state or other
political subdivision thereof or any entity, authority, agency, division or department exercising the executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to a government (including any
supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting
Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Guarantor” shall mean Holdco, each Subsidiary Guarantor, and any other Person who may hereafter guarantee payment or
performance of the whole or any part of the Obligations and “Guarantors” means collectively all such Persons. 

“Guarantor Security Agreement” shall mean any security agreement executed by any Guarantor in favor of the Lender securing
the Obligations or the Guaranty of such Guarantor, in form and substance reasonably satisfactory to the Required Lenders. 

“Guaranty” shall mean any guaranty of the Obligations executed by a Guarantor in favor of the Lender (including the guaranty
pursuant to this Agreement) for its benefit, in form and substance reasonably satisfactory to the Required Lenders. 
 “Hazardous
Discharge” shall have the meaning set forth in Section 9.3(b) hereof. 
 “Hazardous Materials” shall mean,
without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes, hazardous or Toxic
Substances or related materials as defined in or subject to regulation under Environmental Laws. 
 “Hazardous Wastes”
shall mean all waste materials subject to regulation under CERCLA, RCRA or applicable state law, and any other applicable Federal and state laws now in force or hereafter enacted relating to hazardous waste disposal. 

“Holdco” shall have the meaning set forth in the preamble to this Agreement and shall include its permitted successors and
assigns. 
 “Indebtedness” shall mean, as to any Person at any time, any and all indebtedness, obligations or liabilities
(whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money; (b) amounts received under or liabilities in respect of
any note purchase or acceptance credit facility, and all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all Capitalized Lease Obligations; (d) reimbursement obligations (contingent
or otherwise) under any letter of credit agreement, banker’s acceptance agreement or similar arrangement; (e) any other advances of credit made to or on behalf of such Person or other transaction (including forward sale or purchase
agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements including to finance the

  
 14 

 
purchase price of property or services and all obligations of such Person to pay the deferred purchase price of property or services (but not including trade payables and accrued expenses
incurred in the Ordinary Course of Business which are not represented by a promissory note or other evidence of indebtedness and which are not more than thirty (30) days past due); (f) all Equity Interests of such Person subject to
repurchase or redemption rights or obligations (excluding repurchases or redemptions at the sole option of such Person); (g) all indebtedness, obligations or liabilities secured by a Lien on any asset of such Person, whether or not such
indebtedness, obligations or liabilities are otherwise an obligation of such Person; (h) all obligations of such Person for purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations
or continuing obligations of any nature of such Person arising out of purchase and sale contracts other than any of the foregoing obligations that is not required at the time of incurrence to be recorded as a liability on the balance sheet of such
Person in accordance with GAAP; (i) off-balance sheet liabilities and/or unfunded pension plan (as defined in Section 3(2) of ERISA) liabilities attributable to any single-employer defined benefit pension plan; and (j) any guaranty of
any indebtedness, obligations or liabilities of a type described in the foregoing clauses (a) through (i). For purposes of this definition, the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser
of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness. 

“Indemnified Taxes” shall mean Taxes other than Excluded Taxes. 

“Ineligible Security” shall mean any security which may not be underwritten or dealt in by member banks of the Federal
Reserve System under Section 16 of the Banking Act of 1933 (12 U.S.C. Section 24, Seventh), as amended. 
 “Insolvency
Event” shall mean, with respect to any Person, including without limitation Lender, such Person or such Person’s direct or indirect parent company (a) becomes the subject of a bankruptcy or insolvency proceeding (including any
proceeding under Title 11 of the United States Code), (b) has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business
appointed for it or has called a meeting of all or substantially all of its creditors for the purpose of entering into a compromise of obligations generally with such creditors, (c) admits in writing its inability, or be generally unable, to
pay its debts as they become due or cease operations of its present business, or (d) with respect to Lender, Lender is unable to perform hereunder due to the application of Applicable Law, provided that an Insolvency Event shall not
result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent company by a Governmental Body or instrumentality thereof if, and only if, such ownership
interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Body or
instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

  
 15 

 “Intellectual Property” shall mean property constituting a patent, copyright,
trademark (or any application in respect of the foregoing), service mark, trade name, mask work, trade secrets, design right or license or other right to use any of the foregoing under Applicable Law. 

“Interest Period” shall mean the period provided for any LIBOR Rate Loan pursuant to Section 2.2(b) hereof. 

“Inventory” shall mean and include as to each Loan Party all of such Loan Party’s inventory (as defined in Article 9 of
the Uniform Commercial Code) and all of such Loan Party’s goods, merchandise and other personal property, wherever located, to be furnished under any consignment arrangement, contract of service or held for sale or lease, all raw materials,
work in process, finished goods and materials and supplies of any kind, nature or description which are or might be used or consumed in such Loan Party’s business or used in selling or furnishing such goods, merchandise and other personal
property, and all Documents. 
 “Investment” means, with respect to any Loan Party, any investment by such Loan Party in
any other Loan Party in the form of loans, guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Loan Party made in the ordinary course of business, and
(b) bona fide Receivables arising in the Ordinary Course of Business), or acquisitions of Indebtedness, Equity Interests, or all or substantially all of the assets of such other Loan Party (or of any division or business line of such
other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 

“Law(s)” shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion,
issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Body, foreign or
domestic. 
 “Leasehold Interests” shall mean all of each Loan Party’s right, title and interest in and to, and as
lessee of, the premises identified as leased property on Schedule 4.4 hereto. 
 “Lender” shall have the meaning
ascribed to such term in the preamble to this Agreement and shall include each Person which becomes a transferee, successor or assign of Lender. 

“Lending Affiliate” shall mean an Affiliate of an assignor that is primarily utilized for the lending activities of any
assignor in any assignment in accordance in Section 17.3. 
 “Leverage Ratio” shall have the meaning set forth in
Section 6.5(b) hereof. 
 “LIBOR Alternate Source” shall have the meaning set forth in the definition of LIBOR Rate.

 “LIBOR Rate” shall mean for the Term Loan, if it is a LIBOR Rate Loan for the then current Interest Period relating
thereto, the rate of interest on the last Business Day prior to the beginning of the relevant Interest Period as published in the Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a
period equal to such Interest Period (or, if no such rate is published therein for any reason, then the Published Rate shall be the LIBOR Rate for a period equal to such Interest Period as published in another publication selected by the Lender).

  
 16 

 “LIBOR Rate Loan” shall mean any Advance that bears interest based on the LIBOR
Rate. 
 “License Agreement” shall mean any agreement between any Loan Party and a Licensor pursuant to which such Loan
Party is authorized to use any Intellectual Property in connection with the manufacturing, marketing, sale or other distribution of any Inventory of such Loan Party or otherwise in connection with such Loan Party’s business operations. 

“Licensor” shall mean any Person from whom any Loan Party obtains the right to use (whether on an exclusive or non-exclusive
basis) any Intellectual Property in connection with such Loan Party’s manufacture, marketing, sale or other distribution of any Inventory or otherwise in connection with such Loan Party’s business operations. 

“Licensor/Lender Agreement” shall mean an agreement between Lender and a Licensor, in form and substance reasonably
satisfactory to Lender, by which Lender is given the unqualified right, vis-á-vis such Licensor, to enforce Lender’s Liens with respect to and to dispose of any Loan Party’s Inventory with the benefit of any Intellectual Property
applicable thereto, irrespective of such Loan Party’s default under any License Agreement with such Licensor. 

“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory
or otherwise), charge or encumbrance, or preference, priority or other security agreement or preferential arrangement held in respect of any asset of any kind or nature whatsoever including any conditional sale or other title retention agreement,
any capital or financing lease having substantially the same economic effect as any of the foregoing. 
 “Lien Waiver
Agreement” shall mean an agreement which is executed in favor of Lender by a Person who owns or occupies premises at which any Collateral may be located from time to time in form and substance reasonably satisfactory to Lender. 

“Loan Parties” shall mean the Borrower and the Guarantors, and “Loan Party” shall mean any of them. 

“Loan Parties on a Consolidated Basis” shall mean the consolidation in accordance with GAAP of the accounts or other items of
Borrower, Guarantors and their respective Subsidiaries. 
 “Management Agreement” shall mean that certain GateHouse
Management and Advisory Agreement, dated as of November 26, 2013 among Holdco, the other obligors party thereto from time to time, and New Media Investment Group Inc., amended, supplemented or otherwise modified up to the date hereof and as may
be further amended, supplemented or otherwise modified solely as permitted hereunder or under the Management Fee Subordination Agreement. 

  
 17 

 “Management Fee Subordination Agreement” shall mean that certain Management Fee
Subordination Agreement dated as of the date hereof among the Senior Administrative Agent, the Term Loan B Agent and New Media Holdings. 

“Management Fees” shall mean fees paid to New Media Holdings pursuant to the Management Agreement and subject to the
Management Fee Subordination Agreement. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the
condition (financial or otherwise), results of operations, assets, business, properties or prospects of the Loan Parties, taken as a whole, (b) the Borrower’s or Loan Parties’ ability to duly and punctually pay or perform the
Obligations in accordance with the terms thereof, (c) the value of the Collateral, or Lender’s Liens on the Collateral or the priority of any such Lien (subject to the terms of the Subordination Agreement) or (d) the practical
realization of the benefits of Lender’s and Lender’s rights and remedies under this Agreement and the Other Documents (subject to the terms of the Subordination Agreement). 

“Material Contract” shall mean any contract, agreement, instrument, permit, lease or license, written or oral, of any Loan
Party, which is material to any Loan Party’s business or which the failure to comply with would reasonably be expected to result in a Material Adverse Effect. 

“Modified Commitment Transfer Supplement” shall have the meaning set forth in Section 17.3(d) hereof. 

“Mortgages” shall mean any and all mortgages or deeds of trust on any of the Real Property listed on Schedule A, Schedule B
and Schedule C, securing the Obligations, in each case, together with all extensions, renewals, amendments, supplements, modifications, substitutions and replacements thereto and thereof. 

“Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 3(37) or 4001(a)(3) of ERISA to
which contributions are required or, within the preceding five plan years, were required by any Loan Party or any member of the Controlled Group. 

“Multiple Employer Plan” shall mean a Plan which has two or more contributing sponsors (including any Loan Party or any
member of the Controlled Group) at least two of whom are not under common control, as such a plan is described in Section 4063 or 4064 of ERISA. 

“Mutual Quest” shall have the meaning set forth in the preamble to this Agreement and shall extend to all of its successors
and assigns. 
 “Negotiable Document” shall mean a Document that is “negotiable” within the meaning of Article 7
of the Uniform Commercial Code. 
 “Net Proceeds” means, with respect to any event, (a) the cash proceeds received in
respect of such event including (i) any cash received in respect of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment
receivable or otherwise, but 

  
 18 

 
excluding any interest payments), but only as and when received, (ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event,
condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection with such event, (ii) in the case of a casualty or a
condemnation or similar proceeding, the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Advances) secured by such asset or otherwise subject to mandatory prepayment as a result of such event,
(iii) the amount of all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in each case during the year that such event occurred or
the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by the Loan Parties) and (iv) amounts held in escrow to be applied as part of the purchase price of such sale or disposition
(including for any indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser pursuant to the terms of such sale or disposition (it being understood such amounts held in
escrow shall constitute Net Proceeds upon the release of such indemnification liabilities)). 
 “Notes” shall mean the Term
Notes. 
 “Obligations” shall mean and include any and all loans (including without limitation, all Advances), advances,
debts, liabilities, obligations, covenants and duties owing by Borrower or Guarantor or any Subsidiary of Borrower or any Guarantor to Lender of any kind or nature, present or future (including any interest or other amounts accruing thereon, any
fees accruing under or in connection therewith, any costs and expenses of any Person payable by Borrower and any indemnification obligations payable by Borrower arising or payable after maturity, or after the filing of any petition in bankruptcy, or
the commencement of any insolvency, reorganization or like proceeding relating to Borrower, whether or not a claim for post-filing or post-petition interest, fees or other amounts is allowable or allowed in such proceeding), whether or not evidenced
by any note, guaranty or other instrument, absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, pursuant to this Agreement or the Other Documents,
including any and all of Borrower’s or any Guarantor’s Indebtedness and/or liabilities (and any and all indebtedness, obligations and/or liabilities of any Subsidiary of Borrower or any Guarantor) under this Agreement, the Other Documents
and any amendments, extensions, renewals or increases and all reasonable and documented out-of-pocket costs and expenses of Lender incurred in the documentation, negotiation, modification, enforcement, collection or otherwise in connection with any
of the foregoing, including but not limited to reasonable attorneys’ fees and expenses and all obligations of Borrower to Lender to perform acts or refrain from taking any action. 

“Ordinary Course of Business” shall mean, with respect to Borrower, the ordinary course of such Borrower’s business as
conducted on the Closing Date or any business that is reasonably related, similar, complementary, ancillary to or a reasonable extension, development or expansion of its business. 

“Organizational Documents” shall mean, with respect to any Person, any charter, articles or certificate of incorporation,
certificate of organization, registration or formation, certificate of partnership or limited partnership, bylaws, operating agreement, limited liability company 

  
 19 

 
agreement, or partnership agreement of such Person and any and all other applicable documents relating to such Person’s formation, organization or entity governance matters (including any
shareholders’ or equity holders’ agreement or voting trust agreement) and specifically includes, without limitation, any certificates of designation for preferred stock or other forms of preferred equity. 

“Other Documents” shall mean the Mortgages, the Notes, the Perfection Certificates, the Fee Letter, the Copyright Security
Agreement, the Trademark Security Agreement, any Guaranty, any Guarantor Security Agreement, any Pledge Agreement, the Subordination Agreement and any and all other agreements, instruments and documents, including intercreditor agreements,
guaranties, pledges, powers of attorney, consents or other similar agreements and all other writings heretofore, now or hereafter executed by Borrower or any Guarantor and/or delivered to Lender in respect of the transactions contemplated by this
Agreement, in each case together with all extensions, renewals, amendments, supplements, modifications, substitutions and replacements thereto and thereof. 

“Other Taxes” shall mean all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or under any Other Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any Other Document. 

“Parent” of any Person shall mean a corporation or other entity owning, directly or indirectly, 50% or more of the Equity
Interests issued by such Person having ordinary voting power to elect a majority of the directors of such Person, or other Persons performing similar functions for any such Person. 

“Participant” shall mean each Person who shall be granted the right by Lender to participate in any of the Advances and who
shall have entered into a participation agreement in form and substance satisfactory to Lender. 
 “Participant Register”
shall have the meaning set forth in Section 17.3(b).  
 “Payment Office” shall mean initially 101 John F.
Kennedy Pkwy, Short Hills, NJ 07078; thereafter, such other office of Lender, if any, which it may designate by notice to Borrower to be the Payment Office. 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any
successor. 
 “Pension Benefit Plan” shall mean at any time any “employee pension benefit plan” as defined in
Section 3(2) of ERISA (including a Multiple Employer Plan, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412, 430 or 436 of the Code and either (i) is
maintained or to which contributions are required by Loan Party or any member of the Controlled Group or (ii) has at any time within the preceding five years been maintained or to which contributions have been required by a Loan Party or any
entity which was at such time a member of the Controlled Group. 

  
 20 

 “Perfection Certificates” shall mean, collectively, the information
questionnaires and the responses thereto provided by each Loan Party and delivered to Lender. 
 “Permitted Acquisitions”
shall mean acquisitions of the assets or Equity Interests of another Person (the “target”) so long as, at least fifteen (15) Business Days prior to the date of the proposed acquisition: (a) [Reserved]; (b) delivery of
a certificate demonstrating that the total costs and liabilities (including without limitation, all assumed liabilities, all earn-out payments, deferred payments and the value of any other stock or assets transferred, assigned or encumbered with
respect to such acquisitions) of any individual acquisition does not exceed $65,000,000 and of all such acquisitions do not exceed $150,000,000 in the aggregate throughout the Term; (c) delivery of a certificate demonstrating that, with respect
to the acquisition of Equity Interests, such target shall (i) either (x) have a positive EBITDA and Tangible Net Worth, calculated in accordance with GAAP immediately prior to such acquisition or (y) have negative EBITDA calculated in
accordance with GAAP immediately prior to such acquisition; provided that the cumulative negative EBITDA for all such acquisitions in any fiscal year shall not exceed $3,000,000, (ii) be added as a Loan Party to this Agreement and be
jointly and severally liable for all Obligations, and (iii) grant to Lender a security interest in all assets of such target (other than Excluded Property) on the same terms as the Senior Obligations, subject to the terms of the Subordination
Agreement; (d) evidence demonstrating that the target or property is in a similar business or business permitted under Section 7.9; (e) evidence that the board of directors (or other comparable governing body) of the target shall have
duly approved the transaction; (f) Loan Parties shall have delivered to Lender (i) a pro forma balance sheet and pro forma financial statements and a Compliance Certificate demonstrating that, upon giving effect to such acquisition on a
pro forma basis, Loan Parties would be in compliance with the financial covenants set forth in Section 6.5 as of the most recent fiscal quarter end and (ii) for any acquisition in excess of $5,000,000, financial statements (which shall be
audited, or if audited financial statements are not available or the acquisition is proposed to take place more than 120 days after the fiscal year end of the target, then financial statements shall be supplemented by a quality of earnings report
prepared by a nationally recognized firm for the twelve (12) month period immediately preceding the proposed acquisition) of the acquired entity for the two most recent fiscal years then ended and the most recent internally prepared financial
statements, in each case in form and substance reasonably acceptable to Lender; (g) evidence that if such acquisition includes general partnership interests or any other Equity Interest that does not have a corporate (or similar) limitation on
liability of the owners thereof, then such acquisition shall be effected by having such Equity Interests acquired by a corporate holding company directly or indirectly wholly-owned by a Loan Party and newly formed for the sole purpose of effecting
such acquisition; and (h) evidence that no Default or Event of Default shall have occurred or will occur after giving pro forma effect to such acquisition. 

“Permitted Dispositions” means: (a) the disposition or transfer of obsolete and worn-out equipment in the Ordinary
Course of Business having an aggregate fair market value of not more than $2,500,000 per fiscal year and $7,500,000 for the duration of the Term, and only to the extent that (x) the proceeds of any such disposition are used to acquire
replacement equipment which is subject to Lender’s security interest (subject to the terms of the Subordination Agreement) or (y) the proceeds of which are remitted to Lender to be applied pursuant to Section 2.9(a) or the Senior
Administrative Agent pursuant to Section 2.9(e), as applicable; (b) sales of Inventory to buyers in the Ordinary Course of Business; (c) the use or transfer of money or Cash 

  
 21 

 
Equivalents in a manner that is not prohibited by the terms of this Agreement or the Other Documents; (d) the licensing, on a non-exclusive basis, of patents, trademarks, copyrights, or
other intellectual property rights in the Ordinary Course of Business or the licensing of content; (e) the granting of Permitted Encumbrances; (f) any involuntary loss, damage or destruction of property; (g) any involuntary
condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of property; (h) the leasing or subleasing of assets of the Loan Parties in the Ordinary Course of Business;
(i) the sale or issuance of Equity Interests of Holdco; (j) the lapse or abandonment of registered or applied for patents, trademarks and other intellectual property of the Loan Parties to the extent (I) expired pursuant to any
Applicable Law or (II) not economically desirable in the conduct of their business and so long as such lapse or abandonment does not result in a Material Adverse Effect; (k) the making of a dividend, distribution or repurchase that is expressly
permitted to be made pursuant to this Agreement; (l) the making of a Permitted Investment; (m) dispositions of property by a Loan Party to a Loan Party (other than Holdco); provided that to the extent such transaction constitutes an
Investment, such transaction is permitted under Section 7.4 or Section 7.7; (n) dispositions of Receivables that are past due by more than 120 days; (o) in order to resolve disputes that occur in the Ordinary Course of Business,
the discounting of or otherwise compromise for less than the face value thereof, notes or accounts receivable; (p) the unwinding of any derivative instruments or similar agreements; (q) sale or disposition of Investments under clause
(o) of the definition of Permitted Investments; (r) transfers of property subject to casualty events to the extent permitted by Section 2.9(d); (s) the sale, lease or transfer of any property or assets (other than Receivables
owned by a Loan Party) acquired pursuant to a Permitted Acquisition and disposed of contemporaneously with the consummation of such Permitted Acquisition, so long as it is upon prior written notice thereof to the Lender; provided that after
such disposition, Borrower shall be in compliance on a pro forma basis with each of the financial covenants specified in Section 6.5 and (t) dispositions of the properties listed on Schedule 1.2(b) on or promptly after the Closing
Date. 
 “Permitted Dividends” shall mean quarterly dividend payments, so long as, in the case of each dividend paid in
respect of a specific fiscal quarter, within forty-five (45) days of the end of such fiscal quarter: (a) Lender have received (i) unqualified audited financial statements of the Loan Parties on a Consolidated Basis for the fiscal year
ended on or about December 31, 2013 in compliance with Sections 9.7 and 9.8, respectively, and (ii) management prepared financial statements of the Loan Parties on a Consolidated Basis for the most recently ended fiscal quarter;
(b) at the time of and after giving effect to such dividend, Loan Parties would be in compliance with the financial covenants set forth in Section 6.5 as of the most recent fiscal quarter end; (c) [Reserved]; (d) a notice of
termination with regard to this Agreement shall not be outstanding; (e) no Event of Default or Default shall have occurred and be continuing or would occur after giving pro forma effect to such dividends; (f) not less than five
(5) Business Days prior to making such dividend, the Loan Parties have provided to Lender, calculations along with their submission of their quarterly or annual financial statements, as applicable, and a Compliance Certificate and (g) such
dividend shall not exceed the limitations set forth below for each corresponding “Fiscal Quarter Ending”: 

  
 22 

					
	 FISCAL QUARTER ENDING
	  	 LEVERAGE RATIO (giving effect to the Permitted
Dividend)
	  	 PERMITTED DIVIDEND AMOUNT

	March 31, 2014	  	Less than 2.50 to 1.00	  	(A) $12,500,000 less the amount by which the Excess Cash Flow for such fiscal quarter is less than $3,900,000, or (B) $12,500,000 plus the amount by which the Excess Cash Flow for such fiscal quarter is greater than
$3,900,000.
			
		  	Equal to or greater than 2.50 to 1.00	  	Zero
			
	June 30, 2014	  	Less than 2.50 to 1.00	  	(A) $12,500,000 less the amount by which the Excess Cash Flow for such fiscal quarter is less than $13,500,000, or (B) $12,500,000 plus the amount by which the Excess Cash Flow for such fiscal quarter is greater than
$13,500,000.
			
		  	Equal to or greater than 2.50 to 1.00	  	Zero
			
	September 30, 2014	  	Less than 2.50 to 1.00	  	(A) $12,500,000 less the amount by which the Excess Cash Flow for such fiscal quarter is less than $13,500,000, or (B) $12,500,000 plus the amount by which the Excess Cash Flow for such fiscal quarter is greater than
$13,500,000.
			
		  	Equal to or greater than 2.50 to 1.00	  	Zero
			
	December 31, 2014	  	Less than 2.50 to 1.00	  	(A) $12,500,000 less the amount by which the Excess Cash Flow for such fiscal quarter is less than $19,800,000, or (B) $12,500,000 plus the amount by which the Excess Cash Flow for such fiscal quarter is greater than
$19,800,000.
			
		  	Equal to or greater than 2.50 to 1.00	  	Zero
			
	March 31, 2015 and thereafter	  	Less than 2.50 to 1.00	  	An amount up to 100% of the Excess Cash Flow for the LTM period then ended, after giving effect to the dividend payments for the prior three fiscal quarters and the current dividend payment to be made.
			
		  	Equal to or greater than 2.50 to 1.00 but less than 2.75 to 1.00	  	An amount up to 50% of the Excess Cash Flow payment for the LTM period then ended, after giving effect to the dividend payments for the prior three fiscal quarters and the current dividend payment to be made.
			
		  	Equal to or greater than 2.75 to 1.00	  	Zero

  

	*	An illustrative example of the calculation of a Permitted Dividend payment for the period ending Q1 2015 is set forth on Schedule III. 

  
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 “Permitted Encumbrances” shall mean: (a) Liens in favor of Lender for the
benefit of the Lender (b) Liens for taxes, assessments or other governmental charges not delinquent or being Properly Contested; (c) Liens on amounts deposited or pledged to secure obligations under worker’s compensation, social
security or similar laws, or under unemployment insurance; (d) Liens on amounts deposited or pledged to secure bids, tenders, contracts (other than contracts for the borrowing of money), leases, statutory obligations, surety and appeal bonds
and other obligations of like nature arising in the Ordinary Course of Business; (e) Liens arising by virtue of the rendition, entry or issuance against any Loan Party or any Subsidiary, or any property of any Loan Party or any Subsidiary, of
any judgment, writ, order, or decree to the extent the rendition, entry, issuance or continued existence of such judgment, writ, order or decree has not resulted in the occurrence and continuance of an Event of Default under Section 10.6
hereof; (f) carriers’, repairmens’, mechanics’, workers’, materialmen’s or other like Liens arising in the Ordinary Course of Business with respect to obligations which are not due or which are being Properly Contested;
(g) Liens placed upon fixed assets hereafter acquired with Indebtedness under clause (f) of the definition of Permitted Indebtedness to secure a portion of the purchase price thereof, provided that (I) any such Lien shall
encumber the asset purchased or acquired and the proceeds thereof and (II) such Lien only secures the amount of Indebtedness that was incurred to acquire the asset purchased or acquired or any Refinancing Indebtedness in respect thereof;
(h) easements, rights-of-way, zoning restrictions, minor defects or irregularities in title and other charges or encumbrances, in each case, which do not interfere in any material respect with the Ordinary Course of Business of Borrower and its
Subsidiaries; (i) Liens disclosed on Schedule 1.2(c); provided, that such Liens shall secure only those obligations which they secure on the Closing Date (and extensions, renewals and refinancing of such obligations permitted by
Section 7.8 hereof) and shall not subsequently apply to any other property or assets of any Loan Party other than the property and assets to which they apply as of the Closing Date; (j) licenses of content or non-exclusive licenses of
patents, trademarks, copyrights, or other intellectual property rights in the Ordinary Course of Business; (k) Liens that are extensions, replacements or renewals of Permitted Encumbrances (or successive extensions, renewals or replacements) to
the extent that the original Indebtedness is the subject of permitted Refinancing Indebtedness and so long as the Liens so extended, renewed or replaced only encumber those assets that secured the original Indebtedness (plus improvements on such
property); (l) rights of setoff, bankers’ liens or similar rights and remedies upon deposits or securities accounts (including funds or other assets credited thereto) or other funds maintained with a depository institution or securities
intermediary in favor of banks or other depository institutions, solely to the extent incurred in connection with the maintenance of such deposit accounts in the Ordinary Course of Business or other Liens of a bank or broker in connection with a
bank account or securities account; (m)

  
 24 

 
Liens granted in the Ordinary Course of Business on the unearned portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under the
definition of Permitted Indebtedness; (n) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; (o) any zoning, building or similar
laws or rights reserved to or vested in any Governmental Body; (p) restrictions on transfers of securities imposed by applicable securities laws or agreement (other than capital stock pledged pursuant to this Agreement); (q) any interest
or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party thereof in the Ordinary Course of Business and covering only the assets so leased, licensed or subleased; (r) assignments of
insurance or condemnation proceeds provided by a Loan Party to landlords (or their mortgagees) in the Ordinary Course of Business and pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the
terms of such lease, subject to the applicable Lien Waiver Agreement (if applicable); (s) Liens arising from filing UCC financing statements relating solely to leases not prohibited hereunder; (t) licenses (with respect to intellectual
property and other property), leases or subleases granted to third parties to the extent permitted by the applicable terms of this Agreement and not interfering in any material respect with the Ordinary Course of Business or resulting in a material
diminution in the value of the collateral so licensed, leased or subleased; (u) Liens (other than on Receivables or proceeds thereof) arising out of conditional sale, title retention, consignment or similar arrangement for sale of goods entered
into by any Loan Party in the Ordinary Course of Business permitted by this Agreement; (v) Liens consisting of reasonable customary initial deposits and margin deposit and similar Liens attaching to commodity trading accounts or other brokerage
accounts maintained in the Ordinary Course of Business and not for speculative purposes; (w) Liens that are contractual rights of setoff (A) relating to the establishment of depository relations with banks or other financial institutions
not given in connection with the issuance of Indebtedness, (B) relating to pooled deposit or sweep accounts of the Loan Parties to permit satisfaction of overdraft or similar obligations incurred in the Ordinary Course of Business or
(C) relating to purchase orders and other agreements entered into with customers in the Ordinary Course of Business; (x) Liens solely on any cash earnest money deposits made by any Loan Party in connection with any letter of intent or
purchase agreement permitted hereunder in an aggregate amount not to exceed $10,000,000; (y) with respect to Leasehold Interests, the interests and title of the lessor and encumbrances on the lessor’s fee interests, (z) other Liens
(other than on Receivables or proceeds thereof) as to which the aggregate amount of the obligations secured thereby does not exceed $5,000,000, (aa) Liens on cash to secure letters of credit permitted pursuant to clause (v) of the definition of
“Permitted Indebtedness” and (bb) Liens securing the Senior Obligations, subject to the terms of the Subordination Agreement. 

“Permitted Holder” means Fortress Investment Group, LLC, or any one or more Affiliates managed by Affiliates of Fortress
Investment Group, LLC. 
 “Permitted Indebtedness” shall mean: (a) the Obligations; (b) Indebtedness incurred for
Capital Expenditures permitted in Section 7.6 hereof; (c) any guarantees of Indebtedness permitted under Section 7.3 hereof; (d) any Indebtedness listed on Schedule 5.8(b)(ii) hereof (and any Refinancing Indebtedness in respect
of such Indebtedness); (e) the Senior Obligations; (f) Indebtedness consisting of Permitted Loans made by one or more Loan Party(ies) to any other Loan Party(ies); (f) Indebtedness in an amount not to exceed $20,000,000 incurred in
connection 

  
 25 

 
with the acquisition of fixed assets for the purpose of financing all or any part of the acquisition cost thereof (and any Refinancing Indebtedness in respect of such Indebtedness);
(g) endorsement of instruments or other payment items for deposit; (h) Indebtedness incurred in the Ordinary Course of Business under performance, surety, statutory, and appeal bonds; (i) Indebtedness owed to any Person providing
property, casualty, liability, or other insurance to Borrower or any of its Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such
insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year; (j) Indebtedness incurred in respect of credit cards, credit card processing services, debit cards, stored value cards,
purchase cards (including so-called “procurement cards” or “P-cards”), in each case, incurred in the Ordinary Course of Business; (k) unsecured Indebtedness of a Loan Party owing to former employees, officers, or directors
(or any spouses, ex-spouses, or estates of any of the foregoing) incurred in connection with the repurchase by the Loan Party of the Equity Interests of the Loan Party that has been issued to such Persons, so long as (A) no Default or Event of
Default has occurred and is continuing or would result from the incurrence of such Indebtedness, (B) the aggregate amount of all such Indebtedness outstanding at any one time does not exceed $2,000,000, and (C) such Indebtedness is
subordinated to the Senior Obligations and the Obligations; (l) unsecured Indebtedness of the Loan Parties the aggregate principal amount for all such unsecured Indebtedness does not exceed $20,000,000 at any one time outstanding;
(m) contingent liabilities in respect of any indemnification obligation, adjustment of purchase price, earn-out, non-compete, or similar obligation of any Loan Party incurred in connection with the consummation of one or more Permitted
Acquisitions to the extent not prohibited under the definition of Permitted Acquisition; (n) Indebtedness composing Permitted Investments; (o) Indebtedness incurred in respect of workers’ compensation claims or self-insurance
obligations of Loan Parties in the Ordinary Course of Business; (p) Indebtedness consisting of the financing of insurance premiums in the ordinary course of business; (q) Indebtedness representing deferred compensation to employees of any
Loan Party incurred in the Ordinary Course of Business; (r) Indebtedness for any amounts owing by the Loan Parties under the Management Agreement solely to the extent such amounts are permitted to be incurred under Section 7.10;
(s) unsecured Indebtedness of a Loan Party owing to former employees, officers, or directors with respect to relocation costs in an aggregate amount not to exceed $1,000,000; (t) Indebtedness incurred by the Loan Parties constituting
reimbursement obligations with respect to standby letters of credit and bank guarantees issued in the Ordinary Course of Business (to the extent such obligations are cash collateralized) in respect of workers compensation claims, health, disability
or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; (u) Indebtedness consisting of Hedge
Liabilities (as defined in the Senior Loan Documents) or Cash Management Products and Services (as defined in the Senior Loan Documents) to the extent permitted by the Senior Loan Documents; and (v) payments of amounts pursuant to the Plan of
Reorganization (including any restructuring costs and expenses). 
 “Permitted Investments” shall mean :
(a) Investments in cash and Cash Equivalents; (b) Permitted Loans; (c) Investments in negotiable instruments deposited or to be deposited for collection in the Ordinary Course of Business; (d) advances made in connection with
purchases of goods or services in the Ordinary Course of Business; (e) Investments received in settlement of amounts due to any Loan Party effected in the Ordinary Course of Business or owing to any

  
 26 

 
Loan Party as a result of an Insolvency Event involving an account debtor or upon the foreclosure or enforcement of any Lien in favor of a Loan Party, (f) Investments owned by any Loan Party
on the Closing Date; (g) guarantees permitted under the definition of Permitted Indebtedness; (h) Equity Interests or other securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to a
Loan Party (in bankruptcy of customers or suppliers or otherwise outside the Ordinary Course of Business) or as security for any such Indebtedness or claims; (i) deposits of cash made in the Ordinary Course of Business to secure performance of
operating leases; (j) non-cash loans to employees, officers, and directors of any Loan Party for the purpose of purchasing Equity Interests of Holdco so long as the proceeds of such loans are used in their entirety to purchase such Equity
Interests of Holdco; (k) Permitted Acquisitions; (l) Investments in the form of capital contributions and the acquisition of Equity Interests made by any Loan Party in any other Loan Party (other than capital contributions to or the
acquisition of Equity Interests of Holdco); (m) Investments resulting from entering into agreements relative to Indebtedness that is permitted under clause (j) of the definition of Permitted Indebtedness; (n) Investments (including
debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the Ordinary Course of Business;
(o) agreements in respect of Hedge Liabilities (as defined in the Senior Loan Documents) or Cash Management Products or Services (as defined in the Senior Loan Documents) to the extent permitted by the Senior Loan Documents, (p) capital
expenditures to the extent permitted hereunder; (q) Investments in promissory notes and other non-cash consideration received in connection with any Permitted Disposition; and (r) other Investments in an amount not to exceed $7,500,000.

 “Permitted Loans” shall mean: (a) the extension of trade credit by a Loan Party to its Customer(s), in the Ordinary
Course of Business in connection with a sale of Inventory or rendition of services, in each case on open account terms; and (b) intercompany loans between and among Loan Parties, so long as, at the request of the Controlling Agent, each such
intercompany loan is evidenced by a promissory note (including, if applicable, any master intercompany note executed by Loan Parties) on terms and conditions (including terms subordinating payment of the indebtedness evidenced by such note to the
prior payment in full of all Obligations) acceptable to Controlling Agent in its discretion that has been delivered to Controlling Agent either endorsed in blank or together with an undated instrument of transfer executed in blank by the applicable
Loan Party(ies) that are the payee(s) on such note. 
 “Person” shall mean any individual, sole proprietorship,
partnership, corporation, business trust, joint stock company, trust, unincorporated organization, association, limited liability company, limited liability partnership, institution, public benefit corporation, joint venture, entity or Governmental
Body (whether federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof). 

“Plan” shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA which is a Pension Benefit Plan,
a Multiemployer Plan, or a “welfare plan” (as defined in Section 3(1) of ERISA) which provides self-insured benefits and which is maintained by any Loan Party or any member of the Controlled Group or to which any Loan Party or any
member of the Controlled Group is required to contribute. 

  
 27 

 “Plan of Reorganization” means that certain Joint Plan of Reorganization filed
by Holdco and its affiliates on September 27, 2013, in the Bankruptcy Cases, as amended or supplemented from time to time, including any exhibits, supplements, annexes, appendices and schedules thereto, as confirmed by the Bankruptcy Court
pursuant to the Confirmation Order. 
 “Pledge Agreement” shall mean that certain Collateral Pledge Agreement executed by
Holdco in favor of Lender dated as of the Closing Date and any other pledge agreements executed subsequent to the Closing Date by any other Person to secure the Obligations. 

“Pro Forma Balance Sheet” shall have the meaning set forth in Section 5.5(a) hereof. 

“Pro Forma Financial Statements” shall have the meaning set forth in Section 5.5(b) hereof. 

“Projections” shall have the meaning set forth in Section 5.5(b) hereof. 

“Properly Contested” shall mean, in the case of any Indebtedness, Lien or Tax, as applicable, of any Person that are not paid
as and when due or payable by reason of such Person’s bona fide dispute concerning its liability to pay the same or concerning the amount thereof: (a) such Indebtedness, Lien or Tax, as applicable, are being properly contested in good
faith by appropriate proceedings promptly instituted and diligently conducted; (b) such Person has established appropriate reserves as shall be required in conformity with GAAP; (c) the non-payment of such Indebtedness or Tax will not have
a Material Adverse Effect or will not result in the forfeiture of any assets of such Person; (d) no Lien is imposed upon any of such Person’s assets with respect to such Indebtedness or Tax unless enforcement of such Lien is stayed during
the period prior to the final resolution or disposition of such dispute; and (e) if such Indebtedness or Lien, as applicable, results from, or is determined by the entry, rendition or issuance against a Person or any of its assets of a
judgment, writ, order or decree, enforcement of such judgment, writ, order or decree is stayed pending a timely appeal or other judicial review. 

“Published Rate” shall mean the rate of interest published each Business Day in the Wall Street Journal “Money
Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the LIBOR Rate for a one month period as published in
another publication selected by the Lender). 
 “Purchasing CLO” shall have the meaning set forth in Section 17.3(d)
hereof. 
 “Purchasing Lender” shall have the meaning set forth in Section 17.3(c) hereof. 

“Qualifying IPO” means the issuance by Holdco (or any successor under Section 7.1(a)) or any direct or indirect parent
of Holdco of its common equity interests in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8 or any comparable successor form) pursuant to an effective registration statement
filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering). 

  
 28 

 “RCRA” shall mean the Resource Conservation and Recovery Act, 42 U.S.C.
§§ 6901 et seq., as same may be amended from time to time. 
 “Real Property” shall mean all of the owned real
property identified on Schedule 4.4 hereto or any other real property that is hereafter owned by any Loan Party. 

“Receivables” shall mean and include, as to each Loan Party, all of such Loan Party’s accounts (as defined in Article 9
of the Uniform Commercial Code) and all of such Loan Party’s contract rights, instruments (including those evidencing indebtedness owed to such Loan Party by its Affiliates), documents, chattel paper (including electronic chattel paper),
general intangibles relating to accounts, contract rights, instruments, documents and chattel paper, and drafts and acceptances, credit card receivables and all other forms of obligations owing to such Loan Party arising out of or in connection with
the sale or lease of Inventory or the rendition of services, all supporting obligations, guarantees and other security therefor, whether secured or unsecured, now existing or hereafter created, and whether or not specifically sold or assigned to
Lender hereunder. 
 “Refinancing Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as:
(a) such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or extended, other than by the amount of premiums paid thereon and the fees and expenses incurred in
connection therewith and by the amount of unfunded commitments with respect thereto; (b) such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured as of the refinancing, renewal, or
extension) of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are or could reasonably be expected to be materially adverse to the interests of the Lender; (c) if the Indebtedness
that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable
to the Lender as those that were applicable to the refinanced, renewed, or extended Indebtedness; and (d) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations other
than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended. 

“Register” shall have the meaning set forth in Section 17.3(e) hereof. 

“Release” shall have the meaning set forth in Section 5.7(c)(i) hereof. 

“Reportable Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment,
criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is
reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law. 

  
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 “Reportable ERISA Event” shall mean a reportable event described in
Section 4043 of ERISA or the regulations promulgated thereunder (other than a “reportable event” for which the 30-day notice period is waived). 

“Required Lenders” shall mean Lenders holding at least fifty-one percent (51%) of the outstanding principal amount of
the Term Loan. 
 “Reserve Percentage” shall mean as of any day the maximum effective percentage in effect on such day as
prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently
referred to as “Eurocurrency Liabilities”. 
 “Sanctioned Country” shall mean a country subject to a sanctions
program maintained under any Anti-Terrorism Law. 
 “Sanctioned Person” shall mean any individual person, group, regime,
entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but not limited to the blocking of property
or rejection of transactions), under any Anti-Terrorism Law. 
 “SEC” shall mean the Securities and Exchange Commission or
any successor thereto. 
 “Secured Parties” shall mean the Lender, together with each other holder of any of the
Obligations, and the respective successors and assigns of each of them. 
 “Securities Act” shall mean the Securities Act
of 1933, as amended. 
 “Sponsor” shall mean NewCastle Investment Corp. 

“Senior Administrative Agent” shall mean PNC Bank, National Association in its capacity as administrative agent under the
Senior Loan Documents, the Senior Term Loan B Agent, or any successor lender (or other representative), as the case may be, under the Senior Loan Documents. 

“Senior Lender” shall mean “Lenders” as defined in the Senior Loan Documents. 

“Senior Lien Termination Date” means the date on which the Discharge of the Senior Obligations (as such term is defined in
the Subordination Agreement) has occurred. 
 “Senior Loans” shall mean the loans and Indebtedness evidenced by the Senior
Loan Documents. 
 “Senior Loan Documents” shall mean the Revolving Credit, Term Loan and Security Agreement dated as of
November 26, 2013 by and among the Borrower, Holdco, the Subsidiary Guarantors, the lenders party thereto in their capacities as lenders thereunder, the Senior Administrative Agent and the Senior Term Loan B Agent and all other instruments,
agreements and documents executed in connection therewith, as the same may be amended, restated, modified, supplemented or replaced from time to time. 

  
 30 

 “Senior Obligations” shall mean “Obligations” as defined in the Senior
Loan Documents. 
 “Senior Term Loan B Agent” shall mean Crystal Financial LLC in its capacity as term loan B agent under
the Senior Loan Documents, or any successor term loan B agent (or other representative), as the case may be, under the Senior Loan Documents. 

“Subordination Agreement” shall mean the Intercreditor and Subordination Agreement dated November 26, 2013 among Lender,
the Senior Administrative Agent and the Senior Term Loan B Agent attached hereto as Exhibit 1.2(b), as amended, restated, supplemented or replaced in accordance with the terms thereof. 

“Subsidiary” shall mean of any Person a corporation or other entity of whose Equity Interests having ordinary voting power
(other than Equity Interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation, or other Persons performing similar functions for such entity, are owned, directly or
indirectly, by such Person. 
 “Subsidiary Stock” shall mean (a) with respect to the Equity Interests issued to a Loan
Party by any Subsidiary (other than a Foreign Subsidiary), 100% of such issued and outstanding Equity Interests, and (b) with respect to any Equity Interests issued to a Loan Party by any Foreign Subsidiary (i) 100% of such issued and
outstanding Equity Interests not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) and (ii) 65% (or such greater percentage that, due to a change in an Applicable Law after the date hereof, (x) could not
reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such Loan Party and (y) could not reasonably be expected to
cause any material adverse tax consequences) of such issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)). 

“Tangible Net Worth” shall mean, at a particular date, (a) the aggregate amount of all assets of the Loan Parties on a
Consolidated Basis as may be properly classified as such in accordance with GAAP consistently applied excluding such other assets as are properly classified as intangible assets under GAAP, less (b) the aggregate amount of all
liabilities of the Loan Parties on a Consolidated Basis. 
 “Taxes” or “taxes” shall mean all present or
future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Body, including any interest, additions to tax or penalties applicable thereto. 

“Term” shall have the meaning set forth in Section 13.1 hereof. 

“Term Loan” shall have the meaning set forth in Section 2.3(a) hereof. 

“Term Loan Commitment” shall mean, as to Lender, the obligation of Lender to fund the Term Loan in an aggregate principal
equal to the Term Loan Commitment Amount. 

  
 31 

 “Term Loan Commitment Amount” shall mean, as to Lender, the term loan commitment
amount (if any) set forth below Lender’s name on the signature page hereof (or, in the case of Lender that became party to this Agreement after the Closing Date pursuant to Section 17.3(c) or (d) hereof, the term loan commitment
amount of Lender as set forth in the applicable Commitment Transfer Supplement), as the same may be adjusted upon any assignment by or to Lender pursuant to Section 17.3(c) or (d) hereof. 

“Term Loan Commitment Percentage” shall mean, as to Lender, the Term Loan Commitment Percentage (if any) set forth below
Lender’s name on the signature page hereof (or, in the case of Lender that became party to this Agreement after the Closing Date pursuant to Section 17.3(c) or (d) hereof, the Term Loan Commitment Percentage (if any) of Lender as set
forth in the applicable Commitment Transfer Supplement), as the same may be adjusted upon any assignment by or to Lender pursuant to Section 17.3(c) or (d) hereof. 

“Term Loan Note” shall mean, collectively, the promissory notes described in Section 2.3 hereof. 

“Term Loan Rate” shall mean (a) with respect to any portion of the Term Loan that is a Domestic Rate Loan, an
interest rate per annum equal to the sum of the Applicable Margin plus the Alternate Base Rate and (b) with respect to any portion of the Term Loan that is a LIBOR Rate Loan, the sum of the Applicable Margin plus the LIBOR Rate.

 “Termination Event” shall mean: (a) a Reportable ERISA Event with respect to any Pension Benefit Plan; (b) the
withdrawal of any Loan Party or any member of the Controlled Group from a Pension Benefit Plan during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations
that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) the providing of notice of intent to terminate a Pension Benefit Plan in a distress termination described in Section 4041(c) of ERISA; (d) the commencement
of proceedings by the PBGC to terminate a Pension Benefit Plan or a Multiemployer Plan; (e) any event or condition (a) which would constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Plan, or (b) that may result in the termination of a Multiemployer Plan pursuant to Section 4041A of ERISA; (f) the partial or complete withdrawal, within the meaning of Section 4203 or 4205 of ERISA, of any
Loan Party or any member of the Controlled Group from a Multiemployer Plan; (g) notice that a Multiemployer Plan is subject to Section 4245 of ERISA; or (h) the imposition by the Internal Revenue Service, the Department of Labor or
the PBGC of any material liability under Title IV of ERISA, other than for PBGC premiums due (but not delinquent and not corrected), upon any Loan Party or any member of the Controlled Group. 

“Total Assets” means the total assets of Holdco, the Borrower and its Subsidiaries, determined on a consolidated basis in
accordance with GAAP, as shown on the most recent balance sheet of the Company with such pro forma adjustments as are appropriate. 

“Toxic Substance” shall mean and include any material present on the Real Property (including the Leasehold Interests) which
has been shown to have significant adverse effect on human health or which is subject to regulation under the Toxic Substances Control Act (TSCA), 15 U.S.C. §§ 2601 et seq., applicable state law, or any other applicable Federal or state
laws now in force or hereafter enacted relating to toxic substances. “Toxic Substance” includes but is not limited to asbestos, polychlorinated biphenyls (PCBs) and lead-based paints. 

  
 32 

 “Trademark Security Agreement” shall mean the Trademark Security Agreement,
dated as of the Closing Date, between the Loan Parties party thereto and the Lender, as amended, restated, supplemented or replaced. 

“Transaction Expenses” shall have the meaning set forth in the definition of “EBITDA”. 

“Transactions” shall have the meaning set forth in Section 5.5(a) hereof. 

“Transferee” shall have the meaning set forth in Section 17.3(d) hereof. 

“Unfunded Capital Expenditures” shall mean, as to any Loan Party, without duplication, a Capital Expenditure funded from such
Loan Party’s internally generated cash flow. 
 “Uniform Commercial Code” shall have the meaning set forth in
Section 1.3 hereof. 
 “USA PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

1.3. Uniform Commercial Code Terms. All terms used herein and defined in the Uniform Commercial Code as adopted in the State of New
York from time to time (the “Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein. Without limiting the foregoing, the terms “accounts”, “chattel paper” (and
“electronic chattel paper” and “tangible chattel paper”), “commercial tort claims”, “deposit accounts”, “documents”, “equipment”, “financial asset”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment property”, “letter-of-credit rights”, “payment intangibles”, “proceeds”, “promissory
note” “securities”, “software” and “supporting obligations” as and when used in the description of Collateral shall have the meanings given to such terms in Articles 8 or 9 of the Uniform Commercial Code. To the
extent the definition of any category or type of collateral is expanded by any amendment, modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such amendment, modification or
revision. 
 1.4. Certain Matters of Construction. The terms “herein”, “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. 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. Any pronoun used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein in the singular also include the plural and vice versa. All references to statutes and
related regulations shall include any amendments of same and any successor statutes and regulations. Unless otherwise provided, all references to any instruments or agreements to which Lender is a party, including references to any of the Other
Documents, shall include any and all modifications, supplements or amendments thereto, any and all restatements or replacements thereof and any and all extensions or renewals thereof. Except as otherwise expressly provided for herein, all references
herein to the time of day shall mean the 

  
 33 

 
time in New York, New York. Unless otherwise provided, all financial calculations shall be performed with Inventory valued on a first-in, first-out basis. Whenever the words “including”
or “include” shall be used, such words shall be understood to mean “including, without limitation” or “include, without limitation”. A Default or an Event of Default shall be deemed to exist at all times during the
period commencing on the date that such Default or Event of Default occurs to the date on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default or an Event of Default, shall
“continue” or be “continuing” until such Default or Event of Default has been waived in writing by Required Lenders or cured in accordance with the terms hereof. Wherever the phrase “to the best of Loan Parties’
knowledge” or words of similar import relating to the knowledge or the awareness of any Loan Party are used in this Agreement or Other Documents, such phrase shall mean and refer to (i) the actual knowledge of a senior officer of any Loan
Party or (ii) the knowledge that a senior officer would have obtained if he/she had engaged in a good faith and diligent performance of his/her duties, including the making of such reasonably specific inquiries as may be necessary of the
employees or agents of such Loan Party and a good faith attempt to ascertain the existence or accuracy of the matter to which such phrase relates. All covenants hereunder shall be given independent effect so that if a particular action or condition
is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within the limitations of, another covenant shall not avoid the occurrence of a default if such action is taken or condition exists. In
addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same
or similar subject matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder. 
 II.
ADVANCES, PAYMENTS. 
 2.1. Reserved. 

2.2. Procedures for Selection of Applicable Interest Rates. 

(a) Reserved. 
 (b) In the event
Borrower desires to obtain a LIBOR Rate Loan for the Term Loan, Borrower shall give Lender written notice by no later than 1:00 p.m. three (3) Business Days (or such shorter period as the Lender shall agree) prior to the Closing Date,
specifying (i) the date of the proposed borrowing (which shall be a Business Day), (ii) the type of borrowing and the amount of such Advance to be borrowed, which amount shall be in a minimum amount of $1,000,000 and in integral multiples
of $500,000 thereafter, and (iii) the duration of the first Interest Period therefor. Interest Periods for LIBOR Rate Loans shall be for one, two or three months; provided that, if an Interest Period would end on a day that is not a Business
Day, it shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the Interest Period shall end on the next preceding Business Day. No LIBOR Rate Loan shall be made available to Borrower
during the continuance of a Default or an Event of Default. 

  
 34 

 (c) Each Interest Period of a LIBOR Rate Loan shall commence on the date such LIBOR Rate Loan is
made and shall end on such date as Borrower may elect as set forth in subsection (b)(iii) above, provided that the exact length of each Interest Period shall be determined in accordance with the practice of the interbank market for offshore Dollar
deposits and no Interest Period shall end after the last day of the Term. 
 (d) Borrower shall elect the initial Interest Period applicable
to a LIBOR Rate Loan by its notice of borrowing given to Lender pursuant to Section 2.2(b) or by its notice of conversion given to Lender pursuant to Section 2.2(e), as the case may be. Borrower shall elect the duration of each succeeding
Interest Period by giving irrevocable written notice to Lender of such duration not later than 1:00 p.m. on the day which is three (3) Business Days prior to the last day of the then current Interest Period applicable to such LIBOR Rate Loan.
If Lender does not receive timely notice of the Interest Period elected by Borrower, Borrower shall be deemed to have elected to convert such LIBOR Rate Loan to a Domestic Rate Loan subject to Section 2.2(e) below. 

(e) Provided that no Default or Event of Default shall have occurred and be continuing, Borrower may, on the last Business Day of the then
current Interest Period applicable to any outstanding LIBOR Rate Loan, or on any Business Day with respect to Domestic Rate Loans, convert any such loan into a loan of another type in the same aggregate principal amount provided that any conversion
of a LIBOR Rate Loan shall be made only on the last Business Day of the then current Interest Period applicable to such LIBOR Rate Loan. If Borrower desires to convert a loan, Borrower shall give Lender written notice by no later than 1:00 p.m.
(i) on the day which is three (3) Business Days prior to the date on which such conversion is to occur with respect to a conversion from a Domestic Rate Loan to a LIBOR Rate Loan, or (ii) on the day which is one (1) Business Day
prior to the date on which such conversion is to occur (which date shall be the last Business Day of the Interest Period for the applicable LIBOR Rate Loan) with respect to a conversion from a LIBOR Rate Loan to a Domestic Rate Loan, specifying, in
each case, the date of such conversion, the loans to be converted and if the conversion is to a LIBOR Rate Loan, the duration of the first Interest Period therefor. 

(f) Reserved. 
 (g) Borrower shall
indemnify Lender and hold Lender harmless from and against any and all losses or expenses that Lender may sustain or incur as a consequence of any prepayment, conversion of or any default by Borrower in the payment of the principal of or interest on
any LIBOR Rate Loan or failure by Borrower to complete a borrowing of, a prepayment of or conversion of or to a LIBOR Rate Loan after notice thereof has been given, including, but not limited to, any interest payable by Lender to lenders of funds
obtained by it in order to make or maintain its LIBOR Rate Loans hereunder. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Lender to Borrower shall be conclusive absent manifest error. 

(h) Notwithstanding any other provision hereof, if any Applicable Law, treaty, regulation or directive, or any change therein or in the
interpretation or application thereof, including without limitation any Change in Law, shall make it unlawful for Lender (for purposes of this subsection (h), the term “Lender” shall include Lender and the office or branch where

  
 35 

 
Lender or any Person controlling Lender makes or maintains any LIBOR Rate Loans) to make or maintain its LIBOR Rate Loans, Borrower shall, if any affected LIBOR Rate Loans are then outstanding,
promptly upon request from the Lender, either pay all such affected LIBOR Rate Loans or convert such affected LIBOR Rate Loans into loans of another type. If any such payment or conversion of any LIBOR Rate Loan is made on a day that is not the last
day of the Interest Period applicable to such LIBOR Rate Loan, Borrower shall pay the Lender, upon Lender’s request, such amount or amounts set forth in clause (g) above. A certificate as to any additional amounts payable pursuant to the
foregoing sentence submitted by Lender to Borrower shall be conclusive absent manifest error. 
 2.3. Term Loan. 

(a) Subject to the terms and conditions of this Agreement, Lender will make a term loan to Borrower in the amount equal to $50,000,000 (the
“Term Loan”). The Term Loan shall be advanced on the Closing Date and shall be, with respect to principal, payable at the end of the Term, subject to acceleration upon the occurrence and continuation of an Event of Default under
this Agreement pursuant to Section 11.1 or termination of this Agreement. The Term Loan shall be evidenced by a promissory note (collectively, the “Term Loan Note”) in substantially the form attached hereto as Exhibit 2.3(a).
The Term Loan may be a Domestic Rate Loan or a LIBOR Rate Loan, or a combination thereof, as Borrower may request; and in the event that Borrower desires to obtain or extend any portion of the Term Loan as a LIBOR Rate Loan or to convert any portion
of the Term Loan from a Domestic Rate Loan to a LIBOR Rate Loan, Borrower shall comply with the notification requirements set forth in Sections 2.2(b) and/or (e) and the provisions of Sections 2.2(b) through (h) shall apply. The Term Loan
shall be disbursed from whichever office or other place Lender may designate and, together with any and all other Obligations of Borrower to Lender, shall be charged to Borrower’s Account on Lender’s books. 

2.4. Reserved. 
 2.5.
Disbursement of Advance Proceeds. All Advances shall be disbursed from whichever office or other place Lender may designate from time to time and, together with any and all other Obligations of Borrower to Lender, shall be charged to
Borrower’s Account on Lender’s books. 
 2.6. Making and Settlement of Advances. After the effectiveness of a participation
made pursuant to Section 17.3(b) or an assignment made pursuant to Section 17.3(c) or (d), if Lender or any Participant (a “Benefited Lender”) shall at any time receive any payment of all or part of its Advances, or
interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off) in a greater proportion than any such payment to and Collateral received by any other Lender, if any, in respect of such other
Lender’s Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly permitted hereunder, such Benefited Lender shall purchase for cash from the other Lender a participation in such portion of
each such other Lender’s Advances, or shall provide such other Lender with the benefits of any such Collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such
Collateral or proceeds ratably with each of the other Lender; provided, however, that if all or any portion of 

  
 36 

 
such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery,
but without interest. Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender so purchasing a portion of another Lender’s Advances may exercise all rights of payment (including
rights of set-off) with respect to such portion as fully as if Lender were the direct holder of such portion, and the obligations owing to each such purchasing Lender in respect of such participation and such purchased portion of any other
Lender’s Advances shall be part of the Obligations secured by the Collateral, and the obligations owing to each such purchasing Lender in respect of such participation and such purchased portion of any other Lender’s Advances shall be part
of the Obligations secured by the Collateral. 
 2.7. Statement of Account. Lender shall maintain, in accordance with its customary
procedures, a loan account (“Borrower’s Account”) in the name of Borrower. 
 2.8. Manner and Repayment of
Advances. 
 (a) The Term Loan shall be due and payable as provided in Section 2.3(a) hereof and shall be due and payable in full on
the last day of the Term, subject to mandatory prepayments as herein provided. Notwithstanding the foregoing, all Advances shall be subject to earlier repayment upon (x) acceleration in accordance with the terms of this Agreement upon the
occurrence and continuation of an Event of Default under this Agreement or (y) termination of this Agreement. Each payment (including each prepayment) by Borrower on account of the principal of the Term Loan shall be applied to the outstanding
principal amount of the Term Loan until the Term Loan is paid in full. 
 (b) Borrower recognizes that the amounts evidenced by checks,
notes, drafts or any other items of payment relating to and/or proceeds of Collateral may not be collectible by Lender on the date received by Lender. Lender shall conditionally credit Borrower’s Account for each item of payment (i) on the
next Business Day after the Business Day on which such item of payment is received by Lender in the case of payment made via wire transfer or electronic depository check and (ii) on the Business Day on which such payment constitutes good funds
in the case of payment in any other form (such Business Day on which each such item of payment is so credited shall be referred to, with respect to such item, as the “Application Date”). Lender is not, however, required to credit
Borrower’s Account for the amount of any item of payment which is unsatisfactory to Lender and Lender may charge Borrower’s Account for the amount of any item of payment which is returned, for any reason whatsoever, to Lender unpaid.
Subject to the foregoing, Borrower agrees that for purposes of computing the interest charges under this Agreement, each item of payment received by Lender shall be deemed applied by Lender on account of the Obligations on its respective Application
Date. 
 (c) All payments of principal, interest and other amounts payable hereunder (to the extent payable), or under any of the Other
Documents shall be made to Lender for the benefit of the Lender in accordance with its Term Loan Commitment Percentage at the Payment Office not later than 1:00 P.M. on the due date therefor in lawful money of the United States of America in federal
funds or other funds immediately available to the Lender. The Lender shall have the right to effectuate payment of any and all Obligations due and owing hereunder by charging Borrower’s Account. 

  
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 (d) Except as expressly provided herein, all payments (including prepayments) to be made by
Borrower on account of principal, interest, fees and other amounts payable hereunder shall be made without deduction, setoff or counterclaim and shall be made to the Lender to the Payment Office, in each case on or prior to 1:00 p.m., in Dollars and
in immediately available funds. 
 2.9. Mandatory and Optional Prepayments. 

(a) Subject to Section 2.9(e), when any Loan Party sells or otherwise disposes of any Collateral other than (i) Inventory in the
Ordinary Course of Business, (ii) pursuant to a “Permitted Disposition” or (iii) pursuant to a transaction permitted by Section 7.1(a), Loan Parties shall repay the Advances in an amount equal to the Net Proceeds of such
sale (i.e., gross proceeds less the reasonable direct costs of such sales or other dispositions), such repayments to be made promptly but in no event more than one (1) Business Day (or three (3) Business Days in the case of a disposition
of any Collateral in an amount less than $100,000) following receipt of such Net Proceeds, and until the date of payment, such proceeds shall be held in trust for Lender or the Senior Administrative Agent pursuant to the Senior Loan Documents. The
foregoing shall not be deemed to be implied consent to any such sale otherwise prohibited by the terms and conditions hereof. Such repayments shall be applied to the outstanding principal amount of the Term Loan until the Term Loan is paid in full.

 (b) Subject to Section 2.9(e), Borrower shall prepay the outstanding amount of the Advances in an amount equal to (I) if as of
the end of such fiscal quarter, the Leverage Ratio is less than 2.50 to 1.00, zero percent (0%), (II) if as of the end of such fiscal quarter, the Leverage Ratio is equal to or greater than 2.50 to 1.00 but less than 2.75 to 1.00, fifty percent
(50%), and (III) if as of the end of such fiscal quarter, the Leverage Ratio is equal to or greater than 2.75 to 1.00, one hundred percent (100%), of Excess Cash Flow for each fiscal quarter commencing with the fiscal year ending December 31,
2014 minus the amount of any optional prepayments during such fiscal quarter pursuant to Section 2.9(e) hereof, payable upon delivery of the financial statements to Lender referred to in and required by Section 9.8 for such fiscal
quarter but in any event not later than after the end of each such fiscal quarter, which amount shall be applied to the outstanding principal amount of the Term Loan until the Term Loan is paid in full. In the event that the financial statements are
not so delivered, then a calculation based upon estimated amounts shall be made by Lender upon which calculation Borrower shall make the prepayment required by this Section 2.9(b), subject to adjustment when the financial statements are
delivered to Lender as required hereby. The calculation made by Lender shall not be deemed a waiver of any rights Lender may have as a result of the failure by Borrower to deliver such financial statements. 

(c) Subject to Section 2.9(e), in the event of any issuance or other incurrence of Indebtedness by any Loan Party that is not permitted
under Section 7.8 of this Agreement, such Loan Party shall, no later than one (1) Business Day after the receipt by such Loan Party of the cash proceeds from any such issuance or incurrence of Indebtedness, repay the Advances in an amount
equal to one hundred percent (100%) of such cash proceeds in the case of such incurrence or issuance of Indebtedness. Such repayments shall be applied to the outstanding principal amount of the Term Loan until the Term Loan is paid in full.

  
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 (d) Subject to Section 2.9(e), all proceeds received by any Loan Party or Lender
(i) under any insurance policy on account of damage or destruction of any assets or property of any Borrower, or (ii) as a result of any taking or condemnation of any assets or property shall be applied in accordance with Section 6.6
hereof (and subject to the terms of the Subordination Agreement). Notwithstanding the foregoing, and provided no Event of Default has occurred and is continuing, such application shall not be required to the extent such Loan Party reinvests (or
enters into a legally binding commitment to reinvest) such Net Cash Proceeds in assets (other than Inventory) of a kind then used or usable in a similar business or business permitted under Section 7.9, within one hundred eighty (180) days
after the date of receipt of such Net Proceeds, which assets (unless the same constitute Excluded Property) are subject to Lender’s security interest (subject to the Subordination Agreement and to Permitted Encumbrances). 

(e) Notwithstanding anything to the contrary, no prepayment of Term Loan shall be required or permitted pursuant to this Section 2.9
(i) if such prepayment is prohibited by the Subordination Agreement and/or any customary intercreditor agreement or (ii) except to the extent of the amount of Excess Cash Flow, Net Proceeds, cash proceeds of any issuance or other
incurrence of Indebtedness by any Loan Party that is not permitted under Section 7.8 of this Agreement, insurance or condemnation proceeds, as the case may be, required to be applied toward such prepayment remaining after the satisfaction of
any Senior Obligations to prepay or repurchase any Indebtedness thereunder or the waiver of such prepayment obligations (it being understood that amounts actually applied toward prepayment of the Senior Obligations shall reduce the amount required
to be applied toward prepayments hereunder on a dollar-for-dollar basis). 
 (f) Subject to the terms of the Subordination Agreement,
Borrower may, at any time and from time to time, prepay the Term Loan, in whole or in part, in minimum amounts of $1,000,000, upon notice by Borrower to the Lender specifying the date and amount of such prepayment. Such repayments shall be applied
to the outstanding principal amount of the Term Loan until the Term Loan is paid in full. 
 2.10. Use of Proceeds. 

(a) Borrower shall apply the proceeds of Advances to (i) make distributions and fund other payments pursuant to the Plan of Reorganization
(the “POR Distributions”) and (ii) pay fees and expenses relating to this transaction. 
 (b) Without limiting the
generality of Section 2.10(a) above, neither the Borrower, the Guarantors nor any other Person which may in the future become party to this Agreement or the Other Documents as a Borrower or Guarantor, intends to use nor shall they use any
portion of the proceeds of the Advances, directly or indirectly, for any purpose in violation of Applicable Law. 

  
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 III. INTEREST AND FEES. 

3.1. Interest. Interest on Advances shall be payable to the applicable Lender in arrears on the first day of each month with respect to
Domestic Rate Loans and, with respect to LIBOR Rate Loans, at the end of each Interest Period; provided, that at any time interest is not payable pursuant to the terms of the Subordination Agreement, interest shall continue to accrue
(including interest on interest); provided, further that the Borrower may pay any accrued and unpaid interest (including any accrued interest on interest pursuant to the prior proviso) in any future Interest Period; provided,
however that all accrued and unpaid interest shall be due and payable at the end of the Term. Interest charges shall be computed on the actual principal amount of Advances outstanding during the month (and including any interest on interest
that accrues pursuant to the prior sentence) at a rate per annum equal to the Term Loan Rate (the “Contract Rate”). Whenever, subsequent to the date of this Agreement, the Alternate Base Rate is increased or decreased, the
applicable Contract Rate shall be similarly changed without notice or demand of any kind by an amount equal to the amount of such change in the Alternate Base Rate during the time such change or changes remain in effect. The LIBOR Rate shall be
adjusted with respect to LIBOR Rate Loans without notice or demand of any kind on the effective date of any change in the Reserve Percentage as of such effective date. Upon and after the occurrence of an Event of Default, and during the continuation
thereof, (i) with respect to the Advances, at the option of Lender (or, in the case of any Event of Default under Section 10.7, immediately and automatically upon the occurrence of any such Event of Default without the requirement of any
affirmative action by any party), the Term Loan shall bear interest at the applicable Contract Rate plus two percent (2%) per annum ( the “Default Rate”). 

3.2. Reserved. 
 3.3.
Reserved. 
 3.4. Fee Letter. Borrower shall pay the amounts required to be paid in the Fee Letter in the manner and at the
times required by the Fee Letter. 
 3.5. Computation of Interest and Fees. Interest and fees hereunder shall be computed on the basis
of a year of 360 days and for the actual number of days elapsed in the period during which the interest or fees accrue. If any payment to be made hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be
extended to the next succeeding Business Day and interest thereon shall be payable at the Contract Rate during such extension. 
 3.6.
Maximum Charges. In no event whatsoever shall interest and other charges charged hereunder, plus any other amounts paid in connection herewith, exceed the highest rate permissible under Applicable Law. Notwithstanding anything contained
herein to the contrary, in the event interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under Applicable Law: (i) the interest rates hereunder will be reduced to the maximum rate permitted under
Applicable Law; (ii) such excess amount shall be first applied to any unpaid principal balance owed by Borrower; and (iii) if the then remaining excess amount is greater than the previously unpaid principal balance, Lender shall promptly
refund such excess amount to Borrower and the provisions hereof shall be deemed amended to provide for such permissible rate. 

  
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 3.7. Increased Costs. In the event that any Applicable Law or any Change in Law or
compliance by Lender (for purposes of this Section 3.7, the term “Lender” shall include any corporation or bank controlling Lender and the office or branch where Lender makes or maintains any LIBOR Rate Loans) with any request or
directive (whether or not having the force of law) from any central bank or other financial, monetary or other authority, shall: 
 (a)
subject Lender to any tax of any kind whatsoever with respect to this Agreement or any LIBOR Rate Loan, or change the basis of taxation of payments to Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 3.10 and the imposition of, or any change in the rate of, any Excluded Tax payable by Lender); 
 (b) impose, modify or deem
applicable any reserve, special deposit, assessment, special deposit, compulsory loan, insurance charge or similar requirement against assets held by, or deposits in or for the account of, advances or loans by, or other credit extended by, any
office of Lender, including pursuant to Regulation D of the Board of Governors of the Federal Reserve System; or 
 (c) impose on Lender or
the London interbank LIBOR market any other condition, loss or expense (other than Taxes) affecting this Agreement or any Other Document or any Advance made by Lender; 

and the result of any of the foregoing is to increase the cost to Lender of converting to, continuing, renewing or maintaining its
Advances hereunder by an amount that Lender reasonably deems to be material or to reduce the amount of any payment (whether of principal, interest or otherwise) in respect of any of the Advances by an amount that Lender deems to be material, then,
in any case Borrower shall promptly pay Lender, upon its demand, such additional amount as will compensate Lender for such additional cost or such reduction, as the case may be; provided that no Lender shall be entitled to compensation for
any increased costs under this Section 3.7 if it shall not be the general policy or practice of Lender to demand such compensation in similar circumstances and unless such demand is generally consistent with Lender’s treatment of
comparable borrowers of Lender in the United States with respect to similarly affected commitments or loans. Lender shall certify the amount of such additional cost or reduced amount to Borrower, and such certification shall be conclusive absent
manifest error. 
 3.8. Basis For Determining Interest Rate Inadequate or Unfair. In the event that Lender shall have
reasonably determined that: 
 (a) reasonable means do not exist for ascertaining the LIBOR Rate applicable pursuant to Section 2.2
hereof for any Interest Period; or 
 (b) Dollar deposits in the relevant amount and for the relevant maturity are not available in the
London interbank LIBOR market, with respect to an outstanding LIBOR Rate Loan, a proposed LIBOR Rate Loan, or a proposed conversion of a Domestic Rate Loan into a LIBOR Rate Loan; or 

  
 41 

 (c) the maintenance of any LIBOR Rate Loan has been made impracticable or unlawful by compliance
by Lender in good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or with any request or directive of any such Governmental Body (whether or not having the force of law), 

then Lender shall give Borrower prompt written or telephonic notice of such determination. If such notice is given, (i) any Domestic Rate
Loan or LIBOR Rate Loan which was to have been converted to an affected type of LIBOR Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrower shall notify Lender, no later than 1:00 p.m. two (2) Business Days
prior to the proposed conversion, shall be maintained as an unaffected type of LIBOR Rate Loan, and (ii) any outstanding affected LIBOR Rate Loans shall be converted into a Domestic Rate Loan, or, if Borrower shall notify Lender, no later than
1:00 p.m. two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected LIBOR Rate Loan, shall be converted into an unaffected type of LIBOR Rate Loan, on the last Business Day of the then
current Interest Period for such affected LIBOR Rate Loans (or sooner, if Lender cannot continue to lawfully maintain such affected LIBOR Rate Loan). Until such notice has been withdrawn, Borrower shall not have the right to convert a Domestic Rate
Loan or an unaffected type of LIBOR Rate Loan into an affected type of LIBOR Rate Loan. 
 3.9. Capital Adequacy. 

(a) In the event that Lender shall have determined that any Applicable Law or guideline regarding capital adequacy, or any Change in Law or any
change in the interpretation or administration thereof by any Governmental Body, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Lender (for purposes of this Section 3.9, the term
“Lender” shall include any corporation or bank controlling Lender and the office or branch where Lender (as so defined) maintains any LIBOR Rate Loans) with any request or directive regarding capital adequacy (whether or not having the
force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on Lender’s capital as a consequence of its obligations hereunder to a level below that which Lender could have
achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to capital adequacy) by an amount deemed by Lender to be material, then, from time to time, Borrower shall pay upon demand to Lender
such additional amount or amounts as will compensate Lender for such reduction. In determining such amount or amounts, Lender may use any reasonable averaging or attribution methods. The protection of this Section 3.9 shall be available to
Lender regardless of any possible contention of invalidity or inapplicability with respect to the Applicable Law, rule, regulation, guideline or condition. 

(b) A certificate of Lender setting forth such amount or amounts as shall be necessary to compensate Lender with respect to Section 3.9(a)
hereof when delivered to Borrower shall be conclusive absent manifest error. 

  
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 3.10. Taxes. 

(a) Any and all payments by or on account of any Obligations hereunder or under any Other Document shall be made free and clear of and without
reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if Borrower shall be required by Applicable Law to withhold or 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 withholdings or deductions (including those applicable to additional sums payable under this Section) Lender or any Participant, as the case may be, receives an amount equal to the
sum it would have received had no such deductions been made, (ii) Borrower shall make such withholding or deductions and (iii) Borrower shall timely pay the full amount withheld or deducted to the relevant Governmental Body in accordance
with Applicable Law. 
 (b) Without limiting the provisions of Section 3.10(a) above, Borrower shall timely pay any Other Taxes to the
relevant Governmental Body in accordance with Applicable Law. 
 (c) Borrower shall indemnify Lender and any Participant, within ten
(10) days after demand therefor, for the full 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) payable or paid by Lender or
such Participant, 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 Body. A certificate as to the amount of such payment or liability delivered to Borrower by Lender or any Participant shall be conclusive absent manifest error. 

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by Borrower to a Governmental Body, Borrower shall deliver to
Lender the original or a certified copy of a receipt issued by such Governmental Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Lender. 

(e) If Lender is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which Borrower is resident
for tax purposes, or under any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any Other Document, Lender shall deliver to Borrower, at the time or times prescribed by Applicable Law or reasonably requested
by Borrower or Lender, 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 of withholding. In addition, Lender, if requested by Borrower,
shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower as will enable Borrower to determine whether or not Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than documentation set forth in clauses (i), (ii), (iii) and (v) below) shall not be required if
in the Lender’s reasonable judgment such completion, execution or submission would subject Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Lender. Notwithstanding the
foregoing, Lender shall deliver to Borrower 

  
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(in such number of copies as shall be requested by Borrower) on or prior to the date of becoming a Lender under this Agreement (and from time to time thereafter upon the request of Borrower, but
only if Lender is legally entitled to do so), whichever of the following is applicable: 
 (i) two (2) duly completed valid originals
of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of America is a party, 
 (ii) two
(2) duly completed valid originals of IRS Form W-8ECI, 
 (iii) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) two duly completed valid originals of IRS Form
W-8BEN, 
 (iv) any successor or additional form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in
United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower to determine the withholding or deduction required to be made, or 

(v) To the extent that Lender is not a Foreign Lender, Lender shall submit to Borrower two (2) originals of an IRS Form W-9 or any
successor form establishing that the Lender is not a Foreign Lender and is not subject to U.S. backup withholding tax. 
 (f) If a payment
made to a Lender or Participant under this Agreement or any Other Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Person fails to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), Lender or such Participant shall deliver to Borrower (A) a certification signed by the chief financial officer, principal accounting officer, treasurer or controller of
such Person, and (B) other documentation reasonably requested by Borrower sufficient for Borrower to comply with their obligations under FATCA and to determine that such Participant or Lender has complied with such applicable reporting
requirements. 
 3.11. Replacement of Lender. If Lender (an “Affected Lender”) (a) makes demand upon Borrower
for (or if Borrower is otherwise required to pay) amounts pursuant to Section 3.7 or 3.9 hereof, (b) is unable to maintain LIBOR Rate Loans as a result of a condition described in Section 2.2(h) hereof, or (c) denies any consent
requested pursuant to Section 17.2(b) hereof, Borrower may, within ninety (90) days of receipt of such demand, notice (or the occurrence of such other event causing Borrower to be required to pay such compensation or causing
Section 2.2(h) hereof to be applicable), or denial of a request by Lender pursuant to Section 17.2(b) hereof, as the case may be, by notice in writing to Lender and such Affected Lender (i) request the Affected Lender to cooperate
with Borrower in obtaining a replacement Lender satisfactory to Borrower (the “Replacement Lender”); (ii) request the non-Affected Lender to acquire and assume all of the Affected Lender’s Advances and its Term Loan
Commitment Percentages as 

  
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provided herein, but Lender shall not be under any obligation to do so; or (iii) propose a Replacement Lender subject to approval by Lender in its good faith business judgment. If any
satisfactory Replacement Lender shall be obtained, and/or if any one or more of the non-Affected Lender shall agree to acquire and assume all of the Affected Lender’s Advances and its Term Loan Commitment Percentages then such Affected Lender
shall assign, in accordance with Section 17.3 hereof, all of its Advances and its Term Loan Commitment Percentages and other rights and obligations under this Agreement and the Other Documents to such Replacement Lender or non-Affected Lender,
as the case may be, in exchange for payment of the principal amount so assigned and all interest and fees accrued on the amount so assigned, plus all other Obligations then due and payable to the Affected Lender. 

3.12. Mitigation. If Lender requests compensation under Section 3.7 or Section 3.9 or if Borrower is required to pay any
Indemnified Taxes or additional amounts pursuant to Section 3.10(a) to Lender or any Participant, as the case may be, or any Governmental Authority for the account of Lender or any such Participant, then Lender or any such Participant shall use
reasonable efforts to designate a different lending office for funding or booking its loans hereunder or to assign its right and obligations hereunder (or, in the case of a Participant, its rights and obligations under any participation agreement)
to another of its offices, branches or affiliates, if, in the reasonable judgment of Lender or such Participant, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.7 or Section 3.10(a),
in the future, (ii) would not subject Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to Lender, (iii) would not require Lender to take any action inconsistent with its internal policies or
legal or regulatory restrictions, and (iv) would not otherwise be materially disadvantageous to Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by Lender in connection with any such designation or assignment.

 IV. COLLATERAL: GENERAL TERMS 
 4.1.
Security Interest in the Collateral. To secure the prompt payment and performance to Lender (and each other holder of any Obligations) of the Obligations, each Loan Party hereby assigns, pledges and grants to Lender for its benefit and each
other Secured Party, a continuing security interest in and to and Lien on all of its Collateral (subject to the terms of the Subordination Agreement), whether now owned or existing or hereafter created, acquired or arising and wheresoever located.
Each Loan Party shall provide Lender with written notice on a quarterly basis of all commercial tort claims for which a Loan Party has filed a complaint (or asserted a counterclaim) in court with a value of more than $250,000, such notice to contain
a brief description of the claim(s), the events out of which such claim(s) arose and the parties against which such claims have been asserted and the case title together with the applicable court and docket number. Upon delivery of each such notice,
such Loan Party shall be deemed to thereby grant to Lender a security interest and lien in and to such commercial tort claims described therein and all proceeds thereof (subject to the terms of the Subordination Agreement). Each Loan Party shall
provide Lender with written notice on a quarterly basis upon becoming the beneficiary under any letter of credit or otherwise obtaining any right, title or interest in any letter of credit rights, in each case, supporting obligations with a value of
more than $100,000, and shall take such actions as Controlling Agent may reasonably request in connection with the perfection of Lender’s security interest therein (subject to the terms of the Subordination Agreement). 

  
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 4.2. Perfection of Security Interest. Each Loan Party shall take all action that may be
necessary or desirable, or that Lender may reasonably request, so as at all times to maintain the validity, perfection, enforceability and priority of Lender’s security interest in and Lien on the Collateral or to enable Lender to protect,
exercise or enforce its rights hereunder and in the Collateral (and in each case subject to the terms of the Subordination Agreement), including, but not limited to, (i) immediately discharging all Liens other than Permitted Encumbrances,
(ii) using commercially reasonable efforts to obtain Lien Waiver Agreements, (iii) delivering to Lender (or its agent, designee or bailee pursuant to the Subordination Agreement), endorsed or accompanied by such instruments of assignment
as Lender may specify, and stamping or marking, in such manner as Lender may specify, any and all chattel paper, instruments, letters of credits and advices thereof and documents evidencing or forming a part of the Collateral and (iv) executing
and delivering financing statements, instruments of pledge, mortgages, notices and assignments, in each case in form and substance satisfactory to Controlling Agent, relating to the creation, validity, perfection, maintenance or continuation of
Lender’s security interest and Lien (subject to the terms of the Subordination Agreement) under the Uniform Commercial Code or other Applicable Law. By its signature hereto, each Loan Party hereby authorizes Lender to file against such Loan
Party, one or more financing, continuation or amendment statements pursuant to the Uniform Commercial Code in form and substance reasonably satisfactory to Lender (which statements may have a description of collateral which is broader than that set
forth herein, including without limitation a description of Collateral as “all assets” and/or “all personal property” of any Loan Party). All charges, expenses and fees Lender may incur in doing any of the foregoing, and any
local taxes relating thereto, shall be paid by Borrower to Lender for its benefit and for the benefit of Lender immediately upon demand. 

4.3. Preservation of Collateral. Following the occurrence and continuation of an Event of Default, in addition to the rights and
remedies set forth in Section 11.1 hereof but subject to the limitations set forth in Section 17.2 and the terms of the Subordination Agreement, Lender (or its agent, designee or bailee pursuant to the Subordination Agreement):
(a) may at any time take such steps as Lender (or its agent, designee or bailee) deems necessary to protect Lender’s interest in and to preserve the Collateral, including the hiring of security guards or the placing of other security
protection measures as Lender (or its agent, designee or bailee) may deem appropriate; (b) may employ and maintain at any of any Loan Party’s premises a custodian who shall have full authority to do all acts necessary to protect
Lender’s interests in the Collateral; (c) may lease warehouse facilities to which Lender (or its agent, designee or bailee) may move all or part of the Collateral; (d) may use any Loan Party’s owned or leased lifts, hoists,
trucks and other facilities or equipment for handling or removing the Collateral; and (e) shall have, and is hereby granted, a right of ingress and egress to the places where the Collateral is located, and may proceed over and through any of
Loan Parties’ owned or leased property. Each Loan Party shall cooperate fully with all of Lender ’s efforts (or the efforts of its agent, designee or bailee pursuant to the Subordination Agreement) to preserve the Collateral and will take
such actions to preserve the Collateral as Lender (or its agent, designee or bailee pursuant to the Subordination Agreement) may direct. 

  
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 4.4. Ownership and Location of Collateral. 

(a) With respect to the Collateral, at the time the Collateral becomes subject to Lender’s security interest: (i) each Loan Party
shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a security interest in each and every item of its respective Collateral to Lender; and, except for Permitted Encumbrances the Collateral shall be free
and clear of all Liens whatsoever; (ii) each document and agreement executed by each Loan Party or delivered to Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and endorsements of
each Loan Party that appear on such documents and agreements shall be genuine and each Loan Party shall have full capacity to execute same; and (iv) each Loan Party’s equipment and Inventory with a value of more than $250,000 shall be
located as set forth on Schedule 4.4 and shall not be removed from such location(s) without the prior written consent of Controlling Agent except with respect to the sale of Inventory in the Ordinary Course of Business, equipment to the extent
permitted in Section 7.1(b) hereof and vehicles and Equipment out for repair or in transit. 
 (b) (i) There is no location at which any
Loan Party has any Inventory (except for Inventory in transit), Equipment or other Collateral with a value of more than $250,000, other than those locations listed on Schedule 4.4(b)(i); provided, however, that Borrower may
amend Schedule 4.4(b)(i) at any time and from time to time, including on a quarterly basis at the time of delivery of a Compliance Certificate pursuant to Section 9.8 or at any other time so long as such amendment occurs by written notice to
Lender not less than 10 days; (ii) Schedule 4.4(b)(ii) hereto contains a correct and complete list, as of the Closing Date, of the legal names (if any) and addresses of each warehouse at which Inventory of any Loan Party is stored;
(iii) Schedule 4.4(b)(iii) hereto sets forth a correct and complete list as of the Closing Date of (A) each place of business of each Loan Party and (B) the chief executive office of each Loan Party; and (iv) Schedule 4.4(b)(iv)
hereto sets forth a correct and complete list as of the Closing Date of the location, by state and street address, of all Real Property or Leasehold Interests of each Loan Party, identifying which properties are owned and which are leased, together
with the names and addresses of any landlords. 
 4.5. Defense of Lender’s Interests. Until (a) payment and performance in
full of all of the Obligations and (b) termination of this Agreement, Lender’s interests in the Collateral shall continue in full force and effect. During such period no Loan Party shall, without Controlling Agent’s prior written
consent, pledge, sell (except for sales or other dispositions otherwise permitted in Section 7.1(b) hereof), assign, transfer, create or suffer to exist a Lien upon or encumber or allow or suffer to be encumbered in any way except for Permitted
Encumbrances, any part of the Collateral. Each Loan Party shall defend Lender’s interests in the Collateral against any and all Persons whatsoever. At any time during the occurrence and during the continuance of an Event of Default following
demand by Lender for payment of all Obligations, Lender (or its agent, designee or bailee pursuant to the Subordination Agreement) shall have the right to take possession of the indicia of the Collateral and the Collateral in whatever physical form
contained, including: labels, stationery, documents, instruments and advertising materials. If Lender (or its agent, designee or bailee) exercises this right to take possession of the Collateral, Loan Parties shall, upon demand, assemble it in the
best manner possible and make it available to Lender (or its agent, designee or bailee) at a place reasonably convenient to Lender (or its agent, designee or bailee). In addition, with respect to all Collateral, Lender shall be entitled to all of
the rights and remedies set forth herein and further provided by the Uniform Commercial Code or other Applicable Law. At any time during the occurrence and during the 

  
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continuance of an Event of Default and subject to the terms of the Subordination Agreement, each Loan Party shall, and Lender (or its agent, designee or bailee pursuant to the Subordination
Agreement may, at its option, instruct all suppliers, carriers, forwarders, warehousers or others receiving or holding cash, checks, Inventory, documents or instruments in which Lender holds a security interest to deliver same to Lender (or its
agent, designee or bailee)) and/or subject to Lender’s order and if they shall come into any Loan Party’s possession, they, and each of them, shall be held by such Loan Party in trust as Lender’s trustee, and such Loan Party will
immediately deliver them to Lender (or its agent, designee or bailee) in their original form together with any necessary endorsement. 
 4.6.
Inspection of Premises. At such reasonable times and intervals and with reasonable prior notice to the Borrower, Lender shall have full access to and the right to audit, check, inspect and make abstracts and copies from each Loan Party’s
books, records, audits, correspondence and all other papers relating to the Collateral and the operation of each Loan Party’s business. Lender and its agents may enter upon any premises of any Loan Party at any time during normal business
hours, and at reasonable intervals and with reasonable prior notice to the Borrower, for the purpose of inspecting the Collateral and any and all records pertaining thereto and the operation of such Loan Party’s business. Absent the occurrence
and continuance of an Event of Default, inspection rights shall be limited to two times per fiscal year; provided that reimbursement by Borrower of the Lender’s expenses shall be limited to one time per fiscal year. 

4.7. Reserved. 
 4.8.
Chief Executive Office. Each Loan Party’s chief executive office is located as set forth on Schedule 4.4(b)(iii). 
 4.9.
Reserved. 
 4.10. Maintenance of Equipment. The equipment necessary to the Loan Parties’ business shall be maintained in
reasonable good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements of and repairs thereto shall be made so that the value and operating efficiency of the equipment shall be maintained and preserved in
accordance with the Loan Parties’ past practices. No Loan Party shall use or operate the equipment in violation of any law, statute, ordinance, code, rule or regulation, except to the extent where it would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. 
 4.11. Exculpation of Liability. Nothing herein contained shall be
construed to constitute Lender as any Loan Party’s agent for any purpose whatsoever, nor shall Lender be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part of the Collateral wherever the same may be
located and regardless of the cause thereof. Lender shall not, whether by anything herein or in any assignment or otherwise, assume any of any Loan Party’s obligations under any contract or agreement assigned to Lender and Lender shall not be
responsible in any way for the performance by any Loan Party of any of the terms and conditions thereof. 

  
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 4.12. Financing Statements. Except as respects the financing statements filed by Lender,
financing statements described on Schedule 4.12, and financing statements filed in connection with Permitted Encumbrances, no financing statement covering any of the Collateral or any proceeds thereof is or will be on file in any public office. 

4.13. Senior Creditor as Bailee. Notwithstanding anything in this Agreement or the Other Documents to the contrary, so long as the
Subordination Agreement is in effect, a Loan Party may satisfy its obligations to deliver Collateral to the Lender by delivering such Collateral to the Senior Creditor (as defined in the Subordination Agreement) or its agent, designee or bailee, and
after the Senior Lien Termination Date, the Subordinated Creditor (as defined in the Subordination Agreement), in each case, in accordance with the terms of the Subordination Agreement. 

V. REPRESENTATIONS AND WARRANTIES. 
 Each Loan
Party represents and warrants as follows (subject to any updates to the referenced schedules in this section to the extent permitted by Section 9.17): 

5.1. Authority. Each Loan Party has full power, authority and legal right to enter into this Agreement and the Other Documents to which
it is a party and to perform all its respective Obligations hereunder and thereunder. This Agreement and the Other Documents to which it is a party have been duly executed and delivered by each Loan Party, and this Agreement and the Other Documents
to which it is a party constitute the legal, valid and binding obligation of such Loan Party enforceable in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar
laws affecting creditors’ rights generally. The execution, delivery and performance of this Agreement and of the Other Documents to which it is a party (a) are within such Loan Party’s corporate or company powers, as applicable, have
been duly authorized by all necessary corporate or company action, as applicable, are not in contravention of law or the terms of such Loan Party’s Organizational Documents or to the conduct of such Loan Party’s business or of any Material
Contract or undertaking to which such Loan Party is a party or by which such Loan Party is bound, including the Senior Loan Documents, (b) will not conflict with or violate any material provision of law or regulation, or any judgment, order or
decree of any Governmental Body, (c) will not require the Consent of any Governmental Body, any party to a Material Contract or any other Person (other than in connection with the Bankruptcy Cases), except those Consents set forth on Schedule
5.1 hereto, all of which will have been duly obtained, made or compiled prior to the Closing Date and which are in full force and effect and (d) will not conflict with, nor result in any breach in any of the provisions of or constitute a
default under or result in the creation of any Lien except Permitted Encumbrances upon any asset of such Loan Party under the provisions of any agreement, instrument, or other document to which such Loan Party is a party or by which it or its
property is a party or by which it may be bound, including the Senior Loan Documents. 

  
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 5.2. Formation and Qualification. 

(a) Each Loan Party is duly incorporated or formed, as applicable, and in good standing under the laws of the state listed on
Schedule 5.2(a) and is qualified to do business and is in good standing in the states listed on Schedule 5.2(a) which constitute all states in which qualification and good standing are necessary for such Loan Party to conduct its business and
own its property and where the failure to so qualify would reasonably be expected to have a Material Adverse Effect on such Loan Party. Each Loan Party has delivered to Lender true and complete copies of its Organizational Documents and will
promptly notify Lender of any material amendment or changes thereto. 
 (b) As of the Closing Date or the most recent update of Schedule
5.2(b) in accordance with Section 9.17, the only Subsidiaries of Holdco and each Loan Party are listed on Schedule 5.2(b). 
 5.3.
Survival of Representations and Warranties. All representations and warranties of such Loan Party contained in this Agreement and the Other Documents to which it is a party shall be true at the time of such Loan Party’s execution of this
Agreement and the Other Documents to which it is a party, and shall survive the execution, delivery and acceptance thereof by the parties thereto and the closing of the transactions described therein or related thereto. 

5.4. Tax Returns. Each Loan Party’s federal tax identification number is set forth on Schedule 5.4. Each Loan Party has filed all
income tax returns, other than income tax returns in jurisdictions in which a Loan Party has made a good faith determination that no filing is necessary, and all other material federal, state and local tax returns and other reports that it is
required by law to file and has paid all federal income and all other material taxes, assessments, fees and other governmental charges that are due and payable, except for taxes and assessments being Properly Contested. The provision for taxes on
the books of each Loan Party is adequate for all years not closed by applicable statutes, and for its current fiscal year, and no Loan Party has any knowledge of any material deficiency or material additional assessment in connection therewith not
provided for on its books. 
 5.5. Financial Statements. 

(a) The pro forma balance sheet of the Loan Parties on a Consolidated Basis (the “Pro Forma Balance Sheet”) furnished to
Lender on the Closing Date reflects the consummation of the transactions contemplated by the Senior Loan Documents and under this Agreement (collectively, the “Transactions”) and is accurate, complete and correct and fairly reflects
in all material respects the financial condition of the Loan Parties on a Consolidated Basis as of the Closing Date after giving effect to the Transactions, and has been prepared in accordance with GAAP, consistently applied. The Pro Forma Balance
Sheet has been certified as accurate, complete and correct in all material respects by the Chief Executive Officer or Chief Financial Officer of Borrower. All financial statements referred to in this subsection 5.5(a), including the related
schedules and notes thereto, have been prepared in accordance with GAAP, except as may be disclosed in such financial statements. 
 (b) The
(i) twelve-month cash flow and balance sheet projections of the Loan Parties on a Consolidated Basis and their projected balance sheets as of the Closing Date and (ii) annual cash flow projections for fiscal years 2014 and 2015, copies of
which are annexed hereto as Exhibit 5.5(b) (the “Projections”) were prepared by the Chief Financial Officer of Borrower 

  
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are based on underlying assumptions which provide a reasonable basis for the projections contained therein and reflect Loan Parties’ judgment based on present circumstances of the most
likely set of conditions and course of action for the projected period. The cash flow Projections together with the Pro Forma Balance Sheet are referred to as the “Pro Forma Financial Statements”. 

(c) The consolidated and consolidating balance sheets of Loan Parties, and such other Persons described therein, as of December 31, 2012,
and the related statements of income, changes in stockholder’s equity, and changes in cash flow for the period ended on such date, all accompanied by reports thereon containing opinions without qualification by independent certified public
accountants, and management prepared financial statements for the period ended on or about September 30, 2013 and disclosures/information provided within the Plan of Reorganization documents that are on file in the Bankruptcy Cases, copies of
which have been delivered to Lender, have been prepared in accordance with GAAP, consistently applied. Since December 31, 2012, other than the commencement of the Bankruptcy Cases and the consummation of the Plan of Reorganization, there has
been no change in the condition, financial or otherwise, of Loan Parties as shown on the consolidated balance sheet as of such date and no change in the aggregate value of machinery, equipment and Real Property owned by Loan Parties, except changes
in the Ordinary Course of Business, none of which individually or in the aggregate has been materially adverse. 
 5.6. Entity Names.
No Loan Party has been known by any other company or corporate name, as applicable, in the past five (5) years except as set forth on Schedule 5.6, nor has any Loan Party been the surviving corporation or company, as applicable, of a merger or
consolidation or acquired all or substantially all of the assets of any Person during the preceding five (5) years except as set forth on Schedule 5.6. 

5.7. O.S.H.A. Environmental Compliance; Flood Insurance. 

(a) Except as set forth on Schedule 5.7 hereto, each Loan Party is in material compliance with, and its facilities, business, assets, property,
leaseholds, Real Property and Equipment are in material compliance with the Federal Occupational Safety and Health Act, and Environmental Laws and there are no outstanding citations, notices or orders of non-compliance issued to any Loan Party or
relating to its business, assets, property, leaseholds or Equipment under any such laws, rules or regulations. 
 (b) Except as set forth on
Schedule 5.7 hereto, each Loan Party has been issued all material required federal, state and local licenses, certificates or permits (collectively, “Approvals”) relating to all applicable Environmental Laws and all such Approvals
are current and in full force and effect. 
 (c) Except as set forth on Schedule 5.7: (i) there have been no material releases, spills,
discharges, leaks or disposal (collectively referred to as “Releases”) of Hazardous Materials by the Loan Parties at, upon, under or migrating from or onto any real property owned, leased or occupied by any Loan Party, except for
those Releases which are in compliance in all material respects with Environmental Laws; (ii) there are no underground storage tanks or polychlorinated biphenyls on any real property, except for such underground

  
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storage tanks or polychlorinated biphenyls that are present in compliance with Environmental Laws; (iii) the real property has never been used by any Loan Party to dispose of Hazardous
Materials, except as authorized by Environmental Laws; and (iv) no Hazardous Materials are managed by any Loan Party on any real property, excepting such quantities as are managed in compliance with Environmental Laws and as are necessary for
the operation of the commercial business of any Loan Party or of its tenants. 
 (d) All Real Property owned by Loan Parties is insured
pursuant to policies and other bonds which are valid and in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure the assets and risks of each such Loan Party in
accordance with prudent business practice in the industry of such Loan Party. Each Loan Party has taken all actions required under the Flood Laws and/or requested by Controlling Agent to assist in ensuring that Lender is in compliance with the Flood
Laws applicable to the Collateral, including, but not limited to, providing Lender with the address and/or GPS coordinates of each structure located upon any Real Property that will be subject to a Mortgage in favor of Lender, for the benefit of
Lender, and, to the extent required, obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral. 

5.8. Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance. 

(a) (i) After giving effect to the Transactions, each Loan Party will be solvent, able to pay its debts as they mature, will have capital
sufficient to carry on its business and all businesses in which it is about to engage, (ii) as of the Closing Date, the fair present saleable value of its assets, calculated on a going concern basis, is in excess of the amount of its
liabilities, and (iii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) will be in excess of the amount of its liabilities. 

(b) Except as disclosed in Schedule 5.8(b)(i), no Loan Party has any pending or threatened litigation, arbitration, actions or proceedings that
either individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. No Loan Party has any outstanding Indebtedness other than the Obligations, except for (i) Indebtedness disclosed in Schedule 5.8(b)(ii)
and (ii) Indebtedness otherwise permitted under Section 7.8 hereof. 
 (c) No Loan Party is in violation of any applicable statute,
law, rule, regulation or ordinance in any respect which would reasonably be expected to have a Material Adverse Effect, nor is any Loan Party in violation of any order of any court, Governmental Body or arbitration board or tribunal. 

(d) Except as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, each Plan is in compliance
in all respects with the applicable provisions of ERISA, the Code and other federal or state laws. Except as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (i) each Loan Party and each
member of the Controlled Group has met all applicable minimum funding requirements under Section 302 of ERISA and Section 412 of the Code in respect of each Plan, and each Pension Benefit Plan is in compliance with Sections 412, 430 and
436 of the Code and 

  
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Sections 206(g), 302 and 303 of ERISA, without regard to waivers and variances; (ii) each Plan which is intended to be a qualified plan under Section 401(a) of the Code as currently in
effect has been determined by the Internal Revenue Service to be qualified under Section 401(a) of the Code and the trust related thereto is exempt from federal income tax under Section 501(a) of the Code or an application for such a
determination is currently being processed by the Internal Revenue Service; (iii) neither any Loan Party nor any member of the Controlled Group has incurred any liability to the PBGC other than for the payment of premiums, and there are no
premium payments which have become due which are unpaid; (iv) no Plan has been terminated by the plan administrator thereof nor by the PBGC, and there is no occurrence which would cause the PBGC to institute proceedings under Title IV of ERISA
to terminate any Plan; (v) neither any Loan Party nor any member of the Controlled Group has breached any of the responsibilities, obligations or duties imposed on it by ERISA with respect to any Plan; (vi) neither any Loan Party nor any
member of the Controlled Group has incurred any liability for any excise tax arising under Section 4971, 4972 or 4980B of the Code, and no fact exists which could give rise to any such liability; (vii) neither any Loan Party nor any member
of the Controlled Group nor any fiduciary of, nor any trustee to, any Plan, has engaged in a “prohibited transaction” described in Section 406 of ERISA or Section 4975 of the Code nor taken any action which would constitute or
result in a Termination Event with respect to any such Plan which is subject to ERISA; (viii) no Termination Event has occurred or is reasonably expected to occur; (ix) neither any Loan Party nor any member of the Controlled Group has
engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA; (x) except as set forth on Schedule 5.8(d), neither any Loan Party nor any member of the Controlled Group maintains or is required to contribute to any
Plan which provides health, accident or life insurance benefits to former employees, their spouses or dependents, other than in accordance with Section 4980B of the Code; (xi) neither any Loan Party nor any member of the Controlled Group
has withdrawn, completely or partially, within the meaning of Section 4203 or 4205 of ERISA, from any Multiemployer Plan so as to incur liability under the Multiemployer Pension Plan Amendments Act of 1980 and there exists no fact which would
reasonably be expected to result in any such liability; and (xii) no Plan fiduciary (as defined in Section 3(21) of ERISA) has any liability for breach of fiduciary duty or for any failure in connection with the administration or
investment of the assets of a Plan. 
 5.9. Patents, Trademarks, Copyrights and Licenses. All registered or applied for Intellectual
Property owned by any Loan Party (the “Registered Intellectual Property”): (i) is set forth on Schedule 5.9; and (ii) together with all other Intellectual Property owned by or licensed to a Loan Party, or that a Loan Party
otherwise has a right to use, constitutes all of the Intellectual Property which is necessary for the operation of its business, except, in each case, where a failure to identify, own or license such Intellectual Property would not, individually or
in the aggregate, have or be reasonably expected to have a Material Adverse Effect. There is no pending challenge before any Governmental Body to the validity of, or proceeding by any Governmental Body to suspend the enforceability of, revoke,
terminate or adversely modify, any such Registered Intellectual Property and no Loan Party is aware of any grounds for any such challenge or proceedings, except as set forth in Schedule 5.9 hereto or as individually or in the aggregate, would not
have or be reasonably expected to have a Material Adverse Effect. All copyrights included in the Intellectual Property owned by any Loan Party consist of original material or property developed by or for such Loan Party or was lawfully acquired by
such Loan Party from the lawful owner thereof, except, in each case, where a failure to own or license such 

  
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Intellectual Property would not, individually or in the aggregate, have or be reasonably expected to have a Material Adverse Effect. Each of such items has been maintained so as to preserve the
value thereof from the date of creation or acquisition thereof except to the extent it would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.10. Licenses and Permits. Except as set forth in Schedule 5.10, each Loan Party (a) is in compliance with and (b) has
procured and is now in possession of, all material licenses or permits required by any applicable federal, state, provincial or local law, rule or regulation for the operation of its business in each jurisdiction wherein it is now conducting or
proposes to conduct business and where the failure to procure such licenses or permits would reasonably be expected to have a Material Adverse Effect. 

5.11. Default of Indebtedness. Other than debt extinguished pursuant to the Plan of Reorganization, no Loan Party is in default in the
payment of the principal of or interest on any Indebtedness or under any instrument or agreement under or subject to which any Indebtedness has been issued and no event has occurred under the provisions of any such instrument or agreement which with
or without the lapse of time or the giving of notice, or both, constitutes or would constitute an event of default thereunder except to the extent it would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 5.12. No Default. No Loan Party is in default in the payment or performance of any of its contractual obligations and no
Default or Event of Default has occurred. Notwithstanding anything herein to the contrary, defaults in payment or performance of any Loan Party’s contractual obligations related to the Bankruptcy Cases shall not be considered a Default or Event
of Default for the purposes of this representation and warranty. 
 5.13. No Burdensome Restrictions. No Loan Party is party to any
contract or agreement the performance of which would reasonably be expected to have a Material Adverse Effect. Each Loan Party has heretofore delivered to Lender true and complete copies of all Material Contracts to which it is a party or to which
it or any of its properties is subject. 
 5.14. No Labor Disputes. Except to the extent it would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, no Loan Party is involved in any labor dispute; there are no strikes or walkouts or union organization of any Loan Party’s employees threatened or in existence and no labor
contract is scheduled to expire during the Term other than as set forth on Schedule 5.14 hereto. 
 5.15. Margin Regulations. No Loan
Party is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” within the respective
meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect. No part of the proceeds of any Advance will be used for “purchasing” or
“carrying” “margin stock” as defined in Regulation U of such Board of Governors. 
 5.16. Investment Company Act.
No Loan Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended. 

  
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 5.17. Disclosure. No representation or warranty made by any Loan Party in this Agreement
or in any financial statement, report, certificate or any other document furnished in connection herewith or therewith, when taken as a whole, contains as of the date such statement, report, certificate or other document was furnished any untrue
statement of material fact or omits to state any material fact necessary to make the statements herein or therein not misleading in any material respect in the light of the circumstances under which such statements were made after giving effect to
any supplements thereto. Except as disclosed in the Disclosure Statement, Plan of Reorganization, or Confirmation Order, there is no fact known to any Loan Party or which reasonably should be known to such Loan Party which such Loan Party has not
disclosed to Lender in writing with respect to the transactions contemplated by the Senior Loan Documents or this Agreement which would reasonably be expected to have a Material Adverse Effect. 

5.18. Delivery of Senior Loan Documents. Lender has received complete copies of the Senior Loan Documents and related documents
(including all exhibits, schedules and disclosure letters referred to therein or delivered pursuant thereto, if any) and all amendments thereto, waivers relating thereto and other side letters or agreements affecting the terms thereof. 

5.19. Reserved. 
 5.20.
Swaps. Except for the Hedge Liabilities (as defined in the Senior Loan Documents), no Loan Party is a party to, nor will it be a party to, any swap agreement whereby such Loan Party has agreed or will agree to swap interest rates or
currencies unless same provides that damages upon termination following an event of default thereunder are payable on an unlimited “two-way basis” without regard to fault on the part of either party. 

5.21. Business and Property of Loan Parties. Upon and after the Closing Date and except as permitted under Section 7.9, Loan
Parties do not propose to engage in any business other than that engaged in by them immediately prior to and on the Closing Date and any business that is reasonably related, similar, complementary, ancillary to or a reasonable extensions,
development and expansions of such business. On the Closing Date, each Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, or easements or other limited property interests in all the property and
possesses all of the rights and Consents necessary for the conduct of the business of such Loan Party except when the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

5.22. Ineligible Securities. Loan Parties do not intend to use and shall not use any portion of the proceeds of the Advances, directly
or indirectly, to purchase during the underwriting period, or for 30 days thereafter, Ineligible Securities being underwritten by a securities Affiliate of Lender. 

5.23. Federal Securities Laws. No Loan Party, Holdco or any of their Subsidiaries (i) is required to file periodic reports under
the Exchange Act, (ii) has any securities registered under the Exchange Act or (iii) has filed a registration statement that has not yet become effective under the Securities Act. 

5.24. Equity Interests. The authorized and outstanding Equity Interests of each Loan Party, and each legal and beneficial holder thereof
as of the Closing Date, are as set forth on 

  
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Schedule 5.24(a) hereto. All of the Equity Interests of each Loan Party have been duly and validly authorized and issued and are fully paid and non-assessable and have been sold and delivered to
the holders hereof in compliance with, or under valid exemption from, all federal and state laws and the rules and regulations of each Governmental Body governing the sale and delivery of securities. Except for the rights and obligations set forth
on Schedule 5.24(b), there are no subscriptions, warrants, options, calls, commitments, rights or agreement by which any Loan Party or any of the shareholders of any Loan Party is bound relating to the issuance, transfer, voting or redemption of
shares of its Equity Interests or any pre-emptive rights held by any Person with respect to the Equity Interests of Loan Parties. Except as set forth on Schedule 5.24(c), Loan Parties have not issued any securities convertible into or exchangeable
for shares of its Equity Interests or any options, warrants or other rights to acquire such shares or securities convertible into or exchangeable for such shares. 

5.25. Commercial Tort Claims. No Loan Party has any commercial tort claim for which the amount of probable damages is reasonably
determined by the Loan Parties to be greater than $250,000 except as set forth on Schedule 5.25 hereto. 
 5.26. Letter of Credit
Rights. As of the Closing Date, no Loan Party has any letter of credit rights, except as set forth on Schedule 5.26 hereto. 
 5.27.
Material Contracts. Schedule 5.27 sets forth all Material Contracts of the Loan Parties. Except for matters which, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, all Material
Contracts are in full force and effect and no material defaults currently exist thereunder. 
 5.28. Delivery of Plan of Reorganization,
Confirmation Order and Related Documentation. Lender has received complete copies of the Plan of Reorganization and Confirmation Order (including all exhibits, schedules and disclosure letters referred to therein or delivered pursuant thereto,
if any) and all amendments thereto, waivers relating thereto and other side letters or agreements affecting the terms thereof. None of such documents and agreements has been amended or supplemented, nor have any of the provisions thereof been
waived, except pursuant to the terms thereof or pursuant to a written agreement or instrument which has heretofore been delivered to Lender. 

5.29. Effectiveness of Plan of Reorganization. Prior to, or upon the simultaneous, closing of the transactions contemplated under this
Agreement, all of the effectiveness conditions in the Plan of Reorganization shall have been satisfied and the Plan of Reorganization shall have gone effective as of the Effective Date (as defined in the Plan of Reorganization). 

VI. AFFIRMATIVE COVENANTS. 
 Each Loan Party
shall, until payment in full of the Obligations and termination of this Agreement: 
 6.1. Compliance with Laws. Comply with all
Applicable Laws with respect to the Collateral or any part thereof or to the operation of such Loan Party’s business the non-compliance with which would reasonably be expected to have a Material Adverse Effect (except

  
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to the extent any separate provision of this Agreement shall expressly require compliance with any particular Applicable Law(s) pursuant to another standard). Each Loan Party may, however,
contest or dispute any Applicable Laws in any reasonable manner; provided that any related Lien is inchoate or stayed and sufficient reserves are established to the reasonable satisfaction of Controlling Agent to protect Lender’s Lien on
or security interest in the Collateral. 
 6.2. Conduct of Business and Maintenance of Existence and Assets. (a) Conduct
continuously and operate actively its business according to good business practices and maintain all of its properties useful or necessary in its business in good working order and condition (reasonable wear and tear excepted and except as may be
disposed of in accordance with the terms of this Agreement or as impacted by a casualty or condemnation proceeding), including all material Intellectual Property and take all reasonable actions necessary to enforce and protect the validity of any
Registered Intellectual Property owned by it or other right included in the Collateral where the failure to do so would reasonably be expected to have a Material Adverse Effect; (b) keep in full force and effect its existence and comply in all
material respects with the laws and regulations governing the conduct of its business where the failure to do so would reasonably be expected to have a Material Adverse Effect; and (c) make all such reports and pay all such franchise and other
taxes and license fees and do all such other acts and things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of the United States or any political subdivision thereof where the failure to do
so would reasonably be expected to have a Material Adverse Effect. 
 6.3. Books and Records. Keep proper books of record and account
in which full, true and correct entries will be made of all dealings or transactions of or in relation to its business and affairs (including without limitation accruals for taxes, assessments, Charges, levies and claims, allowances against doubtful
Receivables and accruals for depreciation, obsolescence or amortization of assets), all in accordance with, or as required by, GAAP consistently applied in the opinion of such independent public accountant as shall then be regularly engaged by Loan
Parties. 
 6.4. Payment of Taxes. Pay, when due, all taxes, assessments and other Charges levied or assessed upon such Loan Party or
any of the Collateral, including real and personal property taxes, assessments and charges and all franchise, income, employment, social security benefits, withholding, and sales taxes shown on all tax returns and all other material Taxes other than
those being Properly Contested. If any tax by any Governmental Body is or may be imposed on or as a result of any transaction between any Loan Party and Lender which Lender may be required to withhold or pay or if any taxes, assessments, or other
Charges remain unpaid after the date fixed for their payment, or if any claim shall be made which, in Senior Administrative Agent reasonable opinion, may possibly create a valid Lien on the Collateral, Controlling Agent may without notice to Loan
Parties pay the taxes, assessments or other Charges and each Loan Party hereby indemnifies and holds Controlling Agent harmless in respect thereof. 

  
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 6.5. Financial Covenants. 

(a) Fixed Charge Coverage Ratio. Cause to be maintained as of the end of each fiscal quarter, a Fixed Charge Coverage Ratio of not less
than 1.0 to 1.0, measured on a rolling four (4) quarter basis; provided, however, that (I) for the purposes of calculating such ratio for the fiscal quarter ended December 31, 2013, the ratio shall be measured on a trailing
three (3) month basis, (II) for the purposes of calculating such ratio for the fiscal quarter ended March 31, 2014, the ratio shall be measured on a trailing six (6) month basis, and (III) for the purposes of calculating such ratio
for the fiscal quarter ended June 30, 2014, the ratio shall be measured on a trailing nine (9) month basis; provided, that such ratio shall be calculated without giving effect to the costs set forth on Schedule II. 

(b) Maximum Leverage Ratio. Maintain as of the end of each fiscal quarter a ratio of Funded Debt to EBITDA of not greater than 3.25 to
1.0 (the “Leverage Ratio”). 
 (c) Minimum EBITDA. Cause to be maintained as of the end of each fiscal quarter,
EBITDA of the Loan Parties to be greater than $46,000,000, measured on a rolling four (4) quarter basis. 
 6.6. Insurance. 

(a) (i) Keep all its insurable properties and properties in which such Loan Party has an interest insured against the hazards of fire, flood,
sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case of companies engaged in businesses similar to such Loan Party’s including business interruption
insurance; (ii) maintain public and product liability insurance against claims for personal injury, death or property damage suffered by others; (iii) maintain all such worker’s compensation or similar insurance as may be required
under the laws of any state or jurisdiction in which such Loan Party is engaged in business; and (iv) furnish Controlling Agent with (A) copies of all policies and evidence of the maintenance of such policies by the renewal thereof at
least two (2) Business Days before any expiration date, and (B) appropriate loss payable endorsements in form and substance satisfactory to Controlling Agent, naming Controlling Agent as an additional insured and mortgagee and/or lender
loss payee (as applicable) as its interests may appear with respect to all insurance coverage referred to in clauses (i) and (ii) above, and providing (subject to the provisions of the Subordination Agreement) (I) that all proceeds
thereunder shall be payable to Controlling Agent, (II) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy, and (III) that such policy and loss payable clauses may not be
cancelled, amended or terminated unless at least thirty (30) days prior written notice is given to Controlling Agent (ten (10) days for non-payment) (it being agreed that failure by the Loan Parties to procure such a non-cancellation
clause despite the exercise of commercially reasonable efforts shall not result in a Default hereunder). In the event of any loss thereunder, subject to the terms of the Subordination Agreement, the carriers named therein hereby are directed by
Controlling Agent and the applicable Loan Party to make payment for such loss to Controlling Agent, and not to such Loan Party and Controlling Agent jointly. If any such insurance losses are paid by check, draft or other instrument payable to any
Loan Party and Controlling Agent jointly, Controlling Agent may endorse such Loan Party’s name thereon and do such other things as Controlling Agent may deem advisable to reduce the same to cash. 

  
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 (b) Each Loan Party shall take all actions required under the Flood Laws and/or requested by
Controlling Agent to assist in ensuring that Controlling Agent is in compliance with the Flood Laws applicable to the Collateral, including, but not limited to, providing Controlling Agent with the address and/or GPS coordinates of each structure on
any real property that will be subject to a mortgage in favor of Lender, for the benefit of Lender, and, to the extent required, obtaining flood insurance for such property, structures and contents prior to such property, structures and contents
becoming Collateral, and thereafter maintaining such flood insurance in full force and effect for so long as required by the Flood Laws. 

(c) After the occurrence and continuance of an Event of Default, Controlling Agent is hereby authorized to adjust and compromise claims under
insurance coverage referred to in Sections 6.6(a)(i) and (ii) and 6.6(b) above. All loss recoveries received by Controlling Agent under any such insurance may be applied to the Obligations, in such order as Controlling Agent in its sole
discretion shall determine subject to the terms of the Subordination Agreement. Any surplus shall be paid by Controlling Agent to Loan Parties or applied as may be otherwise required by law. Any deficiency thereon shall be paid by Loan Parties to
Lender, on demand. 
 6.7. Payment of Indebtedness and Leasehold Obligations. Pay, discharge or otherwise satisfy (i) at or
before maturity (subject, where applicable, to specified grace periods) all its Indebtedness, except when the failure to do so could not reasonably be expected to have a Material Adverse Effect or when the amount or validity thereof is currently
being Properly Contested, subject at all times to any applicable subordination arrangement in favor of Controlling Agent and (ii) when due its rental obligations under all leases under which it is a tenant, and shall otherwise comply, in all
material respects, with all other terms of such leases and keep them in full force and effect. 
 6.8. Environmental Matters. 

(a) Ensure that the Real Property and all operations and businesses conducted thereon are in material compliance and remain in material
compliance with all Environmental Laws and it shall manage any and all Hazardous Materials on any Real Property in material compliance with Environmental Laws. 

(b) Establish and maintain an environmental management and compliance system to assure and monitor continued compliance in all material
respects with all applicable Environmental Laws which system shall include periodic environmental compliance audits to be conducted by knowledgeable environmental professionals. All potential material violations and violations of Environmental Laws
shall be reviewed to determine any required reporting to applicable Governmental Bodies and any required corrective actions pursuant to Environmental Laws to address such potential violations or violations. 

(c) Respond promptly to any Hazardous Discharge or Environmental Complaint and take all necessary action as is required by applicable
Environmental Laws in order to safeguard the health of any Person and to avoid subjecting the Collateral or Real Property to any Lien. If any Loan Party shall fail to respond promptly to any Hazardous Discharge or Environmental Complaint or any Loan
Party shall fail to comply with any of the requirements of any Environmental Laws, Controlling Agent may, but without the obligation to do so, for the purpose of protecting Lender’s interest in the Collateral: (i) give such notices or
(ii) enter onto the Real Property (or authorize third parties to enter onto the Real Property) and take such actions as Controlling Agent (or such third parties as directed by Controlling Agent) deem reasonably necessary or advisable, to
remediate, remove, mitigate or otherwise manage with any such Hazardous Discharge or Environmental Complaint. 

  
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 (d) Promptly upon the written request of Controlling Agent from time to time, Loan Parties shall
provide Controlling Agent, at Loan Parties’ expense, with an environmental site assessment or environmental compliance audit report prepared by an environmental engineering firm acceptable in the reasonable opinion of Controlling Agent, to
assess with a reasonable degree of certainty, to the extent possible using commercially reasonable and cost-effective efforts, the existence of a Hazardous Discharge and the potential costs in connection with abatement, remediation and removal of
any Hazardous Materials found on, under, at or within the Real Property. Any report or investigation of such Hazardous Discharge proposed and acceptable to the responsible Governmental Body shall be acceptable to Controlling Agent. If such
estimates, individually or in the aggregate, exceed $2,000,000, Controlling Agent shall have the right to require Loan Parties to post a bond, letter of credit or other security reasonably satisfactory to Controlling Agent to secure payment of these
costs and expenses. 
 (e) The Loan Parties shall undertake the follow-up research, inspections, and investigations (the “Phase II
Environmental Site Assessments”) recommended by ERM to address “Identified Issues” (including, for the avoidance of doubt, “Asbestos Containing Materials” issues, but not including “De Minimis Issues” or
“EHS Compliance Issues”) in the Executive Summary and Conclusions & Recommendations sections of the November 5, 2013 Phase I Environmental Site Assessment Reports prepared for the Real Properties set forth on Schedule A. The
Loan Parties will engage ERM to prepare an asbestos survey of the Real Properties set forth in Schedule 6.8, and an Operations and Maintenance Plan where required by Environmental Laws. The asbestos surveys will be conducted as part of the Phase II
Environmental Site Assessments and the Operations and Maintenance Plans will be completed with all due haste following the completion of the asbestos surveys. The Phase II Environmental Site Assessments shall be conducted by ERM at the direction of
the Loan Parties and shall be completed with all due haste pursuant to a scope of work that ERM will prepare for delivery to the Loan Parties as soon as practicable after Closing based upon the findings and recommendations set forth in the Phase I
Environmental Site Assessment Reports. The Phase II Environmental Site Assessments shall be finalized and delivered to the Lender no later than December 31, 2013 (“Phase II Deadline”), or as soon as practicable thereafter if
the scope of work for the recommended Phase II Environmental Site Assessments is such that ERM cannot meet the Phase II Deadline despite using commercially reasonable efforts and proceeding with all due haste. The Loan Parties shall direct ERM to
identify recommended remedial actions to ensure that any environmental conditions identified in the Phase II Environmental Site Assessments are remediated as is required by applicable Environmental Laws (“Remedial Actions”). Such
Remedial Actions shall be implemented by ERM and the Loan Parties with all due haste to ensure that the environmental conditions are remediated in a timely manner as determined by ERM. The Loan Parties shall further obtain “No Further
Action” letters or letters of similar import from applicable Governmental Authorities for the Remedial Actions undertaken where the Environmental Laws provide the means to do so. The Loan Parties shall provide copies of all material reports and
documents to the Lender and the Lender promptly upon receipt of same. The Loan Parties shall further provide quarterly progress reports to the Lender and the Lender regarding the Remedial Actions undertaken and the status of the requests for No
Further Action letters from applicable Governmental Authorities. The first quarterly status report shall be due on March 31, 2014. 

  
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 6.9. Standards of Financial Statements. Cause all financial statements referred to in
Sections 9.7, 9.8, 9.10, 9.11, 9.12, and 9.13 as to which GAAP is applicable to be complete and correct in all material respects (subject, in the case of interim financial statements, to normal year-end audit adjustments) and to be prepared in
reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein (except as disclosed therein and agreed to by such reporting accountants or officer, as applicable). 

6.10. Federal Securities Laws. Promptly notify Lender in writing if any Loan Party or any of their Subsidiaries (i) is required to
file periodic reports under the Exchange Act, (ii) registers any securities under the Exchange Act or (iii) files a registration statement under the Securities Act. 

6.11. Execution of Supplemental Instruments. Subject to the terms of the Subordination Agreement, execute and deliver to Lender from
time to time, upon demand, such supplemental agreements, statements, assignments and transfers, or instructions or documents relating to the Collateral, and such other instruments as Controlling Agent may reasonably request, in order that the full
intent of this Agreement may be carried into effect. 
 6.12. Exercise of Rights. Enforce its rights under the Plan of Reorganization,
as necessary and to the extent applicable. 
 6.13. Government Receivables. Take all steps necessary to protect Lender’s interest
in the Collateral under the Uniform Commercial Code and deliver to Lender (or its agent, designee or bailee pursuant to the Subordination Agreement) appropriately endorsed, any instrument or chattel paper connected with any Receivable arising out of
any contract between any Loan Party and the United States, any state or any department, agency or instrumentality of any of them. 
 6.14.
Membership / Partnership Interests. If the limited liability company membership interests or partnership interests as the case may be, of the Borrower or any of its Subsidiaries are designated as securities as contemplated by the definition
of “security” in Section 8-102(15) and Section 8-103 of Article 8 of the Uniform Commercial Code, certificate (or cause to be certificated) such limited liability company membership interests and partnership interests, as
applicable. 
 6.15. Reserved. 

6.16. Substantial Consummation of Plan of Reorganization. Loan Parties shall diligently pursue and take all steps required under
the Plan of Reorganization for substantial consummation of same and otherwise shall achieve substantial consummation of the Plan of Reorganization. 

6.17. Post-Closing Obligations. Within seventy (70) days after the Closing Date (or such later date as shall be acceptable to the
Controlling Agent), (i) shall have received Mortgages with respect to the Real Property listed on Schedule B and Schedule C, (ii) Controlling Agent shall have received copies of title searches with respect to the Real Property listed on
Schedule 

  
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C, (iii) Controlling Agent shall have received with respect to the Real Property listed on Schedule A and Schedule B, (1) to the extent necessary to remove the standard survey exception
from Schedule B of the lender’s title insurance policies covering the same Real Property, surveys reasonably satisfactory to the applicable title insurance company and (2) fully paid mortgagee title insurance policies (or binding
commitments to issue title insurance policies, marked to Controlling Agent’s satisfaction to evidence the form of such policies to be delivered with respect to such Mortgages), in standard ALTA form, issued by a title insurance company
reasonably satisfactory to Controlling Agent, each in an amount equal to not less than fifty-five percent (55%) of the appraised value of the Real Property subject to the applicable Mortgage, insuring such Mortgage to create a valid Lien on the
Real Property with no exceptions other than Permitted Encumbrances and exceptions which Controlling Agent shall have approved in writing and no survey exceptions; and (iv) Controlling Agent shall have received with respect to the Real Property
listed on Schedule B, (1) if such Real Property is located in a designated flood zone, adequate flood insurance in an amount equal to the lesser of the value of the Real Property to be insured, as reasonably determined by Borrower, or the
maximum amount available under the Federal flood insurance program, and as otherwise required to be maintained under this Agreement naming Controlling Agent as additional insured, mortgagee and lender loss payee, as applicable, (2) appraisals,
the results of which shall be reasonably satisfactory in form and substance to Controlling Agent, of such Real Property, and (3) all environmental studies and reports prepared by independent environmental engineering firms with respect to such
Real Property, including but not limited to a Phase I environmental assessment and where such Phase I report indicates the requirement for a Phase II report, Phase II reports, in form and substance satisfactory to Controlling Agent. 

VII. NEGATIVE COVENANTS. 
 No Loan Party shall,
until satisfaction in full of the Obligations and termination of this Agreement: 
 7.1. Merger, Consolidation, Acquisition and Sale of
Assets. 
 (a) Except in connection with the “DJ Contribution” (as defined in the Plan of Reorganization), the transactions
expressly contemplated under Section 4.2(II) of the Plan of Reorganization and the conversion of the Company, GateHouse Media Holdco, Inc. (“GMH”), GateHouse Media Operating, Inc. (“GMO”) and Holdco into
limited liability companies, enter into any merger, consolidation or other reorganization with or into any other Person or acquire all or a substantial portion of the assets or Equity Interests of any Person or permit any other Person to consolidate
with or merge with it, except for (i) any merger, consolidation or reorganization between Loan Parties (other than Holdco) or the acquisition of the assets or Equity Interests of one Loan Party (other than Holdco ) by another Loan Party,
(ii) upon not less than 30 days prior notice to the Lender, any merger or consolidation of Holdco related to any change of its jurisdiction of organization or organizational type in accordance with the terms of Section 7.15,
provided that, in such case, (x) Holdco shall be the continuing or surviving entity or (y) if the entity formed by or surviving any such merger or consolidation is not Holdco or is an entity into which Holdco has been liquidated
(any such Person, the “Successor Parent”), the Successor Parent shall expressly assume all the obligations of Holdco under this Agreement and the other Loan Documents to which Holdco is a party pursuant to a supplement hereto or
thereto 

  
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in form reasonably satisfactory to Controlling Agent, and take all other action reasonably requested by Controlling Agent in furtherance of the foregoing, including without limitation those
actions described in Section 7.15, and thereafter references in any Loan Document to “Holdco” shall be deemed a reference to such Successor Parent, and (iii) Permitted Acquisitions. 

(b) Sell, lease, transfer or otherwise dispose of any of its properties or assets, except (i) Permitted Dispositions, (ii) Permitted
Investments, (iii) transactions expressly permitted by Section 7.1(a), and (iv) any other sales or dispositions expressly permitted by this Agreement. 

7.2. Creation of Liens. Create or suffer to exist any Lien or transfer upon or against any of its property or assets now owned or
hereafter created or acquired, except Permitted Encumbrances. 
 7.3. Guarantees. Become liable upon the obligations or liabilities of
any Person by assumption, endorsement or guaranty thereof or otherwise (other than to Lender) except for (a) the obligations or liabilities disclosed on Schedule 7.3, (b) guarantees by one or more Loan Party(ies) of the Indebtedness or
obligations of any other Loan Party(ies) to the extent such Indebtedness or obligations are permitted to be incurred and/or outstanding pursuant to the provisions of this Agreement, (c) the endorsement of checks in the Ordinary Course of
Business, (d) guarantees incurred in the Ordinary Course of Business with respect to surety and appeal bonds, performance bonds, bid bonds, appeal bonds, completion guarantee and similar obligations, and (e) guarantees arising with respect
to reasonable and customary indemnification obligations to purchasers in connection with Permitted Dispositions. 
 7.4. Investments.
Purchase or acquire obligations or Equity Interests of, or any other interest in, any Person, other than Permitted Investments. 
 7.5.
Loans. Make advances, loans or extensions of credit to any Person, including any Parent, Subsidiary or Affiliate other than Permitted Loans or to the extent permitted pursuant to Permitted Dispositions or Permitted Investments. 

7.6. Capital Expenditures. As of each fiscal quarter, contract for, purchase or make any expenditure or commitments for Capital
Expenditures in an aggregate amount for all Loan Parties in excess of $7,500,000, measured on a trailing twelve (12) month period then end; provided, however, in the event Capital Expenditures during any such fiscal year are less than
$7,500,000, then the unused amount not to exceed $1,500,000 may be carried over to the immediately succeeding fiscal year and used in the immediately succeeding fiscal year after the $7,500,000 for such fiscal year has been exhausted. 

7.7. Dividends. Declare, pay or make any dividend or distribution on any Equity Interests of any Loan Party (other than dividends or
distributions payable in its stock, or split-ups or reclassifications of its stock) or apply any of its funds, property or assets to the purchase, redemption or other retirement of any Equity Interest, or of any options to purchase or acquire any
Equity Interest of any Loan Party other than (a) Permitted Dividends; (b) dividends or other distributions by a Loan Party (other than Holdco) payable to another Loan Party (other than Holdco); (c) dividends or distributions by
Borrowers to Holdco (or any direct or indirect parent 

  
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entity), the proceeds of which shall be used to (i) pay operating expenses and other corporate overhead costs and expenses of Holdco (or by Holdco to any direct or indirect parent entity, so
long as expensed to pay franchise taxes and fees, independent director costs, Exchange Act filing costs or other similar charges, in an aggregate amount not to exceed $1,000,000 per fiscal year), in each case which are reasonable and customary and
incurred in the ordinary course of business, (ii) pay expenses of Holdco (or any direct or indirect parent entity thereof) incurred in connection with any offering of securities (whether or not successful) or (iii) pay transactional fees,
costs, and expenses incurred in connection with this Agreement, the Other Documents and the transactions contemplated hereby and thereby; (d) dividends or distributions by any Loan Party and its Subsidiaries to Holdco for taxes that are
(i) paid or payable by Holdco, New Media Investment Group Inc. or any entity that, from time to time, is responsible for the payments of taxes in connection with a consolidated, combined, unitary or similar type return of which the Loan Party
is a part; and (ii) as part of a consolidated, combined, unitary or similar type return but only in an amount that any Borrower would be required to pay in respect to taxes were such Borrower to pay such taxes as the parent of the consolidated,
combined or unitary group; (e) dividends or distributions by any Borrower to Holdco to pay amounts pursuant to the Management Agreement, in each case, subject to Section 7.10 and (f) the POR Distributions. 

7.8. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness other than Permitted Indebtedness. 

7.9. Nature of Business. Materially change the nature of the business in which it is presently engaged; provided, however,
that the foregoing shall not prevent any Loan Party from engaging in any business that is reasonably related, similar, complementary, ancillary to or a reasonable extension, development or expansion of its business. 

7.10. Transactions with Affiliates. Directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any
property to, or otherwise enter into any transaction, contract or arrangement with, any Affiliate, except for (i) transactions (other than the payment of management, consulting, monitoring, or advisory fees) among Loan Parties, so long as such
transactions are (A) entered into in the Ordinary Course of Business, (B) are fully disclosed to the Lender in writing prior to the consummation thereof if such transaction involves one or more payments by any Loan Party in excess of
$1,000,000 for any transaction or series of related transactions in a fiscal year, and (C) are on an arm’s-length basis on terms and conditions no less favorable than terms and conditions which would have been obtainable from a Person
other than an Affiliate; (ii) payment by Loan Parties of dividends and distributions permitted under Section 7.7 hereof, (iii) transactions permitted under Section 7.1 hereof, (iv) the making of any Permitted Loans,
(v) so long as approved by the applicable board of directors (or comparable governing body) of a Loan Party in accordance with applicable law, (A) any indemnity provided for the benefit of directors (or comparable managers) of such Loan
Party or (B) the payment of reasonable compensation, severance, or employee benefit arrangements to employees, officers, and outside directors of such Loan Party in the Ordinary Course of Business, (vi) the payment of management, incentive
or other fees and expenses set forth in the Management Agreement (to the extent expressly permitted in the Management Fee Subordination Agreement); provided, that if at any time any such fee has been deferred then such amounts shall continue
to accrue; and (vii) a shared services, joint procurement or similar transaction with New Media Holdings or any successor thereto or any of its subsidiaries in the Ordinary Course of Business so long as
(w)

  
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such transactions are fully disclosed to the Lender in writing not less than 10 days prior to the consummation thereof if such transaction involves one or more payments by any Loan Party in
excess of $500,000 for any transaction or series of related transactions in a fiscal year, (x) the costs thereof is allocated on an objective basis or are otherwise not detrimental in any material respect to the Borrower or its Subsidiaries, as
determined by the management of Borrower in good faith, (y) such transactions are no less favorable, taken as a whole, to the Loan Parties than would be obtained in an arm’s length transaction with a non-Affiliate, and (z) any such
transaction does not adversely affect, impair or restrict a Loan Party’s title or right to any of its accounts or other Collateral. 

7.11. Reserved. 
 7.12.
Subsidiaries. 
 (a) Form any Subsidiary unless such Subsidiary (i) is not a Foreign Subsidiary, (ii) at Controlling
Agent’s discretion, (x) expressly joins in this Agreement as a guarantor and becomes jointly and severally liable for the obligations of Loan Parties hereunder, under the Notes, and under any other agreement between any Loan Party and
Lender, or (y) becomes a Guarantor with respect to the Obligations and executes a Guarantor Security Agreement in favor of Lender, and (iii) Lender shall have received all documents, including without limitation, legal opinions Controlling
Agent may reasonably require to establish compliance with each of the foregoing conditions in connection therewith. 
 (b) Except as approved
in writing by Controlling Agent (after prior disclosure to Controlling Agent in writing), enter into any partnership, joint venture or similar arrangement. 

7.13. Fiscal Year and Accounting Changes. Change its fiscal year from December 31 or make any change (i) in accounting
treatment and reporting practices except as required by GAAP or (ii) in tax reporting treatment except as required by law. 
 7.14.
Pledge of Credit. Now or hereafter pledge Lender’s credit on any purchases, commitments or contracts or for any purpose whatsoever or use any portion of any Advance in or for any business other than such Loan Party’s business
operations as conducted on the Closing Date (or any business that is reasonably related, similar, complementary, ancillary to or a reasonable extension, development or expansion of its business). 

7.15. Amendment of Organizational Documents. Except in connection with the transactions expressly contemplated under
Section 4.2(II) of the Plan of Reorganization, the conversion of the Company, GMH, GMO and Holdco into limited liability companies or as required by Applicable Law, (i) change its legal name, (ii) change its form of legal entity
(e.g., converting from a corporation to a limited liability company or vice versa), (iii) change its jurisdiction of organization or become (or attempt or purport to become) organized in more than one jurisdiction, or (iv) otherwise amend,
modify or waive any term or material provision of its Organizational Documents that would adversely affect the Lender unless required by law, in any such case without (x) giving at least ten (10) days prior written notice to the Lender in
the case of clause (i) and otherwise, giving at least thirty (30) days prior written notice of such intended change to Lender, (y) having received from Lender (or its agent, designee or bailee pursuant to

  
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the Subordination Agreement) confirmation that Lender (or its agent, designee or bailee) has taken all steps necessary for Lender to continue the perfection of and protect the enforceability and
priority of its Liens (subject to the terms of the Subordination Agreement) in the Collateral belonging to such Loan Party and in the Equity Interests of such Loan Party and (z) in any case under clause (iv), having received the prior written
consent of Controlling Agent to such amendment, modification or waiver. 
 7.16. Compliance with ERISA. Except that would not give
rise to a Material Adverse Effect, (i) (x) maintain, or permit any member of the Controlled Group to maintain, or (y) become obligated to contribute, or permit any member of the Controlled Group to become obligated to contribute, to
any Plan, other than those Plans maintained or to which there is an obligation to contribute as of the date of execution of this Agreement, (ii) engage, or permit any member of the Controlled Group to engage, in any non-exempt “prohibited
transaction”, as that term is defined in Section 406 of ERISA or Section 4975 of the Code, that could result in material liability, (iii) terminate, or permit any member of the Controlled Group to terminate, any Plan where such
event could result in any liability of any Loan Party or any member of the Controlled Group or the imposition of a lien on the property of any Loan Party or any member of the Controlled Group pursuant to Section 4068 of ERISA, (iv) incur,
or permit any member of the Controlled Group to incur, any withdrawal liability to any Multiemployer Plan; (v) fail promptly to notify Lender of the occurrence of any Termination Event, (vi) fail to comply in all material respects, or
permit a member of the Controlled Group to fail to comply, with the requirements of ERISA or the Code or other Applicable Laws in respect of any Plan, or (vii) fail to meet, permit any member of the Controlled Group to fail to meet, or permit
any Pension Benefit Plan to fail to meet all minimum funding requirements under ERISA and the Code, without regard to any waivers or variances, or postpone or delay or allow any member of the Controlled Group to postpone or delay any minimum funding
requirement with respect to any Plan. 
 7.17. Prepayment of Indebtedness. Except in connection with Refinancing Indebtedness
permitted by Section 7.8 hereof or pursuant to the Senior Loan Documents, at any time, directly or indirectly, prepay any Indebtedness (other than to Lender), or repurchase, redeem, retire or otherwise acquire any Indebtedness of any Loan
Party. 
 VIII. CONDITIONS PRECEDENT. 
 8.1.
Conditions to Initial Advance. The agreement of Lender to make the initial Advance requested to be made on the Closing Date is subject to the satisfaction, or waiver by Lender, immediately prior to or concurrently with the making of such
Advance, of the following conditions precedent: 
 (a) Notes. Lender shall have received the Term Loan Note duly executed and
delivered by an authorized officer of Borrower; 
 (b) Confirmation Order and Plan of Reorganization. The Confirmation Order has been
entered in the Bankruptcy Cases confirming the Plan of Reorganization. Lender shall have received a certified executed copy of the Disclosure Statement, the Plan of Reorganization, and the Confirmation Order, each of which is final and has not been
withdrawn, rescinded, vacated, reversed, stayed, revoked, modified, or amended, and on the Closing Date, the Confirmation Order shall be a final order. 

  
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 (c) Effectiveness of Plan of Reorganization. The Plan of Reorganization is, or will become
upon the simultaneous closing of the transactions contemplated under this Agreement, fully effective on the Effective Date (as defined in the Plan of Reorganization); and 

(d) The Subordination Agreement; Management Fee Subordination Agreement; and Other Documents. Lender shall have received the following
executed documents: (i) the Subordination Agreement, (ii) a Management Fee Subordination Agreement and (iii) the Other Documents, all in form and substance satisfactory to Lender; 

(e) Mortgages. With respect to the Real Property listed on Schedule A, Lender shall have received executed Mortgages in form and
substance satisfactory to Controlling Agent; 
 (f) Reserved. 

(g) Environmental Reports. Subject to Section 6.17, Controlling Agent shall have received all environmental studies and reports
prepared by independent environmental engineering firms with respect to all Real Property owned by any Loan Party as listed on Schedule A, including but not limited to a Phase I environmental assessment, in form and substance reasonably satisfactory
to Controlling Agent; 
 (h) Financial Condition Certificates. Lender shall have received an executed Financial Condition Certificate
in the form of Exhibit 8.1(h). 
 (i) Closing Certificate. Lender shall have received a closing certificate signed by the Chief
Financial Officer of Borrower dated as of the date hereof, stating that (i) all representations and warranties set forth in this Agreement and the Other Documents are true and correct in all material respects on and as of such date; provided
that, to the extent that such representations and warranties specifically refer to an earlier date, they were true and correct in all material respects as of such earlier date; provided, further, that, any representation and warranty that is
qualified as to “materiality”, “Material Adverse Effect” or similar language is or was true and correct (after giving effect to any qualification therein) in all respects on such respective dates, and (ii) on such date no
Default or Event of Default has occurred or is continuing; 
 (j) Reserved. 

(k) Reserved; 
 (l)
EBITDA. As of the Closing Date, the EBITDA, reported as of September 30, 2013 and as adjusted on the quality of earnings report prepared by FTI Consulting and delivered to the Lender, shall be at least $63,000,000, measured on a rolling
four (4) quarter basis, and any pro-forma adjustments thereto must be satisfactory to Controlling Agent; 
 (m) Reserved; 

  
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 (n) Senior Loan Documents. Lender shall have received final executed copies of the Senior
Loan Documents, and all related agreements, documents and instruments as in effect on the Closing Date; 
 (o) Filings, Registrations and
Recordings. Each document (including any Uniform Commercial Code financing statement) required by this Agreement, any related agreement or under law or reasonably requested by Lender (or its agent, designee or bailee pursuant to the
Subordination Agreement) to be filed, registered or recorded in order to create, in favor of Lender, a perfected security interest in or lien upon the Collateral (subject to the terms of the Subordination Agreement) shall have been properly filed,
registered or recorded in each jurisdiction in which the filing, registration or recordation thereof is so required or requested, and Lender shall have received an acknowledgment copy, or other evidence satisfactory to it, of each such filing,
registration or recordation and reasonably satisfactory evidence of the payment of any necessary fee, tax or expense relating thereto; 
 (p)
Reserved. 
 (q) Secretary’s Certificates, Authorizing Resolutions and Good Standings of Loan Parties. Lender shall have
received a certificate of the Secretary or Assistant Secretary (or other equivalent officer, partner or manager) of each Loan Party in form and substance reasonably satisfactory to Controlling Agent dated as of the Closing Date which shall certify
(i) copies of resolutions of the board of directors (or other equivalent governing body, member or partner) of such Loan Party authorizing (x) the execution, delivery and performance of this Agreement, the Notes and each Other Document to
which such Loan Party is a party (including authorization of the incurrence of indebtedness and borrowing of the Term Loan), and (y) the granting by such Loan Party of the security interests in and liens upon the Collateral to secure all of the
joint and several Obligations of Loan Parties (and such certificate shall state that such resolutions have not been amended, modified, revoked or rescinded as of the date of such certificate), (ii) the incumbency and signature of the officers
of such Loan Party authorized to execute this Agreement and the Other Documents, (iii) copies of the Organizational Documents of such Loan Party as in effect on such date, complete with all amendments thereto, and (iv) the good standing
(or equivalent status) of such Loan Party in its jurisdiction of organization and each applicable jurisdiction where the conduct of such Loan Party’s business activities or the ownership of its properties necessitates qualification, as
evidenced by good standing certificate(s) (or the equivalent thereof issued by any applicable jurisdiction) dated not more than thirty (30) days prior to the Closing Date, issued by the Secretary of State or other appropriate official of each
such jurisdiction; 
 (r) Legal Opinions. Lender shall have received the executed legal opinion of Cleary Gottlieb Steen &
Hamilton LLP and Young Conaway Stargatt & Taylor, LLP, each, in form and substance reasonably satisfactory to Lender which shall cover such matters incident to the transactions contemplated by this Agreement, the Notes, the Other Documents,
and related agreements as Lender may reasonably require and each Loan Party hereby authorizes and directs such counsel to deliver such opinions to Lender; 

  
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 (s) No Litigation. Except as disclosed in the Disclosure Statement, Plan of
Reorganization, or Confirmation Order, no litigation, investigation or proceeding before or by any arbitrator or Governmental Body shall be continuing or threatened against Borrower or against the officers or directors of Borrower (A) in
connection with this Agreement, the Other Documents, the Senior Loan Documents or any of the transactions contemplated thereby and which, in the reasonable opinion of Controlling Agent, is deemed material or (B) which could, in the reasonable
opinion of Controlling Agent, have a Material Adverse Effect; and (ii) no injunction, writ, restraining order or other order of any nature materially adverse to Borrower or the conduct of its business or inconsistent with the due consummation
of the Transactions shall have been issued by any Governmental Body; 
 (t) Collateral Examination. Controlling Agent shall have
received appraisals, the results of which shall be reasonably satisfactory in form and substance to Controlling Agent, of the Receivables, Inventory, General Intangibles, Real Property set forth on Schedule A, Leasehold Interest and equipment of
each Loan Party and all books and records in connection therewith; 
 (u) Fees. Lender shall have received all fees payable to Lender
on or prior to the Closing Date hereunder, including pursuant to Article III hereof and the Fee Letter; 
 (v) Pro Forma Financial
Statements. Lender shall have received (i) a copy of the Pro Forma Financial Statements, (ii) annual financial statements of the Loan Parties for the period ending December 31, 2012, together with interim statements for the period
for the period ending September 30, 2013, (iii) monthly projections for the Loan Parties for the first twelve (12) months following the Closing Date, and (iv) annual projections of the Loan Parties for the fiscal years ending for
the fiscal years 2014, 2015 and 2016, each of the foregoing, the capital structure of the Loan Parties as of the Closing Date, including confirmed equity amount equal to Sponsor’s current investment level (consistent with the presentation by
Holdco to the Lender) and the evidence of Borrower’s ability to repay the Advances, shall be satisfactory in all respects to Controlling Agent; 

(w) Insurance. Controlling Agent shall have received in form and substance satisfactory to Controlling Agent, (i) evidence that
adequate insurance, including without limitation, casualty and liability insurance, required to be maintained under this Agreement is in full force and effect, (ii) insurance certificates issued by Borrower’s insurance broker containing
such information regarding Borrower’s casualty and liability insurance policies as Controlling Agent shall request and naming Controlling Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable, and (iii) loss
payable endorsements issued by Borrower’s insurer naming Controlling Agent as loss payee and mortgagee, as applicable; 
 (x) Flood
Insurance. Subject to Section 6.17, evidence that adequate flood insurance in an amount equal to lesser of the value of the Real Property listed on Schedule A to be insured or the maximum amount available under the Federal flood insurance
program, and as otherwise required to be maintained under this Agreement is in full force and effect, with additional insured, mortgagee and lender loss payable special endorsements attached thereto in form and substance satisfactory to Controlling
Agent naming Controlling Agent as additional insured, mortgagee and lender loss payee, as applicable, and evidence that Borrower have taken all actions required under the Flood Laws and/or requested by Controlling Agent to assist in ensuring that
Controlling Agent is in compliance with the Flood Laws applicable to the 

  
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Collateral, including, but not limited to, providing Controlling Agent with the address and/or GPS coordinates of each structure on any such Real Property that will be subject to a Mortgage in
favor of Lender, for the benefit of Lender, and, to the extent required, obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral. 

(y) Payment Instructions. Lender shall have received written instructions from Borrower directing the application of proceeds of the
initial Advances made pursuant to this Agreement; 
 (z) Consents. Lender shall have received any and all Consents necessary to permit
the effectuation of the transactions contemplated by this Agreement and the Other Documents; and, Lender shall have received such Consents and waivers of such third parties as might assert claims with respect to the Collateral, as Controlling Agent
shall deem necessary; 
 (aa) No Adverse Material Change. (i) Except as disclosed in the Disclosure Statement, Plan of
Reorganization, or Confirmation Order, since December 31, 2012, there shall not have occurred any event, condition or state of facts which would reasonably be expected to have a Material Adverse Effect and (ii) no representations made or
information supplied to Lender, including, management prepared financial statements for the period ended on or about September 30, 2013 and disclosures/information provided within the Plan of Reorganization documents that are on file with the
United States Bankruptcy Court, shall have been proven to be inaccurate or misleading in any material respect (taken as a whole); 
 (bb)
Contract Review. Controlling Agent shall have received and reviewed all Material Contracts of Borrower including leases, union contracts, labor contracts, vendor supply contracts, License Agreements and distributorship agreements and such
contracts and agreements shall be satisfactory in all respects to Controlling Agent; 
 (cc) Compliance with Laws. Controlling Agent
shall be reasonably satisfied that Borrower is in compliance with all pertinent federal, state, local or territorial regulations, including those with respect to the Federal Occupational Safety and Health Act, the Environmental Protection Act, ERISA
and the Anti-Terrorism Laws; 
 (dd) Quality of Earnings Report. Lender shall have received a quality of earnings report, background
reports of the Loan Parties and certain key individuals associated with the Loan Parties, and any other third party diligence prepared for the Borrower, which shall be satisfactory in form and substance to Controlling Agent, such scope of report and
information to include a review of Borrower’s business plan and management’s ability to execute said plan, verification of any EBITDA addbacks and adjustments as presented by Borrower during the due diligence process, and any other
additional procedures as may be required to verify the financial results of the Borrower for the fiscal year 2012 and for the trailing twelve-month period ending August 31, 2013; and 

(ee) Other. All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the
Transactions shall be satisfactory in form and substance to Lender. 

  
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 IX. INFORMATION AS TO LOAN PARTIES. 

Each Loan Party shall, or (except with respect to Section 9.11) shall cause Borrower on its behalf to, until satisfaction in full of the
Obligations and the termination of this Agreement: 
 9.1. Disclosure of Material Matters. Promptly upon learning thereof, report to
Lender all matters materially affecting the value, enforceability or collectability of any portion of the Collateral, including any Loan Party’s reclamation or repossession of, or the return to any Loan Party of, a material amount of goods or
claims or disputes asserted by any Customer or other obligor, except, in each case, where such matters or return would not, individually or in the aggregate, have or be reasonably expected to have a Material Adverse Effect. 

9.2. Reserved. 
 9.3.
Environmental Reports. 
 (a) Furnish Lender, concurrently with the delivery of the financial statements referred to in Sections 9.7
and 9.8, with a certificate signed by the Chief Executive Officer or President of Borrower stating, to the best of his knowledge, that each Loan Party is in compliance in all material respects with all applicable Environmental Laws. To the extent
any Loan Party is not in compliance with the foregoing laws, the certificate shall set forth with specificity all areas of non-compliance and the proposed action such Loan Party will implement in order to achieve full compliance. 

(b) In the event any Loan Party obtains, gives or receives notice of any Release or threat of Release of a reportable quantity of any Hazardous
Materials at the Real Property (any such event being hereinafter referred to as a “Hazardous Discharge”) or receives any notice of violation, request for information or notification that it is potentially responsible for
investigation or cleanup of environmental conditions at the Real Property, demand letter or complaint, order, citation, or other written notice with regard to any Hazardous Discharge or violation of Environmental Laws affecting the Real Property or
any Loan Party’s interest therein or the operations or the business (any of the foregoing is referred to herein as an “Environmental Complaint”) from any Person, including any Governmental Body, then Borrower shall, within five
(5) Business Days, give written notice of same to Lender detailing facts and circumstances of which any Loan Party is aware giving rise to the Hazardous Discharge or Environmental Complaint. Such information is to be provided to allow Lender to
protect Lender’s security interest in and Lien on the Collateral and is not intended to create nor shall it create any obligation upon Lender with respect thereto. 

(c) Borrower shall promptly forward to Lender copies of any request for information, notification of potential liability, demand letter
relating to potential responsibility with respect to the investigation or cleanup of Hazardous Materials at any other site owned, operated or used by any Loan Party to manage of Hazardous Materials and shall continue to forward copies of
correspondence between any Loan Party and the Governmental Body regarding such claims to Lender until the claim is settled. Borrower shall promptly forward to Lender copies of all documents and reports concerning a Hazardous Discharge or
Environmental Complaint at the Real Property, operations or business that any Loan Party is required to file under any Environmental Laws. Such information is to be provided solely to allow Lender to protect Lender’s security interest in and
Lien on the Collateral. 

  
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 9.4. Litigation. Promptly notify Lender in writing of any claim, litigation, suit or
administrative proceeding affecting any Loan Party, whether or not the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case affects a material portion of the Collateral or which would
reasonably be expected to have a Material Adverse Effect. 
 9.5. Material Occurrences. Promptly notify Lender in writing upon the
occurrence and continuation of: (a) any Event of Default or Default; (b) any event of default under the Senior Loan Documents; (c) any event which with the giving of notice or lapse of time, or both, would constitute an event of
default under the Senior Loan Documents; (d) any event, development or circumstance whereby any financial statements or other reports furnished to Lender fail in any material respect to present fairly, in accordance with GAAP consistently
applied, the financial condition or operating results of any Loan Party as of the date of such statements; (e) any failure to meet minimum funding standards which is not corrected as provided in Section 4971 of the Code and could subject
any Loan Party or any member of the Controlled Group to a material tax imposed by Section 4971 of the Code; (f) each and every default by any Loan Party which might result in the acceleration of the maturity of any Indebtedness, including
the names and addresses of the holders of such Indebtedness with respect to which there is a default existing or with respect to which the maturity has been or could be accelerated, and the amount of such Indebtedness; and (g) any other
development in the business or affairs of any Loan Party, which could reasonably be expected to have a Material Adverse Effect; in each case describing the nature thereof and the action Loan Parties propose to take with respect thereto. 

9.6. Reserved. 
 9.7.
Annual Financial Statements. Furnish Lender within ninety (90) days after the end of each fiscal year of the Loan Parties, financial statements of the Loan Parties on a consolidating and consolidated basis including, but not limited to,
(i) statements of income and stockholders’ equity and cash flow from the beginning of the current fiscal year to the end of such fiscal year and the balance sheet as at the end of such fiscal year, (ii) a comparison to the respective
financial statements for the corresponding date and period in the previous fiscal year and (iii) a supplemental schedule, in form and substance reasonably satisfactory to the Controlling Agent, setting forth the types and amounts of expenses
incurred by New Media Investment Group Inc. on behalf of the Loan Parties during such fiscal year for which it has received reimbursement during such fiscal year period (it being understood that to the extent permitted by GAAP, the reimbursement of
expenses of New Media Investment Group Inc. shall be reflected in the financial statements of the Loan Parties as a direct expense of a similar type as if such expense had been incurred directly by the Loan Parties), all prepared in accordance with
GAAP applied on a basis consistent with prior practices, and in reasonable detail and reported upon without qualification (other than solely with respect to, or solely resulting from, the fact that the scheduled maturity date of any Senior
Obligations or any Loan hereunder (for the avoidance of doubt, without giving effect to any circumstances that have caused such scheduled maturity date to be accelerated to an earlier date) is less than one year after the date of such

  
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opinion) by Ernst & Young LLP or any other independent certified public accounting firm selected by Loan Parties and satisfactory to Lender (the “Accountants”). The
report of the Accountants shall be accompanied by a statement of the Accountants certifying that (i) they have caused this Agreement to be reviewed, (ii) in making the examination upon which such report was based either no information came
to their attention which to their knowledge constituted an Event of Default or a Default under this Agreement or any related agreement or, if such information came to their attention, specifying any such Default or Event of Default, its nature, when
it occurred and whether it is continuing, and such report shall contain or have appended thereto calculations which set forth Loan Parties’ compliance with the requirements or restrictions imposed by Sections 6.5, 7.4, 7.5, 7.6, 7.7, 7.8 and
7.10 hereof. In addition, the reports shall be accompanied by a Compliance Certificate. 
 9.8. Quarterly Financial Statements.
Furnish Lender within forty-five (45) days after the end of each fiscal quarter, (i) an unaudited balance sheet of the Loan Parties on a consolidated and consolidating basis (ii) unaudited statements of income and stockholders’
equity and cash flow of the Loan Parties on a consolidated and consolidating basis reflecting results of operations from the beginning of the fiscal year to the end of such quarter and for such quarter, prepared on a basis consistent with prior
practices and complete and correct in all material respects, subject to normal and recurring year-end adjustments that individually and in the aggregate are not material to Loan Parties’ business operations and setting forth in comparative form
the respective financial statements for the corresponding date and period in the previous fiscal year, (iii) a comparison of such financials against the projections delivered pursuant to Section 9.12 for the corresponding date and
(iv) a supplemental schedule, in form and substance reasonably satisfactory to the Controlling Agent, setting forth the types and amounts of expenses incurred by New Media Investment Group Inc. on behalf of the Loan Parties during such fiscal
quarter for which it has received reimbursement during such fiscal quarter period (it being understood that to the extent permitted by GAAP, the reimbursement of expenses of New Media Investment Group Inc. shall be reflected in the financial
statements of the Loan Parties as a direct expense of a similar type as if such expense had been incurred directly by the Loan Parties). The reports shall be accompanied by a Compliance Certificate and unaudited statements of income for each
division/market group (including Propel Marketing) of the Loan Parties, reflecting the results of operations from the beginning of the fiscal year to the end of such quarter, and for such quarter ended, and setting forth in comparative form the
respective statements of income for the corresponding date and period in the previous fiscal year. 
 9.9. Reserved. 

9.10. Other Reports. Furnish Lender as soon as available, but in any event within ten (10) days after the issuance thereof,
(i) with copies of such financial statements, reports and returns as each Loan Party shall send to its stockholders or members, as the case may be, and (ii) copies of all notices, reports, financial statements and other materials sent
pursuant to the Senior Loan Documents. 
 9.11. Additional Information. Furnish Lender with such additional information as Lender
shall reasonably request in order to enable Lender to determine whether the terms, covenants, provisions and conditions of this Agreement and the Notes have been complied with by Loan Parties including, without the necessity of any request by
Lender, (a) copies of all 

  
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environmental audits and reviews, (b) at least thirty (30) days prior thereto, notice of any Loan Party’s opening of any new office or place of business or any Loan Party’s
closing of any existing office or place of business, and (c) promptly upon any Loan Party’s learning thereof, notice of any material labor dispute to which any Loan Party may become a party, any strikes or walkouts relating to any of its
plants or other facilities, and the expiration of any labor contract to which any Loan Party is a party or by which any Loan Party is bound. 

9.12. Projected Operating Budget. Furnish Lender, no later than thirty (30) days after the beginning of each Loan Party’s
fiscal years commencing with fiscal year 2014, a month by month projected income statement, statement of cash flow and balance sheet of the Loan Parties on a consolidated and consolidating basis for such fiscal year, such projections to be
accompanied by a certificate signed by the Chief Executive Officer or Chief Financial Officer of each Loan Party to the effect that such projections have been prepared on the basis of sound financial planning practice consistent with past budgets
and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared; it being understood that actual results may vary from such projections and that such
variations may be material. 
 9.13. Variances From Operating Budget. Furnish Lender, concurrently with the delivery of the financial
statements referred to in Sections 9.7 and 9.8, a written report summarizing all material variances from budgets submitted by Loan Parties pursuant to Section 9.12 and a discussion and analysis by management with respect to such variances. 

9.14. Notice of Suits, Adverse Events. Furnish Lender with prompt written notice of (i) any lapse or other termination of any
Consent issued to any Loan Party by any Governmental Body or any other Person that is material to the operation of any Loan Party’s business, (ii) any refusal by any Governmental Body or any other Person to renew or extend any such
Consent; and (iii) copies of any periodic or special reports filed by any Loan Party with any Governmental Body or Person, if such reports indicate any material change in the business, operations, affairs or condition of any Loan Party, or if
copies thereof are requested by Lender, and (iv) copies of any material notices and other communications from any Governmental Body or Person which specifically relate to any Loan Party. 

9.15. ERISA Notices and Requests. Furnish Lender with prompt written notice in the event that (i) any Loan Party or any member of
the Controlled Group knows or has reason to know that a Termination Event has occurred, together with a written statement describing such Termination Event and the action, if any, which such Loan Party or any member of the Controlled Group has
taken, is taking, or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, Department of Labor or PBGC with respect thereto, (ii) any Loan Party or any member of the Controlled
Group knows or has reason to know that a prohibited transaction that may result in material liability (as defined in Section 406 of ERISA or 4975 of the Code) has occurred together with a written statement describing such transaction and the
action which such Loan Party or any member of the Controlled Group has taken, is taking or proposes to take with respect thereto, (iii) a funding waiver request has been filed with respect to any Pension Benefit Plan together with all
communications received by any Loan Party or any member of the Controlled Group with respect to such request, (iv) any material increase in the benefits of any existing Plan or the 

  
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establishment of any new material Plan or the commencement of material contributions to any Plan to which any Loan Party or any member of the Controlled Group was not previously contributing
shall occur, (v) any Loan Party or any member of the Controlled Group shall receive from the PBGC a notice of intention to terminate a Plan or to have a trustee appointed to administer a Plan, together with copies of each such notice,
(vi) any Loan Party or any member of the Controlled Group shall receive any unfavorable determination letter from the Internal Revenue Service regarding the qualification of a Plan under Section 401(a) of the Code, together with copies of
each such letter; (vii) any Loan Party or any member of the Controlled Group shall receive a notice regarding the imposition of withdrawal liability, together with copies of each such notice; (viii) any Loan Party or any member of the
Controlled Group shall fail to make a required installment or any other required material payment under the Code or ERISA on or before the due date for such installment or payment; or (ix) Borrower or any member of the Controlled Group knows
that (a) a Multiemployer Plan has been terminated, (b) the administrator or plan sponsor of a Multiemployer Plan intends to terminate a Multiemployer Plan, (c) the PBGC has instituted or will institute proceedings under
Section 4042 of ERISA to terminate a Multiemployer Plan or (d) a Multiemployer Plan is subject to Section 432 of the Code or Section 305 of ERISA. 

9.16. Additional Documents. Subject to the terms of the Subordination Agreement, execute and deliver to Lender, upon reasonable request,
such documents and agreements as Lender may, from time to time, reasonably request to carry out the purposes, terms or conditions of this Agreement. 

9.17. Updates to Certain Schedules. Deliver to Lender updates to Schedules 4.4 (Locations of equipment and Inventory), 5.2(a) (States of
Qualification and Good Standing), 5.2(b) (Subsidiaries), 5.6 (Prior Names), 5.7 (Environmental), 5.8(d) (Plans), 5.9 (Intellectual Property), 5.10 (Licenses and Permits), 5.14 (Labor Disputes), 5.17 (Disclosure), 5.24 (Equity Interests), 5.25
(Commercial Tort Claims), 5.26 (Letter-of-Credit Rights) and 5.27 (Material Contracts) on an quarterly basis at the time of delivery of a Compliance Certificate with respect to the applicable month. Any such updated Schedules delivered by Loan
Parties to Lender in accordance with this Section 9.17 shall automatically and immediately be deemed to amend and restate the prior version of such Schedule previously delivered to Lender and attached to and made part of this Agreement. 

9.18. Controlling Agent Determinations. With respect to requests, determinations or consents by the Senior Administrative Agent as the
Controlling Agent made pursuant to the definitions of “Collateral” and “Permitted Loan” and Sections 4.1, 4.2, 4.4, 4.5, 5.7(d), 6.6, 6.8, 6.11, 6.17, 7.1(a), 7.12, 7.15, 10.15, 10.16, 10.18, promptly after such event, notify the
Lender of such request, determination or consent. 
 X. EVENTS OF DEFAULT. 

The occurrence of any one or more of the following events shall constitute an “Event of Default”: 

10.1. Nonpayment. Failure by any Loan Party to pay when due (a) any principal or interest on the Obligations (including without
limitation pursuant to Section 2.9), or (b) any other fee, charge, amount or liability provided for herein or in any Other Document, in each case whether at maturity, by reason of acceleration pursuant to the terms of this Agreement, by
notice of intention to prepay or by required prepayment; 

  
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 10.2. Breach of Representation. Any representation or warranty made or deemed made by any
Loan Party in this Agreement, any Other Document or any related agreement or in any certificate, document or financial or other statement furnished at any time in connection herewith or therewith shall prove to have been incorrect or misleading in
any material respect on the date when made or deemed to have been made; 
 10.3. Financial Information. Failure by any Loan Party to
(i) furnish financial information when due or when requested (or within ten (10) days if no grace period is specified), or (ii) permit the inspection of its books or records or access to its premises for audits in accordance with the
terms hereof; 
 10.4. Judicial Actions. Issuance of a notice of Lien, levy, assessment, injunction or attachment against a material
portion of the Collateral; 
 10.5. Noncompliance. Except as otherwise provided for in Sections 10.1, 10.3, 10.5(ii) and 10.5(iii),
(i) failure or neglect of any Loan Party or any Person to perform, keep or observe any term, provision, condition, covenant herein contained, or contained in any Other Document or any other agreement or arrangement, now or hereafter entered
into between any Loan Party or such Person, and Lender, and such failure continues for a period of thirty (30) days, (ii) failure or neglect of any Loan Party to perform, keep or observe any term, provision, condition or covenant,
contained in Sections 4.5, 6.1, 6.3, 6.11, 6.13 or 9.4 hereof which is not cured within ten (10) days from the occurrence of such failure or neglect, or (iii) failure or neglect of any Loan Party to perform, keep or observe any term,
provision, condition or covenant, contained in Sections 4.1, 4.2, 4.4, 4.8 (other than 4.8(b)), 4.12, 6.5, 6.8(e) and Article VII of this Agreement; 

10.6. Judgments. Any judgment or judgments, writ(s), order(s) or decree(s) for the payment of money are rendered against any Loan Party
for an aggregate amount in excess of $3,000,000 (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) and either (a) there is a period of 30
consecutive days at any time after the entry of any such judgment, order, or award during which (1) the same is not discharged, satisfied, vacated, or bonded pending appeal, or (2) a stay of enforcement thereof is not in effect, or
(b) enforcement proceedings are commenced upon such judgment, order, or award unless such enforcement proceedings are being contested in good faith and stayed, unless cash otherwise payable as a Permitted Dividend or a capital contribution has
been used to settle such judgment within 10 days of the occurrence of such event; 
 10.7. Bankruptcy. Except in connection with the
Bankruptcy Cases, any Loan Party shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property,
(ii) admit by any officer in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of all or a substantial part of its present business, (iii) make a general assignment for the benefit of
creditors, (iv) commence a voluntary case under 

  
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any state or federal bankruptcy or receivership laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent (including by entry of any order for relief in any
involuntary bankruptcy or insolvency proceeding commenced against it), (vi) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesce to, or fail to have dismissed, within forty-five
(45) days, any petition filed against it in any involuntary case under such bankruptcy laws, or (viii) take any corporate action for the purpose of effecting any of the foregoing; 

10.8. Reserved. 
 10.9.
Lien Priority. Any Lien created hereunder or provided for hereby or under any related agreement for any reason ceases to be or is not a valid and perfected Lien having the priority required by this Agreement (subject to the Subordination
Agreement and to Permitted Encumbrances that have priority as a matter of Applicable Law to the extent such Liens only attach to Collateral other than Receivables or Inventory); 

10.10. Senior Loan Default. An event of default has occurred under the Senior Loan Documents, which default shall not have been cured or
waived within any applicable grace period, or if any Loan Party party to a Subordination Agreement breaches or violates, or attempts to terminate or challenge the validity of, such agreement; provided, that no such event under the Senior Loan
Documents shall constitute an Event of Default under this Section 10.10 until (i) the acceleration of the Indebtedness under the Senior Loan Documents or (ii) there has been a failure to pay principal when due in excess of $3,000,000
with respect to the Senior Loan Documents; 
 10.11. Cross Default. Either (x) any specified “event of default” under
any Indebtedness (other than the Obligations and the Senior Obligations) of any Loan Party with a then-outstanding principal balance (or, in the case of any Indebtedness not so denominated, with a then-outstanding total obligation amount) of
$3,000,000 or more, or any other event or circumstance which would permit the holder of any such Indebtedness of any Loan Party to accelerate such Indebtedness (and/or the obligations of Loan Party thereunder) prior to the scheduled maturity or
termination thereof, shall occur (regardless of whether the holder of such Indebtedness shall actually accelerate, terminate or otherwise exercise any rights or remedies with respect to such Indebtedness) or (y) a default of the obligations of
any Loan Party under any other agreement to which it is a party shall occur which has or is reasonably likely to have a Material Adverse Effect, unless in each case, cash otherwise payable as a Permitted Dividend or a capital contribution has been
used to cure such default or “event of default” within ten (10) days of the occurrence of such event; 
 10.12. Breach of
Guaranty or Pledge Agreement. Termination or breach of any Guaranty, Guarantor Security Agreement, Pledge Agreement or similar agreement executed and delivered to Lender in connection with the Obligations of Borrower, or if any Guarantor or
pledgor attempts to terminate, challenges the validity of, or its liability under, any such Guaranty, Guarantor Security Agreement, Pledge Agreement or similar agreement; 

10.13. Change of Control. Any Change of Control shall occur; 

  
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 10.14. Invalidity. Any material provision of this Agreement or any Other Document shall,
for any reason, cease to be valid and binding on any Loan Party, or any Loan Party shall so claim in writing to Lender or Borrower challenges the validity of or its liability under this Agreement or any Other Document; 

10.15. Seizures. Any (a) portion of the Collateral (excluding books and records of Borrower) with a value in excess of $1,000,000
(except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) shall be seized, subject to garnishment or taken by a Governmental Body, or (b) the
title and rights of any Loan Party which is the owner of any material portion of the Collateral shall have become the subject matter of claim, litigation, suit, garnishment or other proceeding which might, in the opinion of Controlling Agent, upon
final determination, result in impairment or loss of the security provided by this Agreement or the Other Documents, unless in each case, cash otherwise payable as a Permitted Dividend or a capital contribution has been used to resolve such issue or
replace such portion of the Collateral within 10 days of the occurrence of such event; 
 10.16. Pension Plans. An event or condition
specified in Sections 7.16 or 9.15 hereof shall occur or exist with respect to any Plan and, as a result of such event or condition, together with all other such events or conditions, any Loan Party or any member of the Controlled Group shall incur,
or in the reasonable judgment of Controlling Agent be reasonably likely to incur, a liability to a Plan or the PBGC (or both) which, in the reasonable judgment of Controlling Agent, would have a Material Adverse Effect; or the occurrence of any
Termination Event, or any Loan Party’s failure to immediately report a Termination Event in accordance with Section 9.15 hereof which, in each case, in the reasonable judgment of Controlling Agent, would have a Material Adverse Effect;

 10.17. Anti-Money Laundering/International Trade Law Compliance. Any representation or warranty contained in Section 17.18 is
or becomes false or misleading at any time; or 
 10.18. Plan of Reorganization and Confirmation Order. Either the Plan of
Reorganization or Confirmation Order has been withdrawn, rescinded, vacated, reversed, stayed, revoked, modified, or amended, without the written consent of Controlling Agent. 

XI. LENDER’S RIGHTS AND REMEDIES AFTER DEFAULT. 

11.1. Rights and Remedies. 

(a) Upon the occurrence and continuation of: (i) an Event of Default pursuant to Section 10.7 (other than Section 10.7(vii)),
all Obligations shall be immediately due and payable and this Agreement and (ii) any of the other Events of Default and at any time thereafter (and such Events of Default not having previously been cured in accordance with the terms hereof), at
the option of Lender or at the direction of Required Lenders, all Obligations shall be immediately due and payable and Lender or Required Lenders shall have the right to terminate this Agreement. Upon the occurrence and continuation of any Event of
Default, subject to the terms of the Subordination Agreement, Lender (or its agent, designee or bailee pursuant to the 

  
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Subordination Agreement) shall have the right to exercise any and all rights and remedies provided for herein, under the Other Documents, under the Uniform Commercial Code and at law or equity
generally, including the right to foreclose the security interests granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and sell any or all of the Collateral with or without judicial
process. Lender (or its agent, designee or bailee pursuant to the Subordination Agreement) may enter any of any Loan Party’s premises or other premises without legal process and without incurring liability to any Loan Party therefor, and Lender
(or its agent, designee or bailee) may thereupon, or at any time thereafter, in its discretion without notice or demand, take the Collateral and remove the same to such place as Lender (or its agent, designee or bailee) may deem advisable and Lender
(or its agent, designee or bailee) may require Loan Parties to make the Collateral available to Lender (or its agent, designee or bailee) at a convenient place. With or without having the Collateral at the time or place of sale, Lender (or its
agent, designee or bailee pursuant to the Subordination Agreement) may sell the Collateral, or any part thereof, at public or private sale, at any time or place, in one or more sales, at such price or prices, and upon such terms, either for cash,
credit or future delivery, as Lender (or its agent, designee or bailee) may elect. Except as to that part of the Collateral which is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender
(or its agent, designee or bailee) shall give Loan Parties reasonable notification of such sale or sales, it being agreed that in all events written notice mailed to Borrower at least ten (10) days prior to such sale or sales is reasonable
notification. At any public sale Lender may bid (including credit bid) for and become the purchaser, and Lender (or its agent, designee or bailee) or any other purchaser at any such sale thereafter shall hold the Collateral sold absolutely free from
any claim or right of whatsoever kind, including any equity of redemption and all such claims, rights and equities are hereby expressly waived and released by each Loan Party. In connection with the exercise of the foregoing remedies, including the
sale of Inventory, Lender (or its agent, designee or bailee pursuant to the Subordination Agreement) is granted a perpetual nonrevocable, royalty free, nonexclusive license and Lender (or its agent, designee or bailee) is granted permission to use
all of each Loan Party’s (a) Intellectual Property which is used or useful in connection with Inventory for the purpose of marketing, advertising for sale and selling or otherwise disposing of such Inventory and (b) equipment for the
purpose of completing the manufacture of unfinished goods. The cash proceeds realized from the sale of any Collateral shall be applied to the Obligations in the order set forth in Section 11.5 hereof. Noncash proceeds will only be applied to
the Obligations as they are converted into cash. If any deficiency shall arise, Loan Parties shall remain liable to Lender therefor. All rights of Lender under this Section 11.1(a) are subject to the terms of the Subordination Agreement. 

(b) To the extent that Applicable Law imposes duties on Lender (or its agent, designee or bailee pursuant to the Subordination Agreement) to
exercise remedies in a commercially reasonable manner, each Loan Party acknowledges and agrees that it is not commercially unreasonable for Lender (or its agent, designee or bailee): (i) to fail to incur expenses reasonably deemed significant
by Lender (or its agent, designee or bailee) to prepare Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition; (ii) to fail to obtain third party
consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of; (iii) to
fail to exercise collection remedies against Customers or other 

  
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Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral; (iv) to exercise collection remedies against Customers and other Persons obligated on
Collateral directly or through the use of collection agencies and other collection specialists; (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized
nature; (vi) to contact other Persons, whether or not in the same business as any Loan Party, for expressions of interest in acquiring all or any portion of such Collateral; (vii) to hire one or more professional auctioneers to assist in
the disposition of Collateral, whether or not the Collateral is of a specialized nature; (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the
reasonable capacity of doing so, or that match buyers and sellers of assets; (ix) to dispose of assets in wholesale rather than retail markets; (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment,
(xi) to purchase insurance or credit enhancements to insure Lender against risks of loss, collection or disposition of Collateral or to provide to Lender a guaranteed return from the collection or disposition of Collateral; or (xii) to the
extent deemed appropriate by the Lender (or its agent, designee or bailee), to obtain the services of other brokers, investment bankers, consultants and other professionals to assist Lender (or its agent, designee or bailee) in the collection or
disposition of any of the Collateral. Each Loan Party acknowledges that the purpose of this Section 11.1(b) is to provide non-exhaustive indications of what actions or omissions by Lender would not be commercially unreasonable in Lender’s
exercise of remedies against the Collateral and that other actions or omissions by Lender shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 11.1(b). Without limitation upon the foregoing,
nothing contained in this Section 11.1(b) shall be construed to grant any rights to any Loan Party or to impose any duties on Lender that would not have been granted or imposed by this Agreement or by Applicable Law in the absence of this
Section 11.1(b). 
 11.2. Lender’s Discretion. Subject to the terms of the Subordination Agreement, Lender shall have the
right in its sole discretion to determine which rights, Liens, security interests or remedies Lender (or its agent, designee or bailee) may at any time pursue, relinquish, subordinate, or modify, which procedures, timing and methodologies to employ,
and what any other action to take with respect to any or all of the Collateral and in what order, thereto and such determination will not in any way modify or affect any of Lender’s rights hereunder as against Loan Parties or each other. 

11.3. Setoff. Subject to Section 14.13 and the terms of the Subordination Agreement, in addition to any other rights which Lender
may have under Applicable Law, upon the occurrence and continuation of an Event of Default hereunder, Lender shall have a right, immediately and without notice of any kind, to apply any Loan Party’s property held by Lender or any of its
Affiliates to reduce the Obligations and to exercise any and all rights of setoff which may be available to Lender with respect to any deposits held by Lender. 

11.4. Rights and Remedies not Exclusive. The enumeration of the foregoing rights and remedies is not intended to be exhaustive and the
exercise of any rights or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided by law, all of which shall be cumulative and not alternative. 

  
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 11.5. Allocation of Payments After Event of Default. Notwithstanding any other provisions
of this Agreement to the contrary, after the occurrence and during the continuance of an Event of Default and acceleration of the Obligations (but subject to the terms of the Subordination Agreement), all amounts collected or received by Lender (or
its agent, designee or bailee) on account of the Obligations, or in respect of the Collateral may, at Lender (or its agent, designee or bailee)’s discretion, be paid over or delivered as follows: 

FIRST, to the payment of all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorneys’
fees) of Lender (or its agent, designee or bailee) in connection with enforcing its rights and the rights of Lender under this Agreement and the Other Documents; 

SECOND, to payment of any fees owed to Lender; 

THIRD, to the payment of all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented fees of one
counsel, per each jurisdiction, for the Lender) of the Lender to the extent owing to Lender pursuant to the terms of this Agreement; 

FOURTH, to the payment of all Obligations arising under this Agreement and the Other Documents consisting of accrued fees and interest; 

FIFTH, to all Obligations arising under this Agreement which shall have become due and payable (hereunder, under the Other Documents or
otherwise) and not repaid pursuant to clauses “FIRST” through “FOURTH” above other than in respect of the payment of the Obligations consisting of accrued fees and interest and outstanding principal with respect to the Term Loan
or otherwise provided for in this Agreement or the Other Documents; 
 SIXTH, to the payment of all of the Obligations consisting of accrued
interest on account of the Term Loan; 
 SEVENTH, to the payment of the outstanding principal amount of the Term Loan; 

EIGHTH, to all other Obligations which shall have become due and payable and not repaid pursuant to clauses “FIRST” through
“SEVENTH”; and 
 NINTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 

In carrying out the foregoing, amounts received shall be applied in the numerical order provided until exhausted prior to application to the
next succeeding category. 
 XII. WAIVERS AND JUDICIAL PROCEEDINGS. 

12.1. Waiver of Notice. Each Loan Party hereby waives notice of non-payment of any of the Receivables, demand, presentment, protest and
notice thereof with respect to any and all instruments, notice of acceptance hereof, notice of loans or advances made, credit extended, Collateral received or delivered, or any other action taken in reliance hereon, and all other demands and notices
of any description, except such as are expressly provided for herein. 

  
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 12.2. Delay. No delay or omission on Lender’s part in exercising any right, remedy or
option shall operate as a waiver of such or any other right, remedy or option or of any Default or Event of Default. 
 12.3. Jury
Waiver. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT, ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR
AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, ANY OTHER DOCUMENT OR ANY OTHER INSTRUMENT,
DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HEREBY
CONSENTS THAT ANY SUCH CLAIM, COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 XIII. EFFECTIVE DATE AND TERMINATION. 

13.1. Term. This Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted
assigns of each Loan Party and Lender, shall become effective on the date hereof and shall continue in full force and effect until November 26, 2019 (the “Term”) unless sooner terminated as herein provided. Loan Parties may
terminate this Agreement at any time upon thirty (30) days prior written notice to Lender upon payment in full of the Obligations. 

13.2. Termination. The termination of the Agreement shall not affect Lender’s rights, or any of the Obligations having their
inception prior to the effective date of such termination or any Obligations which pursuant to the terms hereof continue to accrue after such date, and the provisions hereof shall continue to be fully operative until all transactions entered into,
rights or interests created and Obligations have been fully and indefeasibly paid, disposed of, concluded or liquidated. The security interests, Liens and rights granted to Lender hereunder and the financing statements filed hereunder shall continue
in full force and effect, notwithstanding the termination of this Agreement or the fact that Borrower’s Account may from time to time be temporarily in a zero or credit position, until all of the Obligations of Borrower have been indefeasibly
paid and performed in full after the termination of this Agreement or Borrower has furnished Lender with an indemnification satisfactory to Lender with respect thereto. Accordingly, Borrower waives any rights which it may have under the Uniform
Commercial Code to demand the filing of termination statements with respect to the Collateral, and Lender shall not be required to send such termination statements to Borrower, or to file them with any filing office, unless and until this Agreement
shall have been terminated in accordance with its terms and all Obligations have been indefeasibly paid in full in immediately available funds. All representations, warranties, covenants, waivers and agreements contained herein shall survive
termination hereof until all Obligations are indefeasibly paid and performed in full. 

  
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 13.3. Release of Collateral. Notwithstanding anything to the contrary contained herein or
in any Other Documents, the Lender is hereby irrevocably authorized to take any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (i) to the extent necessary to permit consummation of any
transaction not prohibited by Other Documents (including, without limitation, (x) the release from the Collateral of any assets disposed to a Person other than a Loan Party in accordance with this Agreement and (y) the release from the
Collateral of any assets of any Person that ceases to be a Guarantor in accordance with this Agreement) or that has been consented to. 
 At such time as
(i) the Term Loan and the other Obligations shall have been paid in full and (ii) all claims of the Loan Parties against Lender arising on or before the payment date shall have been released on terms reasonably acceptable to the Lender,
the Collateral shall be automatically released from the Liens created by this Agreement and Other Documents and all obligations (other than those expressly stated to survive such termination) of Lender and each Loan Party under the Agreement and
Other Documents shall terminate, all without delivery of any instrument or performance of any act by any Person. At such time, Lender shall take such actions as are reasonably necessary, at the cost of the Loan Parties, to effect each release
described in this Section 13.3 in accordance with the relevant provisions of the Agreement and Other Documents. 
 XIV. RESERVED. 

XV. RESERVED. 
 XVI. GUARANTY. 

16.1. Each Guarantor hereby unconditionally and absolutely, as a surety, guarantees all Obligations of Borrower. In connection with such
guarantee, each Guarantor, as joint and several primary obligor of the Obligations directly incurred by Loan Parties, authorizes Lender (subject to the terms of the Subordination Agreement), without giving notice to Guarantor or obtaining
Guarantor’s consent and without affecting the liability of Guarantor for the Obligations directly incurred by Loan Parties, from time to time to: (i) compromise, settle, renew, extend the time for payment, change the manner or terms of
payment, discharge the performance of, decline to enforce, or release all or any of the Obligations; grant other indulgences to Loan Parties in respect thereof; or modify in any manner any documents relating to the Obligations; (ii) declare all
Obligations due and payable upon the occurrence and during the continuance of an Event of Default; (iii) take and hold security for the performance of the Obligations of Loan Parties and exchange, enforce, waive and release any such security;
(iv) apply and reapply such security and direct the order or manner of sale thereof as Lender, in its sole discretion (subject to the terms of the Subordination Agreement), may determine; (v) release, surrender or exchange any deposits or
other property securing the Obligations or on which Lender at any time may have a Lien; release, substitute or add any one or more endorsers or guarantors of the Obligations of Loan Parties; or compromise, settle, renew, extend the time for payment,
discharge the performance of, decline to enforce, or release all or any obligations of any such endorser or guarantor or other 

  
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Person who is now or may hereafter be liable on any Obligations or release, surrender or exchange any deposits or other property of any such Person; (vi) apply payments received by Lender
from Loan Parties or any other source to any Obligations, in such order as Lender shall determine, in its sole discretion; and (vii) assign this Agreement in whole or in part. 

16.2. Each Guarantor, as a primary, joint and several obligor with respect to the Obligations directly incurred by Loan Parties, waives:
(i) any defense based upon any legal disability or other defense of Loan Parties, or by reason of the cessation or limitation of the liability of Loan Parties from any cause (other than full payment of all Obligations), including, without
limitation, failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction, and usury; (ii) any defense based upon any legal disability or other defense of any other guarantor or other Person;
(iii) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act on behalf of Loan Parties or any principal of Loan Parties or any defect in the formation of Loan Parties or any
principal of Borrower; (iv) any defense based upon the application by Loan Parties of the proceeds of the credit facilities or the Loans for purposes other than the purposes represented by Loan Parties to Lender or intended or understood by
Lender or Loan Parties; (v) any defense based on the rights of any Loan Party, under statute or otherwise, to require Lender to sue any other Loan Party or otherwise to exhaust its rights and remedies against any other Loan Party or any other
Person or against any collateral before seeking to enforce its right to require such Loan Party to satisfy the Obligations of any other Loan Party; (vi) any defense based on Lender’s failure at any time to require strict performance by any
Loan Party of any provision of this Agreement or the Other Documents (and each Guarantor agrees that no such failure shall waive, alter or diminish any right of Lender thereafter to demand strict compliance and performance therewith and nothing
contained herein shall prevent Lender from foreclosing on any Lien, or exercising any rights available to Lender thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of such Guarantor); (vii) any
defense arising from any act or omission of Lender which changes the scope of such Guarantor’s risks hereunder; (viii) any defense based upon Lender’s election of any remedy against such Loan Party or any other Loan Party or any of
them; any defense based on the order in which Lender enforces its remedies; (ix) any defense based on (A) Lender’s surrender, release, exchange, substitution, dealing with or taking any additional collateral, (B) Lender’s
abstaining from taking advantage of or realizing upon any Lien or other guaranty, and (C) any impairment of collateral securing the Obligations, including, without limitation, Lender’s failure to perfect or maintain a Lien in such
collateral; (x) any defense based upon Lender’s failure to disclose to such Loan Party any information concerning any other Loan Party’s financial condition or any other circumstances bearing on any other Loan Party’s ability to
pay the Obligations; (xi) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal; (xii) any
defense based upon Lender’s election, in any proceeding instituted under the Bankruptcy Code, of the application of Bankruptcy Code §1111(b)(2) or any successor statute; (xiii) any defense based upon any borrowing or any grant of a
security interest under Bankruptcy Code §364; (xiv) any defense based on Lender’s failure to be diligent or to satisfy any other standard imposed on a secured party, in exercising rights with respect to collateral securing the
Obligations; (xv) except as otherwise expressly set forth herein: notice of acceptance hereof; notice of the existence, creation or acquisition of any Obligation; notice of any Event of Default; notice of the amount of the Obligations
outstanding from time to time; notice of any other fact which might increase 

  
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such Loan Party’s risk; diligence; presentment; demand of payment; protest; filing of claims with a court in the event of any other Loan Party’s receivership or bankruptcy and all other
notices and demands to which such Loan Party might otherwise be entitled (and agrees the same shall not have to be made on the other Loan Party as a condition precedent to such Loan Party’s obligations hereunder); (xvi) any defense based
on errors and omissions by Lender in connection with its administration of the credit facilities or the Loans; (xvii) any defense based on application of fraudulent conveyance or transfer law or shareholder distribution law to any of the
Obligations or the security therefor; (xviii) any defense based on Lender’s failure to seek relief from stay or adequate protection in any other Loan Party’s bankruptcy proceeding or any other act or omission by Lender which impairs
such Loan Party’s prospective subrogation rights; (xix) any defense based on legal prohibition of Lender’s acceleration of the maturity of the Obligations during the occurrence and continuation of an Event of Default or any other
legal prohibition on enforcement of any other right or remedy of Lender with respect to the Obligations and the security therefor; (xx) any defense available to a surety under Applicable Law; and (xxi) the benefit of any statute of
limitations affecting the liability of such Loan Party hereunder or the enforcement hereof. 
 16.3. Each Guarantor authorizes Lender to
exercise, in its sole discretion, any right, remedy or combination thereof which may then be available to Lender (subject to the terms of the Subordination Agreement), since it is each Guarantor’s intent that the Obligations be absolute,
independent and unconditional obligations of such Loan Party under all circumstances. Notwithstanding any foreclosure of any Lien with respect to any or all of any property securing the Obligations, whether by the exercise of the power of sale
contained therein, by an action for judicial foreclosure or by an acceptance of a deed in lieu of foreclosure, each Guarantor shall remain bound under its guaranty of the Obligations directly incurred by any other Loan Party. 

16.4. This Agreement is a primary and original obligation of each of the Loan Parties and each of the Loan Parties shall be liable for all
existing and future Obligations of any other Loan Party as fully as if such Obligations were directly incurred by such Loan Party. 
 XVII. MISCELLANEOUS.

 17.1. Governing Law. This Agreement and each Other Document (unless and except to the extent expressly provided otherwise in any
such Other Document), and all matters relating hereto or thereto or arising herefrom or therefrom (whether arising under contract law, tort law or otherwise) shall, in accordance with Section 5-1401 of the General Obligations Law of the State
of New York, be governed by and construed in accordance with the laws of the State of New York. Any judicial proceeding brought by or against any Loan Party with respect to any of the Obligations, this Agreement, the Other Documents or any related
agreement may be brought in any court of competent jurisdiction in the State of New York, United States of America, and, by execution and delivery of this Agreement, each Loan Party accepts for itself and in connection with its properties, generally
and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Each Loan Party hereby waives personal service of any and all process
upon it and consents that all such service of process may be made by certified or registered mail (return receipt requested) directed to Borrower at its address set forth in Section 17.6 and service so made shall be deemed completed five
(5) days after the same shall have been so deposited in the 

  
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mails of the United States of America, or, at Lender’s option, by service upon Borrower which each Loan Party irrevocably appoints as such Borrower’s agent for the purpose of accepting
service within the State of New York. Nothing herein shall affect the right to serve process in any manner permitted by law or shall limit the right of Lender to bring proceedings against any Loan Party in the courts of any other jurisdiction. Each
Loan Party waives any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Each Loan Party waives the right to remove any
judicial proceeding brought against such Loan Party in any state court to any federal court. Any judicial proceeding by any Loan Party against Lender involving, directly or indirectly, any matter or claim in any way arising out of, related to or
connected with this Agreement or any related agreement, shall be brought only in a federal or state court located in the County of New York, State of New York. 

17.2. Entire Understanding. 

(a) This Agreement and the documents executed concurrently herewith contain the entire understanding between Borrower, Guarantors and Lender
and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof (except with respect to any other written agreements among the Lender). Any promises, representations, warranties or guarantees not herein
contained and hereinafter made shall have no force and effect unless in writing, signed by Borrower’s, each Guarantors’ and Lender’s respective officers. Neither this Agreement nor any portion or provisions hereof may be changed,
modified, amended, waived, supplemented, discharged, cancelled or terminated orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged. Each Loan Party acknowledges that it has been
advised by counsel in connection with the execution of this Agreement and Other Documents, as applicable, and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Agreement. 

(b) Required Lenders and Loan Parties may, subject to the provisions of this Section 17.2(b), from time to time enter into written
supplemental agreements to this Agreement or the Other Documents executed by Loan Parties, for the purpose of adding or deleting any provisions or otherwise changing, varying or waiving in any manner the rights of Lender or Loan Parties thereunder
or the conditions, provisions or terms thereof or waiving any Event of Default thereunder, but only to the extent specified in such written agreements; provided, however, that no such supplemental agreement shall: 

(i) increase the Term Loan Commitment Percentage without the consent of each Lender directly affected thereby; 

(ii) extend the Term or the time for payment of principal or interest of any Advance (excluding the due date of any mandatory prepayment of an
Advance), or any fee payable to Lender, or reduce the principal amount of or the rate of interest borne by any Advances or reduce any fee payable to Lender, without the consent of each Lender directly affected thereby (except that Required Lenders
may elect to waive or rescind any imposition of the Default Rate under Section 3.1); 

  
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 (iii) alter the definition of the term Required Lenders or alter, amend or modify this
Section 17.2(b) without the consent of all Lenders; 
 (iv) alter, amend or modify the provisions of Section 11.5 without the
consent of all Lenders; 
 (v) release any Collateral (other than in accordance with the provisions of this Agreement, including
Section 2.9, or the Subordination Agreement) having the aggregate value in excess of $3,000,000, without the consent of all Lenders; 

(vi) change the rights and duties of Lender without the consent of all Lenders; 

(vii) release any Guarantor (other than in accordance with the provisions of this Agreement or the terms of the Subordination Agreement) or
Borrower without the consent of all Lenders. 
 (c) Any such supplemental agreement shall apply equally to each Lender and shall be binding
upon Loan Parties, Lender and all future holders of the Obligations. In the case of any waiver, Loan Parties and Lender shall be restored to their former positions and rights, and any Event of Default waived shall be deemed to be cured and not
continuing, but no waiver of a specific Event of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the same as the Event of Default which was waived), or impair any right consequent thereon.

 (d) In the event that the consent of Lender is required pursuant to this Section 17.2 and such consent is denied, then Mutual Quest
may, at its option, require Lender to assign its interest in the Advances to Mutual Quest or to another Lender or to any other Person designated by Mutual Quest (the “Designated Lender”), for a price equal to (i) the then
outstanding principal amount thereof plus (ii) accrued and unpaid interest and fees due Lender, which interest and fees shall be paid when collected from Loan Parties. In the event Mutual Quest elects to require Lender to assign its interest to
Mutual Quest or to the Designated Lender, Mutual Quest will so notify Lender in writing within forty five (45) days following Lender’s denial, and Lender will assign its interest to Mutual Quest or the Designated Lender no later than five
(5) days following receipt of such notice pursuant to a Commitment Transfer Supplement executed by Lender, Mutual Quest and, if applicable, the Designated Lender. 

17.3. Successors and Assigns; Participations; New Lenders. 

(a) This Agreement shall be binding upon and inure to the benefit of Loan Parties, Lender, all future holders of the Obligations and their
respective successors and assigns, except that no Loan Party may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Lender. 

(b) Each Loan Party acknowledges that in the regular course of commercial banking business one or more Lenders may at any time and from time to
time sell participating interests in the Advances to other Persons (each such transferee or purchaser of a participating interest, a “Participant”). Each Participant may exercise all rights of payment (including rights

  
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of set-off) with respect to the portion of such Advances held by it or other Obligations payable hereunder as fully as if such Participant were the direct holder thereof provided that
(i) Loan Parties shall not be required to pay to any Participant more than the amount which it would have been required to pay to Lender which granted an interest in its Advances or other Obligations payable hereunder to such Participant had
Lender retained such interest in the Advances hereunder or other Obligations payable hereunder unless the sale of the participation to such Participant is made with Borrower’s prior written consent, and (ii) in no event shall Loan Parties
be required to pay any such amount arising from the same circumstances and with respect to the same Advances or other Obligations payable hereunder to both Lender and such Participant. Each Loan Party hereby grants to any Participant a continuing
security interest in any deposits, moneys or other property actually or constructively held by such Participant as security for the Participant’s interest in the Advances. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 3.7, 3.9 and 3.10 (subject to the requirements and limitations therein, including the requirements under Section 3.10(e) (it being understood that the documentation required under Section 3.10(e) shall be delivered to
the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Section, but subject to the limitations set forth in this Section 17.3(b). Each Lender that sells a participation
shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or
other obligations under this Agreement or any Other Document (the “Participant Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under this Agreement or any Other Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, Mutual Quest (in its capacity as Lender) shall have no responsibility for maintaining a Participant Register. 
 (c) Lender, so long
as no Event of Default has occurred and is continuing and such transferee is not a Lending Affiliate of such Lender, Borrower (which consent shall not be unreasonably withheld or delayed, and which consent shall be deemed to have been given unless
it shall object thereto by written notice to the Lender within seven (7) Business Days after having received prior written notice thereof), may sell, assign or transfer all or any part of its rights and obligations under or relating to Term
Loan under this Agreement and the Other Documents to one or more additional Persons (each a “Purchasing Lender”), in minimum amounts of not less than the lesser of (x) $10,000,000 and (y) the entire amount of Term Loan
held by the transferor Lender along with all of its Term Loan Commitment Percentages and rights and obligations related thereto, pursuant to a Commitment Transfer Supplement, executed by a Purchasing Lender, the transferor Lender, delivered to
Mutual Quest for recording; provided, however, that each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Term
Loan in which Lender has an interest; provided, further, that, with respect to any sale, assignment or transfer pursuant to this Section 17.3(c) that does not require consent by Borrower, no

  
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Purchasing Lender shall be entitled to receive any greater payment under Section 3.10 hereof than the assigning Lender would have been entitled to receive with respect to the rights assigned
unless such assignment shall have been made at a time when the circumstances giving rise to such greater payment did not exist. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined pursuant
to such Commitment Transfer Supplement, (i) Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Commitment Transfer Supplement, have the rights and obligations of a Lender thereunder with a Term Loan
Commitment Percentage as set forth therein, and (ii) the transferor Lender thereunder shall, to the extent provided in such Commitment Transfer Supplement, be released from its obligations under this Agreement, the Commitment Transfer
Supplement creating a novation for that purpose. Such Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing Lender and the resulting
adjustment of the Term Loan Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Each Loan Party hereby
consents to the addition of such Purchasing Lender and the resulting adjustment of the Term Loan Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender
under this Agreement and the Other Documents. Loan Parties shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing. Notwithstanding anything to the contrary in the foregoing, no
Purchasing Lender may be a Loan Party, Sponsor, Fortress Investment Group LLC or any Affiliate of any of the foregoing. 
 (d) Lender, so
long as no Event of Default has occurred and is continuing and such transferee is not a Lending Affiliate of such Lender, Borrower (which consent shall not be unreasonably withheld or delayed, and which consent shall be deemed to have been given
unless it shall object thereto by written notice to the Lender within seven (7) Business Days after having received prior written notice thereof)), may directly or indirectly sell, assign or transfer all or any portion of its rights and
obligations under or relating to the Term Loan under this Agreement and the Other Documents to an entity, whether a corporation, partnership, trust, limited liability company or other entity that (i) is engaged in making, purchasing, holding or
otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate of Lender (a “Purchasing CLO” and
together with each Participant and Purchasing Lender, each a “Transferee” and collectively the “Transferees”), pursuant to a Commitment Transfer Supplement modified as appropriate to reflect the interest being
assigned (“Modified Commitment Transfer Supplement”), executed by any intermediate purchaser, the Purchasing CLO, the transferor Lender as appropriate and delivered to Mutual Quest for recording; provided, further, with
respect to any sale, assignment or transfer pursuant to this Section 17.3(d) that does not require consent by Borrower, no Purchasing Lender shall be entitled to receive any greater payment under Section 3.10 hereof than the assigning
Lender would have been entitled to receive with respect to the rights assigned unless such assignment shall have been made at a time when the circumstances giving rise to such greater payment did not exist. Upon such execution and delivery, from and
after the transfer effective date determined pursuant to such Modified Commitment Transfer Supplement, (i) Purchasing CLO thereunder shall be a party hereto and, to the extent provided in such Modified Commitment Transfer Supplement, have the
rights and obligations of a Lender thereunder and (ii) the transferor Lender thereunder shall, to the extent 

  
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provided in such Modified Commitment Transfer Supplement, be released from its obligations under this Agreement, the Modified Commitment Transfer Supplement creating a novation for that purpose.
Such Modified Commitment Transfer Supplement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing CLO. Each Loan Party hereby consents to the addition of such Purchasing
CLO. Loan Parties shall execute and deliver such further documents and do such further acts and things in order to effectuate the foregoing. Notwithstanding anything to the contrary in the foregoing, no Purchasing CLO may be a Loan Party, Sponsor,
Fortress Investment Group LLC or any Affiliate of any of the foregoing. 
 (e) Mutual Quest shall maintain at its address in the United
States a copy of each Commitment Transfer Supplement and Modified Commitment Transfer Supplement delivered to it and a register (the “Register”) for the recordation of the names and addresses of each Lender and the outstanding
principal, accrued and unpaid interest and other fees due hereunder. The entries in the Register shall be conclusive, in the absence of manifest error, and each Loan Party, Lender may treat each Person whose name is recorded in the Register as the
owner of the Advance recorded therein for the purposes of this Agreement. The Register shall be available for inspection by Borrower or Lender at any reasonable time and from time to time upon reasonable prior notice. Mutual Quest shall receive a
fee in the amount of $3,500 payable by the applicable Purchasing Lender and/or Purchasing CLO upon the effective date of each transfer or assignment (other than to an intermediate purchaser) to such Purchasing Lender and/or Purchasing CLO. 

(f) Each Loan Party authorizes Lender to disclose to any Transferee and any prospective Transferee, subject to Section 17.15 of this
Agreement, any and all financial information in Lender’s possession concerning such Loan Party which has been delivered to Lender by or on behalf of such Loan Party pursuant to this Agreement or in connection with Lender’s credit
evaluation of such Loan Party. 
 (g) Notwithstanding anything to the contrary contained in this Agreement, Lender may at any time and from
time to time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no
such pledge or assignment shall release Lender from any of its obligations hereunder or substitute any such pledgee or assignee for Lender as a party hereto. 

17.4. Application of Payments. Lender shall have the continuing and exclusive right to apply or reverse and re-apply any payment and any
and all proceeds of Collateral to any portion of the Obligations. To the extent that any Loan Party makes a payment or Lender receives any payment or proceeds of the Collateral for any Loan Party’s benefit, which are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations
or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Lender. 

  
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 17.5. Indemnity. Each Loan Party shall, on a joint and several basis, defend, protect,
indemnify, pay and save harmless Lender and its officers, directors, Affiliates, attorneys, employees and agents (each an “Indemnified Party”) for and from and against any and all claims, demands, liabilities, obligations, losses,
damages, penalties, fines, actions, judgments, suits, costs, charges, expenses and disbursements of any kind or nature whatsoever (including reasonable and documented fees and disbursements of counsel) (collectively, “Claims”) which
may be imposed on, incurred by, or asserted against any Indemnified Party in arising out of or in any way relating to or as a consequence, direct or indirect, of: (i) this Agreement, the Other Documents, the Advances and other Obligations
and/or the transactions contemplated hereby including the Transactions, (ii) any action or failure to act or action taken only after delay or the satisfaction of any conditions by any Indemnified Party in connection with and/or relating to the
negotiation, execution, delivery or administration of the Agreement and the Other Documents, the credit facilities established hereunder and thereunder and/or the transactions contemplated hereby including the Transactions,
(iii) Borrower’s or any Guarantor’s failure to observe, perform or discharge any of its covenants, obligations, agreements or duties under or breach of any of the representations or warranties made in this Agreement and the Other
Documents, (iv) the enforcement of any of the rights and remedies of Lender under the Agreement and the Other Documents, (v) any threatened or actual imposition of fines or penalties, or disgorgement of benefits, for violation of any
Anti-Terrorism Law by Borrower, any Affiliate or Subsidiary of any Borrower, or any Guarantor, and (vi) any claim, litigation, proceeding or investigation instituted or conducted by any Governmental Body or instrumentality or any other Person
with respect to any aspect of, or any transaction contemplated by, or referred to in, or any matter related to, this Agreement or the Other Documents, whether or not Lender is a party thereto. Without limiting the generality of any of the foregoing,
Borrower shall defend, protect, indemnify, pay and save harmless each Indemnified Party from (x) any Claims which may be imposed on, incurred by, or asserted against any Indemnified Party arising out of or in any way relating to or as a
consequence, direct or indirect, of the issuance of any Letter of Credit hereunder and (y) any Claims which may be imposed on, incurred by, or asserted against any Indemnified Party under any Environmental Laws with respect to or in connection
with the Real Property, any Hazardous Discharge, the presence of any Hazardous Materials affecting the Real Property (whether or not the same originates or emerges from the Real Property or any contiguous real estate), including any Claims
consisting of or relating to the imposition or assertion of any Lien on any of the Real Property under any Environmental Laws and any loss of value of the Real Property as a result of the foregoing except to the extent such loss, liability, damage
and expense is attributable to any Hazardous Discharge resulting from actions on the part of Lender. Borrower’s obligations under this Section 17.5 shall arise upon the discovery of the presence of any Hazardous Materials at the Real
Property, whether or not any federal, state, or local environmental agency has taken or threatened any action in connection with the presence of any Hazardous Materials, in each such case except to the extent that any of the foregoing arises out of
the willful misconduct of the Indemnified Party (as determined by a court of competent jurisdiction in a final and non-appealable judgment). Without limiting the generality of the foregoing, this indemnity shall extend to any liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel) asserted against or incurred by any of the Indemnified Parties by
any Person under any Environmental Laws or similar laws by reason of any Loan Party’s or any other Person’s failure to comply with laws applicable to solid or 

  
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hazardous waste materials, including Hazardous Materials and Hazardous Waste, or other Toxic Substances. Additionally, if any taxes (excluding taxes imposed upon or measured solely by the net
income of Lender, but including any intangibles taxes, stamp tax, recording tax or franchise tax) shall be payable by Lender or Loan Parties on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording
of any of the Other Documents, or the creation or repayment of any of the Obligations hereunder, by reason of any Applicable Law now or hereafter in effect, Loan Parties will pay (or will promptly reimburse Lender for payment of) all such taxes,
including interest and penalties thereon, and will indemnify and hold the Indemnified Parties harmless from and against all liability in connection therewith. Notwithstanding the foregoing, the Borrower shall have no obligation to any Indemnified
Party under this Section 17.5 with respect to any liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Party or its officers, directors,
employees, attorneys, or agents. 
 17.6. Notice. Any notice or request hereunder may be given to Borrower or any Guarantor or to
Lender at their respective addresses set forth below or at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section. Any notice, request, demand, direction or other communication
(for purposes of this Section 17.6 only, a “Notice”) to be given to or made upon any party hereto under any provision of this Agreement shall be given or made by telephone or in writing (which includes by means of electronic
transmission (i.e., “e-mail”) or facsimile transmission or by setting forth such Notice on a website to which Borrower are directed (an “Internet Posting”) if Notice of such Internet Posting (including the
information necessary to access such site) has previously been delivered to the applicable parties hereto by another means set forth in this Section 17.6) in accordance with this Section 17.6. Any such Notice must be delivered to the
applicable parties hereto at the addresses and numbers set forth under their respective names on Section 17.6 hereof or in accordance with any subsequent unrevoked Notice from any such party that is given in accordance with this
Section 17.6. Any Notice shall be effective: 
 (a) In the case of hand-delivery, when delivered; 

(b) If given by mail, four (4) days after such Notice is deposited with the United States Postal Service, with first-class postage
prepaid, return receipt requested; 
 (c) In the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such
telephonic Notice is confirmed no later than the next Business Day by hand delivery, a facsimile or electronic transmission, an Internet Posting or an overnight courier delivery of a confirmatory Notice (received at or before noon on such next
Business Day); 
 (d) In the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone
number, if the party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine; 
 (e) In the case of
electronic transmission, when actually received; 

  
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 (f) In the case of an Internet Posting, upon delivery of a Notice of such posting (including the
information necessary to access such site) by another means set forth in this Section 17.6; and 
 (g) If given by any other means
(including by overnight courier), when actually received. 
  

	 	(A)	If to Lender or Mutual Quest at: 

 Mutual Quest Fund 

c/o Franklin Mutual Advisers, LLC 

101 John F. Kennedy Pkwy 
 Short
Hills, NJ 07078 
 Attention:         Steve Luksteid/Kathy Pintarelli 

Telephone:        973-912-2141 / 973-912-2124 

Group Email:                 DistressedOps@msfi.com 

 

	 	(B)	If to a Lender other than Mutual Quest, as specified on their signature page to the Commitment Transfer Supplement 

  

	 	(D)	If to Borrower or any Guarantor: 

 c/o GateHouse Media, Inc. 

350 Willowbrook Office Park 

Fairport, New York 14450 

Attention:     Chief Executive Officer 

Telephone:    (585) 598-0029 

Facsimile:       (585) 248-2631 

with a copy to: 
 c/o GateHouse
Media, Inc. 
 350 Willowbrook Office Park 

Fairport, New York 14450 

Attention:     General Counsel 

Telephone:    (585) 598-0032 

Facsimile:       (585) 248-9562 

17.7. Survival. The obligations of Loan Parties under Sections 2.2(g), 2.2(h), 3.7, 3.8, 3.9, 3.10, 17.5 and 17.9 and the obligations of
Lender under Sections 2.2 and 16.5, shall survive termination of this Agreement and the Other Documents and payment in full of the Obligations. 

17.8. Severability. If any part of this Agreement is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision
shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible. 

  
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 17.9. Expenses. Loan Parties shall pay (i) all reasonable and documented
out-of-pocket expenses incurred by Lender and its Affiliates in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the Other
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 reasonable and documented out-of-pocket expenses incurred
by Lender in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the Other Documents, including its rights under this Section, or (B) in connection with the Advances made hereunder,
including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans, and (iv) all reasonable and documented out-of-pocket expenses of Lender’s regular employees and agents engaged
periodically to perform audits of the any Loan Party’s books, records and business properties. 
 17.10. Injunctive Relief. Each
Loan Party recognizes that, in the event any Loan Party fails to perform, observe or discharge any of its obligations or liabilities under this Agreement, or threatens to fail to perform, observe or discharge such obligations or liabilities, any
remedy at law may prove to be inadequate relief to Lender; therefore, Lender, if Lender so requests, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving that actual damages are not an
adequate remedy. 
 17.11. Consequential Damages. Neither Lender nor any attorney for Lender, shall be liable to any Loan Party (or
any Affiliate of any such Person) for indirect, punitive, exemplary or consequential damages arising from any breach of contract, tort or other wrong relating to the establishment, administration or collection of the Obligations or as a result of
any transaction contemplated under this Agreement or any Other Document. 
 17.12. Captions. The captions at various places in this
Agreement are intended for convenience only and do not constitute and shall not be interpreted as part of this Agreement. 
 17.13.
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall
constitute one and the same agreement. Any signature delivered by a party by facsimile or electronic transmission (including email transmission of a PDF image) shall be deemed to be an original signature hereto. 

17.14. Construction. The parties acknowledge that each party and (if applicable) its counsel have reviewed this Agreement and that the
normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments, schedules or exhibits thereto. 

17.15. Confidentiality; Sharing Information. Lender and each Transferee shall hold all non-public information obtained by Lender or such
Transferee pursuant to the requirements of this Agreement in accordance with Lender’s and such Transferee’s customary procedures for handling confidential information of this nature and such non-public information shall not be disclosed by
Lender or such Transferee to Persons who are not parties to this Agreement; provided, however, Lender and each Transferee may disclose such confidential information (a) to its examiners, Affiliates, outside auditors, counsel and other
professional advisors (so long as the 

  
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Persons to whom such disclosure is made are informed of the confidential nature of such information and have agreed or are otherwise obligated to keep such information confidential), (b) to
Lender or to any prospective Transferees, or to funding and financing sources of Lender and (c) as required or requested by any Governmental Body or representative thereof or pursuant to legal process; provided, further that
(i) unless specifically prohibited by Applicable Law, Lender and each Transferee shall use its reasonable best efforts prior to disclosure thereof, to notify the applicable Loan Party of the applicable request for disclosure of such non-public
information (A) by a Governmental Body or representative thereof (other than any such request in connection with an examination of the financial condition of a Lender or a Transferee by such Governmental Body) or (B) pursuant to legal
process, (ii) any disclosure under subclauses (A) and (B) shall be limited to the portion of information as may be required by such Governmental Body pursuant to such legal process and (iii) in no event shall Lender or any
Transferee be obligated to return any materials furnished by Borrower other than those documents and instruments in possession of Lender in order to perfect its Lien on the Collateral once the Obligations have been paid in full and this Agreement
has been terminated. Each Loan Party acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to such Loan Party or one or more of its Affiliates (in connection with this Agreement or
otherwise) by Lender or by one or more Subsidiaries or Affiliates of Lender and each Loan Party hereby authorizes Lender to share any information delivered to Lender by such Loan Party and its Subsidiaries pursuant to this Agreement, or in
connection with the decision of Lender to enter into this Agreement, to any such Subsidiary or Affiliate of Lender, it being understood that any such Subsidiary or Affiliate of Lender receiving such information shall be bound by the provisions of
this Section 17.15 as if it were a Lender hereunder. Such authorization shall survive the repayment of the other Obligations and the termination of this Agreement. Notwithstanding any non-disclosure agreement or similar document executed by
Lender in favor of any Loan Party or any of any Loan Party’s affiliates, the provisions of this Agreement shall supersede such agreements. 

17.16. Publicity. Each Loan Party and Lender hereby authorizes Lender to make appropriate announcements of the financial arrangement
entered into among Loan Party, Lender, including announcements which are commonly known as tombstones, in such publications and to such selected parties as Lender shall in its sole and absolute discretion deem appropriate. 

17.17. Certifications From Banks and Participants; USA PATRIOT Act. 

(a) Lender or assignee or participant of Lender that is not incorporated under the Laws of the United States of America or a state thereof (and
is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical
presence in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign bank) shall deliver to the Lender the certification, or, if applicable,
recertification, certifying that Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act and the applicable regulations: (1) within ten (10) days after the Closing Date, and
(2) as such other times as are required under the USA PATRIOT Act. 

  
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 (b) The USA PATRIOT Act requires all financial institutions to obtain, verify and record certain
information that identifies individuals or business entities which open an “account” with such financial institution. Consequently, Lender may from time to time request, and each Loan Party shall provide to Lender, such Loan Party’s
name, address, tax identification number and/or such other identifying information as shall be necessary for Lender to comply with the USA PATRIOT Act and any other Anti-Terrorism Law. 

17.18. Anti-Terrorism Laws. 

(a) Each Loan Party represents and warrants that (i) no Covered Entity is a Sanctioned Person and (ii) no Covered Entity, either in
its own right or through any third party, (A) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) does business in or with, or derives
any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (C) engages in any dealings or transactions prohibited by any Anti-Terrorism Law. 

(b) Each Loan Party covenants and agrees that (i) no Covered Entity will become a Sanctioned Person, (ii) no Covered Entity, either
in its own right or through any third party, will (A) have any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) do business in or with, or
derive any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (C) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or
(D) use the Advances to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law, (iii) the funds used to repay the
Obligations will not be derived from any unlawful activity, (iv) each Covered Entity shall comply with all Anti-Terrorism Laws and (v) the Loan Parties shall promptly notify the Lender in writing upon the occurrence of a Reportable
Compliance Event. 

  
 96 

 Each of the parties has signed this Agreement as of the day and year first above written. 

 

			
	GATEHOUSE MEDIA INTERMEDIATE HOLDCO, INC., as Borrower
		
	By:	 	 /s/ Melinda A. Janik

		 	Name: Melinda A. Janik
		 	Title: Chief Financial Officer
	
	 Subsidiary Guarantors:
  

COPLEY OHIO NEWSPAPERS, INC.
 ENHE ACQUISITION,
LLC
 ENTERPRISE NEWSMEDIA HOLDING, LLC

ENTERPRISE NEWSMEDIA, LLC
 ENTERPRISE PUBLISHING
COMPANY, LLC
 GATEHOUSE MEDIA ARKANSAS HOLDINGS,
INC.

GATEHOUSE MEDIA CALIFORNIA HOLDINGS, INC.

GATEHOUSE MEDIA COLORADO HOLDINGS, INC.

GATEHOUSE MEDIA CONNECTICUT
HOLDINGS, INC.

GATEHOUSE MEDIA CORNING HOLDINGS, INC.

GATEHOUSE MEDIA DELAWARE HOLDINGS,
INC.

GATEHOUSE MEDIA DIRECTORIES
HOLDINGS, INC.

		
	By:	 	 /s/ Melinda A. Janik

		 	Name: Melinda A. Janik
		 	Title:Chief Financial Officer

 [SIGNATURE PAGE TO SECOND LIEN TERM LOAN AND SECURITY AGREEMENT] 

 
			
	Subsidiary Guarantors (Continued):
	
	 GATEHOUSE MEDIA FLORIDA HOLDINGS,
INC.

	 GATEHOUSE MEDIA FREEPORT HOLDINGS,
INC.

	 GATEHOUSE MEDIA HOLDCO, INC.

GATEHOUSE MEDIA ILLINOIS HOLDINGS II,
INC.

	 GATEHOUSE MEDIA ILLINOIS HOLDINGS,
INC.

	 GATEHOUSE MEDIA IOWA HOLDINGS, INC.

GATEHOUSE MEDIA KANSAS HOLDINGS II,
INC.

	 GATEHOUSE MEDIA KANSAS HOLDINGS, INC.

GATEHOUSE MEDIA LANSING PRINTING, INC.

	 GATEHOUSE MEDIA LOUISIANA HOLDINGS,
INC.

	 GATEHOUSE MEDIA MANAGEMENT
SERVICES, INC.

	 GATEHOUSE MEDIA MASSACHUSETTS I, INC.

GATEHOUSE MEDIA MASSACHUSETTS II, INC.

GATEHOUSE MEDIA MICHIGAN HOLDINGS II,
INC.

	 GATEHOUSE MEDIA MICHIGAN HOLDINGS,
INC.

	 GATEHOUSE MEDIA MINNESOTA HOLDINGS,
INC.

	 GATEHOUSE MEDIA MISSOURI HOLDINGS II,
INC.

	 GATEHOUSE MEDIA MISSOURI HOLDINGS,
INC.

	 GATEHOUSE MEDIA NEBRASKA HOLDINGS II,
INC.

	 GATEHOUSE MEDIA NEBRASKA HOLDINGS,
INC.

	GATEHOUSE MEDIA NEVADA HOLDINGS, INC.
		
	By:	 	 /s/ Melinda A. Janik

		 	Name: Melinda A. Janik
		 	Title: Chief Financial Officer

 [SIGNATURE PAGE TO SECOND LIEN TERM LOAN AND SECURITY AGREEMENT] 

 
			
	Subsidiary Guarantors (Continued):
	
	 GATEHOUSE MEDIA NEW YORK HOLDINGS,
INC.

	 GATEHOUSE MEDIA NORTH DAKOTA
HOLDINGS, INC.

	 GATEHOUSE MEDIA OHIO HOLDINGS, INC.

GATEHOUSE MEDIA OKLAHOMA HOLDINGS,
INC.

	 GATEHOUSE MEDIA OPERATING, INC.

GATEHOUSE MEDIA PENNSYLVANIA
HOLDINGS, INC.

	 GATEHOUSE MEDIA SUBURBAN
NEWSPAPERS, INC.

	 GATEHOUSE MEDIA TENNESSEE HOLDINGS,
INC.

	GATEHOUSE MEDIA VENTURES, INC.
	 GEORGE W. PRESCOTT PUBLISHING
COMPANY, LLC

	 MINERAL DAILY NEWS TRIBUNE, INC.

NEWS LEADER, INC.

	SUREWEST DIRECTORIES TERRY NEWSPAPERS, INC.
	 THE PEORIA JOURNAL STAR, INC.

LIBERTY SMC, L.L.C.

	LOW REALTY, LLC
	LRT FOUR HUNDRED, LLC
		
	By:	 	 /s/ Melinda A. Janik

		 	Name: Melinda A. Janik
		 	Title: Chief Financial Officer

 [SIGNATURE PAGE TO SECOND LIEN TERM LOAN AND SECURITY AGREEMENT] 

 

 
			
	 GATEHOUSE MEDIA, INC., as Guarantor

		
	 By:
	 	 /s/ Melinda A. Janik

		 	Name: Melinda A. Janik
		 	Title: Chief Financial Officer

 [SIGNATURE PAGE TO SECOND LIEN TERM LOAN AND SECURITY AGREEMENT] 

 
			
	 MUTUAL QUEST FUND
 As
Lender

	
	By: FRANKLIN MUTUAL ADVISERS, LLC
      Its Investment Advisor
		
	By:	 	/s/ Shawn Tumulty
	Name:	 	Shawn Tumulty
	Title:	 	Vice President
	
	 c/o Franklin Mutual Advisers, LLC

101 John F. Kennedy Pkwy

Short Hills, NJ 07078

	
	 Term Loan Commitment Percentage: 100%

Term Loan Commitment Amount $50,000,000

 [SIGNATURE PAGE TO SECOND LIEN TERM LOAN AND SECURITY AGREEMENT] 

 EXHIBIT 1.2(a) 

COMPLIANCE CERTIFICATE 

(Attached) 

 EXHIBIT 1.2(a) 

FORM OF COMPLIANCE CERTIFICATE 
 Mutual
Quest Fund 
 c/o Franklin Mutual Advisers, LLC 
 101 John F.
Kennedy Pkwy 
 Short Hills, NJ 07078 
 Attention: Steve
Luksteid/Kathy Pintarelli 
 Telephone: 973-912-2141 / 973-912-2124 

Group Email: DistressedOps@msfi.com 
 Each
undersigned, not individually but in such undersigned’s capacity as the Chief Financial Officer or [Chief Executive Officer] [President], as applicable, of GateHouse Media Intermediate Holdco, Inc. (“GMIH”), as Borrower, delivers this
certificate to Mutual Quest Fund (the “Lender”), pursuant to Sections 9.7, 9.8, 9.13 and 9.17, as applicable1, of that certain Term Loan and Security Agreement dated November 23, 2013,
among GMIH, the subsidiary guarantors party thereto (the “Subsidiary Guarantors”), GateHouse Media, Inc. (“Holdco”, and together with GMIH and the Subsidiary Guarantors, the “Loan Parties”) and the Lender (as may be
supplemented, restated, superseded, amended or replaced from time to time, the “Loan Agreement”). Capitalized terms used in this certificate and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

 SECTION I: 
  

	 	A.	Attached hereto as Schedule “A” are copies of the financial statements of the Loan Parties required to be delivered pursuant to Sections 9.7 or 9.8 of the Loan Agreement, as applicable, for the fiscal period
ending                             , 20        2 (the “Financial Statements”). 

  

	 	B.	Based upon my review of the Financial Statements, I hereby certify that as of the date indicated in Paragraph A above: 

  

	 	(1)	The Loan Parties were in compliance with the requirements of Sections 7.4, 7.5, 7.6, 7.7, 7.8, and 7.10 of the Loan Agreement; 

  

	 	(2)	The Fixed Charge Coverage Ratio was                          to 1.0, measured pursuant to Section
6.5(a) of the Loan Agreement.3 

  

	1 	Yearly financials to be delivered within 90 days after the end of each fiscal year and quarterly financials within 45 days after the end of each fiscal quarter. 

	2 	2 For financial statements delivered pursuant to Sections 9.7 and 9.8, such date shall be the end of the fiscal quarter or year end, as applicable. 

	3 	Minimum required: See covenant (6.5(a)) 

	 	(3)	The Maximum Leverage Ratio was                          to 1.0, measured pursuant to Section 6.5(b)
of the Loan Agreement.4 

  

	 	(4)	The Loan Parties’ EBITDA was $                , measured on a rolling four-quarter basis pursuant to Section 6.5(c) of the Loan
Agreement.5 

 Attached as Schedule “B” are the
details underlying such financial covenant calculations. 
  

	 	C.	No Default exists on the date hereof, other than:
                                         [if
none, so state]; 

  

	 	D.	No Event of Default exists on the date hereof, other than:
                                     [if none, so state].

  

	 	E.	Attached hereto as Schedule “C” is a written report summarizing all material variances from budgets submitted by Loan Parties pursuant to Section 9.12 of the Loan Agreement and a discussion and analysis
by management with respect to such variances. 

  

	 	F.	Attached hereto as Schedule “D” are updates (if any) to Schedules 4.4 (Locations of equipment and Inventory), 5.2(a) (States of Qualification and Good Standing), 5.2(b) (Subsidiaries), 5.6 (Prior Names), 5.7
(Environmental), 5.8(d) (Plans), 5.9 (Intellectual Property), 5.10 (Licenses and Permits), 5.14 (Labor Disputes), 5.17 (Disclosure), 5.24 (Equity Interests), 5.25 (Commercial Tort Claims), 5.26 (Letter-of- Credit Rights) and 5.27 (Material
Contracts) of the Loan Agreement. 

 SECTION II: 

To the best of the [Chief Executive Officer’s] [President’s] knowledge, each of the Loan Parties is in compliance in all material respects with
applicable Environmental Laws on the date hereof. [if not in compliance, set forth with specificity all areas of non-compliance and the proposed action such Loan Party will implement in order to achieve full compliance]. 

As to the statements and certifications set forth in Section I: 
  

			
		
	By:	 	 
	Name:
[                                        
]

 
			
	Title:	 	 Chief Financial Officer of
 GateHouse Media
Intermediate Holdco, Inc.
 as Borrower

  

	4 	Minimum required: See covenant (6.5(b)) 

	5 	Minimum required: See covenant (6.5(c)) 

 As to the statements and certifications set forth in Section II: 

 

			
		
	By:	 	 
	Name:	 	[                                ]
	Title:	 	[Chief Executive Officer][President] of GateHouse Media Intermediate Holdco, Inc. as Borrower

 EXHIBIT 1.2(b) 

SUBORDINATION AGREEMENT 

(Attached) 

 Execution Version 

INTERCREDITOR AND SUBORDINATION AGREEMENT 

This INTERCREDITOR AND SUBORDINATION AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified, this
“Agreement”) is dated as of November 26, 2013, and entered into by and among PNC BANK, NATIONAL ASSOCIATION (as administrative agent for the Lenders, “PNC”), CRYSTAL FINANCIAL LLC (as Term Loan B agent for the
Term Loan B Lenders, “Crystal”, together with PNC, collectively, the “Senior Creditors” and each individually, a “Senior Creditor”), for and on behalf of the Senior Creditors and each other Senior
Claimholder from time to time, and MUTUAL QUEST FUND (the “Subordinated Creditor”). 
 RECITALS 

WHEREAS, the Senior Creditors have made, or in the future may make, credit accommodations available to the Borrowers pursuant to the terms and
provisions of that certain Revolving Credit, Term Loan and Security Agreement dated as of November 26, 2013, by and among the Senior Creditors, GATEHOUSE MEDIA INTERMEDIATE HOLDCO, INC., a corporation organized under the laws of the State of
Delaware (the “Company”) GATEHOUSE MEDIA HOLDCO, INC., a corporation organized under the laws of the State of Delaware (the “GMH”), GATEHOUSE MEDIA OPERATING, INC., a corporation organized under the laws of the
State of Delaware (the “GMO”, together with the Company, GMH, each additional borrower set forth on Schedule I thereto, and each Person joined thereto as a borrower from time to time, collectively, the “Borrowers”,
and each a “Borrower”), GATEHOUSE MEDIA, INC., a corporation organized under the laws of the State of Delaware (“Holdco” and each Person joined thereto as a guarantor from time to time, collectively, the
“Guarantors”, and each a “Guarantor”), the financial institutions which are now or which hereafter become a party thereto (as amended, restated, supplemented or otherwise modified from time to time, the
“Senior Credit Agreement”); 
 WHEREAS, the Subordinated Creditor has made, or in the future may make, credit
accommodations available to the Borrowers pursuant to the terms and provisions of that certain Term Loan and Security Agreement dated as of November 26, 2013, by and among the Subordinated Creditor and the Obligors (as amended, restated,
supplemented or otherwise modified from time to time, the “Subordinated Credit Agreement”); and 
 WHEREAS, the obligations
of the Obligors under the Senior Credit Agreement are secured on a senior priority basis by liens on all or substantially all of the assets of Obligors, pursuant to the terms of certain of the Senior Loan Documents; 

WHEREAS, the obligations of the Obligors under the Subordinated Credit Agreement are secured on a junior priority basis by liens on all or
substantially all of the assets of Obligors, pursuant to the terms of certain of the Subordinated Loan Documents; 
 WHEREAS, one of the
conditions of the Senior Credit Agreement is that (1) the Senior Obligations be senior and prior in right of payment to the Subordinated Obligations as set forth in this Agreement, and (2) the priority of Senior Creditors’ security
interests in and liens on the Collateral be senior and prior to the Subordinated Creditor’s security interests in and liens on the Collateral as set forth in this Agreement; and 

  
 9 

 WHEREAS, Subordinated Creditor and the other Subordinated Claimholders have agreed to
(1) the subordination of the Subordinated Obligations to the Senior Obligations upon the terms and subject to the conditions set forth in this Agreement; and (2) the subordination of their Liens to the Liens of Senior Creditors upon the
terms and subject to the conditions set forth in this Agreement. 
 Each Senior Creditor and each of the Subordinated Claimholders hereby
agree as follows: 
 1. Definitions. 

(a) Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Administrative Agent Senior Creditor” means the Administrative Agent under the Senior Loan Documents. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Bank Product Obligations” shall mean Cash Management Obligations and Hedging Obligations. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now or hereafter in effect,
any successor statute, or any analogous statute in any foreign jurisdiction. 
 “Bankruptcy Law” means the Bankruptcy Code
and any other federal, state, provincial or foreign law for the relief of debtors. 
 “Blockage Period” means a Covenant
Blockage Period or a Payment Blockage Period. 
 “Borrowers” has the meaning set forth in the recitals to this Agreement.

 “Business Day” means any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized
or required by law to be closed for business in East Brunswick, New Jersey and, if the applicable Business Day relates to any LIBOR Rate Loans, such day must also be a day on which dealings are carried on in the London interbank market. 

“Cash Collateral” has the meaning set forth in Section 5(b). 

“Cash Management Obligations” means, with respect to any Person, the indebtedness, obligations and liabilities of such
Person in connection with (a) credit cards; (b) credit card processing services; (c) debit cards and stored value cards; (d) commercial cards; (e) ACH transactions; and (f) cash management and treasury management
services and products, including without limitation controlled disbursement accounts or services, lockboxes, automated clearinghouse transactions, overdrafts, interstate depository network services (including all obligations and liabilities owing to
such provider in respect of any returned items deposited with such provider). 
 “Collateral” means all assets and
property (whether real, personal, or mixed) now owned or hereafter acquired by any Obligor in or upon which a Lien is granted under any of the Senior Loan Documents and any of the Subordinated Loan Documents and all products and Proceeds of any of
the foregoing. 

  
 10 

 “Collection Action” means (a) any demand or request for any payment or
Distribution, any commencement of (or participation with others in the commencement of) any litigation or other similar proceeding, or the commencement of any other remedy, in each case in an effort to collect the Subordinated Obligations,
(b) any acceleration of any Subordinated Obligations, or (c) any commencement of, or joinder with any creditor in commencing, any Insolvency Proceeding against any Obligor or any of its Subsidiaries or any assets of any Obligor or any of
its Subsidiaries. 
 “Conforming Amendment” means any amendment to a provision of any Subordinated Loan Document that is
substantively identical to a corresponding amendment to a comparable provision of a comparable Senior Loan Document. 
 “Control
Collateral” means any Collateral consisting of a certificated security (as defined in the UCC), investment property (as defined in the UCC), a deposit account (as defined in the UCC), and any other Collateral as to which a Lien may be
perfected through physical possession or control by the secured party, or any agent therefor. 
 “Covenant Blockage
Period” means the period from and including the date of receipt by the Subordinated Creditor of a Covenant Default Notice until the first to occur of (a) the 180th day following the receipt by Subordinated Creditor of such Covenant
Default Notice, (b) the date on which Senior Creditors expressly waived such Covenant Default Event in writing, or (c) the Discharge of the Senior Obligations. 

“Covenant Default Event” has the meaning specified in Section 2(c). 

“Covenant Default Notice” means a written notice from Senior Creditors to Subordinated Creditor of the existence of a
Covenant Default Event and specifically designating such notice as a “Covenant Default Notice.” 
 “DIP
Financing” has the meaning set forth in Section 5(b). 
 “Discharge of the Senior Obligations” means
(a) the indefeasible payment in full in cash and performance in full of the Senior Obligations and (b) the termination or expiration of all commitments to extend credit that would constitute Senior Obligations, in each case, in accordance
with the terms of the Senior Loan Documents. 
 “Disposition” or “Dispose” means the sale, assignment,
transfer, license, lease (as lessor), or other disposition of any property by any person (or the granting of any option or other right to do any of the foregoing). 

“Distribution” means any payment or distribution by any Person in respect of the Senior Obligations or the Subordinated
Obligations, as the case may be, of assets of any kind or character (whether in cash, securities, assets, by set-off, recoupment, or otherwise and including by purchase redemption or other acquisition of such Senior Obligations or Subordinated
Obligations. 
 “Dollars” or “$” means United States dollars. 

“Equity Sponsor” means Newcastle Investment Corp. and any other equity fund controlled (in each case by way of ownership)
by, or under common control with, Newcastle Investment Corp., or any of its Affiliates. 

  
 11 

 “Event of Default” means, as the context may require, an Event of Default or an
“Event of Default” as defined in the Subordinated Credit Agreement. 
 “Exercise any Secured Creditor Remedies”
or “Exercise of Secured Creditor Remedies” means (a) the taking of any action to enforce any Lien in respect of all or any portion of the Collateral, including the institution of any foreclosure proceedings or the noticing of
any public or private sale or other Disposition pursuant to Article 9 of the UCC, (b) the exercise of any right or remedy provided to a secured creditor under the Senior Loan Documents or the Subordinated Loan Documents (including, in either
case, any delivery of any notice to seek to obtain payment directly from any account debtor of any Obligor or the taking of any action or the exercise of any right or remedy in respect of the setoff or recoupment against all or any portion of the
Collateral or Proceeds of all or any portion of the Collateral), under applicable law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of all or any portion of the Collateral in full or partial satisfaction of a Lien,
(c) the sale, assignment, transfer, lease, license or other Disposition of all or any portion of the Collateral, by private or public sale or any other means, (d) the exercise of any other enforcement right relating to all or any portion
of the Collateral (including the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the Senior Loan Documents, the Subordinated Loan Documents, under applicable law of any jurisdiction,
in equity, in an Insolvency Proceeding (other than a request for adequate protection permitted by this Agreement), or otherwise, (e) the pursuit of Senior Default Dispositions, or (f) the setoff or recoupment against or foreclosure on all
or any portion of the Collateral or the Proceeds of all or any portion of the Collateral. 
 “Guarantors” has the meaning
set forth in the recitals to this Agreement. 
 “Hedging Obligations” means, with respect to any Person, the obligations
of such Person under (a) interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates or the
value of foreign currencies. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person under any
provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking
reorganization, arrangement, or other similar relief. 
 “Lien” shall mean any mortgage, deed of trust, pledge,
hypothecation, assignment, security interest, lien (whether statutory or otherwise), charge or encumbrance, or preference, priority or other security agreement or preferential arrangement held in respect of any asset of any kind or nature whatsoever
including any conditional sale or other title retention agreement, any capital or financing lease having substantially the same economic effect as any of the foregoing. 

“Obligors” means the Borrowers, the Guarantors, and each other Person that may from time to time execute and deliver a
Senior Loan Document or a Subordinated Loan Document as a “debtor”, “borrower”, “guarantor”, “obligor”, “grantor”, or “pledgor” (or the equivalent thereof), and “Obligor”
means any one of them. 
 “Payment Blockage Period” means, with respect to any Payment Default Event, the period from and
including the date on which the Subordinated Creditor receive notice of a Payment Default Event until the first to occur of (a) the date on which Subordinated Creditor receive a written notice from Senior Creditors that the applicable Payment
Default Event has been waived in accordance with the terms of the Senior Loan Documents or (b) the Discharge of the Senior Obligations in accordance with the terms of the Senior Loan Documents. 

  
 12 

 “Payment Default Event” has the meaning specified in Section 2(c).

 “Permitted Subordinated Debt Payments” means (a) regularly scheduled payments of cash interest on the Subordinated
Obligations and (b) accrual, but not payment, of default rate interest in respect of the Subordinated Obligations; provided, however, that (i) such payments must be made in accordance with the terms of the Subordinated Loan
Documents and (ii) such payments are not Proceeds of any Collateral arising from the Exercise of Secured Creditor Remedies by Subordinated Creditor or any other Subordinated Claimholder. 

“Person” means any individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust,
unincorporated organization, association, limited liability company, limited liability partnership, institution, public benefit corporation, joint venture, entity or Governmental Body (whether federal, state, county, city, municipal or otherwise,
including any instrumentality, division, agency, body or department thereof). 
 “Proceeds” means (i) all
“proceeds” as defined in Article 9 of the UCC with respect to the Collateral, and (ii) whatever is recoverable or recovered when Collateral is sold, exchanged, collected, or Disposed of, whether voluntarily or involuntarily. 

“Refinance” means, in respect of any indebtedness, to refinance, extend, exchange, renew, defease, supplement, restructure,
replace, refund or repay, or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part, whether with the same or different lenders, arrangers or agents. “Refinanced” and
“Refinancing” shall have correlative meanings. 
 “Required Senior Claimholders” means Required Lenders.

 “Required Subordinated Claimholders” means “Required Lenders”, as defined in the Subordinated Credit
Agreement in effect on the date hereof. 
 “Senior Creditor” has the meaning set forth in the preamble to this Agreement.

 “Senior Claimholders” means, at any relevant time, individually and collectively, Senior Creditors, the Senior Lenders,
or any other holders of the Senior Obligations at that time. 
 “Senior Collateral Documents” means the Senior Mortgages
and any other agreement, document, or instrument pursuant to which a Lien is granted securing any Senior Obligation or under which rights or remedies with respect to such Liens are governed, in each case, as the same may be amended, amended and
restated, supplemented, modified, replaced, substituted or renewed from time to time or Refinanced. 
 “Senior Credit
Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Senior Debt Cap” means, as of the any
date of determination, the result of (a) $138,000,000, plus (b) all Bank Product Obligations, interest, fees, attorneys’ fees, costs, charges, expenses, indemnity obligations and all other amounts (exclusive of amounts
constituting principal or contingent indemnification obligations for which no written claim has been made) owing, due or payable, or secured under the terms of the Senior Credit Agreement or any other Senior Loan Document, in each case, whether now
existing or hereafter arising, under any Senior Loan Document, or in respect thereof (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Obligor, or that would have accrued or
become due under the terms of the Senior Loan Documents but for the effect of the Insolvency Proceeding or other applicable law, and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency
Proceeding). 

  
 13 

 “Senior Default Disposition” means any private or public Disposition of all or
any Collateral by one or more Obligors with the consent of Senior Creditor, on behalf of the requisite Senior Claimholders, after the occurrence and during the continuance of an Event of Default. 

“Senior Default Notice” has the meaning set forth in Section 7(c) of this Agreement. 

“Senior Lenders” means the Lenders as defined in the Senior Creditor Agreement. 

“Senior Loan Documents” means the Senior Credit Agreement, the Senior Collateral Documents and each of the Other Documents
(as defined in the Senior Credit Agreement), together with any agreement or other document executed or delivered in connection with any DIP Financing provided by a Senior Claimholder, in each case, as the same may be amended, amended and restated,
supplemented, modified, replaced, substituted or renewed from time to time or Refinanced. 
 “Senior Mortgages” means each
mortgage, deed of trust, and other document or instrument under which any Lien on real property owned or leased by any Obligor is granted to secure any Senior Obligations or under which rights or remedies with respect to any such Liens are governed
(other than this Agreement), in each case, as amended, restated, supplemented or otherwise modified from time to time. 
 “Senior
Obligations” means, collectively, all Obligations. 
 “Senior Recovery” has the meaning set forth in
Section 5(h). 
 “Standstill Notice” means a written notice from Subordinated Creditor to Senior Creditors
that (i) describes with specificity the Event of Default that has occurred under any of the Subordinated Loan Documents, (ii) declares the Subordinated Creditor’s intent to take any Collection Action or to Exercise any Secured
Creditor Remedies after the termination of the Standstill Period, and (iii) specifically designates such notice as a “Standstill Notice”. 

“Standstill Period” means the period from and including the date of receipt by Senior Creditors of a Standstill Notice until
the first to occur of: (a) the 210th day following the receipt by Senior Creditor of a Standstill Notice from Subordinated Creditor; (b) the date of acceleration of the Senior Obligations; (c) the commencement of any Insolvency
Proceeding relating to any Obligor; or (d) the Discharge of the Senior Obligations, provided, that the 210 day period pursuant to clause (a) of this definition and the date of any acceleration referred to in clause (b) of this
definition shall be deemed (i) extended during any period in which any Senior Creditor is in good faith Exercising any Secured Creditor Remedies, (ii) extended during any period (not to exceed an additional 60 days) in which either Senior
Creditors or Borrowers shall have retained any financial consultant, investment banker, turnaround professional or other advisor for the purposes of evaluating the Exercise of Secured Creditor Remedies by either Senior Creditors or Borrowers shall
constitute an Exercise of Secured Creditor Remedies, and (iii) tolled during any period in which the Senior Creditors are stayed or enjoined from Exercising any Secured Creditor Remedies. 

“Subordinated Claimholders” means, at any relevant time, individually and collectively, the Subordinated Creditor,
Subordinated Lenders or any other holders of the Subordinated Obligations from time to time. 

  
 14 

 “Subordinated Collateral Documents” means the Security Agreement (as defined in
the Subordinated Credit Agreement), the Subordinated Mortgages and any other agreement, document, or instrument pursuant to which a Lien is granted securing any Subordinated Obligation or under which rights or remedies with respect to such Liens are
governed, in each case, as the same may be amended, amended and restated, supplemented, modified, replaced, substituted or renewed from time to time or Refinanced. 

“Subordinated Credit Agreement” has the meaning set forth in the recitals to this Agreement. 

“Subordinated Creditor” has the meaning set forth in the preamble to this Agreement. 

“Subordinated Lenders” means the Lenders as defined in the Subordinated Credit Agreement. 

“Subordinated Loan Documents” means the Subordinated Credit Agreement dated as of November 26, 2013 in the original
principal amount of $50,000,000 between Obligors and Subordinated Lenders and all other instruments, agreements and documents executed in connection therewith, in each case, as the same may be amended, amended and restated, supplemented, modified,
replaced, substituted or renewed from time to time or Refinanced. 
 “Subordinated Mortgages” means each mortgage, deed of
trust, and other document or instrument under which any Lien on real property owned or leased by any Obligor is granted to secure any Subordinated Obligations or under which rights or remedies with respect to any such Liens are governed (other than
this Agreement), in each case, as amended, restated, supplemented or otherwise modified from time to time. 
 “Subordinated
Obligations” means, collectively, all Obligations (as defined in the Subordinated Credit Agreement). 

“Subsidiary” of a person means a corporation, partnership, limited liability company, or other entity in which that person
directly or indirectly owns or controls the shares of capital stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership, limited liability company, or
other entity. 
 “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time
to time in any applicable jurisdiction. 
 (b) Terms Defined in the Senior Credit Agreement. Except to the extent expressly provided
herein to the contrary, any term used in this Agreement and not defined in this Agreement has the meaning set forth in the Senior Credit Agreement. 

(c) Rules of Construction. The definitions of terms in this Agreement 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.” The term “or” shall be construed to have, except where otherwise indicated, the
inclusive meaning represented by the phrase “and/or.” Unless the context requires otherwise: (1) 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, restated, modified or Refinanced in accordance with the 

  
 15 

 
terms of this Agreement; (2) any definition of or reference to Senior Obligations or the Subordinated Obligations herein shall be construed as referring to the Senior Obligations or the
Subordinated Obligations (as applicable) as from time to time amended, restated, modified or Refinanced in accordance with the terms of this Agreement; (3) any reference herein to any person shall be construed to include such person’s
successors and assigns; (4) 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;
(5) all references herein to Sections shall be construed to refer to Sections of this Agreement; (6) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts, and contract rights; and (7) any reference to any agreement, instrument, or other document herein “as in effect on the date hereof” shall be
construed as referring to such agreement, instrument, or other document without giving effect to any amendment, restatement, supplement, modification, or Refinance after the date hereof. 

2. Payment Subordination. 

(a) Subordination. Each Subordinated Claimholder hereby covenants and agrees that the payment of any and all of the Subordinated
Obligations shall be subordinate and subject in right of payment, to the extent and in the manner hereinafter set forth, to the prior Discharge of the Senior Obligations. Each holder of Senior Obligations, whether now outstanding or hereafter
created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Obligations in reliance upon the provisions contained in this Agreement. Except as set forth in Section 2(b), unless and until the Discharge of the Senior
Obligations shall have occurred, no Subordinated Claimholder shall accept, take, or receive by payment or prepayment, directly or indirectly, from any Person, any Distribution which may now or hereafter be owing to such Subordinated Claimholder, on
account of any of the Subordinated Obligations. 
 (b) Permitted Payments. So long as no Blockage Period is in effect, Borrowers may
pay to the Subordinated Claimholders, and the Subordinated Claimholders may accept and receive from Borrowers on account of the Subordinated Obligations, Permitted Subordinated Debt Payments. 

(c) Blockage Period. 

(1) Payment Default Event. Upon the occurrence of an Event of Default under Section 10.1 of the Senior Credit Agreement or any
declaration or acceleration of payment pursuant to the terms of the Senior Credit Agreement (a “Payment Default Event”), then no Obligor shall make, and no Subordinated Claimholder shall accept, take or receive by payment or
prepayment, directly or indirectly, from any Person, any Distribution on account of any of the Subordinated Obligations during the Payment Blockage Period applicable to such Payment Default Event. 

(2) Covenant Default Event. If (i) an Event of Default shall have occurred and be continuing under Article X of the Senior Credit
Agreement (other than Section 10.1 thereunder) (a “Covenant Default Event”), and (ii) Subordinated Creditor shall have received a Covenant Default Notice, then no Obligor shall make, and no Subordinated Claimholder shall
accept, take or receive, by payment or prepayment, directly or indirectly from any Person any Distribution on account of any of the Subordinated Obligations during the Covenant Blockage Period applicable to such Covenant Default Event. 

3. Lien Subordination.  

(a) Acknowledgement; Consent; and Subordination. Each Subordinated Creditor and each of the other Subordinated Claimholders hereby
(y) acknowledges that the Obligors, either prior 

  
 16 

 
to the date hereof or concurrently herewith, have granted or are granting Liens on the Collateral in favor of Senior Creditors to secure the Senior Obligations and (z) consents, anything to
the contrary contained in any Subordinated Loan Document, or other agreement to which any Subordinated Claimholder may now or hereafter be a party notwithstanding, to the grant by the Obligors of the Liens on the Collateral to secure the Senior
Obligations. Notwithstanding (i) the date, time, method, manner or order of grant, attachment, or perfection of any Liens granted to Senior Creditors (or any Senior Lender) or any Subordinated Claimholder in respect of all or any portion of the
Collateral, (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of Senior Creditors (or any Senior Lender) or any Subordinated Claimholder in any Collateral, (iii) any provision
of the UCC, any other applicable law, any of the Senior Loan Documents or any of the Subordinated Loan Documents, (iv) whether the Liens securing the Senior Obligations are valid, enforceable, void, avoidable, subordinated, disputed, or
allowed, (v) whether or not any such Liens securing any Senior Obligations or any Subordinated Obligations are perfected, unperfected, avoided, set aside, or subordinated to any Lien securing any other obligation or debt of any Obligor or any
other Person, (vi) any defect or deficiency or alleged defect or deficiency in any of the foregoing, or (vii) any other circumstance whatsoever, each of the Senior Creditors, on behalf of itself and the Senior Lenders, and each of the
Subordinated Claimholders hereby agree that: 
 (1) any Lien with respect to all or any portion of the Collateral securing any Senior
Obligations now or hereafter held by or on behalf of, or created for the benefit of, any Senior Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation, or
otherwise, shall be senior and prior in all respects to all Liens with respect to all or any portion of the Collateral securing any Subordinated Obligations; 

(2) any Lien with respect to all or any portion of the Collateral securing any Subordinated Obligations now or hereafter held by or on behalf
of, or created for the benefit of any Subordinated Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all
respects to all Liens with respect to all or any portion of the Collateral securing any Senior Obligations; 
 (3) the Lien priority
provisions set forth in this Agreement shall be effective at all times and for all purposes. 
 (b) Disposition of Collateral; Release of
Liens. 
 (1) Exclusive Rights of Senior Creditor. Until the Discharge of the Senior Obligations occurs, Senior Creditor, on
behalf of the Senior Claimholders, shall have the exclusive right to make determinations regarding the release or Disposition of any Collateral pursuant to the terms of the applicable Senior Loan Documents or in accordance with the provisions of
this Agreement, in each case without any consultation with, consent of or notice to Subordinated Creditor or any other Subordinated Claimholder. 

(2) Lien Release Upon Disposition of Collateral. Until the Discharge of the Senior Obligations occurs, upon any release, sale or
Disposition of any Collateral, whether (A) permitted pursuant to the terms of the Senior Loan Documents, (B) resulting from the Exercise of Secured Creditor Remedies by any Senior Creditor, or (C) resulting from any Senior Default
Disposition (i) the Lien securing the Subordinated Obligations on such Collateral (excluding any portion of the proceeds of such Collateral remaining after the Discharge of the Senior Obligations occurs), (and in the case of any release, sale
or disposition of all or substantially all of the equity interests or assets of any Obligor that has guaranteed any Subordinated Obligations, such Obligor’s liability in respect of the Subordinated Obligations) shall be automatically,
unconditionally, and simultaneously released with no further consent 

  
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or action of any Person, and (ii) the Subordinated Claimholders shall be deemed to have consented under the Subordinated Loan Documents to such release, sale or disposition of such
Collateral (and in the case of any release, sale or disposition of all or substantially all of the equity interests or assets of any Obligor that has guaranteed any Subordinated Obligations, the release of such Obligor’s liability in respect of
the Subordinated Obligations), and to have waived the provisions of the Subordinated Loan Documents to the extent necessary to permit such release, sale or disposition (and in the case of any release, sale or disposition of all or substantially all
of the equity interests or assets of any Obligor that has guaranteed any Subordinated Obligations, the release of such Obligor’s liability in respect of the Subordinated Obligations). The Subordinated Creditor shall promptly execute and deliver
such release documents and instruments and shall take such further actions as the Senior Creditors shall request to evidence any release of the Lien securing Subordinated Obligations or any release of the applicable Obligor of the Subordinated
Obligations. 
 (3) Until the Discharge of the Senior Obligations occurs, each Subordinated Claimholder hereby irrevocably constitutes and
appoints Senior Creditors and any officer or agent of a Senior Creditor, with full power of substitution, as its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of such Subordinated Claimholder or in
Senior Creditors’ own name, from time to time in Senior Creditors’ discretion, for the purpose of carrying out the terms of this Section 3(b), to take any and all appropriate action in connection therewith and to execute any
and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 3(b), including any endorsements or other instruments of transfer or release. 

(c) Waiver of Right to Contest Obligations and Liens. Each of the Senior Creditors, for itself and on behalf of each other Senior
Claimholder, and each Subordinated Claimholder, for itself, agrees that it will not (and hereby waives any right to), directly or indirectly, contest or support any other person in contesting, in any proceeding (including any Insolvency Proceeding),
(a) the validity, priority, enforceability or allowance of any claims of any of the Senior Claimholders or any of the Subordinated Claimholders, as the case may be, (b) the priority, validity, or enforceability of a Lien held by or on
behalf of any of the Senior Claimholders in any assets of any of the Obligors or (subject to the terms of this Agreement) by or on behalf of any of the Subordinated Claimholders in any assets of any of the Obligors, as the case may be, or
(c) the validity or enforceability of the provisions of this Agreement, provided, however that nothing in this Agreement shall be construed to prevent or impair the rights of Senior Creditor, any other Senior Claimholder,
Subordinated Creditor or any other Subordinated Claimholder to enforce the terms of this Agreement. 
 (d) New Liens. So long as the
Discharge of the Senior Obligations has not occurred, the parties hereto agree that no Obligor shall grant or permit any additional Liens on any asset to secure any Subordinated Obligations unless such Obligor grants a Lien on such asset to secure
the Senior Obligations concurrently with the grant of a Lien thereon in favor of Subordinated Creditor. To the extent that the foregoing provision is not complied with for any reason (and without limiting any other rights and remedies available to
any Senior Claimholders), each Subordinated Claimholder agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this subsection (d) shall be subject to
Section 9(b). 
 (e) Agent for Perfection. Senior Creditors and Subordinated Creditor each agree to hold (or cause to be
held) all Control Collateral in their respective possession, custody, or control, including “control” within the meaning of 9-104 of the UCC (or in the possession, custody, or control of agents, bailees, or other similar third parties) as
non-fiduciary agent for the other solely for the purpose of perfecting the security interest granted to each in such Control Collateral subject to the terms and conditions of this Agreement (such bailment and agency being intended, among other
things, to satisfy the requirements of Section 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC). None of 

  
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the Senior Claimholders or the Subordinated Claimholders, as applicable, shall have any obligation whatsoever to the others to assure that the Control Collateral is genuine or owned by any
Obligor or any other Person or to preserve their respective rights or benefits or those of any other Person. The duties or responsibilities of Senior Creditors and Subordinated Creditor under this subsection (e) are and shall be limited
solely to holding or maintaining control of the Control Collateral as non-fiduciary agent for the other for purposes of perfecting the Lien held by Senior Creditors or Subordinated Creditor, as applicable. No Senior Creditor is, and no Senior
Creditor shall be deemed to be, a fiduciary of any kind for Subordinated Creditor or any other Person. Upon the Discharge of the Senior Obligations, Senior Creditors shall, at the expense of Obligors, deliver the remaining Control Collateral (if
any) together with any necessary endorsements or assignments, first, to Subordinated Creditor to the extent Subordinated Obligations remain outstanding as confirmed in writing by Subordinated Creditor, and, to the extent that Subordinated Creditor
confirm no Subordinated Obligations are outstanding, second, to Borrowers to the extent no Senior Obligations or Subordinated Obligations remain outstanding (in each case, so as to allow such person to obtain possession or control of such Control
Collateral). 
 (f) Insurance. Until the Discharge of the Senior Obligations occurs, (i) Senior Creditors and the other Senior
Claimholders shall have the sole and exclusive right, subject to the rights of the Obligors under the Senior Loan Documents, to adjust and settle any claim under any insurance policy covering the Collateral in the event of any loss thereunder and to
approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral; and (ii) all Proceeds of any such insurance policy and any such award (or any payments with respect to a deed in
lieu of condemnation) shall be paid, subject to the rights of the Obligors under the Senior Loan Documents, first in accordance with the priorities set forth in Section 9(c), until paid in full in cash, and second, to the
owner of the subject property, such other person as may be entitled thereto, or as a court of competent jurisdiction may otherwise direct. If any Subordinated Claimholder shall, at any time, receive any Proceeds of any such insurance policy or any
such award or payment in contravention of this subsection (f), it shall pay such Proceeds over to Senior Creditors in accordance with the terms of Section 9(c). 

4. Exercise of Remedies. 

(a) Claim Standstill. No Subordinated Claimholder shall take any Collection Action with respect to any of the Subordinated Obligations
until the expiration of the applicable Standstill Period. 
 (b) Collateral Standstill. At all times prior to the commencement of an
applicable Standstill Period and until the expiration of such Standstill Period, whether or not any Insolvency Proceeding has been commenced by or against any Obligor or any of its Subsidiaries, no Subordinated Claimholder: 

(1) shall exercise or seek to exercise any right or remedies with respect to any Collateral (including, without limitation, any Exercise of
Secured Creditor Remedies) (other than if an Insolvency Proceeding has been commenced, seeking adequate protection, to the extent permitted by this Agreement); 

(2) shall contest, protest, or object to any Exercise of Secured Creditor Remedies by any Senior Claimholder and no Subordinated Claimholder
shall have any right to direct the Exercise of any Secured Creditor Remedies or other action by any Senior Claimholder; and 
 (3) shall not
object to (and waive any and all claims with respect to) the forbearance by any Senior Claimholder from Exercising any Secured Creditor Remedies. 

  
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 (c) Exclusive Enforcement Rights. Until the expiry of the applicable Standstill Period
has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Obligor or any of its Subsidiaries, the Senior Claimholders shall have the exclusive right to enforce rights as a secured creditor, Exercise Secured Creditor
Remedies and make determinations regarding the disposition of, or restrictions with respect to, the Collateral without any consultation with or the consent of any Subordinated Claimholder. The Senior Claimholders shall have the right to enforce the
provisions of the Senior Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion and subject to the terms hereof. Such exercise and enforcement shall
include the rights of an agent appointed by them to sell or otherwise Dispose of Collateral, to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under the laws of any applicable
jurisdiction, including without limitation the right to Exercise Secured Creditor Remedies. 
 (d) Permitted Actions by Subordinated
Claimholders. Notwithstanding anything to the contrary in this Agreement, Subordinated Creditor and any other Subordinated Claimholder may take any of the following actions, which shall not constitute a Collection Action or the Exercise of
Secured Creditor Remedies: 
 (1) if an Insolvency Proceeding has been commenced by or against any Obligor, file a claim or statement of
interest with respect to the Subordinated Obligations; 
 (2) take any action (not adverse to the priority status, taking into account the
subordination provisions of Section 3 hereof, of the Liens on the Collateral securing any of the Senior Obligations, or the rights of any Senior Claimholder to Exercise any Secured Creditor Remedies) in order to create, preserve, perfect or
protect (but not enforce) its Lien in and to the Collateral to the extent not prohibited by Section 3(d); 
 (3) file any
necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding, or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of Subordinated Creditor or any Subordinated
Claimholder, including any claims secured by the Collateral, if any; and 
 (4) vote on any plan of reorganization and file any proof of
claim with respect to the Subordinated Obligations; provided, that, in any Insolvency Proceeding, no Subordinated Claimholder shall (i) oppose, object to, or vote against any plan of reorganization or disclosure statement, or join with
or support any third party in doing so, to the extent the terms of such plan or disclosure statement comply with the following clause (ii) and are consistent with the rights of the Senior Creditors and the Senior Claimholders under this
Agreement or (ii) support or vote for any plan of reorganization or disclosure statement of any Obligor unless (x) such plan provides for the payment in full in cash of all Senior Obligations (including all post-petition interest, fees and
expenses) on the effective date of such plan of reorganization, or (y) unless such plan is accepted by the requisite holders of Senior Obligations voting thereon, it being understood that, in the event that any plan is proposed by any debtor,
creditor, or other party in interest in any such Insolvency Proceeding that is inconsistent with or purports to alter the provisions of this Agreement (including the provisions of Section 5(k) hereof), the Senior Creditors shall be deemed to
have been granted, as of the date hereof, an irrevocable power of attorney to vote the claims of the Subordinated Claimholders against any such plan, with such appointment being coupled with an interest, and the Senior Creditors shall be deemed the
“holder” of such claims within the meaning of Section 1126(a) of the Bankruptcy Code. 
 (e) Collateral or Proceeds
Received from the Exercise of Secured Creditor Remedies. Each Subordinated Claimholder agrees that until the Discharge of the Senior Obligations has occurred, any Collateral or Proceeds thereof received by the Subordinated Claimholders will be
subject to Section 9. 

  
 20 

 (f) No Hindrance. Each Subordinated Claimholder hereby: 

(1) agrees that Subordinated Creditor and the other Subordinated Claimholders will not take any action, other than as expressly permitted
under this Agreement, that would restrain, hinder, limit, delay, or otherwise interfere with the Exercise of Secured Creditor Remedies by Senior Creditors or any other Senior Claimholder, or any action that is otherwise prohibited hereunder; 

(2) waives any and all rights Subordinated Creditor or any other Subordinated Claimholder may have as a junior lien creditor or otherwise to
object to the manner in which Senior Creditors or any of the other Senior Claimholders, seek to enforce or collect the Senior Obligations or the Liens securing the Senior Obligations granted in any of the Collateral undertaken in good faith in
accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of Senior Creditors or any other Senior Claimholder is adverse to the interest of Subordinated Creditor or any other Subordinated Claimholder; and

 (3) acknowledges and agrees that no covenant, agreement or restriction contained in the Subordinated Loan Documents (other than this
Agreement) shall be deemed to restrict in any way the rights and remedies of Senior Creditors or the other Senior Claimholders, with respect to the Collateral as set forth in this Agreement and the Senior Loan Documents. 

(g) Judgment Liens. In the event that any Subordinated Claimholder becomes a judgment Lien creditor in respect of Collateral as a
result of its enforcement of its rights as an unsecured creditor, to the extent permitted herein, with respect to the Subordinated Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in
relation to the Senior Obligations) as the other Liens securing the Subordinated Obligations are subject to this Agreement. 
 5.
Insolvency Proceeding. 
 (a) Enforceability and Continuing Priority. This Agreement shall be applicable both before and after
the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Claimholders and the Subordinated Claimholders in or to any Distributions shall continue after the commencement
of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code. 

(b) Financing. Until the Discharge of the Senior Obligations occurs, if any Obligor shall be subject to any Insolvency Proceeding and
Senior Creditors consent to the use of cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code; herein, “Cash Collateral”), on which any Senior Creditor has a Lien or permits any Obligor to obtain
financing provided by any one or more Senior Claimholders or any other Person under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (such financing, together with any Cash Collateral use, collectively a “DIP
Financing”), to the extent that (1) the maximum aggregate principal amount of the DIP Financing, when taken together with the aggregate principal amount of outstanding prepetition Senior Obligations that will not be repaid by
such DIP Financing, does not exceed 120% of the Senior Debt Cap and (2) the Liens securing such prepetition Senior Obligations that will not be repaid by such DIP Financing are subordinated or pari passu with such Liens securing the DIP
Financing, then each Subordinated Claimholder agrees that it will (A) consent, and will be deemed to have consented, to the use of such cash collateral or to such DIP Financing, as applicable, (B) raise no objection to, nor
support any other Person objecting to, the use of such cash 

  
 21 

 
collateral or to such DIP Financing, (C) not request or accept adequate protection or any other relief in connection with the use of such cash collateral or such DIP Financing, except as set
forth in Section 5(e) below, (D) and will be deemed to have, subordinated hereunder the Liens securing Subordinated Obligations to (x) such DIP Financing, (y) any adequate protection provided to the Senior Claimholders, and
(z) any “carve-out” agreed to by the Senior Creditors or the other Senior Claimholders, in the case of each of clauses, (x), (y), and (z) above, with such subordination to be on the same terms as the Liens securing Senior
Obligations that are subordinated thereto, but on a basis junior to the Liens securing the DIP Financing provided by the Senior Claimholders (such subordination will not alter in any manner the terms of this Agreement), and (E) agree, and will
be deemed to have agreed, that notice received two calendar days prior to the entry of an order approving such usage of the Cash Collateral or approving such DIP Financing shall be adequate notice. 

(c) Sales. Until the Discharge of the Senior Obligations has occurred, each Subordinated Claimholder agrees that it will consent to the
Disposition of, and will not object to or oppose a motion to Dispose of, any Collateral free and clear of the Liens or other claims in favor of Subordinated Creditor or any other Subordinated Claimholder under Section 363 of the Bankruptcy
Code, if the requisite Senior Claimholders or Senior Creditors, on behalf of the requisite Senior Claimholders, have consented to such Disposition of such assets. 

(d) Relief from the Automatic Stay. Until the Discharge of the Senior Obligations occurs, each Subordinated Claimholder agrees that it
shall not (i) seek (or support any other person seeking) relief from the automatic stay or any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case, in respect of the Collateral, without the prior
written consent of Senior Creditor, on behalf of the requisite Senior Claimholders, or (ii) oppose or take any other action in derogation of any request by any Senior Creditor or any other Senior Claimholder for relief from the automatic stay
or any other stay in any Insolvency Proceeding in respect of the Collateral. 
 (e) Adequate Protection. 

(1) Senior Claimholders. In any Insolvency Proceeding involving an Obligor, each Subordinated Claimholder agrees that none of them
shall contest or object (or support any other person contesting or objecting): 
 (A) any request by any Senior Creditor or any of the other
Senior Claimholders for adequate protection (whether in the form of Distributions, liens, priority administrative expense claims, or otherwise) or any adequate protection provided to any Senior Creditor or any of the other Senior Claimholders; or

 (B) any objection by any Senior Creditor or any of the other Senior Claimholders to any motion, relief, action, or proceeding based on a
claim of lack of adequate protection (whether in the form of payments, liens, a priority administrative expense claim, or otherwise); or 

(C) the payment of interest, fees, expenses or other amounts to any Senior Creditor or any other Senior Claimholders under Section 506(b)
or Section 506(c) of the Bankruptcy Code or otherwise. 
 (2) Subordinated Claimholders. In any Insolvency Proceeding involving
an Obligor, to the extent that the Subordinated Claimholders were not required to release pursuant to the terms of this Agreement and have not released their Liens on the Collateral on or prior to the date of the commencement thereof: 

  
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 (i) Until the Discharge of the Senior Obligations occurs, if any one or more
Senior Claimholders are granted adequate protection in the form of periodic cash payments or in the form of a replacement Lien (on existing or future assets of the Obligors) in connection with any DIP Financing, then the Subordinated Claimholders
shall also be entitled to seek, without objection from the Senior Claimholders, adequate protection in the form of a replacement Lien (on existing or future assets of the Obligors), which replacement Lien, if obtained, shall be subordinate to the
Liens securing the Senior Obligations and the Liens securing such DIP Financing on the same basis as the other Liens securing the Subordinated Obligations are subordinate to the Senior Obligations under this Agreement. 

(ii) In the event that any of the Subordinated Claimholders is granted adequate protection in the form of a replacement Lien
(on existing or future assets of the Obligors), then the Subordinated Claimholders agree that Senior Creditors shall also be entitled to seek, without objection from the Subordinated Claimholders, a senior adequate protection Lien on existing or
future assets of the Obligors as security for the Senior Obligations and for any DIP Financing provided by one or more of the Senior Claimholders. Any adequate protection Lien on such existing or future assets securing the Subordinated Obligations
shall be subordinated (i) to the Lien on such collateral securing the Senior Obligations and any such DIP Financing provided by the Senior Claimholders, and (ii) to any other Liens granted to the Senior Claimholders as adequate protection
on the same basis as the other Liens securing the Subordinated Obligations are so subordinated to such Senior Obligations under this Agreement. 

(3) Allowance of Postpetition Accrual. Neither Subordinated Creditor nor any other Subordinated Claimholder shall object to, oppose, or
challenge any claim by any Senior Claimholder for allowance in any Insolvency Proceeding of Senior Obligations consisting of post-petition interest, fees, or expenses. 

(f) Section 1111(b) of the Bankruptcy Code. None of the Subordinated Claimholders shall object to, oppose, support any objection,
or take any other action to impede, the right of any Senior Claimholder to make an election under Section 1111(b)(2) of the Bankruptcy Code. Each Subordinated Claimholder waives any claim it may hereafter have against any Senior Claimholder
arising out of the election by any Senior Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code. Until the Discharge of the Senior Obligations has occurred, each Subordinated Claimholder waives any right it may have to
make an election under Section 1111(b)(2) of the Bankruptcy Code. 
 (g) No Waiver. Nothing contained herein shall prohibit or
in any way limit any Senior Claimholder from objecting in any Insolvency Proceeding involving an Obligor to any action taken by Subordinated Creditor or any of the other Subordinated Claimholders which is inconsistent with the terms of this
Agreement, including, if it is inconsistent with the terms of this Agreement, the seeking by any Subordinated Claimholder of adequate protection or the assertion by any Subordinated Claimholder of any of their rights and remedies under the
Subordinated Loan Documents. 
 (h) Avoidance Issues. If any Senior Claimholder is required in any Insolvency Proceeding or otherwise
to turn over, disgorge or otherwise pay to the estate of any Obligor any amount paid in respect of the Senior Obligations (a “Senior Recovery”), then such Senior Claimholder shall be entitled to a reinstatement of Senior Obligations
with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Senior Recovery. If this Agreement shall have been terminated prior to such Senior
Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and to the
extent the Senior Debt Cap was decreased in connection with such payment of the Senior Obligations, the Senior Debt Cap shall be increased to such extent. 

  
 23 

 (i) Distributions of Debt Obligations. If, in any Insolvency Proceeding involving an
Obligor, debt obligations of the reorganized debtor, whether or not secured by Liens upon any property of the reorganized debtor, are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, (A) on account of
the Senior Obligations, or (B) on account of the Subordinated Obligations, or (C) all on account of the Senior Obligations and the Subordinated Obligations, then the Subordinated Claimholders shall have the right to receive such debt
obligations so long as either the provisions of this Agreement (I) survive the distribution of such debt obligations pursuant to such plan and (II) apply with like effect to such debt obligations and the Liens (if any) securing such debt
obligations. 
 (j) Prohibition of Payments of Subordinated Obligations on Acceleration or in Insolvency Proceeding. 

(1) Upon (A) the acceleration of the Subordinated Obligations, or any portion thereof, which has not been rescinded or revoked, or
(B) any payment or distribution of assets of any Obligor, of any kind or character, whether in cash, property or securities, following commencement of an Insolvency Proceeding, there shall be a Discharge of the Senior Obligations before any
Distribution is made on account of any of the Subordinated Obligations; and following commencement of an Insolvency Proceeding, any Distribution in respect of the Subordinated Obligations to which a Subordinated Claimholder would be entitled, except
for the provisions hereof, shall be paid by any Obligor or any other Person making such Distribution, or by a Subordinated Claimholder if received by it, directly to Senior Creditor, to the extent necessary to result in the Discharge of the Senior
Obligations, before any Distribution on account of any Subordinated Obligation is made to Subordinated Creditor or any other Subordinated Claimholder. 

(2) In any Insolvency Proceeding by or against any Obligor, 

(A) any Senior Creditor may, and is hereby irrevocably authorized and empowered (in its own name or in the name of the Subordinated
Claimholders or otherwise), but shall have no obligation to (x) demand, sue for, collect and receive every payment or distribution referred to in this Section 5 and give acquittance therefor and (y) file claims and proofs of
claim in respect of the Subordinated Obligations, provided that Senior Creditors may only file claims and proofs of claims in respect of the Subordinated Obligations if (1) the Subordinated Claimholders have failed to file such claims
and proofs of claim and (2) there shall remain not more than 10 days before such action is barred, prohibited or otherwise cannot be taken; and 

(B) Subordinated Creditor and each other Subordinated Claimholder will duly and promptly take such action, at the expense of Borrowers, as
Senior Creditors may request (x) to collect the Subordinated Obligations for the account of the Senior Claimholders and to file appropriate claims or proofs of claim with respect thereto, (y) to execute and deliver to Senior Creditors such
powers of attorney, assignments or other instruments as Senior Creditors may request in order to enable it to enforce any and all claims with respect to, and any security interests and other liens securing payment of, the Subordinated Obligations,
and (z) to collect and receive for the account of the Senior Claimholders any and all Distributions which may be payable or deliverable upon or with respect to the Subordinated Obligations, until there has been a Discharge of the Senior
Obligations. 
 (k) Payments Held in Trust/Turnover. In the event that, notwithstanding the foregoing provisions of this
Section 5, any Distribution in respect of the Subordinated Obligations prohibited by this Agreement shall be received by any Subordinated Claimholder before there has been a Discharge of the Senior Obligations, such Distribution shall be
held in trust for the benefit of and shall be paid over to or delivered to Administrative Agent Senior Creditor, until there has been a Discharge of the Senior Obligations. 

  
 24 

 6. Waivers by Subordinated Claimholders. 

(a) Senior Obligations. 

(1) All Senior Obligations at any time incurred by any Obligor shall be deemed to have been incurred, and all Senior Obligations held by any
Senior Claimholder shall be deemed to have been extended, acquired or obtained, as applicable, in reliance upon this Agreement, and each Subordinated Claimholder hereby waives (A) notice of acceptance, or proof of reliance, by any of the Senior
Claimholders of this Agreement, and (B) notice of the existence, renewal, extension, accrual, creation, or non-payment of all or any part of the Senior Obligations. Nothing contained in this Agreement shall preclude any of the Senior
Claimholders from discontinuing the extension of credit to any Obligor (whether under the Senior Loan Documents or otherwise) or from taking (without notice to any Subordinated Claimholder, any Obligor, or any other Person) any other action in
respect of the Senior Obligations or the Collateral which such Senior Claimholder is otherwise entitled to take with respect to the Senior Obligations or the Collateral. 

(2) None of the Senior Claimholders or any of their respective affiliates, directors, officers, employees, or agents shall be liable for
failure to demand, collect, or realize upon any of the Collateral or any Proceeds or for any delay in doing so or shall be under any obligation to sell or otherwise Dispose of any Collateral or Proceeds thereof or to take any other action whatsoever
with regard to the Collateral or any part or Proceeds thereof. If any Senior Claimholder honors (or fails to honor) a request by Borrowers for an extension of credit pursuant to any of the Senior Loan Documents, whether any Senior Claimholder has
knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of the Subordinated Loan Documents or an act, condition, or event that, with the giving of notice or the passage of time, or both, would
constitute such a default, or if such Senior Claimholder otherwise should exercise any of its contractual rights or remedies under the Senior Loan Documents (subject to the express terms and conditions hereof), no Senior Claimholder shall have any
liability whatsoever to any Subordinated Claimholder as a result of such action, omission, or exercise. Each Senior Claimholder will be entitled to manage and supervise its loans and extensions of credit under the Senior Loan Documents as such
Senior Claimholder may, in its sole discretion, deem appropriate, and each Senior Claimholder may manage such loans and extensions of credit without regard to any rights or interests that any Subordinated Claimholder may have in the Collateral or
otherwise except as otherwise expressly set forth in this Agreement. Each Subordinated Claimholder agrees that no Senior Claimholder shall incur any liability as a result of a sale, lease, license, application or other Disposition of all or any
portion of the Collateral or any part or Proceeds thereof, except to the extent that such Disposition is in direct violation of the provisions of this Agreement. Any Senior Claimholder may, from time to time, enter into agreements and settlements
with Obligors as it may determine in its sole discretion without impairing any of the subordinations, priorities, rights or obligations of the parties under this Agreement, including, without limitation, substituting Collateral, releasing any Lien
and releasing any Obligor. Each Subordinated Claimholder waives any and all rights it may have to require any Senior Claimholder to marshal assets, to exercise rights or remedies in a particular manner, or to forbear from exercising such rights and
remedies in any particular manner or order. 
 (b) Notice of Acceptance and Other Waivers. To the fullest extent permitted by
applicable law, each Subordinated Claimholder hereby waives: (i) notice of acceptance hereof; (ii) notice of any loans or other financial accommodations made or extended under any of the Senior Loan Documents, or the creation or existence
of any Senior Obligations; (iii) notice of the amount of the Senior 

  
 25 

 
Obligations; (iv) notice of any adverse change in the financial condition of any Obligor or of any other fact that might increase Subordinated Creditor’s or any other Subordinated
Claimholder’s risk hereunder; (v) notice of presentment for payment, demand, protest, and notice thereof as to any instrument among the Senior Loan Documents; (vi) notice of any Default or Event of Default under the Senior Loan
Documents or otherwise relating to the Senior Obligations (other than any notice that may be required by the express terms of this Agreement); (vii) all other notices (except if such notice is specifically required to be given to Subordinated
Creditor under this Agreement) and demands to which Subordinated Creditor or any other Subordinated Claimholder might otherwise be entitled. 

(c) Lawsuits; Defenses; Setoff. To the fullest extent permitted by applicable law, each Subordinated Claimholder, (i) waives the
right by statute or otherwise to require any Senior Claimholder to institute suit against any Obligor or to exhaust any rights and remedies which any Senior Claimholder has or may have against any Obligor; (ii) waives any defense arising by
reason of any disability or other defense (other than the defense that the Discharge of the Senior Obligations has occurred (subject to the provisions of Section 5(h)) of any Obligor or by reason of the cessation from any cause
whatsoever of the liability of such Obligor in respect thereof, (iii) waives any rights to assert against any Senior Claimholder any defense (legal or equitable), set-off, counterclaim, or claim which Subordinated Creditor or any
Subordinated Claimholder may now or at any time hereafter have against any Obligor or any other party liable to Senior Creditor, any other Senior Claimholder, Subordinated Creditor or any other Subordinated Claimholder, (iv) waives any defense,
set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of any Senior Obligations, any Subordinated Obligations or any security
for either; and (v) waives any defense arising by reason of any claim or defense based upon an election of remedies by any Senior Claimholder. 

(d) Subrogation. Solely after the Discharge of the Senior Obligations shall have occurred, Subordinated Creditor and the other
Subordinated Claimholders shall be subrogated to the rights of the Senior Claimholders to the extent that Distributions otherwise payable to the Subordinated Claimholders have been applied to the payment of the Senior Obligations in accordance with
the provisions of this Agreement. No Senior Claimholder has, and no Senior Claimholder shall have, any obligation or duty to protect any Subordinated Claimholder’s rights of subrogation arising pursuant to this Agreement or under any applicable
law, and no Senior Claimholder is, and no Senior Claimholder shall be, liable for any loss to, or impairment of, any subrogation rights held by any Subordinated Claimholder. 

(e) ELECTION OF REMEDIES. WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS AGREEMENT, EACH
SUBORDINATED CLAIMHOLDER WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS AND DEFENSES ARISING OUT OF AN ELECTION OF REMEDIES BY ANY SENIOR CLAIMHOLDER, EVEN THOUGH THAT ELECTION OF REMEDIES HAS DESTROYED THE RIGHTS OF SUBROGATION OF
SUBORDINATED CREDITOR AND THE OTHER SUBORDINATED CLAIMHOLDERS AND REIMBURSEMENT AGAINST ANY OBLIGOR BY THE OPERATION OF ANY APPLICABLE LAW. 

7. Amendments; Refinancing, Notice of Default. 

(a) Subordinated Loan Documents. Each Subordinated Claimholder agrees that none of the Subordinated Loan Documents or any other
document, instrument, or agreement evidencing all or any part of the Subordinated Obligations may be amended, restated, supplemented, Refinanced, or otherwise modified, and no new document, instrument or agreement may be entered into, without the
prior written consent of Senior Creditors, on behalf of the requisite Senior Claimholders, to the extent that such amendment, restatement, Refinancing, supplement, other modification or new document, instrument or

  
 26 

 
agreement, would, directly or indirectly (i) increase the maximum principal amount of the Subordinated Obligations in excess of $50,000,000, (ii) (w) add or increase the rate of
interest (paid in cash) on any of the Subordinated Obligations above the interest rate (paid in cash) set forth in the Subordinated Credit Agreement (as in effect on the date hereof), (x) add or increase the rate of interest (paid in kind) on
any of the Subordinated Obligations to a rate in excess of 2.50% per annum above the interest rate (paid in kind) set forth in the Subordinated Credit Agreement (as in effect on the date hereof), (y) add or increase the default rate of
interest above the default interest rate set forth in the Subordinated Credit Agreement (as in effect on the date hereof), or (z) add or increase any fee set forth in the Subordinated Credit Agreement (as in effect on the date hereof),
(iii) change or add any event of default or any covenant with respect to the Subordinated Obligations in a manner adverse to any Obligor or to the interests of any of the Senior Claimholders; provided, that, solely with respect to this
Section 7(a)(ii), to the extent that (x) the covenants in the Senior Credit Agreement are added or amended in a manner that is more restrictive to any Obligor and (y) such Conforming Amendment to the Subordinated Credit Agreement
maintains an equivalent proportionate difference between dollar amounts or ratios, as the case may be, in the relevant provision in the Subordinated Credit Agreement and those in the corresponding covenant in the Senior Credit Agreement (to the
extent that such difference exists between the Subordinated Credit Agreement and the Senior Credit Agreement immediately prior to giving effect to such Conforming Amendment), then a Conforming Amendment to the Subordinated Credit Agreement may be
made, (iv) change or amend any term of any Subordinated Loan Document if such change or amendment would result in an “Event of Default” under any of the Senior Loan Documents, (v) contravene the provisions of this Agreement,
(vi) provide for or allow any principal amortization payment, or any other payment of the principal balance of the Subordinated Obligations, in each case, on or prior to the date that is 180 days after the final maturity date of the Senior
Obligations set forth in the Senior Credit Agreement, (vii) change the date upon which any payments of principal or interest on the Subordinated Obligations are due or change any redemption or prepayment provisions of the Subordinated
Obligations (including the related definitions) to provide for or allow any such payments of principal or interest on the Subordinated Obligations on or prior to the date that is 180 days after the final maturity date of the Senior Obligations set
forth in the Senior Credit Agreement; provided, however, that the percentages set forth in Section 2.9 of the Subordinated Credit Agreement may be reduced from the percentages set forth in the Subordinated Credit Agreement
(as in effect on the date hereof), (viii) add, expand or accept, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, any Lien or security interest on any asset of any Obligor, except
to the extent that the Senior Creditors have been granted a first priority with respect to such asset, (ix) add or amend any restrictions or limitations on any Person’s ability to make payment on the Senior Obligations, or (x) add or
modify any restrictions on the ability to amend or modify any Senior Loan Document. Any assignee or transferee of Subordinated Creditor or any other Subordinated Claimholder shall bind themselves in a writing addressed to Senior Creditor, for the
benefit of the Senior Claimholders, to the terms of this Agreement. Notwithstanding the failure to execute or deliver any such agreement described in this Section 7(a), the subordination effected hereby shall survive any sale,
assignment, disposition or other transfer of all or any portion of the Subordinated Obligations, and the terms of this Agreement shall be binding upon the successors and assigns of Subordinated Creditor and each other Subordinated Claimholder, as
provided in Section 19 below. 
 (b) Senior Loan Documents. Each Senior Claimholder agrees that none of the Senior Loan
Documents applicable to it or any other document, instrument, or agreement evidencing all or any part of the Senior Obligations applicable to it may be amended, restated, supplemented, Refinanced, or otherwise modified without the prior written
consent of Subordinated Creditor, to the extent that the effect of such amendment, restatement, Refinancing or other modification is to (i) increase the maximum principal amount (excluding increases resulting from the accrual of interest at the
default rate or the capitalization of fees, expenses or interest) of the Senior Obligations to an amount in excess of the Senior Debt Cap, or (ii) create additional prohibitions and restrictions, or amend those set forth herein or in the Senior
Credit Agreement, in each case, as in effect on the date hereof (to the extent such amendment 

  
 27 

 
would impose additional restrictions) on any Obligor’s ability to make payments on the loans under the Subordinated Credit Agreement. This Agreement shall survive any sale, assignment,
disposition or other transfer of all or any portion of the Senior Obligations, and the terms of this Agreement shall be binding upon the successors and assigns of each Senior Claimholder, as provided in Section 19 below. 

(c) Notice of Event of Default. Subordinated Creditor shall endeavor to give Senior Creditors prompt written notice of the occurrence
of any Event of Default under any Subordinated Loan Document upon the earlier to occur of (i) the date of receipt by Subordinated Creditor of notice of such Event of Default from any Obligor or any other Person and (ii) the date on which
Subordinated Creditor obtains knowledge of the existence of such Event of Default; provided, however, that the failure to give such notice shall not result in a breach or default under this Agreement and shall not give any Senior
Claimholder any claim against any Subordinated Claimholder as a result of such failure. Senior Creditors shall endeavor to give Subordinated Creditor prompt written notice of the occurrence of any Event of Default under any Senior Loan Document upon
the earlier to occur of (i) the date of receipt by Senior Creditors of notice of such Event of Default from any Obligor or any other Person and (ii) the date on which Senior Creditors obtain knowledge of the existence of such Event of
Default (such notice, a “Senior Default Notice”); provided, however, that the failure to give such notice shall not result in a breach or default under this Agreement and shall not give any Subordinated Claimholder any
claim against any Senior Claimholder as a result of such failure. 
 8. When Discharge of the Senior Obligations Deemed to Not Have
Occurred. If any Obligor enters into any Refinancing of any Senior Obligations permitted under this Agreement, then (i) a Discharge of the Senior Obligations shall automatically be deemed not to have occurred for all purposes of this
Agreement, (ii) the obligations under such Refinancing of such Senior Obligations shall automatically be treated as Senior Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of
Collateral set forth herein, (iii) the agent under the loan documents in respect of such Refinancing of such Senior Obligations shall be Senior Creditors for all purposes of this Agreement and (iv) such new Senior Creditors shall agree in
writing to be bound by the terms of this Agreement; provided, however, that the failure of such new Senior Creditors to agree in writing to be bound by this Agreement shall not constitute a material breach of this Agreement or impact
the subordination effected hereby, and the terms of this Agreement shall continue to be binding upon each Subordinated Claimholder. 
 9.
Payments Held In Trust; Turnover; Application of Proceeds. 
 (a) Payments Held in Trust/Turnover. In the event that any
Subordinated Claimholder receives any Distribution prohibited at such time by this Agreement, such Distribution shall be held in trust for the benefit of and shall be paid over to or delivered to, as applicable, the Administrative Agent Senior
Creditor, for the benefit of the Senior Claimholders. 
 (b) Turnover. Whether or not any Insolvency Proceeding has been commenced by
or against any Obligor, any Collateral or Proceeds thereof (including assets or Proceeds subject to Liens referred to in Section 3(d)) received by Subordinated Creditor or any other Subordinated Claimholder in violation hereof shall be
segregated and held in trust and forthwith paid over to Administrative Agent Senior Creditor, for the benefit of the Senior Claimholders, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may
otherwise direct. Administrative Agent Senior Creditor is hereby authorized to make any such endorsements as agent for any Subordinated Claimholder. This authorization is coupled with an interest and is irrevocable until the Discharge of the Senior
Obligations. 

  
 28 

 (c) Application of Proceeds. Whether or not any Insolvency Proceeding has been commenced
by or against any Obligor, any Collateral or Proceeds thereof received in connection with any Exercise of Secured Creditor Remedies and Proceeds of Collateral received pursuant to Section 3(b) or Section 3(f) shall (at such
time as such Collateral or Proceeds has been monetized) be applied: (i) first, to the payment in full in cash the Senior Obligations in accordance with the terms of the Senior Loan Documents until the Discharge of Senior Obligations,
(ii) second, to the payment in full in cash of the Subordinated Obligations in accordance with the Subordinated Loan Documents, and (iii) thereafter, to Borrowers (to be wired to the Designated Account) or such other Person
entitled thereto under applicable law. If any Exercise of Secured Creditor Remedies with respect to the Collateral produces non-cash Proceeds, or if non-cash Proceeds are received pursuant to Section 3(b) or Section 4(e),
then the Senior Creditors shall have the right, but not the obligation, to hold such non-cash Proceeds as additional Collateral and, at such time as such non-cash Proceeds are monetized, shall be applied as set forth above. 

10. Representations. Each Senior Creditor represents and warrants to Subordinated Creditor and the other Subordinated Claimholders that
(a) it has the requisite power and authority to enter into, execute, deliver, and carry out the terms of this Agreement and (b) this Agreement, when executed and delivered, will constitute the valid and legally binding obligation of Senior
Creditors enforceable against such Senior Creditors in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by equitable principles. Each of the Subordinated Claimholders represents and warrants to the Senior Claimholders that (i) it has the requisite power and authority to enter into, execute, deliver, and carry
out the terms of this Agreement, (ii) this Agreement, when executed and delivered, will constitute the valid and legally binding obligation of such Subordinated Claimholder enforceable against such Subordinated Claimholder in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles, and (iii) it has
not previously assigned any interest in the Subordinated Loan Documents or any of the Subordinated Obligations and that the entire amount of the Subordinated Obligations is owing only to the Subordinated Creditor. 

11. Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any party hereto shall be
effective unless it is in a written agreement executed by Required Senior Claimholders (for themselves and on behalf of other Senior Claimholders) and Required Subordinated Claimholders (for themselves and on behalf of other Subordinated
Claimholders), and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

12. Instrument Legends. Any promissory note or other instrument or agreement evidencing any of the Subordinated Obligations shall at all
times include the following language: 
 “Anything herein to the contrary notwithstanding, the liens and security interests securing the
obligations evidenced by this [promissory note]/[instrument]/[agreement], the exercise of any right or remedy with respect hereto, and certain of the rights of the holder hereof are subject to the provisions of the Intercreditor and Subordination
Agreement dated as of November 26, 2013 (as amended, restated, supplemented, or otherwise modified from time to time, the “Subordination Agreement”), by and among by and among PNC BANK, NATIONAL ASSOCIATION
(“PNC”) and CRYSTAL FINANCIAL LLC (“Crystal”, together with PNC, collectively, the “Senior Creditors” and each individually, a “Senior Creditor”), for and on behalf of the Senior
Creditors and each other Senior Claimholder from time to time, and MUTUAL QUEST FUND (the “Subordinated Creditor”). In the event of any conflict between the terms of the Subordination Agreement and this [promissory
note]/[instrument]/[agreement], the terms of the Subordination Agreement shall govern and control.” 

  
 29 

 13. Additional Remedies. If Subordinated Creditor or any Subordinated Claimholder violate
any of the terms of this Agreement, in addition to any remedies in law, equity, or otherwise, Senior Creditors may restrain such violation in any court of law and may, in its own or in any Obligor’s name, interpose this Agreement as a defense
in any action by Subordinated Creditor or such Subordinated Claimholder. Upon Senior Creditors’ request, Subordinated Creditor and each other Subordinated Claimholder will promptly take all actions which Senior Creditors may request to carry
out the purposes and provisions of this Agreement. 
 14. Information Concerning Financial Condition. 

(a) Each Senior Creditor, for itself and on behalf of the other Senior Claimholders, hereby assumes responsibility for keeping itself informed
of the financial condition of the Obligors and of all other circumstances bearing upon the risk of nonpayment of the Senior Obligations and agrees that Subordinated Creditor have and shall have no duty to advise any Senior Claimholder of information
known to Subordinated Creditor or any other Subordinated Claimholder regarding such condition or any such circumstances. In the event that Subordinated Creditor, in their sole discretion, undertakes, at any time or from time to time, to provide any
such information to any Senior Claimholder, then Subordinated Creditor shall not be under any obligation (i) to provide any such information to any Senior Claimholder on any subsequent occasion, (ii) to undertake any investigation, or
(iii) to disclose any information which, pursuant to its commercial finance practices, Subordinated Creditor wish to maintain confidential. Senior Creditor, for itself and the other Senior Claimholders, acknowledges and agrees that neither
Subordinated Creditor nor any other Subordinated Claimholder has made any warranties or representations with respect to the legality, validity, enforceability, collectability or perfection of the Subordinated Obligations or any liens or security
interests held in connection therewith. 
 (b) Each Subordinated Claimholder hereby assumes responsibility for keeping itself informed of
the financial condition of the Obligors and of all other circumstances bearing upon the risk of nonpayment of the Subordinated Obligations, and agrees that no Senior Creditor has and no Senior Creditor shall have any duty to advise Subordinated
Creditor or any other Subordinated Claimholder of information known to any Senior Claimholder regarding such condition or any such circumstances. In the event that Senior Creditors, in their sole discretion, undertake, at any time or from time to
time, to provide any such information to Subordinated Creditor or any Subordinated Claimholder, then Senior Creditors shall not be under any obligation (i) to provide any such information to Subordinated Creditor or any other Subordinated
Claimholder on any subsequent occasion, (ii) to undertake any investigation, or (iii) to disclose any information which, pursuant to its commercial finance practices, Senior Creditors wish to maintain confidential. Each Subordinated
Claimholder acknowledges and agrees that no Senior Claimholder has made any warranties or representations with respect to the legality, validity, enforceability, collectability or perfection of the Senior Obligations or any liens or security
interests held in connection therewith. 
 15. Third Party Beneficiaries. This Agreement is solely for the benefit of Senior Creditor,
the other Senior Claimholders, Subordinated Creditor, and the other Subordinated Claimholders, and no other Person (including any Obligor) is intended to be a third party beneficiary hereunder. Senior Creditors and Subordinated Creditor shall have
the right to modify or terminate this Agreement at any time without notice to or approval of any Obligor or any other Person (other than, in the case of Senior Creditor, the requisite Senior Claimholders under the Senior Credit Agreement, and in the
case of Subordinated Creditor, the requisite Subordinated Claimholders under the Subordinated Credit Agreement). 

  
 30 

 16. Notices. Unless otherwise provided in this Agreement, all notices or demands relating
to this Agreement shall be in writing and shall be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail (at such email addresses as a party may designate in
accordance herewith), or telefacsimile. In the case of notices or demands to Senior Creditors or Subordinated Creditor, as the case may be, they shall be sent to the respective address set forth below: 

 
  

					
		 	IF TO ADMINISTRATIVE AGENT SENIOR CREDITOR:
			
		 	To:	 	PNC BANK, NATIONAL ASSOCIATION
		 		 	200 South Wacker Drive, Suite 600
		 		 	Mail Code: XX-PCHI-06-1
		 		 	Chicago, Illinois 60606
		 		 	Attn: George Couladis
		 		 	Fax No.: (412) 762-8672
			
		 	with copies to:	 	PNC BANK, NATIONAL ASSOCIATION
		 		 	PNC Agency Services
		 		 	PNC Firstside Center
		 		 	500 First Avenue, 4th Floor
		 		 	Pittsburgh, Pennsylvania 15219
		 		 	Attn: Lisa Pierce
		 		 	Fax No.: (412) 762-8672
			
		 	and	 	Blank Rome LLP
		 		 	The Chrysler Building
		 		 	405 Lexington Avenue
		 		 	New York, New York 10174-0208
		 		 	Attention: Lawrence F. Flick II
		 		 	Fax No.: (215) 832-5556
		
		 	IF TO SENIOR CREDITORS:
			
		 	To:	 	PNC BANK, NATIONAL ASSOCIATION
		 		 	200 South Wacker Drive, Suite 600
		 		 	Mail Code: XX-PCHI-06-1
		 		 	Chicago, Illinois 60606
		 		 	Attn: George Couladis
		 		 	Fax No.: (412) 762-8672
			
		 	and 	 	 CRYSTAL FINANCIAL LLC
 Two International Place,
17th Floor

		 		 	Boston, Massachusetts 02110
		 		 	Attn: Michael Pizette
		 		 	Fax No.: (617) 428-8701

  
 31 

					
			
		 	with copies to:	 	PNC BANK, NATIONAL ASSOCIATION
		 		 	PNC Agency Services
		 		 	PNC Firstside Center
		 		 	500 First Avenue, 4th Floor
		 		 	Pittsburgh, Pennsylvania 15219
		 		 	Attn: Lisa Pierce
		 		 	Fax No.: (412) 762-8672
			
		 	and	 	Blank Rome LLP
		 		 	The Chrysler Building
		 		 	405 Lexington Avenue
		 		 	New York, New York 10174-0208
		 		 	Attention: Lawrence F. Flick II
		 		 	Fax No.: (215) 832-5556
			
		 	and	 	PROSKAUER ROSE LLP
		 		 	One International Place
		 		 	Boston, MA 02110
		 		 	Attn: Stephen A. Boyko, Esq.
		 		 	Fax No.: (617) 526-9899
		
		 	IF TO SUBORDINATED CREDITOR:
			
		 	To:	 	Mutual Quest Fund
		 		 	c/o Franklin Mutual Advisers, LLC
		 		 	101 John F. Kennedy Parkway
		 		 	Short Hills, NJ 07078
		 		 	Attn: Steve Luksteid and Kathy Pintarelli
		 		 	Fax No.: (973) 921-8687
			
		 	with a copy to:	 	Bradley Takahashi, Esq.
		 		 	2366 NW Glisan Street
		 		 	Portland, OR 97210-3421

 Any party hereto may change the address at which they are to receive notices hereunder, by notice in writing
in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 16, shall be deemed received on the earlier of the date of actual receipt or three Business Days after the deposit thereof in
the mail; provided, that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by telefacsimile or other electronic method of transmission shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received
upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment). 

17. Costs and Attorneys Fees. In the event it becomes necessary for any Senior Claimholder or any Subordinated Claimholder to commence
or become a party to any proceeding or action to enforce the provisions of this Agreement, the court or body before which the same shall be tried shall award to the prevailing party all costs and expenses thereof, including, but not limited to,
reasonable attorneys’ fees, the usual and customary and lawfully recoverable court costs, and all other expenses in connection therewith. 

  
 32 

 18. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

(a) THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO
AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

(b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE
OF NEW YORK AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL, COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK. EACH SENIOR CREDITOR AND EACH SUBORDINATED CLAIMHOLDER HEREBY WAIVES, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY
RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 18(b). 

(c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH SENIOR CREDITOR AND EACH SUBORDINATED CLAIMHOLDER HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY
CLAIMS. EACH SENIOR CREDITOR AND EACH SUBORDINATED CLAIMHOLDER REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A
COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 19. Successors and Assigns. This Agreement shall
bind and inure to the benefit of each of the parties hereto, each of the Senior Claimholders and the Subordinated Claimholders, and each of their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any
other Person (including, for the avoidance of doubt, any Obligor or Subsidiary thereof) any right, remedy or claim under, to or in respect of this Agreement or any Collateral. 

20. Integrated Agreement. This Agreement reflects the entire understanding of the parties with respect to the transactions contemplated
hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. 
 21.
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken
together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed
counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. 

  
 33 

 22. Headings. Headings and numbers have been set forth herein for convenience only. Unless
the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement. 
 23.
Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and Senior Claimholders may
continue, at any time and without notice to Subordinated Creditor or any other Subordinated Claimholder, to extend credit and other financial accommodations to or for the benefit of any Obligor constituting Senior Obligations in reliance hereof.
Each Subordinated Creditor and each other Subordinated Claimholder hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall
continue in full force and effect, in any Insolvency Proceeding. Any provision of this Agreement that is prohibited or unenforceable shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to any Obligor shall include such Obligor as debtor and debtor in possession and any receiver or trustee for such Obligor in any
Insolvency Proceeding. 
 24. Conflicts. To the extent that there is a conflict or inconsistency between any provision hereof, on the
one hand, and any provision of any Subordinated Loan Document, on the other hand, this Agreement shall control and prevail. 
 25.
Termination. This Agreement shall continue in full force and effect until the Discharge of the Senior Obligations shall have occurred and shall thereafter be revived to the extent provided for in Section 5(h). 

26. Agreement Amongst Lenders. The rights of the Senior Creditors hereunder and under the other Senior Loan Documents are subject to the
terms of the Agreement Amongst Lenders. In the event of any conflict between the Agreement Amongst Lenders and this Agreement or any other Senior Loan Document, the terms of the Agreement Amongst Lenders shall control; provided however that
nothing contained in the Agreement Amongst Lenders shall alter, modify or impair any obligations of the Loan Parties under this Agreement. 

[Remainder of page left intentionally blank] 

  
 34 

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

			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Senior Creditor

		
	       By:
	 	  

	       Name:
	 	  

	      Title:	 	  

	
	 CRYSTAL FINANCIAL LLC,
 as a Senior
Creditor

		
	       By:
	 	  

	       Name:
	 	  

	      Title:	 	  

  
 35 

 
			
	 MUTUAL QUEST FUND,

	 By: FRANKLIN MUTUAL ADVISERS, LLC

            Its Investment Advisor

	 as a Subordinated Creditor

		
	       By:
	 	  

	       Name:
	 	  

	      Title:	 	  

  
 36 

 EXHIBIT 2.3(a) 

FORM OF TERM LOAN NOTE 
  

			
	$                	  	                , 20__

 FOR VALUE RECEIVED, GATEHOUSE MEDIA
INTERMEDIATE HOLDCO, INC., a Delaware corporation (“Borrower”) hereby promises to pay to the order of Mutual Quest Fund (“Lender”), at the office of Lender at the
address set forth in the Loan Agreement or at any other place designated at any time by the holder hereof by notice to the Borrower as specified in the Loan Agreement, in lawful money of the United States of America and in immediately available
funds, the principal sum of             DOLLARS ($            ) or such lesser sum which then represents Lender’s Term
Loan Commitment Percentage of the aggregate unpaid principal amount of the Term Loan at the end of the Term, together with interest on the principal amount hereunder remaining unpaid from time to time from the date hereof until this Term Loan Note
is fully paid, at the rate or rates from time to time in effect under the Loan Agreement and payable at such times as specified in the Loan Agreement, provided, however, that the entire unpaid principal balance of this Term Loan Note
shall be due and payable in full at the end of the Term, or earlier as provided in the Loan Agreement. 
 THIS TERM LOAN NOTE is
executed and delivered under and pursuant to the terms of that certain Term Loan and Security Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”), by and among Borrower, GateHouse Media, Inc., a Delaware corporation, the subsidiary guarantors party thereto and Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the
Loan Agreement. 
 The Lender shall record in its books and records the date and amount of each payment of principal and/or interest made by
Borrower with respect thereto. 
 Borrower hereby waives diligence, presentment, demand, protest and notice of any kind whatsoever as
further set forth in the Loan Agreement. 
 This Term Loan Note is one of the Term Notes referred to in the Loan Agreement, which among
other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayments of the principal hereof prior to the maturity hereof and for the amendment or waiver of
certain terms and conditions therein specified. 
 Anything herein to the contrary notwithstanding, the liens and security interests
securing the obligations evidenced by this Term Loan Note, the exercise of any right or remedy with respect hereto, and certain of the rights of the holder hereof are subject to the provisions of the Intercreditor and Subordination Agreement dated
as of November 26, 2013 (as amended, restated, supplemented, or otherwise modified from time to time, the “Subordination Agreement”), by and among by and among PNC BANK, NATIONAL ASSOCIATION (“PNC”) and CRYSTAL
FINANCIAL LLC (“Crystal”, together with PNC, collectively, the “Senior  

 
Creditors” and each individually, a “Senior Creditor”), for and on behalf of the Senior Creditors and each other Senior Claimholder from time to time, and MUTUAL
QUEST FUND (the “Subordinated Creditor”). In the event of any conflict between the terms of the Subordination Agreement and this Term Loan Note, the terms of the Subordination Agreement shall govern and control. 

THIS TERM LOAN NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

[SIGNATURE APPEARS ON FOLLOWING PAGE] 

 IN WITNESS WHEREOF, the undersigned have executed this Term Loan Note the day and year first
written above intending to be legally bound hereby. 
  

			
	GATEHOUSE MEDIA INTERMEDIATE HOLDCO, INC.
		
	 By:
	 	  

	 Name:
	 	  

	Title:	 	  

 EXHIBIT 5.5(b) 

FINANCIAL PROJECTIONS 

(Delivered directly to Lender) 

 EXHIBIT 8.1(h) 

FINANCIAL CONDITION CERTIFICATE 

                       
 , 2013 
 TO: MUTUAL QUEST FUND, (“Mutual
Quest”), in connection with that certain Term Loan and Security Agreement dated of even date herewith (the “Loan Agreement”), by and among GATEHOUSE MEDIA, INC., a
Delaware corporation (“Holdco”), each of the subsidiary guarantors party thereto (together with Holdco, the “Guarantors”), GATEHOUSE MEDIA INTERMEDIATE
HOLDCO, INC., a Delaware corporation (the “Borrower”, and together with the Guarantors, the “Loan Parties”) and Mutual Quest as lender (the “Lender”). 

In connection with the Loan Agreement and the Other Documents, I hereby certify that, effective as of the execution of the Loan Agreement and
each of the Other Documents, I am the duly elected, qualified and acting Chief Financial Officer of the Loan Parties, and, solely in such capacity and not individually, I hereby conclude to the best of my knowledge that the execution and delivery of
the Loan Agreement and each of the Other Documents and the granting of any security interests or liens pursuant to the Loan Agreement and any of the Other Documents by Loan Parties (after giving effect to (x) the Plan of Reorganization,
(y) the consummation of the Transactions, including the making of the initial Advance under the Loan Agreement and the incurrence of the other Indebtedness on the date hereof and (z) the application of the proceeds of such initial Advance
and other Indebtedness) will not: 
  

	 	1.	render the Loan Parties, on a consolidated basis, insolvent (I understand that, in this context, “insolvent” with respect to the Loan Parties means that the present fair saleable value of the assets of the
Loan Parties, on a consolidated basis, is less than the amount of liabilities of the Loan Parties, on a consolidated basis); 

  

	 	2.	leave the Loan Parties, on a consolidated basis, with property remaining in their hands which would constitute unreasonably small capital for the Loan Parties’ business. In reaching this conclusion, I understand
that “unreasonably small capital” depends upon the nature of the Loan Parties’ business as presently conducted, and I have reached my conclusion based on, to the best of my knowledge, the actual and reasonably anticipated needs for
capital of the business anticipated to be conducted by the Loan Parties and my review of the Projections (as such term is defined below); or 

  

	 	3.	cause the Loan Parties, on a consolidated basis, to be unable to pay its debts as they mature (this conclusion is based, in part, upon my review of the projections provided by the Loan Parties to the Lender
(“Projections”). I have concluded that the fair value of the assets of the Loan Parties, on a consolidated basis, will not be less than the amount that will be required to pay the current debt, short term debt, and long term debt of
the Loan Parties, on a consolidated basis, as such debts become due, considering all financing alternatives and potential asset sales reasonably available to the Loan Parties on a consolidated basis). 

 I understand that the Lender is relying on the truth and accuracy of the foregoing in connection
with the extensions of credit under the Loan Agreement and that no one else shall be entitled to rely on this Certificate. All initially capitalized terms used herein shall have the respective meanings ascribed to them in the Loan Agreement, unless
specifically defined herein. Unless the context of this Certificate clearly requires otherwise, the term “or” includes the inclusive meaning represented by the phrase “and/or.” 

[SIGNATURE TO FOLLOW ON SEPARATE PAGE] 

  
 3 

 The undersigned, in my capacity as Chief Financial Officer of the Loan Parties, hereby executes
this certificate as of the date first written above. 
  

	
	   

	[                        ]
	Chief Financial Officer

 EXHIBIT 17.3 

FORM OF COMMITMENT TRANSFER SUPPLEMENT 

COMMITMENT TRANSFER SUPPLEMENT, dated as of             ,
201    , by [            ] (the “Transferor Lender”), [            ], (the
“Purchasing Lender”), and Mutual Quest Fund (“Mutual Quest”), as lender under the Term Loan and Security Agreement described below. 

W I T N E S S E T H 
 WHEREAS, this
Commitment Transfer Supplement is being executed and delivered in accordance with Section 17.3 of that certain Term Loan and Security Agreement dated as of November 26, 2013 (as may be amended, supplemented or otherwise modified from time
to time in accordance with the terms thereof, the “Loan Agreement”) by and among GateHouse Media Intermediate Holdco, Inc., a Delaware corporation (the “Borrower”), GateHouse Media, Inc., a Delaware corporation
(“HoldCo”), the subsidiary guarantors party thereto (the “Subsidiary Guarantors”), Mutual Quest and the other financial institutions which are now or which hereafter become a party thereto (collectively, the
“Lender”). 
 WHEREAS, Purchasing Lender wishes to become a Lender party to the Loan Agreement; and 

WHEREAS, the Transferor Lender is selling and assigning to Purchasing Lender rights, obligations and commitments under the Loan Agreement;

 NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. All capitalized terms used herein which are not defined shall have the meanings given to them in the Loan Agreement. 

2. Upon receipt by Mutual Quest of four (4) counterparts of this Commitment Transfer Supplement, to each of which is attached a fully
completed Schedule I, and each of which has been executed by the Transferor Lender, the Purchasing Lender and Mutual Quest, Mutual Quest will transmit to Transferor Lender and Purchasing Lender a Transfer Effective Notice, substantially in the form
of Schedule II to this Commitment Transfer Supplement (a “Transfer Effective Notice”). Such Transfer Effective Notice shall set forth, inter alia, the date on which the transfer effected by this Commitment Transfer Supplement shall
become effective (the “Transfer Effective Date”), which date unless otherwise noted therein, shall not be earlier than the first Business Day following the date such Transfer Effective Notice is received. From and after the Transfer
Effective Date, Purchasing Lender shall be a Lender party to the Loan Agreement for all purposes thereof. 
 3. At or before 12:00 Noon (New
York time) on the Transfer Effective Date, Purchasing Lender shall pay to Transferor Lender, in immediately available funds, an amount equal to the purchase price, as agreed between Transferor Lender and such Purchasing Lender (the “Purchase
Price”), of the portion of the Term Loan being purchased by such Purchasing Lender (such Purchasing Lender’s “Purchased Percentage”) of the outstanding Term Loan and 

 
other amounts owing to the Transferor Lender under the Loan Agreement and the Note(s) (if any) of Transferor Lender. Effective upon receipt by Transferor Lender of the Purchase Price from a
Purchasing Lender, Transferor Lender hereby irrevocably sells, assigns and transfers to such Purchasing Lender, without recourse, representation or warranty except as to the representations and warranties made by Transferor Lender herein (including,
without limitation, in Section 8 hereof), and Purchasing Lender hereby irrevocably purchases, takes and assumes from Transferor Lender, such Purchasing Lender’s Purchased Percentage of the Term Loan and other amounts owing to the
Transferor Lender under the Loan Agreement and such Note(s) together with all instruments, documents and collateral security pertaining thereto. 

4. Transferor Lender has made arrangements with Purchasing Lender with respect to (i) the portion, if any, to be paid, and the date or
dates for payment, by Transferor Lender to such Purchasing Lender of any fees heretofore received by Transferor Lender pursuant to the Loan Agreement prior to the Transfer Effective Date and (ii) the portion, if any, to be paid, and the date or
dates of payment, by such Purchasing Lender to Transferor Lender of fees or interest received by such Purchasing Lender pursuant to the Loan Agreement from and after the Transfer Effective Date. 

5. (a) All principal payments that would otherwise be payable from and after the Transfer Effective Date to or for the account of Transferor
Lender pursuant to the Loan Agreement and the Note(s) (if any) of Transferor Lender shall, instead, be payable to or for the account of Transferor Lender and Purchasing Lender, as the case may be, in accordance with their respective interests as
reflected in this Commitment Transfer Supplement. 
     (b) All interest, fees and other amounts that would otherwise
accrue for the account of Transferor Lender from and after the Transfer Effective Date pursuant to the Loan Agreement and the Note(s) (if any) of Transferor Lender shall, instead, accrue for the account of, and be payable to, Transferor Lender and
Purchasing Lender, as the case may be, in accordance with their respective interests as reflected in this Commitment Transfer Supplement. In the event that any amount of interest, fees or other amounts accruing prior to the Transfer Effective Date
was included in the Purchase Price paid by any Purchasing Lender, Transferor Lender and Purchasing Lender will make appropriate arrangements for payment by Transferor Lender to such Purchasing Lender of such amount upon receipt thereof from
Borrower. 
 6. Concurrently with the execution and delivery hereof, Transferor Lender will provide to Purchasing Lender conformed copies of
the Loan Agreement and all related documents delivered to Transferor Lender. 
 7. Each of the parties to this Commitment Transfer Supplement
agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver such further documents and do such further acts and things as such other party may reasonably request in order to effect the
purposes of this Commitment Transfer Supplement. 
 8. By executing and delivering this Commitment Transfer Supplement, Transferor Lender and
Purchasing Lender confirm to and agree with each other and Mutual Quest as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of 

  
 2 

 
the interest being assigned hereby free and clear of any adverse claim, Transferor Lender makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Agreement, the Note(s) (if any) of Transferor Lender or any other
instrument or document furnished pursuant thereto; (ii) Transferor Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any
of the Obligations under the Loan Agreement, the Note(s) (if any) or any other instrument or document furnished pursuant thereto; (iii) Transferor Lender has the full power and authority, and has taken all action necessary, to execute and
deliver this Commitment Transfer Supplement and to consummate the transactions contemplated hereby; (iv) Purchasing Lender confirms that it has received a copy of the Loan Agreement, together with copies of such financial statements and such
other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Commitment Transfer Supplement; (v) Purchasing Lender acknowledges receipt of and consents to the Other Documents;
(vi) Purchasing Lender has the full power and authority, and has taken all actions necessary to execute and deliver this Commitment Transfer Supplement and to consummate the transactions contemplated hereby and to become a Lender under the Loan
Agreement; (vii) Purchasing Lender meets all of the requirements to be an assignee under Section 17.3(c) of the Loan Agreement (subject to such consents, if any, as may be required under Section 17.3(c) of the Loan Agreement);
(viii) Purchasing Lender will, independently and without reliance upon Mutual Quest, Transferor Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Agreement; (ix) Purchasing Lender agrees that it will perform all of its respective obligations as set forth in the Loan Agreement and Other Documents to be performed by it as a Lender;
(x) Purchasing Lender represents and warrants to Transferor Lender, Mutual Quest and Borrower that it is either (x) entitled to the benefits of an income tax treaty with the United States of America that provides for an exemption from the
United States withholding tax on interest and other payments made by Borrower under the Loan Agreement and Other Documents and attaches any documentation required to be delivered by it under the Loan Agreement, including but not limited to any
documentation required under Section 3.10(e) of the Loan Agreement or (y) is engaged in trade or business within the United States of America. 

9. [The Transferor Lender attaches the Note(s) held by it and requests that the Lender exchange such Note(s) for new Note(s) payable to
Purchasing Lender in an amount equal to the Term Loan Commitment Percentage assumed by the Purchasing Lender pursuant hereto and, if applicable, to the Transferor Lender in an amount equal to the Term Loan Commitment Percentage retained by the
Transferor Lender.]1 
 10. Schedule I hereto sets forth the revised Term Loan
Commitment Percentage of Transferor Lender and the Term Loan Commitment Percentage of Purchasing Lender as well as administrative information with respect to Purchasing Lender. 

 
  

	1 	Only include if Transferor Lender has notes. 

  
 3 

 11. This Commitment Transfer Supplement shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 12. This Commitment Transfer Supplement shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and permitted assigns. This Commitment Transfer Supplement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Commitment Transfer Supplement by facsimile or an electronic transmission of a .pdf copy thereof shall be effective as delivery of an original
executed counterpart of this Commitment Transfer Supplement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Commitment Transfer Supplement to be
executed by their respective duly authorized officers on the date set forth above. 
  

			
	
[                          
                                         
 ]
 as Transferor Lender

		
	By:	 	  

	Name:
	Title:	 	
	
	
[                          
                                         
 ]
 as Purchasing Lender

		
	By:	 	  

	Name:
	Title:	 	
	
	Mutual Quest Fund
		
	By:	 	  

	Name:
	Title:	 	

 [Consented to]: 2 

GATEHOUSE MEDIA INTERMEDIATE HOLDCO, INC. 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
  

	2 	To be added only if the consent of the Borrower is required by the terms of the Loan Agreement. 

[SIGNATURE PAGE TO SECOND LIEN COMMITMENT TRANSFER SUPPLEMENT] 

 SCHEDULE I TO COMMITMENT TRANSFER SUPPLEMENT 

LIST OF OFFICES, ADDRESSES FOR NOTICES AND TERM LOAN COMMITMENT AMOUNTS 

 

					
	 	  	Revised Term Loan Commitment Amount	  	$___________
			
		  	Revised Term Loan Commitment Percentage	  	____________%
			
		  	Term Loan Commitment Amount	  	$___________
			
		  	Term Loan Commitment Percentage	  	____________%
			
	 Addresses for Notices for
[                ]
	  		  	
			
	 Attention:

Telephone:

Telecopier:
	  		  	

 SCHEDULE II TO COMMITMENT TRANSFER SUPPLEMENT 

[Form of Transfer Effective Notice] 
 To:
                                         
                               , as Transferor Lender and
                                         
                   , as Purchasing Lender: 

The undersigned, as Lender under the Term Loan and Security Agreement dated as of November 26, 2013 by and among GATEHOUSE MEDIA
INTERMEDIATE HOLDCO, INC., a Delaware corporation (“GMIH”), each subsidiary guarantor party thereto (the “Subsidiary Guarantors”), GATEHOUSE MEDIA, INC., a Delaware corporation (together with the
Subsidiary Guarantors, the “Guarantors”) and Lender, acknowledges receipt of four (4) executed counterparts of a completed Commitment Transfer Supplement in the form attached hereto. [Note: Attach copy of Commitment Transfer
Supplement.] Terms defined in such Commitment Transfer Supplement are used herein as therein defined. 
 Pursuant to such Commitment
Transfer Supplement, you are advised that the Transfer Effective Date will be [Insert date of Transfer Effective Notice]. 
  

			
	 MUTUAL QUEST FUND,

as Lender

		
	 By:
	 	  

	 Title:
	 	  

	 Name:
	 	  

 ACCEPTED FOR RECORDATION 

  IN REGISTER: 
 [SIGNATURE PAGE TO
SECOND LIEN COMMITMENT TRANSFER SUPPLEMENT] 

 Schedules 
  

			
	Schedule I	  	Additional Borrowers
		
	Schedule II	  	Transaction Expenses
		
	Schedule 1.2(a)	  	Certain Excluded Property
	Schedule 1.2(b)	  	Permitted Dispositions
	Schedule 1.2(c)	  	Permitted Encumbrances
		
	Schedule 4.4	  	Equipment and Inventory Locations; Place of Business, Chief Executive Office, Real Property
	Schedule 4.8(j)	  	Concentration and Depository Accounts
	Schedule 4.12	  	Financing Statements
		
	Schedule 5.1	  	Consents
	Schedule 5.2(a)	  	States of Qualification and Good Standing
	Schedule 5.2(b)	  	Subsidiaries
	Schedule 5.4	  	Federal Tax Identification Number
	Schedule 5.6	  	Prior Names
	Schedule 5.7	  	Environmental
	Schedule 5.8(b)(i)	  	Litigation
	Schedule 5.8(b)(ii)	  	Indebtedness
	Schedule 5.8(d)	  	Plans
	Schedule 5.9	  	Intellectual Property, Source Code Escrow Agreements
	Schedule 5.10	  	Licenses and Permits
	Schedule 5.14	  	Labor Disputes
	Schedule 5.24	  	Equity Interests
	Schedule 5.25	  	Commercial Tort Claims
	Schedule 5.26	  	Letter of Credit Rights
	Schedule 5.27	  	Material Contracts
	Schedule 7.3	  	Guarantees

 SCHEDULE I 

Additional Borrowers 
  

	
	 Guarantor

	 Copley Ohio Newspapers, Inc.

	 ENHE Acquisition, LLC

	 Enterprise NewsMedia Holding, LLC

	 Enterprise NewsMedia, LLC

	 Enterprise Publishing Company, LLC

	 GateHouse Media Arkansas Holdings, Inc.

	 GateHouse Media California Holdings, Inc.

	 GateHouse Media Colorado Holdings, Inc.

	 GateHouse Media Connecticut Holdings, Inc.

	 GateHouse Media Corning Holdings, Inc.

	 GateHouse Media Delaware Holdings, Inc.

	 GateHouse Media Directories Holdings, Inc.

	 GateHouse Media Florida Holdings, Inc.

	 GateHouse Media Freeport Holdings, Inc.

	 GateHouse Media Holdco, Inc.

	 GateHouse Media Illinois Holdings II, Inc.

	 GateHouse Media Illinois Holdings, Inc.

	 GateHouse Media Iowa Holdings, Inc.

	 GateHouse Media Kansas Holdings II, Inc.

	 GateHouse Media Kansas Holdings, Inc.

	 GateHouse Media Lansing Printing, Inc.

	 GateHouse Media Louisiana Holdings, Inc.

	 GateHouse Media Management Services, Inc.

	 GateHouse Media Massachusetts I, Inc.

	
	 GateHouse Media Massachusetts II, Inc.

	 GateHouse Media Michigan Holdings II, Inc.

	 GateHouse Media Michigan Holdings, Inc.

	 GateHouse Media Minnesota Holdings, Inc.

	 GateHouse Media Missouri Holdings II, Inc.

	 GateHouse Media Missouri Holdings, Inc.

	 GateHouse Media Nebraska Holdings II, Inc.

	 GateHouse Media Nebraska Holdings, Inc.

	 GateHouse Media Nevada Holdings, Inc.

	 GateHouse Media New York Holdings, Inc.

	 GateHouse Media North Dakota Holdings, Inc.

	 GateHouse Media Ohio Holdings, Inc.

	 GateHouse Media Oklahoma Holdings, Inc.

	 GateHouse Media Operating, Inc.

	 GateHouse Media Pennsylvania Holdings, Inc.

	 GateHouse Media Suburban Newspapers, Inc.

	 GateHouse Media Tennessee Holdings, Inc.

	 GateHouse Media Ventures, Inc.

	 George W. Prescott Publishing Company, LLC

	 Liberty SMC, L.L.C.

	 Low Realty, LLC

	 LRT Four Hundred, LLC

	 Mineral Daily News Tribune, Inc.

	 News Leader, Inc.

	 Surewest Directories

	 Terry Newspapers, Inc.

	 The Peoria Journal Star, Inc.

 SCHEDULE II 

Transaction Expenses 

(Separately provided to Agents/Lender) 

 SCHEDULE III 

Permitted Dividend – Illustrative Example 

Assumptions 
 (A) EBITDA 

Q2 2014 - $19.1M 
 Q3 2014 - $19.0M 

Q4 2014 - $25.2M 
 Q1 2015 - $10.4M 

Total: $73.7MM 
 (B) Charges 

The “minus” components of Excess Cash Flow (Unfunded Capital Expenditures, taxes, dividends (including Permitted Dividends) and distributions made in
respect of such fiscal period, Transaction Expenses, Debt Payments (excluding amounts expensed within the definition of Earnings Before Interest and Taxes), pension payments (excluding amounts expensed within the definition of Earnings Before
Interest and Taxes, extraordinary, non-recurring cash employer severance expenses, not to exceed $1,000,000 per fiscal year (to the extent included in clause (x) of the definition of “EBITDA”), any management incentive fee expense
deferred in accordance with clause (xi) of the definition of “EBITDA”) excluding Permitted Dividends total: 
 Q2 2014 - $5.5M 

Q3 2014 - $5.5M 
 Q4 2014 - $5.2M 

Q1 2015 - $5.4M 
 Total: $21.6MM 

(C) Dividends paid (payment date) 
 Q2 2014 - $12.5M (end
of April) 
 Q3 2014 - $12.5M (end of July) 
 Q4 2014 - $12.5M
(end of January)  
 Total: $37.5M 
 If the
Leverage Ratio is <2.50 to 1.00, then the cumulative Permitted Dividends for the LTM period ending Q1 2015 is equal to “an amount up to 100% of the Excess Cash Flow for the LTM period then ended. 

The LTM period just ended is April 1, 2014 to March 31, 2015. 

 Therefore, the maximum Permitted Dividend for the period ending Q1 2015 payable within 45 days thereafter would
be calculated as follows: 
 (A)-(B)-(C) = $14.6MM 

 SCHEDULE 1.2(a) Certain 

Excluded Property 
 1. The following
properties/assets are under a contract for sale (or an agreement in principle has been reached). 
 (a) 203 N. Randolph, Macomb,
Illinois; Building; Gross Proposed Purchase Price - $150,000 
 (b) 246 Jay Street, Utica, New York; Building; Gross Proposed Purchase
Price - $120,000 
 (c) 111 East Jenkins Street, Maryville, Missouri*; Entire Business; Gross Proposed Purchase Price - $100,000

  

	*	Contract being negotiated – Sale of entire business (Land, Building and Publications: Maryville Daily Forum and Penny Press 2) 

2. All Motor Vehicles 
 3. Any Real Property with an
extrapolated value of less than $100,000. 

 SCHEDULE 1.2(b) 

Permitted Dispositions 
 1. The
following properties/assets are under a contract for sale (or an agreement in principle has been reached). 
 (a) 203 N. Randolph,
Macomb, Illinois; Building; Gross Proposed Purchase Price - $150,000 
 (b) 246 Jay Street, Utica, New York; Building; Gross Proposed
Purchase Price - $120,000 
 (c) 111 East Jenkins Street, Maryville, Missouri*; Entire Business; Gross Proposed Purchase Price -
$100,000 
  

	*	Contract being negotiated – Sale of entire business (Land, Building and Publications: Maryville Daily Forum and Penny Press 2) 

2. Dissolution of Pro Football Weekly, LLC 

 SCHEDULE 1.2(c) 

Permitted Encumbrances 
  

	1.	Agreements or proposed agreements to the sale of the following properties (See Schedule 1.2(b)): 

(a) 203 N. Randolph, Macomb, Illinois 

(b) 246 Jay Street, Utica, New York 

(c) 111 East Jenkins Street, Maryville, Missouri 
  

	2.	Bankruptcy claim for unpaid property taxes (for a total amount of $29,625.11) filed by Kern County Treasurer and Tax Collector against GateHouse Media California Holdings, Inc. 

 SCHEDULE 4.4 

Equipment and Inventory Locations; Place of Business, Chief Executive Office, Real Property 

Schedule 4.4(b)(i) 

Equipment, Inventory or Other Collateral 
  

															
	 Loan Party
	  	 Address
	  	City	  	St	  	Country	  	Zip	  	Schedule
4.4(b)(i) Value	 
							
	 Copley Ohio Newspapers, Inc.
	  	500 MARKET AVENUE SOUTH	  	Canton	  	OH	  	Stark	  	44702	  	$	13,800,000	  
							
	 Copley Ohio Newspapers, Inc.
	  	629 WABASH AVENUE	  	New
 Philadelphia
	  	OH	  	Tuscarawas	  	44663	  	$	2,040,000	  
							
	 Enterprise Publishing Company, LLC
	  	400 CROWN COLONY DRIVE	  	Quincy	  	MA	  	Norfolk	  	02169	  	$	588,000	  
							
	 GateHouse Media Arkansas Holdings, Inc.
	  	522 W 3rd Street	  	Hope	  	AR	  	Hempstead	  	71801	  	$	1,164,000	  
							
	 GateHouse Media Arkansas Holdings, Inc.
	  	111 W 6TH ST	  	Stuttgart	  	AR	  	Arkansas	  	72160	  	$	1,570,000	  
							
	 GateHouse Media California Holdings, Inc.
	  	224 EAST RIDGECREST BLVD	  	Ridgecrest	  	CA	  	Kern	  	93555	  	$	335,000	  
							
	 GateHouse Media California Holdings, Inc.
	  	309 S BROADWAY	  	Yreka	  	CA	  	Siskiyou	  	96097	  	$	490,000	  
							
	 GateHouse Media Colorado Holdings, Inc.
	  	422 COLORADO AVENUE	  	La Junta	  	CO	  	Otero	  	81050	  	$	325,000	  
							
	 GateHouse Media Connecticut Holdings, Inc.
	  	66 FRANKLIN STREET	  	Norwich	  	CT	  	New
London	  	06360	  	$	550,000	  
							
	 GateHouse Media Corning Holdings, Inc.
	  	34 W. PULTENEY ST.	  	Corning	  	NY	  	Steuben	  	14830	  	$	550,000	  
							
	 GateHouse Media Delaware Holdings, Inc.
	  	1196 SOUTH LITTLE CREEK RD	  	Dover	  	DE	  	Kent	  	19901	  	$	6,650,000	  
							
	 GateHouse Media Directories Holdings, Inc.
	  	 915 HIGHLAND POINTE DRIVE, STE 400

On or about March 1,
 2014 – moving to 1430

Blue Oaks Boulevard, Suite 190, Roseville, CA

95747
	  	Roseville	  	CA	  	Placer	  	95678	  	$	350,000	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	53 W ELM ST	  	Canton	  	IL	  	Fulton	  	61520	  	$	949,660	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	140 S. Prairie	  	Galesburg	  	IL	  	USA	  	61401	  	$	5,017,987	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	105 E. CENTRAL BLVD.	  	Kewanee	  	IL	  	Henry	  	61443	  	$	400,000	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	400 S MAIN ST	  	Monmouth	  	IL	  	Warren	  	61462	  	$	390,000	  

															
							
	 GateHouse Media Illinois Holdings, Inc.
	  	206 S WHITTLE AVE	  	Olney	  	IL	  	Richland	  	62450	  	$	1,210,000	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	1 NEWS PLAZA	  	Peoria	  	IL	  	Peoria	  	61643	  	$	23,210,307	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	99 E. STATE STREET	  	Rockford	  	IL	  	Winnebago	  	61104	  	$	22,304,000	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	One Copley Plaza/9th ST & Capitol Ave	  	Springfield	  	IL	  	Sangamon	  	62701	  	$	2,000,000	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	111-115 S EMMA ST	  	West
 Frankfort
	  	IL	  	Franklin	  	62896	  	$	250,000	  
							
	 GateHouse Media Illinois Holdings, Inc.
	  	121 W 6TH ST	  	Newton	  	KS	  	Harvey	  	67114	  	$	255,000	  
							
	 GateHouse Media Kansas Holdings II, Inc.
	  	301 S. MAIN ST	  	Mc Pherson	  	KS	  	Mc
Pherson	  	67460	  	$	250,000	  
							
	 GateHouse Media Kansas Holdings II, Inc.
	  	701 N LOCUST ST	  	Pittsburgh	  	KS	  	Crawford	  	66762	  	$	810,000	  
							
	 GateHouse Media Louisiana Holdings, Inc.
	  	119 EAST HICKORY	  	Bastrop	  	LA	  	Morehouse	  	71221	  	$	2,233,000	  
							
	 GateHouse Media Management Services, Inc.
	  	350 WillowBrook Office Park	  	Fairport	  	NY	  	Monroe	  	14450	  	$	500,000	  
							
	 GateHouse Media Management Services, Inc.
	  	120 N. Plymouth Ave	  	Rochester	  	NY	  	Monroe	  	14608	  	$	1,000,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	475 WASHINGTON ST	  	Auburn	  	MA	  	Worcester	  	01501	  	$	1,792,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	101A Messina Drive	  	Braintree	  	MA	  	Norfolk	  	02184	  	$	392,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	75 SYLVAN ST, BLDG C	  	Danvers	  	MA	  	Essex	  	01923	  	$	329,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	207 POCASSET STREET	  	Fall River	  	MA	  	Bristol	  	02721	  	$	413,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	33 NEW YORK AVE	  	Framingham	  	MA	  	Middlesex	  	01701	  	$
  
 
	2,911,000
 (Office &
Production
	  
   
) 

							
	 GateHouse Media Massachusetts I, Inc.
	  	165 ENTERPRISE DR	  	Marshfield	  	MA	  	Plymouth	  	02050	  	$	336,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	254 SECOND AVE	  	Needham	  	MA	  	Norfolk	  	02494	  	$	770,000	  
							
	 GateHouse Media Massachusetts I, Inc.
	  	15 PACELLA DRIVE	  	Randolph	  	MA	  	Norfolk	  	02368	  	$	616,000	  
							
	 GateHouse Media Michigan Holdings II, Inc.
	  	1226 LINCOLN ROAD	  	Allegan	  	MI	  	Allegan	  	49010	  	$	375,000	  
							
	 GateHouse Media Michigan Holdings II, Inc.
	  	595 JENNER DR	  	Allegan	  	MI	  	Allegan	  	49010	  	$	1,835,075	  
							
	 GateHouse Media Michigan Holdings II, Inc.
	  	54 W 8TH ST	  	Holland	  	MI	  	Ottowa	  	49423	  	$	620,000	  

															
							
	 GateHouse Media Michigan Holdings, Inc.
	  	133 N. WINTER ST	  	Adrian	  	MI	  	Lenawee	  	49221	  	$	2,166,000	  
							
	 GateHouse Media Michigan Holdings, Inc.
	  	308 N MAIN ST # 310	  	Cheboygan	  	MI	  	Cheboygan	  	49721	  	$	379,000	  
							
	 GateHouse Media Michigan Holdings, Inc.
	  	109 ARLINGTON STREET	  	Sault Ste Marie	  	MI	  	Chippewa	  	49783	  	$	340,000	  
							
	 GateHouse Media Michigan Holdings, Inc.
	  	209 JOHN ST	  	Sturgis	  	MI	  	St. Joseph	  	49091	  	$	527,783	  
							
	 GateHouse Media Minnesota Holdings, Inc.
	  	713 PRENTICE ST	  	Granite Falls	  	MN	  	Yellow
 Medicine
	  	56241	  	$	130,000	  
							
	 GateHouse Media Missouri Holdings II, Inc.
	  	200 N 3RD ST	  	Hannibal	  	MO	  	Marion	  	63401	  	$	1,518,164	  
							
	 GateHouse Media Missouri Holdings II, Inc.
	  	410 S LIBERTY ST	  	Independence	  	MO	  	Jackson	  	64050	  	$	1,135,000	  
							
	 GateHouse Media Missouri Holdings, Inc.
	  	300 N WASHINGTON ST	  	Mexico	  	MO	  	Audrain	  	65265	  	$	1,074,000	  
							
	 GateHouse Media Missouri Holdings, Inc.
	  	1006 W HARMONY ST	  	Neosho	  	MO	  	Newton	  	64850	  	$	1,376,000	  
							
	 GateHouse Media Missouri Holdings, Inc.
	  	108 HOLLY	  	Waynesville	  	MO	  	Pulaski	  	65583	  	$	950,000	  
							
	 GateHouse Media New York Holdings, Inc.
	  	2495 BRICKYARD RD	  	Canandaigua	  	NY	  	Ontario	  	14424	  	$	1,400,000	  
							
	 GateHouse Media New York Holdings, Inc.
	  	73 BUFFALO ST	  	Canandaigua	  	NY	  	Ontario	  	14424	  	$	3,585,000	  
							
	 GateHouse Media New York Holdings, Inc.
	  	85 Canisteo Street	  	Hornell	  	NY	  	Steuben	  	14843	  	$	300,000	  
							
	 GateHouse Media New York Holdings, Inc.
	  	221 ORISKANY PLAZA	  	Utica	  	NY	  	Oneida	  	13501	  	$	2,200,000	  
							
	 GateHouse Media North Dakota Holdings, Inc.
	  	516 4TH STREET NE	  	Devils Lake	  	ND	  	Ramsey	  	58301	  	$	1,571,000	  
							
	 GateHouse Media Oklahoma Holdings, Inc.
	  	117 W BROADWAY ST	  	Ardmore	  	OK	  	Carter	  	73401	  	$	1,492,000	  
							
	 GateHouse Media Oklahoma Holdings, Inc.
	  	215 N BELL AVE	  	Shawnee	  	OK	  	Pottawatomie	  	74801	  	$	3,027,000	  
							
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	220 8TH ST.	  	Honesdale	  	PA	  	Wayne	  	18431	  	$	1,258,000	  
							
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	30 WALNUT ST	  	Waynesboro	  	PA	  	Franklin	  	17268	  	$	1,810,000	  
							
	 GateHouse Media Suburban Newspapers, Inc.
	  	 1101 31ST ST, STE 100,
 260,
270
  
 Effective 12/1/2013 – moving to One Lincoln Center, Oakbrook Terrace,
Illinois
	  	Downers Grove	  	IL	  	Du Page	  	60515	  	$	900,000	  
							
	 GateHouse Media Ventures, Inc.
	  	108 Myrtle Street	  	Quincy	  	MA	  	Norfolk	  	02169	  	$	910,000	  

															
							
	 GateHouse Media West Virginia Holdings, Inc.
	  	410 RACE STREET	  	Ravenswood	  	WV	  	Jackson	  	26164	  	$	1,300,000	  
							
	 GateHouse Media West Virginia Holdings, Inc.
	  	302 N. CHURCH STREET	  	Ripley	  	WV	  	Jackson	  	25271	  	$	268,000	  
							
	 Mineral Daily News, Inc.
	  	21 Shamrock Dr. - Rt 220 S	  	Keyser	  	WV	  	Mineral	  	26726	  	$	1,119,000	  
							
	 News Leader Inc.
	  	716 E. NAPOLEON ST	  	Sulphur	  	LA	  	Calcasien	  	70663	  	$	300,000	  

 Schedule 4.4(b)(ii) 

Warehouses 
  

															
	 Loan Party
	  	 Address
	  	 City
	  	 State
	  	 County
	  	 Zip Code
	  	 Owned /
Leased
	  	 Nature and Use

								
	GateHouse Media Connecticut Holdings, Inc.	  	66 Franklin Street	  	Norwich	  	CT	  	New London	  	06360	  	Owned	  	Warehouse / Office
								
	 GateHouse Media
 Delaware Holdings,
Inc.
	  	1196 South Little Creek Rd	  	Dover	  	DE	  	Kent	  	19901	  	Owned	  	Office / Production / Warehouse
								
	GateHouse Media Kansas Holdings II, Inc.	  	107 E 7TH ST	  	Pittsburgh	  	KS	  	Crawford	  	66762	  	Owned	  	Warehouse
								
	GateHouse Media Michigan Holdings II, Inc.	  	1226 Lincoln Road	  	Allegan	  	MI	  	Allegan	  	49010	  	Owned	  	Warehouse
								
	GateHouse Media New York Holdings, Inc.	  	6890 Ridge Road	  	Sodus	  	NY	  	Wayne	  	14551	  	Owned	  	Warehouse
								
	GateHouse Media Illinois Holdings II, Inc.	  	350 Morton St	  	Jacksonville	  	IL	  	Morgan	  	62650	  	Leased	  	 Storage of

Newspapers

								
	GateHouse Media Massachusetts I, Inc.	  	101A Messina Drive	  	Braintree	  	MA	  	Norfolk	  	02184	  	Leased	  	Warehouse / Office
								
	GateHouse Media New York Holdings, Inc.	  	348 Elm Street (storage unit)	  	Penn Yan	  	NY	  	Yates	  	14527	  	Leased	  	Mini Storage

 Schedule 4.4(b)(iii)(A) 

Place of Business 
 Owned Property:

  

													
	Property Location	  	 	 
	 Loan Party
	  	 Address
	  	 City
	  	 State
	  	 County
	  	 Zip Code
	 
						
	Copley Ohio Newspapers, Inc.	  	500 MARKET AVENUE SOUTH	  	Canton	  	OH	  	Stark	  	 	44702	  
						
	Copley Ohio Newspapers, Inc.	  	50 NORTH AVENUE	  	Massillon	  	OH	  	Stark	  	 	44648	  
						
	Copley Ohio Newspapers, Inc.	  	629 WABASH AVENUE	  	New Philadelphia	  	OH	  	Tuscarawas	  	 	44663	  
						
	GateHouse Media Arkansas Holdings, Inc.	  	205 South 26th Street	  	Arkadelphia	  	AR	  	Clark	  	 	71923	  
						
	GateHouse Media Arkansas Holdings, Inc.	  	107-109 N. 4TH ST	  	Heber Springs	  	AR	  	Cleburne	  	 	72543	  
						
	GateHouse Media Arkansas Holdings, Inc.	  	417 YORK ST.	  	Helena	  	AR	  	Phillips	  	 	72342	  
						
	GateHouse Media Arkansas Holdings, Inc.	  	522 W 3rd Street	  	Hope	  	AR	  	Hempstead	  	 	71801	  
						
	GateHouse Media Arkansas Holdings, Inc.	  	2408 HIGHWAY 367 N	  	Newport	  	AR	  	Jackson	  	 	72112	  
						
	GateHouse Media Arkansas Holdings, Inc.	  	100 EAST EM STREET	  	Prescott	  	AR	  	Nevada	  	 	71857	  

													
						
	GateHouse Media Arkansas Holdings, Inc.	  	111 W 6TH ST	  	Stuttgart	  	AR	  	Arkansas	  	 	72160	  
						
	GateHouse Media California Holdings, Inc.	  	924 N. MT. SHASTA BLVD	  	Mt. Shasta	  	CA	  	Siskiyou	  	 	96067	  
						
	GateHouse Media California Holdings, Inc.	  	224 EAST RIDGECREST BLVD	  	Ridgecrest	  	CA	  	Kern	  	 	93555	  
						
	GateHouse Media California Holdings, Inc.	  	800 CENTER STREET	  	Taft	  	CA	  	Kern	  	 	93268	  
						
	GateHouse Media California Holdings, Inc.	  	309 S BROADWAY	  	Yreka	  	CA	  	Siskiyou	  	 	96097	  
						
	GateHouse Media Colorado Holdings, Inc.	  	422 COLORADO AVENUE	  	La Junta	  	CO	  	Otero	  	 	81050	  
						
	GateHouse Media Colorado Holdings, Inc.	  	 418 COLORADO AVE (PART OF
 422
COLORADO)
	  	La Junta	  	CO	  	Otero	  	 	81050	  
						
	GateHouse Media Connecticut Holdings, Inc.	  	66 FRANKLIN STREET	  	Norwich	  	CT	  	New London	  	 	06360	  
						
	GateHouse Media Corning Holdings, Inc.	  	34 W. PULTENEY ST.	  	Corning	  	NY	  	Steuben	  	 	14830	  
						
	GateHouse Media Delaware Holdings, Inc.	  	1196 SOUTH LITTLE CREEK RD	  	Dover	  	DE	  	Kent	  	 	19901	  
						
	GateHouse Media Delaware Holdings, Inc.	  	13 S FRONT ST	  	Georgetown	  	DE	  	Sussex	  	 	19947	  
						
	GateHouse Media Delaware Holdings, Inc.	  	24 W MAIN ST	  	Middletown	  	DE	  	New Castle	  	 	19709	  

													
						
	GateHouse Media Florida Holdings, Inc.	  	650 6T STREET	  	Winterhaven	  	FL	  	Polk	  	 	33880	  
						
	GateHouse Media Illinois Holdings, Inc.	  	111-113 E CHURCH ST	  	Benton	  	IL	  	Franklin	  	 	62812	  
						
	GateHouse Media Illinois Holdings, Inc.	  	119 WEST EXCHANGE ST	  	Cambridge	  	IL	  	Henry	  	 	61238	  
						
	GateHouse Media Illinois Holdings, Inc.	  	53 W ELM ST	  	Canton	  	IL	  	Fulton	  	 	61520	  
						
	GateHouse Media Illinois Holdings, Inc.	  	323 E MAIN ST	  	Carmi	  	IL	  	White	  	 	62821	  
						
	GateHouse Media Illinois Holdings, Inc.	  	9 N. DIVISION ST	  	Du Quoin	  	IL	  	Perry	  	 	62832	  
						
	GateHouse Media Illinois Holdings, Inc.	  	1200 Locust St	  	El Dorado	  	IL	  	Saline	  	 	62930	  
						
	GateHouse Media Illinois Holdings, Inc.	  	105 W. NORTH AVE	  	Flora	  	IL	  	Clay	  	 	62839	  
						
	GateHouse Media Illinois Holdings, Inc.	  	140 S. Prairie	  	Galesburg	  	IL	  	Knox	  	 	61401	  
						
	GateHouse Media Illinois Holdings, Inc.	  	108 W. FIRST ST	  	Geneseo	  	IL	  	Henry	  	 	61254	  
						
	GateHouse Media Illinois Holdings, Inc.	  	35 S. VINE ST.	  	Harrisburg	  	IL	  	Saline	  	 	62946	  
						
	GateHouse Media Illinois Holdings, Inc.	  	105 E. CENTRAL BLVD.	  	Kewanee	  	IL	  	Henry	  	 	61443	  

													
						
	GateHouse Media Illinois Holdings, Inc.	  	203 N. RANDOLPH	  	Macomb	  	IL	  	McDonough	  	 	61455	  
						
	GateHouse Media Illinois Holdings, Inc.	  	502 W JACKSON ST	  	Marion	  	IL	  	Williamson	  	 	62959	  
						
	GateHouse Media Illinois Holdings, Inc.	  	400 S MAIN ST	  	Monmouth	  	IL	  	Warren	  	 	61462	  
						
	GateHouse Media Illinois Holdings, Inc.	  	1400 WALNUT ST.	  	Murphysboro	  	IL	  	Jackson	  	 	62966	  
						
	GateHouse Media Illinois Holdings, Inc.	  	700 W. WASHINGTON ST	  	Newton	  	IL	  	Jasper	  	 	62448	  
						
	GateHouse Media Illinois Holdings, Inc.	  	121 W 6TH ST	  	Newton	  	KS	  	Harvey	  	 	67114	  
						
	GateHouse Media Illinois Holdings, Inc.	  	206 S WHITTLE AVE	  	Olney	  	IL	  	Richland	  	 	62450	  
						
	GateHouse Media Illinois Holdings, Inc.	  	1 NEWS PLAZA	  	Peoria	  	IL	  	Peoria	  	 	61643	  
						
	GateHouse Media Illinois Holdings, Inc.	  	318 N MAIN ST	  	Pontiac	  	IL	  	Livingston	  	 	61764	  
						
	GateHouse Media Illinois Holdings, Inc.	  	99 E. STATE STREET	  	Rockford	  	IL	  	Winnebago	  	 	61104	  
						
	GateHouse Media Illinois Holdings, Inc.	  	ONE COPLEY PLAZA/9th STREET & CAPITOL AVE	  	Springfield	  	IL	  	Sangamon	  	 	62701	  
						
	GateHouse Media Illinois Holdings, Inc.	  	2672 Ken Gray Blvd.	  	West Frankfort	  	IL	  	Franklin	  	 	62896	  

													
						
	GateHouse Media Illinois Holdings, Inc.	  	111-115 S EMMA ST	  	West Frankfort	  	IL	  	Franklin	  	 	62896	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	705 SECOND AVE	  	Dodge City	  	KS	  	Ford	  	 	67801	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	709 N 2ND AVE	  	Dodge City	  	KS	  	Ford	  	 	67801	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	701 N LOCUST ST	  	Pittsburgh	  	KS	  	Crawford	  	 	66762	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	107 E 7TH ST	  	Pittsburgh	  	KS	  	Crawford	  	 	66762	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	204 E 5TH STREET	  	Augusta	  	KS	  	Butler	  	 	67010	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	114 N VINE ST	  	El Dorado	  	KS	  	Butler	  	 	67042	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	422 SENECA ST	  	Leavenworth	  	KS	  	Leavenworth	  	 	66048	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	301 S. MAIN ST	  	Mc Pherson	  	KS	  	Mc Pherson	  	 	67460	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	320 S MAIN ST	  	Pratt	  	KS	  	Pratt	  	 	67124	  
						
	GateHouse Media Kansas Holdings II, Inc.	  	113 W. HARVEY AVE	  	Wellington	  	KS	  	Sumner	  	 	67152	  
						
	GateHouse Media Louisiana Holdings, Inc.	  	119 EAST HICKORY	  	Bastrop	  	LA	  	Morehouse	  	 	71221	  

													
						
	GateHouse Media Louisiana Holdings, Inc.	  	903 W. 1ST ST	  	DeRidder	  	LA	  	Beauregard	  	 	70634	  
						
	GateHouse Media Louisiana Holdings, Inc.	  	231 W. CORNERVIEW ST	  	Gonzales	  	LA	  	Ascension	  	 	70737	  
						
	GateHouse Media Louisiana Holdings, Inc.	  	206 E. TEXAS ST	  	Leesville	  	LA	  	Vernon	  	 	71446	  
						
	GateHouse Media Louisiana Holdings, Inc.	  	58650 BELLEVIEW DR	  	Plaquemine	  	LA	  	Iberville	  	 	70764	  
						
	GateHouse Media Massachusetts I, Inc.	  	475 WASHINGTON ST	  	Auburn	  	MA	  	Worcester	  	 	01501	  
						
	GateHouse Media Massachusetts I, Inc.	  	207 POCASSET STREET	  	Fall River	  	MA	  	Bristol	  	 	02721	  
						
	GateHouse Media Massachusetts I, Inc.	  	33 NEW YORK AVENUE	  	Framingham	  	MA	  	Middlesex	  	 
 
 	01701
(Office &
Production)	  
  
  
						
	GateHouse Media Massachusetts I, Inc.	  	165 ENTERPRISE DR	  	Marshfield	  	MA	  	Plymouth	  	 	02050	  
						
	GateHouse Media Massachusetts I, Inc.	  	5 COHANNET STREET	  	Tauton	  	MA	  	Bristol	  	 	02780	  
						
	GateHouse Media Michigan Holdings II, Inc.	  	595 JENNER DR	  	Allegan	  	MI	  	Allegan	  	 	49010	  
						
	GateHouse Media Michigan Holdings II, Inc.	  	1226 LINCOLN ROAD	  	Allegan	  	MI	  	Allegan	  	 	49010	  
						
	GateHouse Media Michigan Holdings II, Inc.	  	33 MCCOLLUM ST	  	Hillsdale	  	MI	  	Hillsdale	  	 	49242	  

													
						
	GateHouse Media Michigan Holdings II, Inc.	  	54 W 8TH ST	  	Holland	  	MI	  	Ottowa	  	 	49423	  
						
	GateHouse Media Michigan Holdings, Inc.	  	155 N. WINTER ST	  	Adrian	  	MI	  	Lenawee	  	 	49221	  
						
	GateHouse Media Michigan Holdings, Inc.	  	133 N. WINTER ST	  	Adrian	  	MI	  	Lenawee	  	 	49221	  
						
	GateHouse Media Michigan Holdings, Inc.	  	308 N MAIN ST # 310	  	Cheboygan	  	MI	  	Cheboygan	  	 	49721	  
						
	GateHouse Media Michigan Holdings, Inc.	  	15 W. PEARL STREET	  	Coldwater	  	MI	  	Branch	  	 	49036	  
						
	GateHouse Media Michigan Holdings, Inc.	  	57 S MONROE ST	  	Coldwater	  	MI	  	Branch	  	 	49036	  
						
	GateHouse Media Michigan Holdings, Inc.	  	114 N DEPOT ST	  	Ionia	  	MI	  	Ionia	  	 	48846	  
						
	GateHouse Media Michigan Holdings, Inc.	  	109 ARLINGTON STREET	  	Sault Ste Marie	  	MI	  	Chippewa	  	 	49783	  
						
	GateHouse Media Michigan Holdings, Inc.	  	209 JOHN ST	  	Sturgis	  	MI	  	St. Joseph	  	 	49091	  
						
	GateHouse Media Minnesota Holdings, Inc.	  	124 S BROADWAY	  	Crookston	  	MN	  	Polk	  	 	56716	  
						
	GateHouse Media Minnesota Holdings, Inc.	  	713 PRENTICE ST	  	Granite Falls	  	MN	  	Yellow Medicine	  	 	56241	  
						
	GateHouse Media Minnesota Holdings, Inc.	  	301 THIRD AVENUE W	  	Halstad	  	MN	  	Norman	  	 	56548	  

													
						
	GateHouse Media Minnesota Holdings, Inc.	  	223 S. FIRST ST	  	Montevideo	  	MN	  	Chippewa	  	 	56265	  
						
	GateHouse Media Minnesota Holdings, Inc.	  	7038 HWY, 7 SW	  	Montevideo	  	MN	  	Chippewa	  	 	56265	  
						
	GateHouse Media Minnesota Holdings, Inc.	  	219 SOUTH WASHINGTON STREET	  	Redwood Falls	  	MN	  	Redwood	  	 	56283	  
						
	GateHouse Media Minnesota Holdings, Inc.	  	604 1st Ave So.	  	St. James	  	MN	  	Watonwan	  	 	56081	  
						
	GateHouse Media Missouri Holdings II, Inc.	  	200 N 3RD ST	  	Hannibel	  	MO	  	Marion	  	 	63401	  
						
	GateHouse Media Missouri Holdings II, Inc.	  	410 S LIBERTY ST	  	Independence	  	MO	  	Jackson	  	 	64050	  
						
	GateHouse Media Missouri Holdings, Inc.	  	412 HIGH ST	  	Boonville	  	MO	  	Cooper	  	 	65233	  
						
	GateHouse Media Missouri Holdings, Inc.	  	107 N MAIN ST # 109	  	Brookfield	  	MO	  	Linn	  	 	64628	  
						
	GateHouse Media Missouri Holdings, Inc.	  	918 N BUSINESS ROUTE 5	  	Camdenton	  	MO	  	Camden	  	 	65020	  
						
	GateHouse Media Missouri Holdings, Inc.	  	800 W. CENTRAL AVE.	  	Carthage	  	MO	  	Jasper	  	 	64836	  
						
	GateHouse Media Missouri Holdings, Inc.	  	818 WASHINGTON ST	  	Chillicoth	  	MO	  	Livingston	  	 	64601	  
						
	GateHouse Media Missouri Holdings, Inc.	  	2918 E 20TH ST	  	Joplin	  	MO	  	Jasper	  	 	64804	  

													
						
	GateHouse Media Missouri Holdings, Inc.	  	506 W Potter Ave.	  	Kirksville	  	MO	  	Adair	  	 	63501	  
						
	GateHouse Media Missouri Holdings, Inc.	  	110 E. MC PHERSON ST.	  	Kirksville	  	MO	  	Adair	  	 	63501	  
						
	GateHouse Media Missouri Holdings, Inc.	  	204 W. BOURKE STREET	  	Macon	  	MO	  	Macon	  	 	63552	  
						
	GateHouse Media Missouri Holdings, Inc.	  	111 E JENKINS ST	  	Maryville	  	MO	  	Nodaway	  	 	64468	  
						
	GateHouse Media Missouri Holdings, Inc.	  	300 N WASHINGTON ST	  	Mexico	  	MO	  	Audrain	  	 	65265	  
						
	GateHouse Media Missouri Holdings, Inc.	  	218 N WILLIAMS ST	  	Moberly	  	MO	  	Randolph	  	 	65270	  
						
	GateHouse Media Missouri Holdings, Inc.	  	1006 W HARMONY ST	  	Neosho	  	MO	  	Newton	  	 	64850	  
						
	GateHouse Media Missouri Holdings, Inc.	  	101 WEST 7TH ST	  	Rolla	  	MO	  	Phelps	  	 	65401	  
						
	GateHouse Media Missouri Holdings, Inc.	  	108 HOLLY	  	Waynesville	  	MO	  	Pulaski	  	 	65583	  
						
	GateHouse Media Nebraska Holdings, Inc.	  	123 W 17th Street	  	Syracuse	  	NE	  	Otoe	  	 	68446	  
						
	GateHouse Media New York Holdings, Inc.	  	10 W. STEUBEN ST.	  	Bath	  	NY	  	Steuben	  	 	14810	  
						
	GateHouse Media New York Holdings, Inc.	  	2495 BRICKYARD RD	  	Canandaigua	  	NY	  	Ontario	  	 	14424	  

													
						
	GateHouse Media New York Holdings, Inc.	  	73 BUFFALO ST	  	Canandaigua	  	NY	  	Ontario	  	 	14424	  
						
	GateHouse Media New York Holdings, Inc.	  	59 BUFFALO ST	  	Canandaigua	  	NY	  	Ontario	  	 	14424	  
						
	GateHouse Media New York Holdings, Inc.	  	113 MAIN STREET	  	Dansville	  	NY	  	Livingston	  	 	14437	  
						
	GateHouse Media New York Holdings, Inc.	  	111 GREEN STREET	  	Herkimer	  	NY	  	Herkimer	  	 	13350	  
						
	GateHouse Media New York Holdings, Inc.	  	85 Canisteo Street	  	Hornell	  	NY	  	Steuben	  	 	14843	  
						
	GateHouse Media New York Holdings, Inc.	  	57 S. CARROLL ST	  	Horseheads	  	NY	  	Chemung	  	 	14845	  
						
	GateHouse Media New York Holdings, Inc.	  	5512 STATE ROUTE 55	  	Liberty	  	NY	  	Sullivan	  	 	12754	  
						
	GateHouse Media New York Holdings, Inc.	  	347 S SECOND STREET	  	Little Falls	  	NY	  	Herkimer	  	 	13365	  
						
	GateHouse Media New York Holdings, Inc.	  	138 MAIN ST	  	Penn Yan	  	NY	  	Yates	  	 	14527	  
						
	GateHouse Media New York Holdings, Inc.	  	6890 RIDGE ROAD	  	Sodus	  	NY	  	Wayne	  	 	14551	  
						
	GateHouse Media New York Holdings, Inc.	  	221 ORISKANY PLAZA	  	Utica	  	NY	  	Oneida	  	 	13501	  
						
	GateHouse Media New York Holdings, Inc.	  	246 JAY STREET	  	Utica	  	NY	  	Oneida	  	 	13501	  

													
						
	GateHouse Media New York Holdings, Inc.	  	159 N MAIN ST	  	Wellsville	  	NY	  	Alleghany	  	 	14895	  
						
	GateHouse Media North Dakota Holdings, Inc.	  	516 4TH STREET NE	  	Devils Lake	  	ND	  	Ramsey	  	 	58301	  
						
	GateHouse Media Oklahoma Holdings, Inc.	  	117 W BROADWAY ST	  	Ardmore	  	OK	  	Carter	  	 	73401	  
						
	GateHouse Media Oklahoma Holdings, Inc.	  	215 N BELL AVE	  	Shawnee	  	OK	  	Pottawatomie	  	 	74801	  
						
	GateHouse Media Pennsylvania Holdings, Inc.	  	41 NORTH CHURCH ST	  	Carbondale	  	PA	  	Lackawanna	  	 	18407	  
						
	GateHouse Media Pennsylvania Holdings, Inc.	  	220 8TH ST.	  	Honesdale	  	PA	  	Wayne	  	 	18431	  
						
	GateHouse Media Pennsylvania Holdings, Inc.	  	30 WALNUT ST	  	Waynesboro	  	PA	  	Franklin	  	 	17268	  
						
	GateHouse Media West Virginia Holdings, Inc.	  	410 RACE STREET	  	Ravenswood	  	WV	  	Jackson	  	 	26164	  
						
	GateHouse Media West Virginia Holdings, Inc.	  	302 N. CHURCH STREET	  	Ripley	  	WV	  	Jackson	  	 	25271	  
						
	News Leader Inc.	  	716 E. NAPOLEON ST	  	Sulphur	  	LA	  	Calcasien	  	 	70663	  

 Leased Property (Lessor and Value Information): 

NOTE: See below for details on “4.4(b)(iii)(A) Value” 
  

																									
	 	 	Property Location	 	Lessor	 	4.4(b)(iii)(A)	 
	 Loan Party
	 	 Address
	 	 City
	 	 State
	 	 County
	 	 Zip Code
	 	 Name
	 	 Address
	 	 City
	 	 State
	 	 Zip Code
	 	Value	 
												
	 Copley Ohio Newspapers, Inc.
	 	3577 Arlington Rd. - Suite B	 	Akron	 	OH	 	Summit	 	44312	 	 Oliver E. & Wilma J. Teague
	 	1264 Boettler Rd.	 	Uniontown	 	OH	 	44685	 	$	7,500	  
												
	 Enterprise Publishing Company, LLC
	 	1324 Belmont St.	 	Brockton	 	MA	 	Plymouth	 	2401	 	 1324 Belmont LLC
	 	1324 Belmont St c/o Juliano Enterprises, Inc. Suite 207	 	Brockton	 	MA	 	2301	 	$	70,000	  
												
	 Enterprise Publishing Company, LLC
	 	400 CROWN COLONY DRIVE	 	Quincy	 	MA	 	Norfolk	 	2169	 	 Quincy Office Investors, Inc.
	 	c/o UBS Realty Investors LLC Asset Management 242 Trumbull St	 	Hartford	 	CT	 	6103	 	$	588,000	  
												
	 GateHouse Media Arkansas Holdings, Inc.
	 	7400 DOLLARWAY ROAD	 	White Hall	 	AR	 	Jefferson	 	71602	 	 Samples Properties, LLC
	 	7300 Dollarway Rd., Suite 114	 	White Hall	 	AR	 	71602	 	$	30,000	  
												
	 GateHouse Media California Holdings, Inc.
	 	650 KENTUCKY ST	 	Gridley	 	CA	 	Butte	 	95948	 	 Douglas A. Martens
	 	6121 Berkshire Way	 	Paradise	 	CA	 	95969	 	$	30,000	  
												
	 GateHouse Media Colorado Holdings, Inc.
	 	112 E CRANSTON	 	Fowler	 	CO	 	Otero	 	81039	 	 Fowler State Bank
	 	201 Main St., P.O. Box 68	 	Fowler	 	CO	 	81039	 	$	10,000	  
												
	 GateHouse Media Colorado Holdings, Inc.
	 	510 CARSON AVENUE	 	Las Animos	 	CO	 	Bent	 	81054	 	 Donkle Storage/

    Restoration LLC
	 	1031 Ash Avenue	 	Las Animas	 	CO	 	81054	 	$	20,000	  

																									
												
	 GateHouse Media Connecticut Holdings, Inc.
	 	19 South Walnut Street	 	Norwich	 	CT	 	New London	 	6360	 	 Lund Ltd, LLC
	 	372 North Canterbury Rd	 	Camterbury	 	CT	 	6331	 	$	0	  
												
	 GateHouse Media Connecticut Holdings, Inc.
	 	360 Gendron Road	 	Plainfield	 	CT	 	windham	 	6374	 	 360 Gendron Road LLC
	 	341 Church Street	 	Putnam	 	CT	 	6260	 	 	Unknown	  
												
	 GateHouse Media Directories Holdings, Inc.
	 	 915 HIGHLAND POINTE DRIVE, STE 400
  

On or about March 1, 2014 – moving to 1430 Blue Oaks Boulevard, Suite 190, Roseville, CA 95747
	 	Roseville	 	CA	 	Placer	 	95678	 	 Mourier Land Investment Corporation
	 	1430 Blue Oaks Blvd., Suite 190	 	Roseville	 	CA	 	95747	 	$	350,000	  
												
	 GateHouse Media Freeport Holdings, Inc.
	 	50 W Douglas St	 	Freeport	 	IL	 	Stephenson	 	61032	 	 Stewart Centre, LLC
	 	50 W Douglas St., Suite 1200	 	Freeport	 	IL	 	61032	 	$	0	  
												
	 GateHouse Media Illinois Holdings II, Inc.
	 	350 MORTON ST	 	Jacksonville	 	IL	 	Morgan	 	62650	 	 Victoria Smiley
	 	Unknown	 	Jacksonville	 	IL	 	62650	 	 	Unknown	  
												
	 GateHouse Media Illinois Holdings II, Inc.
	 	Radio Antenna at 3115 Dotmar Dr.	 	Springfield	 	IL	 	Sangamon	 	62703	 	 B&C Ventures, LLC
	 	P.O. Box 973	 	Decatur	 	IL	 	62525	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	219 S. COLLEGE AVE.	 	Aledo	 	IL	 	Mercer	 	61231	 	 Aledo Lodge Number 252 AF & AM
	 	101 SW 3rd St.	 	Aledo	 	IL	 	61231	 	$	75,000	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	1205 SWANWICK STREET	 	Chester	 	IL	 	Randolph	 	62233	 	 Robert P. Fleming
	 	P.O. Box 347	 	Chester	 	IL	 	62233	 	$	50,000	  

																									
												
	 GateHouse Media Illinois Holdings, Inc.
	 	125 W LOCUST ST	 	Fairbury	 	IL	 	Livingston	 	61739	 	 Nicholas L. Kaeb
	 	127 W Locust St	 	Fairbury	 	IL	 	61739	 	$	25,000	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	348 FRONT ST.	 	Galva	 	IL	 	Henry	 	61434	 	 Dyan L. Peterson
	 	720 NW 3rd Ave	 	Galva	 	IL	 	61434	 	$	25,750	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	2201 Woodlawn Rd. - Suite 350	 	Lincoln	 	IL	 	Logan	 	62656	 	 The Illini Building
	 	P.O. Box 280	 	Lincoln	 	IL	 	62656	 	$	115,000	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	26 W. Side Square	 	Macomb	 	IL	 	McDonough	 	61455	 	 Triple H Investments, LLC
	 	1420 E. Carroll St., P.O. Box 728	 	Macomb	 	IL	 	61455	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	SCHUYLER ST	 	Oquawka	 	IL	 	Henderson	 	61469	 	 Village of Oquawka, IL
	 	Unknown	 	Oquawka	 	IL	 	Unknown	 	$	30,900	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	1018 Fourth Street	 	Orion	 	IL	 	Henry	 	61273	 	 Unknown
	 	Unknown	 	Unknown	 	Unknown	 	Unknown	 	$	7,500	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	306 Court St	 	Pekin	 	IL	 	Randolph	 	61554	 	 Ricky J. Woith
  

Woith Land Trust Agreement
	 	1461 Valle Vista Bldg. #1	 	Pekin	 	IL	 	61554	 	$	15,000	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	 7344 Forest
 Hills Rd
	 	Loves Park	 	IL	 	Winnebago	 	61111	 	 Ericson Properties LLC
	 	7110 N Alpine Road	 	Loves Park	 	IL	 	61111	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	230 Arnold Ave	 	Rockford	 	IL	 	Winnebago	 	61108	 	 J&J 5643 BLDG, LLC
	 	Unknown	 	Unknown	 	Unknown	 	Unknown	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	288 N LINCOLN BLVD E	 	Shawneetown	 	IL	 	Gallatin	 	62984	 	 Kurt Williams Associated Insurance
	 	608 E. Poplar Street	 	Harrisburg	 	IL	 	62946	 	$	5,000	  

																									
												
	 GateHouse Media Illinois Holdings, Inc.
	 	#1 Kemp Drive, Lessee Unit No. 197	 	Chatham	 	IL	 	Sangamon	 	62629	 	 Parkview Storage, Inc.
	 	1 Kemp Drive	 	Chatham	 	IL	 	62629	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	3142 South Douglas Ave, Suite E	 	Springfield	 	IL	 	Sangamon	 	62704	 	 Gary Bryan, Westside Mini Storage
	 	3142 S. Douglas Ave.	 	Springfield	 	IL	 	62704	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	Land at Springfield, IL (NWL 1004)	 	Springfield	 	IL	 	Unknown	 	Unknown	 	 Norfolk and Western Railway Company
	 	Unknown	 	Springfield	 	IL	 	Unknown	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	Side Track lease agreement	 	Springfield	 	IL	 	Unknown	 	Unknown	 	 Norfolk and Western Railway Company
	 	Unknown	 	Springfield	 	IL	 	Unknown	 	$	0	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	107 E. MAIN	 	Teutopolis	 	IL	 	Effingham	 	62467	 	 Jeff Kenter
	 	513 S. Race, P.O. Box 6	 	Teutopolis	 	IL	 	62467	 	$	20,000	  
												
	 GateHouse Media Illinois Holdings, Inc.
	 	507 N Monroe Street, Suite 3	 	Abingdon	 	IL	 	Knox	 	61410	 	 Ben Forney
	 	507 N Monroe Street	 	Abingdon	 	IL	 	61410	 	$	8,000	  
												
	 GateHouse Media Iowa Holdings, Inc.
	 	1009 Main Street	 	Hamburg	 	IA	 	Fremont	 	51640	 	 John Field Cliff Swallow, Inc.
	 	2792 Skyline Drive	 	Hamburg	 	IA	 	51640	 	$	5,000	  
												
	 GateHouse Media Kansas Holdings II, Inc.
	 	2114 Oregon St	 	Hiawatha	 	KS	 	Brown	 	66434	 	 Stallbaumer

Management, Inc.
	 	P.O. Box 65	 	Seneca	 	KS	 	66538	 	$	5,000	  
												
	 GateHouse Media Kansas Holdings II, Inc.
	 	101 South Main	 	Greensburgh	 	KS	 	Kiowa	 	67054	 	 City of Greensburg, KS
	 	City Administrator City of Greensburg 239 South Main	 	Greensburg	 	KS	 	67054	 	$	15,000	  

																									
												
	 GateHouse Media Kansas Holdings II, Inc.
	 	318 N. MAIN ST	 	St John	 	KS	 	Stafford	 	67576	 	 Ionic Lodge # 254 AF & AM
	 	P.O. Box 404	 	St John	 	KS	 	67576	 	$	15,000	  
												
	 GateHouse Media Louisiana Holdings, Inc.
	 	120 RAILROAD AVE	 	Donaldsonville	 	LA	 	Ascension	 	70346	 	 Ascension Lodge #251 F. & A.M.
	 	P.O. Box 1211	 	Donaldsonville	 	LA	 	70346	 	$	12,000	  
												
	 GateHouse Media Management Services, Inc.
	 	 350
 WILLOWBROOK

OFFICE PARK
	 	Fairport	 	NY	 	Monroe	 	14450	 	 The Uniland Partnership of Delaware L.P.
	 	University Corporate Centre100 Corporate Parkway Suite 500	 	Amherst	 	NY	 	14226	 	$	500,000	  
												
	 GateHouse Media Management Services, Inc.
	 	120 N. Plymouth Ave	 	Rochester	 	NY	 	Monroe	 	14608	 	 Frontier Communications of Rochester, Inc.
	 	180 S. Clinton Avenue	 	Rochester	 	NY	 	14646	 	$	1,000,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	 101A Messina
 Drive
	 	Braintree	 	MA	 	Norfolk	 	02184	 	 Greenpoint Realty LLC
	 	650 Plymouth St Ste 10	 	E. Bridgewater	 	MA	 	2333	 	$	392,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	150 BAKER AVE	 	Concord	 	MA	 	Middlesex	 	01742	 	 IRG Concord Limited

Partnership
	 	 P.O. Box 380828
  

44 Brattle St
	 	Cambridge	 	MA	 	2238	 	$	210,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	75 SYLVAN ST, BLDG C	 	Danvers	 	MA	 	Essex	 	01923	 	 Brookwood Sylvan, LLC
	 	72 Cherry Hill Drive	 	Beverly	 	MA	 	1915	 	$	329,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	10 PURCHASE STREET	 	Fall River	 	MA	 	Bristol	 	02720	 	 G & J Realty Trust
	 	16 Bedford Street	 	Fall River	 	MA	 	2720	 	$	42,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	18 POCASSET ST	 	Fall River	 	MA	 	Bristol	 	02720	 	 Old Iron Works, LLC
	 	P.O. Box 204	 	Fall River	 	MA	 	2722	 	$	119,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	33 NEW YORK AVE	 	Framingham	 	MA	 	Middlesex	 	01701	 	 Genzyme Corporation
	 	500 Kendall St	 	Cambridge	 	MA	 	2142	 	$
 	0 (Parking
Space	  
) 

																									
												
	 GateHouse Media Massachusetts I, Inc.
	 	73 SOUTH ST	 	Hingham	 	MA	 	Plymouth	 	02043	 	 Kent Noble & Brian Noble, K&B Realty Trust
	 	29 Main Street	 	Hingham	 	MA	 	2043	 	$	28,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	9 MERIAM ST	 	Lexington	 	MA	 	Middlesex	 	02420	 	 Mor Holdings Trust
	 	74 Bedford Street	 	Lexington	 	MA	 	2420	 	$	56,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	11 STATE ST	 	Marblehead	 	MA	 	Essex	 	01945	 	 Crosby Marblehead Realty, LLC
	 	28 Meadow View Road	 	Georgetown	 	MA	 	1833	 	$	28,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	40 SOUTH ST CONDOMINIUM (UNIT 1)	 	Marblehead	 	MA	 	Essex	 	01945	 	 Marblehead Office, LLC

 
 c/o Glover Property Management,
Inc.
	 	8 Doaks Lane P.O. Box 387	 	Marblehead	 	MA	 	1945	 	 	Unknown	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	197 Main Street	 	Milford	 	MA	 	Worcester	 	01757	 	 MillPond Realty Investment Tr.
	 	199 Main St.	 	Milford	 	MA	 	1757	 	$	84,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	254 SECOND AVE	 	Needham	 	MA	 	Norfolk	 	02494	 	 254 Second Avenue Nominee Trust (New Boston

Second Ave LP)
	 	c/o MARIC, Inc.197 First Avenue, Suite 300	 	Needham	 	MA	 	2494	 	$	770,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	31 NORTH WASHINGTON ST	 	 North

Attleboro
	 	MA	 	Bristol	 	02760	 	 Sharon Credit Union
	 	Unknown	 	Unknown	 	Unknown	 	Unknown	 	$	21,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	5 NAMSKAKET RD	 	Orleans	 	MA	 	Barnstable	 	02653	 	 Five Namskaket Road Realty Trust
	 	84 Homers Dock Rd	 	Yarmouthport	 	MA	 	2675	 	$	84,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	182 STANDISH AVENUE	 	Plymouth	 	MA	 	Plymouth	 	02360	 	 William Hallisey, Jr. Trust
	 	182 Standish Ave	 	Plymouth	 	MA	 	2360	 	$	140,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	40 GRISSOM ROAD - BLDG 2	 	Plymouth	 	MA	 	Plymouth	 	02360	 	 Unicorn Realty Trust
	 	293R Washington St	 	Norwell	 	MA	 	2061	 	$	0	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	 167
 COMMERCIAL

STREET
	 	Provincetown	 	MA	 	Barnstable	 	02657	 	 Cohorts, Inc.
	 	16 Holway Ave.	 	Provincetown	 	MA	 	2657	 	$	56,000	  

																									
												
	 GateHouse Media Massachusetts I, Inc.
	 	15 PACELLA DRIVE	 	Randolph	 	MA	 	Norfolk	 	02368	 	 Equity Industrial

Randolph I, LLC
	 	c/o Equity Industrial Partners Corp.145 Rosemary St., Suite E	 	Needham	 	MA	 	2494	 	$	616,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	 370
 PARAMOUNT

DRIVE
	 	Rayham	 	MA	 	Bristol	 	02767	 	 James Ferrera Realty, Inc.
	 	121 Will Drive	 	Canton	 	MA	 	2094	 	$	84,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	 80 / 82 Central
 ST
	 	Somerville	 	MA	 	Middlesex	 	02144	 	 RFR Realty Trust
	 	P.O. Box 281	 	Somerville	 	MA	 	2143	 	$	49,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	7 WEST STREET	 	Walpole	 	MA	 	Norfolk	 	02081	 	 West Street Realty Trust
	 	7 West Street	 	Walpole	 	MA	 	2081	 	$	14,000	  
												
	 GateHouse Media Massachusetts I, Inc.
	 	923G ROUTE 6A	 	Yarmouth Port	 	MA	 	Barnstable	 	02675	 	 Chapter Two LLC
	 	P.O. Box 1458	 	Orleans	 	MA	 	2653	 	$	98,000	  
												
	 GateHouse Media Michigan Holdings II, Inc.
	 	2764 W. CARLETON RD.	 	Hillsdale	 	MI	 	Hillsdale	 	49242	 	 Lakeland Motors
	 	2768 W. Carlton Road	 	Hillsdale	 	MI	 	49242	 	$	242,000	  
												
	 GateHouse Media Minnesota Holdings, Inc.
	 	1 N. BARSTAD ROAD	 	Cottonwood	 	MN	 	Cottonwood	 	56229	 	 John or Neely Murphy
	 	1759 510th St.	 	Hanley Falls	 	MN	 	56245	 	$	35,000	  
												
	 GateHouse Media Minnesota Holdings, Inc.
	 	119 EAST MAIN ST	 	Sleepy Eye	 	MN	 	Brown	 	56085	 	 John W Haas
	 	400 4th Ave SE	 	Sleepy Eye	 	MN	 	56085	 	$	65,000	  
												
	 GateHouse Media Minnesota Holdings, Inc.
	 	 1034 Cedar
 Street
	 	Wabasso	 	MN	 	Redwood	 	56293	 	 Tony & Lauree Price
	 	P. O. Box 204	 	Wabasso	 	MN	 	56293	 	$	10,000	  
												
	 GateHouse Media Missouri Holdings II, Inc.
	 	 Lots 7-A & 7-B of Corporate Woods-165

Missouri Blvd.
	 	Laurie	 	MO	 	Morgan	 	65038	 	 Eagle Creek Partners, Inc. d/b/a Laurie Landing
	 	316 Eagle Creek Drive	 	Gravois Mills	 	MO	 	65037	 	$	0	  

																									
												
	 GateHouse Media Missouri Holdings, Inc.
	 	33 West Olive Street	 	Aurora	 	MO	 	Lawrence	 	65605	 	 C.N. McRoberts
	 	23 W. Olive St.	 	Aurora	 	MO	 	65605	 	$	35,000	  
												
	 GateHouse Media Missouri Holdings, Inc.
	 	7 N MAIN ST	 	Greenfield	 	MO	 	Dade	 	65661	 	 DeClue Properties
	 	P. O. Box 371	 	Ash Grove	 	MO	 	65604	 	$	20,000	  
												
	 GateHouse Media Missouri Holdings, Inc.
	 	110 E MCPHERSON ST, PO BOX 809	 	Kirksville	 	MO	 	Adair	 	63501	 	 Express Publishing (Tony Swain)
	 	112 E McPherson St	 	Kirksville	 	MO	 	63501	 	 	Unknown	  
												
	 GateHouse Media Missouri Holdings, Inc.
	 	4824 OSAGE BEACH PKWY SUITE 2	 	Osage Beach	 	MO	 	Camden	 	65065	 	 Destin Investments, LLC
	 	P. O. Box 1525	 	Osage Beach	 	MO	 	65065	 	$	160,000	  
												
	 GateHouse Media Missouri Holdings, Inc.
	 	104 N Jefferson	 	St James	 	MO	 	Phelps	 	65559	 	 Cordell Watson
	 	Unknown	 	Unknown	 	MO	 	Unknown	 	$	25,000	  
												
	 GateHouse Media Nebraska Holdings, Inc.
	 	823 CENTRAL AVE	 	Nebraska Beach	 	NE	 	Otoe	 	68410	 	 Russell E. Kathol
	 	417 Main St	 	Plattsmouth	 	NE	 	68048	 	$	15,000	  
												
	 GateHouse Media New York Holdings, Inc.
	 	14 Utica Street	 	Hamilton	 	NY	 	Madison	 	13346	 	 Hamilton Initiative, LLC
	 	P.O. Box 219	 	Hamilton	 	NY	 	13346	 	$	0	  
												
	 GateHouse Media New York Holdings, Inc.
	 	100 Park Avenue/205 N. Main St.	 	Herkimer	 	NY	 	Herkimer	 	13350	 	 Sandy Rotunda
	 	307 East Main St	 	Fredonia	 	NY	 	14063	 	 	Unknown	  
												
	 GateHouse Media New York Holdings, Inc.
	 	 30-32
 Broadway

Street
	 	Hornell	 	NY	 	Steuben	 	14843	 	 Thomas F. Kinney, LLC
	 	124 Thacher St	 	Hornell	 	NY	 	14843	 	 	Unknown	  
												
	 GateHouse Media New York Holdings, Inc.
	 	348 Elm Street (storage unit)	 	Penn Yan	 	NY	 	Yates	 	14527	 	 Penn Yan Mini Storage
	 	348 Elm Street	 	Penn Yan	 	NY	 	14527	 	$	0	  

																									
												
	 GateHouse Media New York Holdings, Inc.
	 	858 Route 212	 	Saugerties	 	NY	 	Ulster	 	12477	 	 Eveready Girls, LLC
	 	858 Route 212	 	Saugerties	 	NY	 	12477	 	$	60,000	  
												
	 GateHouse Media New York Holdings, Inc.
	 	 51 Oriskany
 Blvd
	 	Yorkville	 	NY	 	Oneida	 	13495	 	 CMB Oriskany Corp. / 55 Oriskany Boulevard, Inc.
	 	51 Oriskany Blvd	 	Yorkville	 	NY	 	13495	 	$	0	  
												
	 GateHouse Media Pennsylvania Holdings, Inc.
	 	29 CENTER SQ	 	Greencastle	 	PA	 	Franklin	 	17225	 	 Barry L. & Charlene A. Zarger
	 	Unknown	 	Greencastle	 	PA	 	17225	 	$	22,000	  
												
	 GateHouse Media Pennsylvania Holdings, Inc.
	 	25 CENTER SQ	 	Greencastle	 	PA	 	Franklin	 	17225	 	 Barry L. & Charlene A. Zarger
	 	Unknown	 	Greencastle	 	PA	 	17225	 	 	Unknown	  
												
	 GateHouse Media Pennsylvania Holdings, Inc.
	 	 8 Silk Mill Drive
 Suite
101
	 	Hawley	 	PA	 	Wayne	 	18428	 	 Hawley Silk Mill Master Tenant, LLC
	 	8 Silk Mill Drive	 	Hawley	 	PA	 	18428	 	$	72,000	  
												
	 GateHouse Media Suburban Newspapers, Inc.
	 	 1101 31ST ST, STE 100, 260, 270
  

Effective 12/1/2013 – moving to One Lincoln Center, Oakbrook Terrace, Illinois
	 	Downers Grove	 	IL	 	Du Page	 	60515	 	 CRP-2 Holdings AA, L.P.
	 	c/o Colony Realty Partners, LLCTwo Intenational PlaceSuite 2500	 	Boston	 	MA	 	2110	 	$	900,000	  
												
	 GateHouse Media Tennessee Holdings, Inc.
	 	575 Oak Ridge Turnpike, Suite 100	 	Oak Ridge	 	TN	 	Anderson	 	37830	 	 R & R Enterprises
	 	575 Oak Ridge Turnpike, Suite 201	 	Oak Ridge	 	TN	 	37830	 	$	90,000	  

																									
												
	 GateHouse Media Ventures, Inc.
	 	108 Myrtle Street	 	Quincy	 	MA	 	Norfolk	 	2169	 	 American Fund US Investments, LLC
	 	c/o Real Estate Capital Partners114 West 47th St., 23rd Floor	 	New York	 	NY	 	10036	 	$	910,000	  
												
	 Massillon Newspapers
	 	Ohio Canal Property at North Erie Street	 	Massillon	 	OH	 	Stark	 	Unknown	 	 City of Massillon
	 	City Hall	 	Massilion	 	OH	 	44646	 	$	0	  
												
	 Mineral Daily News, Inc.
	 	 21 Shamrock
 Dr. - Rt 220
S
	 	Keyser	 	WV	 	Minderal	 	26726	 	 Triple J, Inc.
	 	P.O. Box 926	 	Keyser	 	WV	 	26726	 	$	1,119,000	  
												
	 Peoria Journal Star, Inc.
	 	2200 W War Memorial Drive	 	Peoria	 	IL	 	Peoria	 	61613	 	 Northwoods Development Company
	 	2200 W War Memorial Dr	 	Peoria	 	IL	 	61613	 	$	0	  
												
	 Peoria Journal Star, Inc.
	 	Southwest Quarter of Section 26, Township 9 N	 	Peoria	 	IL	 	Peoria	 	61613	 	 Hawkeye Land Co. of Illinois
	 	500 Stickle Dr NE	 	Cedar Rapids	 	IA	 	52406	 	$	0	  

 NOTE: See below for details on “4.4(b)(iii)(A) Value” 

 4.4(b)(iii)(A) Value Details 

 

																											
	 Loan Party
	  	 Address1
	  	 City
	  	 State
	  	 County
	  	 Zip
	  	 Building

Value (A)
	  	Press
(Replacement
Cost); N/A =
No Press at
Facility (B)	  	Estimated
Average
Inventory On
Hand
(Newsprint,
Ink, Plates,
Other) (C)	 	  	Personal
Property
(Excluding
Press) (D)	 	  	4.4(b)(iii)(A)
Value (Sum of
(A), (B), (C)
and (D))	 
											
	 Copley Ohio Newspapers, Inc.
	  	3577 Arlington Rd. - Suite B	  	Akron	  	OH	  	Summit	  	44312	  	N/A	  	N/A	  	$	0	  	  	$	7,500	  	  	$	7,500	  
											
	 Enterprise Publishing Company, LLC
	  	1324 Belmont St.	  	Brockton	  	MA	  	Plymouth	  	2401	  	N/A	  	N/A	  	$	0	  	  	$	70,000	  	  	$	70,000	  
											
	 Enterprise Publishing Company, LLC
	  	400 CROWN COLONY DRIVE	  	Quincy	  	MA	  	Norfolk	  	2169	  	N/A	  	N/A	  	$	0	  	  	$	588,000	  	  	$	588,000	  
											
	 GateHouse Media Arkansas Holdings, Inc.
	  	7400 DOLLARWAY ROAD	  	White Hall	  	AR	  	Jefferson	  	71602	  	N/A	  	N/A	  	$	0	  	  	$	30,000	  	  	$	30,000	  

																													
											
	 GateHouse Media California Holdings, Inc.
	  	650 KENTUCKY ST	  	Gridley	  	CA	  	Butte	  	95948	  	N/A	  	 	N/A	 	  	$	0	 	  	$	30,000	 	  	$	30,000	 
											
	 GateHouse Media Colorado Holdings, Inc.
	  	112 ECRANSTON	  	Fowler	  	CO	  	Otero	  	81039	  	N/A	  	 	N/A	 	  	$	0	 	  	$	10,000	 	  	$	10,000	 
											
	 GateHouse Media Colorado Holdings, Inc.
	  	510 CARSON AVENUE	  	Las Animos	  	CO	  	Bent	  	81054	  	N/A	  	 	N/A	 	  	$	0	 	  	$	20,000	 	  	$	20,000	 
											
	 GateHouse Media Connecticut Holdings, Inc.
	  	19 South Walnut Street	  	Norwich 	  	CT	  	New London	  	6360	  	N/A	  	 	N/A	  	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Connecticut Holdings, Inc.
	  	360 Gendron Road	  	Plainfield	  	CT	  	Windham	  	6374	  	N/A	  	 	N/A	 	  	 	Unknown	 	  	 	Unknown	 	  	 	Unknown	 
											
	 GateHouse Media Directories Holdings, Inc.
	  	915 HIGHLAND POINTE DRIVE, STE 400 (On or about March 1, 2014 – moving to 1430 Blue Oaks Boulevard, Suite 190, Roseville, CA 95747)	  	Roseville	  	CA	  	Placer	  	95678	  	N/A	  	 	N/A	 	  	$	0	 	  	$	350,000	 	  	$	350,000	 

																													
											
	 GateHouse Media Freeport Holdings, Inc.
	  	50 W Douglas St	  	Freeport	  	IL	  	Stephenson	  	61032	  	N/A	  	 	N/A	 	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings II, Inc.
	  	350 MORTON ST	  	Jacksonville	  	IL	  	Morgan	  	62650	  	N/A	  	 	N/A	 	  	 	Unknown	 	  	 	Unknown	 	  	 	Unknown	 
											
	 GateHouse Media Illinois Holdings II, Inc.
	  	Radio Antenna at 3115 Dotmar Dr.	  	Springfield	  	IL	  	Sangamon	  	62703	  	N/A	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	219 S. COLLEGE AVE.	  	Aledo	  	IL	  	Mercer	  	61231	  	N/A	  	 	N/A	 	  	$	0	 	  	$	75,000	 	  	$	75,000	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	1205 SWANWICK STREET	  	Chester	  	IL	  	Randolph	  	62233	  	N/A	  	 	N/A	 	  	$	0	 	  	$	50,000	 	  	$	50,000	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	125 W LOCUST ST	  	Fairbury	  	IL	  	Livingston	  	61739	  	N/A	  	 	N/A	 	  	$	0	 	  	$	25,000	 	  	$	25,000	 

																													
											
	 GateHouse Media Illinois Holdings, Inc.
	  	348 FRONT ST.	  	Galva	  	IL	  	Henry	  	61434	  	N/A	  	 	N/A	 	  	$	0	 	  	$	25,750	 	  	$	25,750	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	2201 Woodlawn Rd. - Suite 350	  	Lincoln	  	IL	  	Logan	  	62656	  	N/A	  	 	N/A	 	  	$	0	 	  	$	115,000	 	  	$	115,000	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	26 W. Side Square	  	Macomb	  	IL	  	McDonough	  	61455	  	N/A	  	 	N/A	 	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	206 SCHUYLER ST	  	Oquawka	  	IL	  	Henderson	  	61469	  	N/A	  	 	N/A	 	  	$	0	 	  	$	30,900	 	  	$	30,900	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	1018 Fourth Street	  	Orion	  	IL	  	Henry	  	61273	  	N/A	  	 	N/A	 	  	$	0	 	  	$	7,500	 	  	$	7,500	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	306 Court St	  	Pekin	  	IL	  	Randolph	  	61554	  	N/A	  	 	N/A	 	  	$	0	 	  	$	15,000	 	  	$	15,000	 

																													
											
	 GateHouse Media Illinois Holdings, Inc.
	  	7344 Forest Hills Rd	  	Loves Park	  	IL	  	Winnebago	  	61111	  	N/A	  	 	N/A	 	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	230 Arnold Ave	  	Rockford	  	IL	  	Winnebago	  	61108	  	N/A	  	 	N/A	 	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	288 N LINCOLN BLVD E	  	Shawneetown	  	IL	  	Gallatin	  	62984	  	N/A	  	 	N/A	 	  	$	0	 	  	$	5,000	 	  	$	5,000	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	#1 Kemp Drive, Lessee Unit No. 197	  	Chatham	  	IL	  	Sangamon	  	62629	  	N/A	  	 	N/A	 	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	3142 South Douglas Ave, Suite E	  	Springfield	  	IL	  	Sangamon	  	62704	  	N/A	  	 	N/A	 	  	$	0	 	  	$	0	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	Land at Springfield, IL (NWL 1004)	  	Springfield	  	IL	  	Unknown	  	Unknown	  	N/A	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	$	0	 

																													
											
	 GateHouse Media Illinois Holdings, Inc.
	  	Side Track lease agreement	  	Springfield	  	IL	  	Unknown	  	Unknown	  	N/A	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	$	0	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	107 E. MAIN	  	Teutopolis	  	IL	  	Effingham	  	62467	  	N/A	  	 	N/A	 	  	$	0	 	  	$	20,000	 	  	$	20,000	 
											
	 GateHouse Media Illinois Holdings, Inc.
	  	507 N Monroe Street, Suite 3	  	Abingdon	  	IL	  	Knox	  	61410	  	N/A	  	 	N/A	 	  	$	0	 	  	$	8,000	 	  	$	8,000	 
											
	 GateHouse Media Iowa Holdings, Inc.
	  	1009 Main Street	  	Hamburg	  	IA	  	Fremont	  	51640	  	N/A	  	 	N/A	 	  	$	0	 	  	$	5,000	 	  	$	5,000	 
											
	 GateHouse Media Kansas Holdings II, Inc.
	  	2114 Oregon St	  	Hiawatha	  	KS	  	Brown	  	66434	  	N/A	  	 	N/A	 	  				  	$	5,000	 	  	$	5,000	 
											
	 GateHouse Media Kansas Holdings II, Inc.
	  	101 South Main	  	Greensburgh	  	KS	  	Kiowa	  	67054	  	N/A	  	 	N/A	 	  	$	0	 	  	$	15,000	 	  	$	15,000	 

																													
											
	 GateHouse Media Kansas Holdings II, Inc.
	  	318 N. MAIN ST	  	St John	  	KS	  	Stafford	  	67576	  	N/A	  	 	N/A	 	  	$	0	 	  	$	15,000	 	  	$	15,000	 
											
	 GateHouse Media Louisiana Holdings, Inc.
	  	120 RAILROAD AVE	  	Donaldsonville	  	LA	  	Ascension	  	70346	  	N/A	  	 	N/A	 	  	$	0	 	  	$	12,000	 	  	$	12,000	 
											
	 GateHouse Media Management Services, Inc.
	  	350 WILLOWBROOK OFFICE PARK	  	Fairport	  	NY	  	Monroe	  	14450	  	N/A	  	 	N/A	 	  	$	0	 	  	$	500,000	 	  	$	500,000	 
											
	 GateHouse Media Management Services, Inc.
	  	120 N. Plymouth Ave	  	Rochester	  	NY	  	Monroe	  	14608	  	N/A	  	 	N/A	 	  	$	0	 	  	$	1,000,000	 	  	$	1,000,000	 
											
	 GateHouse Media Massachusetts I, Inc.
	  	101A Messina Drive	  	Braintree	  	MA	  	Norfolk	  	2184	  	N/A	  	 	N/A	 	  	$	0	 	  	$	392,000	 	  	$	392,000	 
											
	 GateHouse Media Massachusetts I, Inc.
	  	150 BAKER AVE	  	Concord	  	MA	  	Middlesex	  	1742	  	N/A	  	 	N/A	 	  	$	0	 	  	$	210,000	 	  	$	210,000	 

																													
											
	 GateHouse Media Massachusetts I, Inc.
	  	75 SYLVAN ST, BLDG C	  	Danvers	  	MA	  	Essex	  	1923	  	N/A	  	 	N/A	 	  	$	0	 	  	$	329,000	 	  	$	329,000	 
											
	 GateHouse Media Massachusetts I, Inc.
	  	10 PURCHASE STREET	  	Fall River	  	MA	  	Bristol	  	2720	  	N/A	  	 	N/A	 	  	$	0	 	  	$	42,000	 	  	$	42,000	 
											
	 GateHouse Media Massachusetts I, Inc.
	  	18 POCASSET ST	  	Fall River	  	MA	  	Bristol	  	2720	  	N/A	  	 	N/A	 	  	$	0	 	  	$	119,000	 	  	$	119,000	 
											
	 GateHouse Media Massachusetts I, Inc.
	  	33 NEW YORK AVE	  	Framingham	  	MA	  	Middlesex	  	1701	  	N/A	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	$
  
	0 (Parking
 Space
	  
 )

											
	 GateHouse Media Massachusetts I, Inc.
	  	73 SOUTH ST	  	Hingham	  	MA	  	Plymouth	  	2043	  	N/A	  	 	N/A	 	  	$	0	 	  	$	28,000	 	  	$	28,000	 
											
	 GateHouse Media Massachusetts I, Inc.
	  	9 MERIAM ST	  	Lexington	  	MA	  	Middlesex	  	2420	  	N/A	  	 	N/A	 	  	$	0	 	  	$	56,000	 	  	$	56,000	 

																													
											
	 GateHouse Media Massachusetts I, Inc.
	  	11 STATE ST	  	Marblehead	  	MA	  	Essex	  	1945	  	N/A	  	 	N/A	  	  	$	0	  	  	$	28,000	  	  	$	28,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	40 SOUTH ST CONDOMINIUM (UNIT 1)	  	Marblehead	  	MA	  	Essex	  	1945	  	N/A	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	 	Unknown	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	197 Main Street	  	Milford	  	MA	  	Worcester	  	1757	  	N/A	  	 	N/A	  	  	$	0	  	  	$	84,000	  	  	$	84,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	254 SECOND AVE	  	Needham	  	MA	  	Norfolk	  	2494	  	N/A	  	 	N/A	  	  	$	0	  	  	$	770,000	  	  	$	770,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	31 NORTH WASHINGTON ST	  	North Attleboro	  	MA	  	Bristol	  	2760	  	N/A	  	 	N/A	  	  	$	0	  	  	$	21,000	  	  	$	21,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	5 NAMSKAKET RD	  	Orleans	  	MA	  	Barnstable	  	2653	  	N/A	  	 	N/A	  	  	$	0	  	  	$	84,000	  	  	$	84,000	  

																													
											
	 GateHouse Media Massachusetts I, Inc.
	  	182 STANDISH AVENUE	  	Plymouth	  	MA	  	Plymouth	  	2360	  	N/A	  	 	N/A	  	  	$	0	  	  	$	140,000	  	  	$	140,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	40 GRISSOM ROAD - BLDG 2	  	Plymouth	  	MA	  	Plymouth	  	2360	  	N/A	  	 	N/A	  	  	$	0	  	  	$	0	  	  	$	0	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	167 COMMERCIAL STREET	  	Provincetown	  	MA	  	Barnstable	  	2657	  	N/A	  	 	N/A	  	  	$	0	  	  	$	56,000	  	  	$	56,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	15 PACELLA DRIVE	  	Randolph	  	MA	  	Norfolk	  	2368	  	N/A	  	 	N/A	  	  	$	0	  	  	$	616,000	  	  	$	616,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	370 PARAMOUNT DRIVE	  	Rayham	  	MA	  	Bristol	  	2767	  	N/A	  	 	N/A	  	  	$	0	  	  	$	84,000	  	  	$	84,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	80 / 82 Central ST	  	Somerville	  	MA	  	Middlesex	  	2144	  	N/A	  	 	N/A	  	  	$	0	  	  	$	49,000	  	  	$	49,000	  

																													
											
	 GateHouse Media Massachusetts I, Inc.
	  	7 WEST STREET	  	Walpole	  	MA	  	Norfolk	  	2081	  	N/A	  	 	N/A	  	  	$	0	  	  	$	14,000	  	  	$	14,000	  
											
	 GateHouse Media Massachusetts I, Inc.
	  	923G ROUTE 6A	  	Yarmouth Port	  	MA	  	Barnstable	  	2675	  	N/A	  	 	N/A	  	  	$	0	  	  	$	98,000	  	  	$	98,000	  
											
	 GateHouse Media Michigan Holdings II, Inc.
	  	2764 W. CARLETON RD.	  	Hillsdale	  	MI	  	Hillsdale	  	49242	  	N/A	  	 	N/A	  	  	$	2,000	  	  	$	240,000	  	  	$	242,000	  
											
	 GateHouse Media Minnesota Holdings, Inc.
	  	1 N. BARSTAD ROAD	  	Cottonwood	  	MN	  	Cottonwood	  	56229	  	N/A	  	 	N/A	  	  	$	0	  	  	$	35,000	  	  	$	35,000	  
											
	 GateHouse Media Minnesota Holdings, Inc.
	  	119 EAST MAIN ST	  	Sleepy Eye	  	MN	  	Brown	  	56085	  	N/A	  	 	N/A	  	  	$	0	  	  	$	65,000	  	  	$	65,000	  
											
	 GateHouse Media Minnesota Holdings, Inc.
	  	1034 Cedar Street	  	Wabasso	  	MN	  	Redwood	  	56293	  	N/A	  	 	N/A	  	  	$	0	  	  	$	10,000	  	  	$	10,000	  

																													
											
	 GateHouse Media Missouri Holdings II, Inc.
	  	Lots 7-A & 7-B of Corporate Woods-165 Missouri Blvd.	  	Laurie	  	MO	  	Morgan	  	65038	  	N/A	  	 	N/A	  	  	 	N/A	  	  	$	20,000	  	  	$	20,000	  
											
	 GateHouse Media Missouri Holdings, Inc.
	  	33 West Olive Street	  	Aurora	  	MO	  	Lawrence	  	65605	  	N/A	  	 	N/A	  	  	$	0	  	  	$	35,000	  	  	$	35,000	  
											
	 GateHouse Media Missouri Holdings, Inc.
	  	7 N MAIN ST	  	Greenfield	  	MO	  	Dade	  	65661	  	N/A	  	 	N/A	  	  	$	0	  	  	$	20,000	  	  	$	20,000	  
											
	 GateHouse Media Missouri Holdings, Inc.
	  	110 E MCPHERSON ST, PO BOX 809	  	Kirksville	  	MO	  	Adair	  	63501	  	N/A	  	 	N/A	  	  	 	Unknown	  	  	 	Unknown	  	  	 	Unknown	  
											
	 GateHouse Media Missouri Holdings, Inc.
	  	4824 OSAGE BEACH PKWY SUITE 2	  	Osage Beach	  	MO	  	Camden	  	65065	  	N/A	  	 	N/A	  	  	$	0	  	  	$	16,000	  	  	$	160,000	  
											
	 GateHouse Media Missouri Holdings, Inc.
	  	104 N Jefferson	  	St James	  	MO	  	Phelps	  	65559	  	N/A	  	 	N/A	  	  	$	0	  	  	$	25,000	  	  	$	25,000	  

																													
											
	 GateHouse Media Nebraska Holdings, Inc.
	  	823 CENTRAL AVE	  	Nebraska Beach	  	NE	  	Otoe	  	68410	  	N/A	  	 	N/A	  	  	$	0	  	  	$	15,000	  	  	$	15,000	  
											
	 GateHouse Media New York Holdings, Inc.
	  	14 Utica Street	  	Hamilton	  	NY	  	Madison	  	13346	  	N/A	  	 	N/A	  	  	$	0	  	  	$	0	  	  	$	0	  
											
	 GateHouse Media New York Holdings, Inc.
	  	100 Park Avenue/205 N. Main St.	  	Herkimer	  	NY	  	Herkimer	  	13350	  	N/A	  	 	N/A	  	  	 	Unknown	  	  	 	Unknown	  	  	 	Unknown	  
											
	 GateHouse Media New York Holdings, Inc.
	  	30-32 Broadway Street	  	Hornell	  	NY	  	Steuben	  	14843	  	N/A	  	 	N/A	  	  	 	Unknown	  	  	 	Unknown	  	  	 	Unknown	  
											
	 GateHouse Media New York Holdings, Inc.
	  	348 Elm Street (storage unit)	  	Penn Yan	  	NY	  	Yates	  	14527	  	N/A	  	 	N/A	  	  	 	N/A	  	  	$	0	  	  	$	0	  
											
	 GateHouse Media New York Holdings, Inc.
	  	858 Route 212	  	Saugerties	  	NY	  	Ulster	  	12477	  	N/A	  	 	N/A	  	  	$	0	  	  	$	60,000	  	  	$	60,000	  

																													
											
	 GateHouse Media New York Holdings, Inc.
	  	51 Oriskany Blvd	  	Yorkville	  	NY	  	Oneida	  	13495	  	N/A	  	 	N/A	  	  	$	0	  	  	$	0	  	  	$	0	  
											
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	29 CENTER SQ	  	Greencastle	  	PA	  	Franklin	  	17225	  	N/A	  	 	N/A	  	  	$	0	  	  	$	22,000	  	  	$	22,000	  
											
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	25 CENTER SQ	  	Greencastle	  	PA	  	Franklin	  	17225	  	N/A	  	 	N/A	  	  	 	Unknown	  	  	 	Unknown	  	  	 	Unknown	  
											
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	8 Silk Mill Drive Suite 101	  	Hawley	  	PA	  	Wayne	  	18428	  	N/A	  	 	N/A	  	  	$	0	  	  	$	72,000	  	  	$	72,000	  
											
	 GateHouse Media Suburban Newspapers, Inc.
	  	1101 31ST ST, STE 100, 260, 270 (Effective 12/1/2013 –moving to One Lincoln Center, Oakbrook Terrace, Illinois)	  	Downers Grove	  	IL	  	Du Page	  	60515	  	N/A	  	 	N/A	  	  	$	0	  	  	$	900,000	  	  	$	900,000	  
											
	 GateHouse Media Tennessee Holdings, Inc.
	  	575 Oak Ridge Turnpike, Suite 100	  	Oak Ridge	  	TN	  	Anderson	  	37830	  	N/A	  	 	N/A	  	  	$	0	  	  	$	90,000	  	  	$	90,000	  

																													
											
	 GateHouse Media Ventures, Inc.
	  	108 Myrtle Street	  	Quincy	  	MA	  	Norfolk	  	2169	  	N/A	  	 	N/A	  	  	$	0	  	  	$	910,000	  	  	$	910,000	  
											
	 Massillon Newspapers
	  	Ohio Canal Property at North Erie Street	  	Massillon	  	OH	  	Stark	  	Unknown	  	N/A	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	$	0	  
											
	 Mineral Daily News, Inc.
	  	21 Shamrock Dr. – Rt 220 S	  	Keyser	  	WV	  	Minderal	  	26726	  	N/A	  	$	1,000,000	  	  	$	19,000	  	  	$	100,000	  	  	$	1,119,000	  
											
	 Peoria Journal Star, Inc.
	  	2200 W War Memorial Drive	  	Peoria	  	IL	  	Peoria	  	61613	  	N/A	  	 	N/A	  	  	$	0	  	  	$	0	  	  	$	0	  
											
	 Peoria Journal Star, Inc.
	  	Southwest Quarter of Section 26, Township 9 N	  	Peoria	  	IL	  	Peoria	  	61613	  	N/A	  	 	N/A	  	  	 	N/A	  	  	 	N/A	  	  	$	0	  

 Schedule 4.4(b)(iii)(B) 

Executive Offices 
  

			
	 Loan Party
	  	 Chief Executive Office

	Copley Ohio Newspapers, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	ENHE Acquisition, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	Enterprise NewsMedia Holding, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	Enterprise NewsMedia, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	Enterprise Publishing Company, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Arkansas Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media California Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Colorado Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Connecticut Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Corning Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Delaware Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Directories Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Florida Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Freeport Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Holdco, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Illinois Holdings II, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Illinois Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Intermediate Holdco, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Iowa Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Kansas Holdings II, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Kansas Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Lansing Printing, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Louisiana Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450

			
	GateHouse Media Management Services, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Massachusetts I, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Massachusetts II, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Michigan Holdings II, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Michigan Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Minnesota Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Missouri Holdings II, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Missouri Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Nebraska Holdings II, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Nebraska Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Nevada Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media New York Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media North Dakota Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Ohio Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Oklahoma Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Operating, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Pennsylvania Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Suburban Newspapers, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Tennessee Holdings, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media Ventures, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	GateHouse Media, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	George W. Prescott Publishing Company, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	Liberty SMC, L.L.C.	  	350 WillowBrook Office Park, Fairport, New York 14450
	Low Realty, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	LRT Four Hundred, LLC	  	350 WillowBrook Office Park, Fairport, New York 14450
	Mineral Daily News Tribune, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	News Leader, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	Surewest Directories	  	350 WillowBrook Office Park, Fairport, New York 14450
	Terry Newspapers, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450
	The Peoria Journal Star, Inc.	  	350 WillowBrook Office Park, Fairport, New York 14450

 Schedule 4.4(b)(iv) 

See Schedule 4.4(b)(iii)(A) 

 Schedule 4.8(j) 

Securities Accounts – None 

Investment Accounts – See Below 
  

							
	 Loan Party
	  	 Name of Bank
	  	 Type of Account
	  	Account Numbers
	GateHouse Media Operating, Inc	  	HSBC	  	Money Market	  	XXXXXX863

 Concentration and Depository Accounts – See Below 

 

							
	 Loan Party
	  	 Name of Bank
	  	 Type of Account
	  	Account Numbers
	Copley Ohio Newspapers, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX211
	Copley Ohio Newspapers, Inc.	  	JP Morgan Chase	  	Main depository	  	XXXXXX321
	GateHouse Media Massachusetts I, Inc.	  	Bank of America, N.A.	  	Main depository	  	XXXXXX621
	GateHouse Media Massachusetts I, Inc.	  	Citizens Bank	  	Lockbox Account	  	XXXXXX562
	GateHouse Media Massachusetts I, Inc.	  	Seamen’s Bank	  	Local Depository	  	XXXXXX001
	GateHouse Media Arkansas Holdings, Inc.	  	Bank of Prescott	  	Local Depository	  	XXXXXX649
	GateHouse Media Arkansas Holdings, Inc.	  	Farmers and Merchants Bank	  	Local Depository	  	XXXXXX095
	GateHouse Media Arkansas Holdings, Inc.	  	First National Bank	  	Local Depository	  	XXXXXX221
	GateHouse Media Arkansas Holdings, Inc.	  	Heber Springs State Bank	  	Local Depository	  	XXXXXX828
	GateHouse Media Arkansas Holdings, Inc.	  	Mercants & Planters Bank	  	Local Depository	  	XXXXXX573
	GateHouse Media Arkansas Holdings, Inc.	  	Simmons Bank	  	Local Depository	  	XXXXXX089
	GateHouse Media Arkansas Holdings, Inc.	  	Southern Bancorp	  	Local Depository	  	XXXXXX094
	GateHouse Media Arkansas Holdings, Inc.	  	Southern Bancorp Bank, N.A.	  	Local Depository	  	XXXXXX539
	GateHouse Media California Holdings, Inc.	  	Bank of New York Mellon	  	Lockbox Account	  	XXXXXX245
	GateHouse Media California Holdings, Inc.	  	Bank of the West	  	Local Depository	  	XXXXXX560
	GateHouse Media California Holdings, Inc.	  	Mojave Desert Bank	  	Local Depository	  	XXXXXX956
	GateHouse Media California Holdings, Inc.	  	Rabobank	  	Local Depository	  	XXXXXX514
	GateHouse Media California Holdings, Inc.	  	Scott Valley Bank	  	Local Depository	  	XXXXXX186
	GateHouse Media California Holdings, Inc.	  	Scott Valley Bank	  	Local Depository	  	XXXXXX528
	GateHouse Media California Holdings, Inc.	  	Westamerica Bank	  	Local Depository	  	XXXXXX763
	GateHouse Media Colorado Holdings, Inc.	  	First National Bank	  	Local Depository	  	XXXXXX791
	GateHouse Media Connecticut Holdings, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX225
	GateHouse Media Connecticut Holdings, Inc.	  	Peoples	  	Local Depository	  	XXXXXX489
	GateHouse Media Delaware Holdings, Inc.	  	Citizens Bank	  	Local Depository	  	XXXXXX381
	GateHouse Media Illinois Holdings II, Inc	  	HSBC	  	Corp Depository	  	XXXXXX978
	GateHouse Media Illinois Holdings II, Inc	  	Illinois National Bank	  	Local Depository	  	XXXXXX520
	GateHouse Media Illinois Holdings Inc	  	Harris Bank	  	Local Depository	  	XXXXXX875
	GateHouse Media Illinois Holdings, Inc.	  	1st National Bank Olney	  	Local Depository	  	XXXXXX446
	GateHouse Media Illinois Holdings, Inc.	  	Bank of Marion	  	Local Depository	  	XXXXXX738
	GateHouse Media Illinois Holdings, Inc.	  	Bank of Pontiac	  	Local Depository	  	XXXXXX522
	GateHouse Media Illinois Holdings, Inc.	  	Bank of Pontiac	  	Local Depository	  	XXXXXX520
	GateHouse Media Illinois Holdings, Inc.	  	Banterra Bank	  	Local Depository	  	XXXXXX830
	GateHouse Media Illinois Holdings, Inc.	  	Banterra Bank	  	Local Depository	  	XXXXXX849
	GateHouse Media Illinois Holdings, Inc.	  	Banterra Bank	  	Local Depository	  	XXXXXX009

							
	GateHouse Media Illinois Holdings, Inc.	  	Buena Vista Natl Bank	  	Local Depository	  	XXXXXX534
	GateHouse Media Illinois Holdings, Inc.	  	Central Bank Illinois	  	Local Depository	  	XXXXXX331
	GateHouse Media Illinois Holdings, Inc.	  	Citizens National Bank	  	Local Depository	  	XXXXXX889
	GateHouse Media Illinois Holdings, Inc.	  	Farmers State Bank	  	Local Depository	  	XXXXXX194
	GateHouse Media Illinois Holdings, Inc.	  	First Bank and Trust	  	Local Depository	  	XXXXXX488
	GateHouse Media Illinois Holdings, Inc.	  	First Community Bank, Xenia-Flora	  	Local Depository	  	XXXXXX233
	GateHouse Media Illinois Holdings, Inc.	  	Herget National Bank	  	Local Depository	  	XXXXXX207
	GateHouse Media Illinois Holdings, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX951
	GateHouse Media Illinois Holdings, Inc.	  	Legence Bank	  	Local Depository	  	XXXXXX578
	GateHouse Media Illinois Holdings, Inc.	  	Legence Bank	  	Local Depository	  	XXXXXX575
	GateHouse Media Illinois Holdings, Inc.	  	Mid American Natl Bank	  	Local Depository	  	XXXXXX654
	GateHouse Media Illinois Holdings, Inc.	  	Midwest Bank	  	Local Depository	  	XXXXXX932
	GateHouse Media Illinois Holdings, Inc.	  	Midwest Bank	  	Local Depository	  	XXXXXX719
	GateHouse Media Illinois Holdings, Inc.	  	Morton Community Bank	  	Local Depository	  	XXXXXX730
	GateHouse Media Illinois Holdings, Inc.	  	Old National Bank	  	Local Depository	  	XXXXXX370
	GateHouse Media Illinois Holdings, Inc.	  	Old National Bank	  	Local Depository	  	XXXXXX902
	GateHouse Media Illinois Holdings, Inc.	  	Peoples Bank and Trust	  	Local Depository	  	XXXXXX916
	GateHouse Media Illinois Holdings, Inc.	  	Peoples National Bank	  	Local Depository	  	XXXXXX665
	GateHouse Media Illinois Holdings, Inc.	  	Peoples State Bank	  	Local Depository	  	XXXXXX116
	GateHouse Media Illinois Holdings, Inc.	  	Teutopolis State Bank	  	Local Depository	  	XXXXXX070
	GateHouse Media Intermediate Holdco, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX141
	GateHouse Media Kansas Holdings II, Inc.	  	Bank of the West	  	Local Depository	  	XXXXXX985
	GateHouse Media Kansas Holdings II, Inc.	  	Bank of the West	  	Local Depository	  	XXXXXX781
	GateHouse Media Kansas Holdings II, Inc.	  	Sunflower Bank	  	Local Depository	  	XXXXXX768
	GateHouse Media Kansas Holdings II, Inc.	  	University Bank	  	Local Depository	  	XXXXXX277
	GateHouse Media Kansas Holdings, Inc.	  	1st National Bank of Pratt	  	Local Depository	  	XXXXXX572
	GateHouse Media Kansas Holdings, Inc.	  	Bank of the West	  	Local Depository	  	XXXXXX100
	GateHouse Media Kansas Holdings, Inc.	  	Community National Bank	  	Local Depository	  	XXXXXX053
	GateHouse Media Kansas Holdings, Inc.	  	Country Club Bank	  	Local Depository	  	XXXXXX048
	GateHouse Media Kansas Holdings, Inc.	  	Emprise Bank	  	Local Depository	  	XXXXXX501
	GateHouse Media Kansas Holdings, Inc.	  	First National Bank	  	Local Depository	  	XXXXXX610
	GateHouse Media Kansas Holdings, Inc.	  	Peoples Bank and Trust	  	Local Depository	  	XXXXXX755
	GateHouse Media Louisiana Holdings, Inc	  	Capital One, National Association	  	Local Depository	  	XXXXXX408
	GateHouse Media Louisiana Holdings, Inc	  	Community Trust	  	Local Depository	  	XXXXXX785
	GateHouse Media Louisiana Holdings, Inc	  	Iberville Bank	  	Local Depository	  	XXXXXX022
	GateHouse Media Louisiana Holdings, Inc	  	United Community Bank	  	Local Depository	  	XXXXXX049
	GateHouse Media Massachusetts I, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX095
	GateHouse Media Massachusetts I, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX889
	GateHouse Media Michigan Holdings II, Inc	  	Country National Bank	  	Local Depository	  	XXXXXX136
	GateHouse Media Michigan Holdings II, Inc	  	Macatawa Bank	  	Local Depository	  	XXXXXX416
	GateHouse Media Michigan Holdings, Inc	  	Century Bank and Trust	  	Local Depository	  	XXXXXX020
	GateHouse Media Michigan Holdings, Inc	  	Citizens National Bank	  	Local Depository	  	XXXXXX170
	GateHouse Media Michigan Holdings, Inc	  	First Bank - West Michigan	  	Local Depository	  	XXXXXX202
	GateHouse Media Michigan Holdings, Inc	  	First Federal Bank of the Midwest	  	Local Depository	  	XXXXXX684

							
	GateHouse Media Michigan Holdings, Inc	  	Huntington National Bank	  	Local Depository	  	XXXXXX895
	GateHouse Media Michigan Holdings, Inc	  	Southern Michigan Bank	  	Local Depository	  	XXXXXX901
	GateHouse Media Michigan Holdings, Inc	  	Southern Michigan Bank	  	Local Depository	  	XXXXXX919
	GateHouse Media Minnesota Holdings, Inc	  	Bremer Bank	  	Local Depository	  	XXXXXX120
	GateHouse Media Minnesota Holdings, Inc	  	Citizens Alliance Bank	  	Local Depository	  	XXXXXX996
	GateHouse Media Minnesota Holdings, Inc	  	First Security Bank	  	Local Depository	  	XXXXXX766
	GateHouse Media Minnesota Holdings, Inc	  	Granite Falls Bank	  	Local Depository	  	XXXXXX505
	GateHouse Media Minnesota Holdings, Inc	  	Integrity Bank Plus	  	Local Depository	  	XXXXXX954
	GateHouse Media Minnesota Holdings, Inc	  	KleinBank	  	Local Depository	  	XXXXXX018
	GateHouse Media Minnesota Holdings, Inc	  	Minnwest Bank	  	Local Depository	  	XXXXXX161
	GateHouse Media Minnesota Holdings, Inc	  	Pioneer Bank of St James	  	Local Depository	  	XXXXXX046
	GateHouse Media Minnesota Holdings, Inc	  	Red River State Bank	  	Local Depository	  	XXXXXX681
	GateHouse Media Missiouri Holdings II, Inc	  	HNB Bank	  	Local Depository	  	XXXXXX431
	GateHouse Media Missouri Holdings, Inc	  	Bank of Kirksville	  	Local Depository	  	XXXXXX289
	GateHouse Media Missouri Holdings, Inc	  	Central Bank Lake of the Ozarks	  	Local Depository	  	XXXXXX548
	GateHouse Media Missouri Holdings, Inc	  	Central Bank Lake of the Ozarks	  	Local Depository	  	XXXXXX779
	GateHouse Media Missouri Holdings, Inc	  	Central Bank Lake of the Ozarks	  	Local Depository	  	XXXXXX663
	GateHouse Media Missouri Holdings, Inc	  	Citizens Bank & Trust	  	Local Depository	  	XXXXXX222
	GateHouse Media Missouri Holdings, Inc	  	Citizens Bank and Trust	  	Local Depository	  	XXXXXX980
	GateHouse Media Missouri Holdings, Inc	  	Citizens Bank and Trust Company	  	Local Depository	  	XXXXXX109
	GateHouse Media Missouri Holdings, Inc	  	City Bank Trust Co	  	Local Depository	  	XXXXXX168
	GateHouse Media Missouri Holdings, Inc	  	Commerce Bank	  	Local Depository	  	XXXXXX799
	GateHouse Media Missouri Holdings, Inc	  	Commerce Bank of Kansas	  	Local Depository	  	XXXXXX033
	GateHouse Media Missouri Holdings, Inc	  	Community Bank And Trust	  	Local Depository	  	XXXXXX069
	GateHouse Media Missouri Holdings, Inc	  	Community Bank And Trust	  	Local Depository	  	XXXXXX829
	GateHouse Media Missouri Holdings, Inc	  	Community Bank And Trust	  	Local Depository	  	XXXXXX162
	GateHouse Media Missouri Holdings, Inc	  	Community National Bank	  	Local Depository	  	XXXXXX127
	GateHouse Media Missouri Holdings, Inc	  	First Missouri National	  	Local Depository	  	XXXXXX134
	GateHouse Media Missouri Holdings, Inc	  	First Sun Bank of America	  	Local Depository	  	XXXXXX002
	GateHouse Media Missouri Holdings, Inc	  	Northeast Missouri State Bank	  	Local Depository	  	XXXXXX310
	GateHouse Media Missouri Holdings, Inc	  	Phelps Bank	  	Local Depository	  	XXXXXX627
	GateHouse Media Missouri Holdings, Inc	  	Phelps County Bank	  	Local Depository	  	XXXXXX660
	GateHouse Media Missouri Holdings, Inc	  	Phelps County Bank	  	Local Depository	  	XXXXXX790
	GateHouse Media Missouri Holdings, Inc	  	Southwest Missouri Bank	  	Local Depository	  	XXXXXX324
	GateHouse Media Missouri Holdings, Inc	  	US Bank	  	Local Depository	  	XXXXXX184
	GateHouse Media Nebraska Holdings, Inc	  	Arbor City Bank	  	Local Depository	  	XXXXXX326
	GateHouse Media Nebraska Holdings, Inc	  	Wahoo First National Bank	  	Local Depository	  	XXXXXX201
	GateHouse Media New York Holdings, Inc.	  	Adirondak	  	Local Depository	  	XXXXXX703
	GateHouse Media New York Holdings, Inc.	  	Canandaigua National bank	  	Local Depository	  	XXXXXX088
	GateHouse Media New York Holdings, Inc.	  	Chemung Canal Trust Co	  	Local Depository	  	XXXXXX464
	GateHouse Media New York Holdings, Inc.	  	Chemung Canal Trust Co	  	Local Depository	  	XXXXXX896
	GateHouse Media New York Holdings, Inc.	  	Community Bank NA	  	Local Depository	  	XXXXXX840
	GateHouse Media New York Holdings, Inc.	  	Five Star Bank	  	Local Depository	  	XXXXXX647
	GateHouse Media New York Holdings, Inc.	  	Five Star Bank	  	Local Depository	  	XXXXXX969
	GateHouse Media New York Holdings, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX233
	GateHouse Media New York Holdings, Inc.	  	Jeff Bank	  	Local Depository	  	XXXXXX020
	GateHouse Media New York Holdings, Inc.	  	M & T BANK	  	Local Depository	  	XXXXXX531
	GateHouse Media New York Holdings, Inc.	  	Steuben Trust CO	  	Local Depository	  	XXXXXX426

							
	GateHouse Media New York Holdings, Inc.	  	Steuben Trust CO	  	Local Depository	  	XXXXXX639
	GateHouse Media North Dakota Holdings, Inc	  	Ramsey National Bank and Trust	  	Local Depository	  	XXXXXX268
	GateHouse Media Oklahoma Holdings, Inc.	  	Arvest	  	Local Depository	  	XXXXXX166
	GateHouse Media Oklahoma Holdings, Inc.	  	First National Bank	  	Local Depository	  	XXXXXX442
				
	GateHouse Media Operating, Inc	  	HSBC	  	Cash Concentration	  	XXXXXX919
				
	GateHouse Media Operating, Inc.	  	HSBC	  	Super Concentration	  	XXXXXX927
				
	GateHouse Media Operating, Inc.	  	HSBC	  	Corp. Depository	  	XXXXXX431
				
	GateHouse Media Pennsylvania Holdings, Inc.	  	First Natl Bank of Greencastle	  	Local Depository	  	XXXXXX540
				
	GateHouse Media Pennsylvania Holdings, Inc.	  	Honesdale National Bank	  	Local Depository	  	XXXXXX101
				
	GateHouse Media Pennsylvania Holdings, Inc.	  	Honesdale National Bank	  	Local Depository	  	XXXXXX401
	GateHouse Media Pennsylvania Holdings, Inc.	  	The Dime Bank	  	Local Depository	  	XXXXXX211
	GateHouse Media Pennsylvania Holdings, Inc.	  	Tower Bank	  	Local Depository	  	XXXXXX154
	GateHouse Media Pennsylvania Holdings, Inc.	  	WEPCO Federal Credit Union	  	Local Depository	  	XXXXXX735
	GateHouse Media Tennessee Holdings, Inc.	  	TN Bank	  	Local Depository	  	XXXXXX121
	GateHouse Media Ventures, Inc.	  	Bank of America, N.A.	  	Local Depository	  	XXXXXX827
	GateHouse Media Ventures, Inc.	  	Bank of America, N.A.	  	Local Depository	  	XXXXXX902
	GateHouse Media West Virgina Holdings, Inc.	  	Premier Bank	  	Local Depository	  	XXXXXX493
	GateHouse Media West Virgina Holdings, Inc.	  	Premier Bank	  	Local Depository	  	XXXXXX501
	News Leader, Inc	  	City Savings Bank	  	Local Depository	  	XXXXXX784
	The Peoria Journal Star, Inc.	  	HSBC	  	Corp Depository	  	XXXXXX960
	The Peoria Journal Star, Inc.	  	PNC Bank	  	Main depository	  	XXXXXX073

 Schedule 4.12 

Financing Statements 

NONE 

 Schedule 5.1 

Consents 
 Consent of
Bankruptcy Court 

 SCHEDULE 5.2 (a) 

STATES OF QUALIFICATION AND GOOD STANDING 
  

					
	 Loan Party
	  	 State of Organization
	  	 States Qualified To Do Business

	 ENHE Acquisition, LLC
	  	Delaware	  	None
	 Enterprise NewsMedia, LLC
	  	Delaware	  	Massachusetts
	 Enterprise NewsMedia Holding, LLC
	  	Delaware	  	Massachusetts
	 Enterprise Publishing Company, LLC
	  	Delaware	  	Massachusetts
	 GateHouse Media Intermediate Holdco, Inc.
	  	Delaware	  	New York
	 GateHouse Media Holdco, Inc.
	  	Delaware	  	New York
	 GateHouse Media Operating, Inc.
	  	Delaware	  	 Illinois

New York

	 GateHouse Media Massachusetts I, Inc.
	  	Delaware	  	Massachusetts
	 GateHouse Media Massachusetts II, Inc.
	  	Delaware	  	Massachusetts
	 George W. Prescott Publishing Company, LLC
	  	Delaware	  	Massachusetts
	 GateHouse Media Arkansas Holdings, Inc.
	  	Delaware	  	Arkansas
	 GateHouse Media California Holdings, Inc.
	  	Delaware	  	California
	 GateHouse Media Colorado Holdings, Inc.
	  	Delaware	  	Colorado
	 GateHouse Media Connecticut Holdings, Inc.
	  	Delaware	  	Connecticut
	 GateHouse Media Corning Holdings, Inc.
	  	Nevada	  	New York
	 GateHouse Media Delaware Holdings, Inc.
	  	Delaware	  	None
	 GateHouse Media Directories Holdings, Inc.
	  	Delaware	  	California
	 GateHouse Media Florida Holdings, Inc.
	  	Delaware	  	Florida
	 GateHouse Media Freeport Holdings, Inc.
	  	Delaware	  	Illinois
	 GateHouse Media, Inc.
	  	Delaware	  	New York
	 GateHouse Media Illinois Holdings, Inc.
	  	Delaware	  	Illinois
	 GateHouse Media Illinois Holdings II, Inc.
	  	Delaware	  	Illinois
	 GateHouse Media Iowa Holdings, Inc.
	  	Delaware	  	Iowa
	 GateHouse Media Kansas Holdings, Inc.
	  	Delaware	  	Kansas
	 GateHouse Media Kansas Holdings II, Inc.
	  	Delaware	  	Kansas
	 GateHouse Media Lansing Printing, Inc.
	  	Delaware	  	Illinois
	 GateHouse Media Louisiana Holdings, Inc.
	  	Delaware	  	Louisiana
	 GateHouse Media Management Services, Inc.
	  	Delaware	  	 Illinois

New York

	 GateHouse Media Michigan Holdings, Inc.
	  	Delaware	  	Michigan
	 GateHouse Media Michigan Holdings II, Inc.
	  	Delaware	  	Michigan
	 GateHouse Media Minnesota Holdings, Inc.
	  	Delaware	  	Minnesota
	 GateHouse Media Missouri Holdings, Inc.
	  	Delaware	  	Missouri
	 GateHouse Media Missouri Holdings II, Inc.
	  	Delaware	  	Missouri
	 GateHouse Media Nebraska Holdings, Inc.
	  	Delaware	  	Nebraska

					
	 GateHouse Media Nebraska Holdings II, Inc. **
	  	Delaware	  	Nebraska
	 GateHouse Media Nevada Holdings, Inc.
	  	Delaware	  	Nevada
	 GateHouse Media New York Holdings, Inc.
	  	Delaware	  	New York
	 GateHouse Media North Dakota Holdings, Inc.
	  	Delaware	  	North Dakota
	 GateHouse Media Ohio Holdings, Inc.
	  	Delaware	  	Ohio
	 GateHouse Media Oklahoma Holdings, Inc.
	  	Delaware	  	Oklahoma
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	Delaware	  	Pennsylvania
	 GateHouse Media Suburban Newspapers, Inc.
	  	Delaware	  	Illinois
	 GateHouse Media Tennessee Holdings, Inc.
	  	Delaware	  	Tennessee
	 GateHouse Media Ventures, Inc.
	  	Delaware	  	None
	 Liberty SMC, L.L.C.
	  	Delaware	  	None
	 Low Realty, LLC
	  	Delaware	  	Massachusetts
	 LRT Four Hundred, LLC
	  	Delaware	  	Massachusetts
	 Mineral Daily News Tribune, Inc.
	  	West Virginia	  	None
	 News Leader, Inc.
	  	Louisiana	  	None
	 Terry Newspapers, Inc.
	  	Iowa	  	Illinois
	 SureWest Directories
	  	California	  	None
	 Copley Ohio Newspapers, Inc.
	  	Illinois	  	Ohio
	 The Peoria Journal Star, Inc.
	  	Illinois	  	None

  

	**	Following the closing, GateHouse Media Nebraska Holdings II, Inc. will be qualified to do business in Texas. 

 Schedule 5.2(b) 

Subsidiaries 

SEE ATTACHED 

 

 

 Schedule 5.4 

Federal Tax Identification Numbers 
  

			
	 LOAN PARTY
	  	 Tax ID #

		
	 Copley Ohio Newspapers, Inc.
	  	31-1714372
		
	 ENHE Acquisition, LLC
	  	84-1711504
		
	 Enterprise NewsMedia Holding, LLC
	  	37-1458259
		
	 Enterprise NewsMedia, LLC
	  	81-0584672
		
	 Enterprise Publishing Company, LLC
	  	81-0584666
		
	 GateHouse Media Arkansas Holdings, Inc.
	  	36-4197662
		
	 GateHouse Media California Holdings, Inc.
	  	36-4197639
		
	 GateHouse Media Colorado Holdings, Inc.
	  	20-3680190
		
	 GateHouse Media Connecticut Holdings, Inc.
	  	20-8771954
		
	 GateHouse Media Corning Holdings, Inc.
	  	88-01055234
		
	 GateHouse Media Delaware Holdings, Inc.
	  	20-8771987
		
	 GateHouse Media Directories Holdings, Inc.
	  	20-8344513
		
	 GateHouse Media Florida Holdings, Inc.
	  	26-1226448
		
	 GateHouse Media Freeport Holdings, Inc.
	  	36-4241508
		
	 GateHouse Media Holdco, Inc.
	  	84-1708902
		
	 GateHouse Media Illinois Holdings II, Inc.
	  	20-8765361
		
	 GateHouse Media Illinois Holdings, Inc.
	  	36-4197640
		
	 GateHouse Media Intermediate Holdco, Inc.
	  	26-1909759
		
	 GateHouse Media Iowa Holdings, Inc.
	  	36-4197643
		
	 GateHouse Media Kansas Holdings II, Inc.
	  	26-1387914
		
	 GateHouse Media Kansas Holdings, Inc.
	  	36-4197644
		
	 GateHouse Media Lansing Printing, Inc.
	  	56-2422242
		
	 GateHouse Media Louisiana Holdings, Inc.
	  	36-4239708

			
		
	 GateHouse Media Management Services, Inc.
	  	36-4197665
		
	 GateHouse Media Massachusetts I, Inc.
	  	84-1711503
		
	 GateHouse Media Massachusetts II, Inc.
	  	35-2200859
		
	 GateHouse Media Michigan Holdings II, Inc.
	  	26-1387963
		
	 GateHouse Media Michigan Holdings, Inc.
	  	36-4197646
		
	 GateHouse Media Minnesota Holdings, Inc.
	  	36-4197648
		
	 GateHouse Media Missouri Holdings II, Inc.
	  	26-1388013
		
	 GateHouse Media Missouri Holdings, Inc.
	  	36-4197649
		
	 GateHouse Media Nebraska Holdings II, Inc.
	  	26-1388054
		
	 GateHouse Media Nebraska Holdings, Inc.
	  	36-4294763
		
	 GateHouse Media Nevada Holdings, Inc.
	  	36-4334978
		
	 GateHouse Media New York Holdings, Inc.
	  	36-4197660
		
	 GateHouse Media North Dakota Holdings, Inc.
	  	36-4241506
		
	 GateHouse Media Ohio Holdings, Inc.
	  	20-8765464
		
	 GateHouse Media Oklahoma Holdings, Inc.
	  	26-1226313
		
	 GateHouse Media Operating, Inc.
	  	36-4197636
		
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	36-4197661
		
	 GateHouse Media Suburban Newspapers, Inc.
	  	36-4305577
		
	 GateHouse Media Tennessee Holdings, Inc.
	  	26-1226415
		
	 GateHouse Media Ventures, Inc.
	  	36-4197638
		
	 GateHouse Media, Inc.
	  	36-4197635
		
	 George W. Prescott Publishing Company, LLC
	  	81-0584668
		
	 Liberty SMC, L.L.C.
	  	36-4366016
		
	 Low Realty, LLC
	  	81-0584679
		
	 LRT Four Hundred, LLC
	  	81-0584676
		
	 Mineral Daily News Tribune, Inc.
	  	55-0463343
		
	 News Leader, Inc.
	  	72-0654473
		
	 Surewest Directories
	  	91-1747472
		
	 Terry Newspapers, Inc.
	  	36-2701037
		
	 The Peoria Journal Star, Inc.
	  	37-0459820

 SCHEDULE 5.6 

Prior Names 
  

			
	 LOAN PARTY
	  	 PRIOR NAMES

		
	Copley Ohio Newspapers, Inc.	  	None
		
	ENHE Acquisition, LLC	  	None
		
	Enterprise NewsMedia Holding, LLC	  	None
		
	Enterprise NewsMedia, LLC	  	Enterprise Newsmedia, LLC
		
	Enterprise Publishing Company, LLC	  	None
		
	GateHouse Media Arkansas Holdings, Inc.	  	Liberty Group Arkansas Holdings, Inc.
		
	GateHouse Media California Holdings, Inc.	  	Liberty Group California Holdings, Inc.
		
	GateHouse Media Colorado Holdings, Inc.	  	Liberty Group Colorado Holdings, Inc.
		
	GateHouse Media Connecticut Holdings, Inc.	  	None
		
	GateHouse Media Corning Holdings, Inc.	  	 Elko Daily Free Press; Liberty Group Corning

Holdings, Inc.

		
	GateHouse Media Delaware Holdings, Inc.	  	GateHouse Media West Virginia Holdings, Inc.
		
	GateHouse Media Directories Holdings, Inc.	  	Fall River Acquisitions, Inc.
		
	GateHouse Media Florida Holdings, Inc.	  	None
		
	GateHouse Media Freeport Holdings, Inc.	  	Liberty Group Freeport Holdings, Inc.
		
	GateHouse Media Freeport Holdings, Inc.	  	Liberty Group Idaho Holdings, Inc.
		
	GateHouse Media Holdco, Inc.	  	Liberty Group Holdco, Inc.
		
	GateHouse Media Illinois Holdings II, Inc.	  	None
		
	GateHouse Media Illinois Holdings, Inc.	  	 Liberty Group Illinois Holdings, Inc.
  

GateHouse Media Illinois Holding, Inc. was the surviving company in the merger with Galesburg Printing and Publishing Company in January,
2009

		
	GateHouse Media, Inc.	  	Liberty Group Publishing, Inc.

			
	 LOAN PARTY
	  	 PRIOR NAMES

		
	GateHouse Media Iowa Holdings, Inc.	  	Liberty Group Iowa Holdings, Inc.
		
	GateHouse Media Kansas Holdings II, Inc.	  	None
		
	GateHouse Media Kansas Holdings, Inc.	  	Liberty Group Kansas Holdings, Inc.
		
	GateHouse Media Lansing Printing, Inc.	  	Liberty Group Lansing Printing, Inc.
		
	GateHouse Media Louisiana Holdings, Inc.	  	Liberty Group Louisiana Holdings, Inc.
		
	GateHouse Media Management Services, Inc.	  	Liberty Group Management Services, Inc.
		
	GateHouse Media Massachusetts I, Inc.	  	None
		
	GateHouse Media Massachusetts II, Inc.	  	None
		
	GateHouse Media Michigan Holdings II, Inc.	  	None
		
	GateHouse Media Michigan Holdings, Inc.	  	Liberty Group Michigan Holdings, Inc.
		
	GateHouse Media Minnesota Holdings, Inc.	  	Liberty Group Minnesota Holdings, Inc.
		
	GateHouse Media Missouri Holdings II, Inc.	  	None
		
	GateHouse Media Missouri Holdings, Inc.	  	Liberty Group Missouri Holdings, Inc.
		
	GateHouse Media Nebraska Holdings II, Inc.	  	None
		
	GateHouse Media Nebraska Holdings, Inc.	  	Liberty Group Nebraska Holdings, Inc.
		
	GateHouse Media Nevada Holdings, Inc.	  	 Liberty Group Holdings, Inc.; Liberty Group

Colorado Holdings, Inc.; Liberty Group Nevada
 Holdings,
Inc.

		
	GateHouse Media New York Holdings, Inc.	  	Liberty Group New York Holdings, Inc.
		
	GateHouse Media North Dakota Holdings, Inc.	  	Liberty Group North Dakota Holdings, Inc.
		
	GateHouse Media Ohio Holdings, Inc.	  	None
		
	GateHouse Media Oklahoma Holdings, Inc.	  	None
		
	GateHouse Media Operating, Inc.	  	Liberty Group Operating, Inc.
		
	GateHouse Media Pennsylvania Holdings, Inc.	  	Liberty Group Pennsylvania Holdings, Inc.
		
	GateHouse Media Suburban Newspapers, Inc.	  	Liberty Group Suburban Newspapers, Inc.
		
	GateHouse Media Tennessee Holdings, Inc.	  	None

			
	 LOAN PARTY
	  	 PRIOR NAMES

		
	 GateHouse Media Ventures, Inc.
	  	GateHouse Media Arizona Holdings, Inc.
		
	 George W. Prescott Publishing Company, LLC
	  	None
		
	 Liberty SMC, L.L.C.
	  	None
		
	 Low Realty, LLC
	  	None
		
	 LRT Four Hundred, LLC
	  	None
		
	 Mineral Daily News Tribune, Inc.
	  	None
		
	 News Leader, Inc.
	  	Leesville Leader, Inc.
		
	 SureWest Directories
	  	Roseville Directory Company
		
	 Terry Newspapers, Inc.
	  	Geneseo Republic, Inc.
		
	 The Peoria Journal Star, Inc.
	  	None

 SCHEDULE 5.7 

ENVIRONMENTAL 
 Federal Occupational
Safety and Health Act Laws – None 
 Environmental Laws – See Below. 

All issues and conditions identified as “Recognized Environmental Conditions,” “Historic Recognized Environmental
Conditions,” “Business Environmental Risks,” “EHS Compliance Issues,” or “Other Potential Issues” in the Executive Summary and/or Conclusions & Recommendations sections of the Environmental Resources
Management Phase I Environmental Site Assessment Reports for the following Real Property: 
  

											
	 Ref. No.
	  	Address	  	 	  	 
	  	 Street
	  	 City
	  	 State
	  	 Report Date
	  	 Status

	 1
	  	224 E. Ridgecrest Blvd.	  	Ridgecrest	  	CA	  	11/5/2013	  	Final
	 2
	  	66 Franklin Street	  	Norwich	  	CT	  	11/22/2013	  	Final
	 3
	  	140 South Prairie Street	  	Galesburg	  	IL	  	11/22/2013	  	Final
	 4
	  	1 News Plaza	  	Peoria	  	IL	  	11/5/2013	  	Final
	 5
	  	99 E. State Street	  	Rockford	  	IL	  	11/5/2013	  	Final
	 6
	  	1 Copley Plaza	  	Springfield	  	IL	  	11/5/2013	  	Final
	 7
	  	475 Washington Street	  	Auburn	  	MA	  	11/5/2013	  	Final
	 8
	  	207 Pocasset Street	  	Fall River	  	MA	  	11/22/2013	  	Final
	 9
	  	33 New York Avenue	  	Framingham	  	MA	  	11/5/2013	  	Final
	 10
	  	165 Enterprise Drive	  	Marshfield	  	MA	  	11/22/2013	  	Final
	 11
	  	5 Cohannet Street	  	Taunton	  	MA	  	11/22/2013	  	Final
	 12
	  	595 Jenner Drive	  	Allegan	  	MI	  	11/25/2013	  	Final
	 13
	  	54 W. 8th Street	  	Holland	  	MI	  	11/5/2013	  	Final
	 14
	  	410 S. Liberty Street	  	Independence	  	MO	  	11/5/2013	  	Final
	 15
	  	221 Oriskany Plaza	  	Utica	  	NY	  	11/5/2013	  	Final
	 16
	  	500 Market Avenue, S.	  	Canton	  	OH	  	11/5/2013	  	Final
	 17
	  	629 Wabash Avenue	  	New Philadelphia	  	OH	  	11/5/2013	  	Final

 SCHEDULE 5.8 (b)(i) 

LITIGATION 
  

															
	 Date of
Service
	  	Title of Action	  	Nature of Action	  	Amount
Claimed	  	 	  	Insurance
Coverage
	  	 Plaintiff
	  	 Defendant
	  	 Pending
Litigation
	  	 Threatened

Litigation
	  	  	 Comments/

Updates
	  
								
	 10/25/2007
	  	 Rubin, Michael
 (freelance
writer)
	  	Community Newspaper Company	  		  	Dormant/
Inactive (Defamation)
	  	$100,000	  		  	Errors &
Omissions
Insurance -
Deductible
$10,000
								
	 4/30/2013
	  	Graves Monserrat, Jonathan	  	Filcman, Debra former editor of GateHouse Media Massachusetts I, Inc. d/b/a Somerville Journal	  	Libel	  		  	$500,000.00 +	  		  	Errors &
Omissions Insurance
-
Deductible
$10,000

								
	 2/14/2013
	  	Azubuko, Chukwuma E	  	GateHouse Media Massachusetts I, Inc. d/b/a Brookline Tab	  	Defamation
 Libel
	  		  	$1,000,000.00 -
 $2,500,000.00
	  		  	Errors &
Omissions
Insurance -
Deductible $50,000

								
	 1/17/2007
	  	Murphy, Charles A	  	GateHouse Media Massachusetts I, Inc. d/b/a Burlington Union and GateHouse Media, Inc.	  	Dormant/
Inactive (Defamation)
	  		  	$600,000.00	  		  	Errors &
Omissions Insurance -
Deductible

$10,000

								
	 8/20/2012
	  	Earley, Wayne	  	GateHouse Media Pennsylvania Holdings, Inc. d/b/a The Wayne Independent	  	Defamation	  		  	$200,000.00 +	  		  	Errors &
Omissions
Insurance -
Deductible
$10,000
								
	 10/7/2011
	  	King, David	  	George W. Prescott Publishing Company, LLC d/b/a Patriot Ledger	  	Employee
Litigation
(Independent
Contractor
Statute,
Massachusetts
Minimum
Wage Act,
Unjust
Enrichment
and Quantum
Merit)	  		  	$725,000.00	  		  	NONE

 SCHEDULE 5.8(b)(ii) 

INDEBTEDNESS 
  

	1.	Trade Creditors: All trade creditors will be paid 100% of their respective claims in due course.

  

	2.	Letters of Credit: The following is a list of Letters of Credit under which a Loan Party may have a reimbursement
obligation. 

  

									
	 Loan
Party
	  	Face Amount	 	  	Issuing Bank	  	Letter of 
Credit No.
				
	 Enterprise NewsMedia,
LLC
	  	$	175,000.00	  	  	HSBC	  	LC# SDCMTD555036
				
	 GateHouse Media
Operating, Inc.
	  	$	301,000.00	  	  	HSBC	  	LC# SDCMTN555029
				
	 GateHouse Media
Operating, Inc.
	  	$	376,300.00	  	  	HSBC	  	LC# SM222063
				
	 GateHouse Media
Operating, Inc.
	  	$	750,000.00	  	  	HSBC	  	LC# SDCMTN554607
				
	 GateHouse Media
Operating, Inc.
	  	$	3,580,000.00	  	  	HSBC	  	LC# SDCMTN555052

 SCHEDULE 5.8(d) 

PLANS 
  

	1.	Copley Ohio Newspapers, Inc. maintains the “Brush-Moore Retiree Medical Plan”; there were 25 total participants as of January 1, 2012. 

 

	2.	George W. Prescott Publishing Company, LLC maintains the: 

  

	 	(a)	“Patriot Ledger Postretirement Medical and Life Insurance Benefit Plan”; there were 120 participants (this includes: active and retirees) as of the January 1, 2012 census
date; during 2008 this plan was frozen and amended to limit future benefits to a select group of active employees; and 

  

	 	(b)	“George W. Prescott Publishing Company Pension Plan”; there were 616 participants (this includes: active and retirees) as of the January 1, 2012 census date; this plan was
amended to freeze all future benefit accruals as of December 31, 2008, except for a select group of union employees whose benefits were frozen during 2009. 

 SCHEDULE 5.9 

INTELLECTUAL PROPERTY 
  

							
	FEDERAL TRADEMARKS
	 REGISTRANT
	 	 REGISTRATION /

(APPLICATION) NUMBER
	 	 REGISTRATION

(APPLICATION) DATE
	 	 TITLE

				
	GateHouse Media, Inc.	 	(86/009,366)	 	(7/12/13)	 	A LA CARTE
				
	GateHouse Media, Inc.	 	(85/676,765)	 	(7/13/12)	 	BESTRIDE.com and Design
				
	GateHouse Media, Inc.	 	(85/724,120)	 	(9/8/12)	 	COLOSSAL DEAL
				
	GateHouse Media, Inc.	 	(85/724,123)	 	(9/8/12)	 	COLOSSAL AUCTION
				
	GateHouse Media, Inc.	 	3,424,658	 	5/6/08	 	GATEHOUSE MEDIA and Design
				
	GateHouse Media, Inc.	 	(86/009,325)	 	(6/3/13)	 	MORE CONTENT NOW and Design
				
	GateHouse Media, Inc.	 	4,422,928	 	10/22/13	 	PAINT IT ALL PINK
				
	GateHouse Media, Inc.	 	3,924,001	 	2/22/11	 	RADARFROG
				
	GateHouse Media, Inc.	 	3,926,750	 	5/1/11	 	RADARFROG and Horizontal Design
				
	GateHouse Media, Inc.	 	3,926,751	 	5/1/11	 	RADARFROG and Vertical Design
				
	GateHouse Media, Inc.	 	3,920988	 	2/15/11	 	SAVE HERE AND EVERYWHERE
				
	GateHouse Media, Inc.	 	3,587,689	 	3/10/09	 	TOTALLY LOCAL
				
	GateHouse Media, Inc.	 	3,472,965	 	7/22/08	 	TOTALLY LOCAL and Design
				
	GateHouse Media Ventures, Inc.	 	(85/720,044)	 	(9/4/12)	 	ADHANCE MEDIA
				
	GateHouse Media Ventures, Inc.	 	(85/720,055)	 	(9/4/12)	 	ADHANCE MEDIA and Design
				
	GateHouse Media Ventures, Inc.	 	(85/893,302)	 	(4/2/13)	 	CARESAFE
				
	GateHouse Media Ventures, Inc.	 	(85/893,319)	 	(4/2/13)	 	CARE SAFE
				
	GateHouse Media Ventures, Inc.	 	(85/618,646)	 	(5/7/12)	 	COMPASS AGING SERVICES
				
	GateHouse Media Ventures, Inc.	 	(85/618,666)	 	(5/7/12)	 	COMPASS AGING SERVICES and Design
				
	GateHouse Media Ventures, Inc.	 	(85/617,432)	 	(5/4/12)	 	PROPEL MARKETING
				
	GateHouse Media Ventures, Inc.	 	(85/617,471)	 	(5/4/12)	 	PROPEL MARKETING and Design
				
	GateHouse Media Connecticut Holdings, Inc.	 	2,894,674	 	10/19/04	 	NORWICH BULLETIN
				
	GateHouse Media Corning Holdings, Inc.	 	2,788,918	 	12/2/03	 	THE LEADER
				
	GateHouse Media Freeport Holdings, Inc.	 	2,847,486	 	6/1/04	 	THE JOURNAL-STANDARD
				
	GateHouse Media Illinois Holdings, Inc.	 	2,320,943	 	2/22/00	 	ROCKFORD REGISTER STAR

							
	FEDERAL TRADEMARKS
	 REGISTRANT
	 	 REGISTRATION /

(APPLICATION) NUMBER
	 	 REGISTRATION

(APPLICATION) DATE
	 	 TITLE

				
	GateHouse Media Illinois Holdings II, Inc.	 	1,213,886	 	10/26/82	 	THE STATE JOURNAL-REGISTER
				
	GateHouse Media Massachusetts I, Inc.	 	3,010,523	 	11/1/05	 	PICKET FENCE GATE DESIGN ONLY
				
	GateHouse Media Massachusetts I, Inc.	 	2,069,641	 	6/10/97	 	TOWNONLINE
				
	GateHouse Media Massachusetts I, Inc.	 	1,475,873	 	2/9/88	 	BEACON and Design
				
	GateHouse Media Massachusetts I, Inc.	 	3,352,822	 	12/11/07	 	THE SANDWICH BROADSIDER
				
	GateHouse Media Massachusetts I, Inc.	 	3,507,954	 	9/30/08	 	SOUTHOFBOSTON.COM
				
	GateHouse Media Massachusetts I, Inc.	 	2,007,205	 	10/8/96	 	PROVINCETOWN BANNER
				
	GateHouse Media Massachusetts I, Inc.	 	3,056,976	 	2/7/06	 	PROVINCETOWN BANNER AND THE ADVOCATE
				
	GateHouse Media Massachusetts I, Inc.	 	3,107,411	 	6/20/06	 	OUTER CAPE LIVING
				
	GateHouse Media Massachusetts I, Inc.	 	3,345,458	 	11/27/07	 	WICKED LOCAL
				
	GateHouse Media Massachusetts I, Inc.	 	3,666,193	 	8/11/09	 	NEWTON TAB
				
	GateHouse Media Massachusetts I, Inc.	 	3,650,512	 	7/7/09	 	THE DAILY NEWS TRIBUNE
				
	GateHouse Media Massachusetts I, Inc.	 	3,675,837	 	9/1/09	 	NEEDHAM TIMES
				
	GateHouse Media Missouri Holdings, Inc.	 	(85,825,139)	 	(1/16/13)	 	BOONSLICK VISITOR’S GUIDE
				
	GateHouse Media New York Holdings, Inc.	 	2,747,008	 	8/5/03	 	OBSERVER-DISPATCH
				
	GateHouse Media New York Holdings, Inc.	 	1,091,412	 	5/16/78	 	GOLDEN TIMES
				
	Enterprise NewsMedia, LLC	 	3,299,079	 	9/25/07	 	TOWN COMMONS
				
	Enterprise NewsMedia, LLC	 	3,299,316	 	9/25/07	 	SOUTH COAST HOMES
				
	Enterprise NewsMedia, LLC	 	3,052,266	 	1/31/06	 	CRANBERRY COAST HOMES
				
	George W. Prescott Publishing Company, LLC	 	2,097,397	 	9/16/97	 	THE PATRIOT LEDGER
				
	Copley Ohio Newspapers, Inc.	 	3,949,479	 	4/19/11	 	ABOUT STARK COUNTY

							
	STATE TRADEMARKS
	 REGISTRANT
	 	 REGISTRATION

(APPLICATION) NUMBER
	 	 REGISTRATION

(APPLICATION) DATE
	 	 TITLE

				
	Copley Ohio Newspapers, Inc.	 	1820925(OH)	 	12/2/08	 	GET FIT, STARK!
				
	GateHouse Media Delaware Holdings, Inc.	 	120238747(DE)	 	2/8/12	 	COMMUNITYPUB
				
	Enterprise Publishing Company, LLC	 	32,263(MA)	 	12/14/81	 	THE ENTERPRISE
				
	Enterprise Publishing Company, LLC	 	32,262(MA)	 	12/14/81	 	THE SUNDAY ENTERPRISE
				
	GateHouse Media Illinois Holdings, Inc.	 	102,753(IL)	 	3/22/11	 	SHOW & SELL
				
	GateHouse Media Illinois Holdings, Inc.	 	63,051(IL)	 	7/22/98	 	THE HENRY COUNTY ADVERTIZER
				
	GateHouse Media Illinois Holdings, Inc.	 	69,772(IL)	 	1/21/92	 	STAR COURIER
				
	GateHouse Media Illinois Holdings, Inc.	 	104,544(IL)	 	8/23/12	 	LIVINGSTON SHOPPING NEWS
				
	GateHouse Media Illinois Holdings, Inc.	 	80,941(IL)	 	7/19/07	 	LOGAN COUNTY SHOPPER
				
	GateHouse Media Illinois Holdings, Inc.	 	102,251(IL)	 	10/14/10	 	SPRINGFIELD ADVERTISER
				
	GateHouse Media Illinois Holdings, Inc.	 	102,250(IL)	 	10/14/10	 	THE COURIER
				
	GateHouse Media Illinois Holdings, Inc.	 	85,622(IL)	 	7/13/00	 	THE OLDEST NEWSPAPER IN ILLINOIS
				
	GateHouse Media Illinois Holdings, Inc.	 	54,631(IL)	 	4/2/84	 	S.I. TRADER
				
	GateHouse Media Illinois Holdings, Inc.	 	105,763(IL)	 	8/13/13	 	ROCKFORD PARENT
				
	GateHouse Media Kansas Holdings, Inc.	 	In Process	 	In Process	 	THE BUTLER COUNTY TIMES-GAZETTE
				
	GateHouse Media Macomb Holdings, Inc.	 	101,211(IL)	 	1/14/10	 	THE MCDONOUGH COUNTY CHOICE
				
	GateHouse Media Macomb Holdings, Inc.	 	101,210(IL)	 	1/14/10	 	THE MCDONOUGH COUNTY VOICE
				
	GateHouse Media Illinois Holdings II, Inc.	 	100,126(IL)	 	3/26/09	 	INTROS
				
	GateHouse Media Kansas Holdings, Inc.	 	13,151(KS)	 	3/23/09	 	CHRONICLE SHOPPER
				
	GateHouse Media Kansas Holdings, Inc.	 	17,667(MO)	 	6/8/07	 	CHRONICLE SHOPPER
				
	GateHouse Media Massachusetts I, Inc.	 	65,962(MA)	 	7/5/05	 	BOSTON TAB
				
	GateHouse Media Massachusetts I, Inc.	 	67,141(MA)	 	6/5/06	 	NATICK BULLETIN & TAB
				
	GateHouse Media Massachusetts I, Inc.	 	38,550(MA)	 	6/10/86	 	THE FRAMINGHAM TAB
				
	GateHouse Media Massachusetts I, Inc.	 	51,183(MA)	 	5/5/95	 	COMMUNITY CLASSIFIEDS
				
	GateHouse Media Massachusetts I, Inc.	 	57,262(MA)	 	4/21/99	 	 BOSTON HOMES THE
 COMPLETE
GUIDE

				
	GateHouse Media Massachusetts I, Inc.	 	55,793(MA)	 	4/22/98	 	READER’S CHOICE AWARDS

							
	STATE TRADEMARKS
	 REGISTRANT
	 	 REGISTRATION

(APPLICATION) NUMBER
	 	 REGISTRATION

(APPLICATION) DATE
	 	 TITLE

				
	GateHouse Media Massachusetts I, Inc.	 	52,832(MA)	 	6/25/96	 	TOWN ONLINE
				
	GateHouse Media Massachusetts I, Inc.	 	52,622(MA)	 	5/1/96	 	AUTO WEEKLY
				
	GateHouse Media Massachusetts I, Inc.	 	51,086(MA)	 	4/13/95	 	PROVINCETOWN BANNER
				
	GateHouse Media Massachusetts I, Inc.	 	51,087(MA)	 	4/13/95	 	PROVINCETOWN BANNER with Design
				
	GateHouse Media Massachusetts I, Inc.	 	30,037(MA)	 	2/29/80	 	WAREHAM COURIER
				
	GateHouse Media Massachusetts I, Inc.	 	30,040(MA)	 	2/29/80	 	OLD COLONY MEMORIAL
				
	GateHouse Media Massachusetts I, Inc.	 	69,643(MA)	 	2/28/08	 	CARVER REPORTER
				
	GateHouse Media Massachusetts I, Inc.	 	41,055(MA)	 	2/26/88	 	DUXBURY REPORTER
				
	GateHouse Media Massachusetts I, Inc.	 	76,950(MA)	 	2/21/13	 	HALIFAX-PLYMPTON REPORTER
				
	GateHouse Media Massachusetts I, Inc.	 	41,053(MA)	 	2/26/88	 	KINGSTON REPORTER
				
	GateHouse Media Massachusetts I, Inc.	 	76,867(MA)	 	2/4/13	 	PEMBROKE MARINER & EXPRESS
				
	GateHouse Media Massachusetts I, Inc.	 	960,806(RI)	 	4/2/07	 	AUTO WEEKLY
				
	GateHouse Media Massachusetts I, Inc.	 	960,611(RI)	 	6/25/96	 	TOWN ONLINE
				
	GateHouse Media Massachusetts I, Inc.	 	77,024(MA)	 	3/9/13	 	 GREATER FALL RIVER
 RESTAURANT
WEEK

				
	GateHouse Media Michigan Holdings II, Inc.	 	M23015(MI)	 	1/28/79	 	HILLSDALE DAILY NEWS
				
	GateHouse Media Michigan Holdings II, Inc.	 	M39015(MI)	 	5/5/77	 	THE HOLLAND SENTINEL
				
	GateHouse Media Missouri Holdings, Inc.	 	19,069(MO)	 	4/12/12	 	CHILLICOTHE C-T SHOPPER
				
	GateHouse Media Missouri Holdings, Inc.	 	19,232(MO)	 	1/4/13	 	LAKE SUN EXTRA
				
	GateHouse Media Missouri Holdings, Inc.	 	19,412(MO)	 	9/14/13	 	EJC BUSINESS REVIEW
				
	GateHouse Media Missouri Holdings, Inc.	 	18,790(KS)	 	8/21/13	 	EJC BUSINESS REVIEW
				
	GateHouse Media Missouri Holdings, Inc.	 	19,238(MO)	 	4/1/13	 	BOONSLICK VISITORS’ GUIDE
				
	GateHouse Media Pennsylvania Holdings, Inc.	 	3,340,634(PA)	 	11/19/09	 	FOOTSTEPS
				
	The Peoria Journal Star, Inc.	 	101,262(IL)	 	1/25/10	 	PRIME TIMES
				
	The Peoria Journal Star, Inc.	 	101,209(IL)	 	1/14/10	 	PRIME TIMES EXPO
				
	The Peoria Journal Star, Inc.	 	102,602(IL)	 	2/9/11	 	JOURNAL STAR
				
	The Peoria Journal Star, Inc.	 	96,061(IL)	 	5/15/06	 	STYLE AND SUBSTANCE

							
	STATE TRADEMARKS
	 REGISTRANT
	 	 REGISTRATION

(APPLICATION) NUMBER
	 	 REGISTRATION

(APPLICATION) DATE
	 	 TITLE

				
	The Peoria Journal Star, Inc.	 	104,190(IL)	 	5/15/12	 	JOURNAL STAR MEDIA.....DELIVERING YOUR CUSTOMERS
				
	The Peoria Journal Star, Inc.	 	103,907(IL)	 	6/18/12	 	POWER ILLINOIS NETWORK
				
	The Peoria Journal Star, Inc.	 	105,304(IL)	 	4/24/13	 	PRAIRIE STATE OUTDOORS

							
	STATE SERVICE MARKS
	 REGISTRANT
	 	 REGISTRATION

(APPLICATION) NUMBER
	 	 REGISTRATION

(APPLICATION) DATE
	 	 TITLE

				
	GateHouse Media Illinois Holdings, Inc.	 	104,147(IL)	 	5/3/12	 	THE MONEY STRETCHER
				
	GateHouse Media Illinois Holdings, Inc.	 	105,635(IL)	 	7/3/13	 	VICTORY LAP BRUNCH
				
	GateHouse Media Illinois Holdings, Inc.	 	105,634(IL)	 	7/3/13	 	VICTORY LAP
				
	GateHouse Media Illinois Holdings, Inc.	 	100,951(IL)	 	10/8/09	 	THE SNAP
				
	GateHouse Media Massachusetts I, Inc.	 	51,184(MA)	 	5/5/95	 	COMMUNITY CLASSIFIEDS
				
	GateHouse Media Massachusetts I, Inc.	 	52,625(MA)	 	5/1/96	 	AUTO WEEKLY
				
	GateHouse Media Massachusetts I, Inc.	 	960,810(RI)	 	4/2/07	 	AUTO WEEKLY
				
	GateHouse Media Missouri Holdings, Inc.	 	19,412(MO)	 	9/14/13	 	EJC BUSINESS REVIEW
				
	GateHouse Media Missouri Holdings, Inc.	 	18,790(KS)	 	8/21/13	 	EJC BUSINESS REVIEW
				
	The Peoria Journal Star, Inc.	 	105,632(IL)	 	7/3/13	 	BARSTORMING
				
	The Peoria Journal Star, Inc.	 	105,633(IL)	 	7/3/13	 	BAR STORMING and Design
				
	The Peoria Journal Star, Inc.	 	101,358(IL)	 	2/24/10	 	VALLEY PEEKS
				
	The Peoria Journal Star, Inc.	 	102,110(IL)	 	9/3/10	 	eJOURNALSTAR
				
	The Peoria Journal Star, Inc.	 	103,346(IL)	 	9/6/11	 	RIVER CITY ROUNDUP

							
	COPYRIGHTS*
	 REGISTRANT
	 	 REGISTRATION NUMBER
	 	 REGISTRATION DATE
	 	 TITLE

				
	GateHouse Media Louisiana Holdings, Inc.	 	TX 5-096-638
 TX 6-097-829
	 	2007	 	Ascension Citizen (Gonzales, LA), vol. 4, issue 31, April 25, 2000 & 1 other title
				
	GateHouse Media Massachusetts I, Inc.	 	TX 5-810-633	 	2006	 	Abacadoo and the sweeper; monograph. TX 5-810-633 (2003)”
				
	GateHouse Media Massachusetts I, Inc.	 	TX 5-810-633	 	2007	 	Abacadoo and the sweeper; TX 5-810-633 (2003)
				
	GateHouse Media Massachusetts I, Inc.	 	TX0006660121	 	2008	 	Daily News Tribune (Waltham, MA)
				
	GateHouse Media Massachusetts I, Inc.	 	TX0006647222(x4)	 	2008	 	Needham (MA) Times
				
	GateHouse Media Massachusetts I, Inc.	 	TX0006647223 (x4)  

TX0006660120 (x4)
  

TX0006604542 (x4)
	 	2008	 	Needham (MA) Tab
				
	GateHouse Media Massachusetts I, Inc.	 	TX 6-601-121  
 TX
6-601-120
  
 TX 6-604-542

 
 TX 6-647-222
	 	2009	 	November 2008 issues of Daily News Tribune & 3 other titles
				
	GateHouse Media Michigan Holdings, Inc.	 	TX 5-188-810  
 TX
6-097-830
	 	2007	 	Clintonville (WI) Tribune-Gazette v. 120 & 1 other title
				
	GateHouse Media Michigan Holdings, Inc.	 	TX 5-188-810  
 TX
6-097-830
	 	2008	 	Clintonville (WI) Tribune-Gazette v. 120, October 27, 2000 & 1 other titled

  

	*	The list of copyrights includes items that are listed in the Company’s database and the listing does not mean that any such copyrights are material. 

 SCHEDULE 5.10 

LICENSES AND PERMITS 

NONE 

 SCHEDULE 5.14 

LABOR DISPUTES 
 NONE

 SCHEDULE 5.24 

EQUITY INTERESTS 
  

											
	 Loan Party
	  	 Beneficial Holder
	  	Common Stock
(unless
otherwise
indicated)	 	 	Percentage
Ownership	 
				
	 Copley Ohio Newspapers, Inc.
	  	 GateHouse Media Ohio Holdings, Inc.
	  	 	1,000	  	 	 	100	% 
				
	 ENHE Acquisition, LLC
	  	 GateHouse Media Operating, Inc.
	  	 
 	Membership
Units	  
  	 	 	100	% 
				
	 Enterprise NewsMedia Holding, LLC
	  	 GateHouse Media Massachusetts II, Inc.
	  	 
  
 
	99,000
 (Membership
Units
	  
   
) 
	 	 	100	% 
				
	 Enterprise NewsMedia, LLC
	  	 Enterprise NewsMedia Holding, LLC
	  	 
 	Membership
Units	  
  	 	 	100	% 
				
	 Enterprise Publishing Company, LLC
	  	 Enterprise NewsMedia, LLC
	  	 
 	Membership
Units	  
  	 	 	100	% 
				
	 GateHouse Media Arkansas Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media California Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Colorado Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Connecticut Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Corning Holdings, Inc.
	  	 GateHouse Media Nevada Holdings, Inc.
	  	 	206.37	  	 	 	100	% 
				
	 GateHouse Media Delaware Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Directories Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Florida Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Freeport Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 

											
	 Loan Party
	  	 Beneficial Holder
	  	Common Stock
(unless
otherwise
indicated)	 	  	Percentage
Ownership	 
				
	 GateHouse Media Holdco, Inc.
	  	 GateHouse Media Intermediate Holdco, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Illinois Holdings II, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Illinois Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Intermediate Holdco, Inc.
	  	 GateHouse Media, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Iowa Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Kansas Holdings II, Inc.
	  	 GateHouse Media Kansas Holdings, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Kansas Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Lansing Printing, Inc.
	  	 GateHouse Media Suburban Newspapers, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Louisiana Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Management Services, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Massachusetts I, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	1,000	  	  	 	100	% 
				
	 GateHouse Media Massachusetts II, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100,000	  	  	 	100	% 
				
	 GateHouse Media Michigan Holdings II, Inc.
	  	 GateHouse Media Michigan Holdings, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Michigan Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Minnesota Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	  	 	100	% 
				
	 GateHouse Media Missouri Holdings II, Inc.
	  	 GateHouse Media Missouri Holdings, Inc.
	  	 	100	  	  	 	100	% 

											
	 Loan Party
	  	 Beneficial Holder
	  	Common Stock
(unless
otherwise
indicated)	 	 	Percentage
Ownership	 
				
	 GateHouse Media Missouri Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Nebraska Holdings II, Inc.
	  	 GateHouse Media Nebraska Holdings, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Nebraska Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Nevada Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media New York Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media North Dakota Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Ohio Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Oklahoma Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Operating, Inc.
	  	 GateHouse Media Holdco, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Pennsylvania Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Suburban Newspapers, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Tennessee Holdings, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 GateHouse Media Ventures, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	100	  	 	 	100	% 
				
	 George W. Prescott Publishing Company, LLC
	  	 Enterprise NewsMedia, LLC
	  	 
 	Membership
Units	  
  	 	 	100	% 
				
	 Liberty SMC, L.L.C.
	  	 GateHouse Media Operating, Inc.
	  	 
 	4,000
(Class A	  
) 	 	 	100	% 
				
	 Liberty SMC, L.L.C.
	  	 GateHouse Media Operating, Inc.
	  	 
 	1,000
(Class B	  
) 	 	 	100	% 

											
	 Loan Party
	  	 Beneficial Holder
	  	Common Stock
(unless
otherwise
indicated)	 	 	Percentage
Ownership	 
				
	 Low Realty, LLC
	  	 Enterprise NewsMedia, LLC
	  	 
 	Membership
Units	  
  	 	 	100	% 
				
	 LRT Four Hundred, LLC
	  	 Enterprise NewsMedia, LLC
	  	 
 	Membership
Units	  
  	 	 	100	% 
				
	 Mineral Daily News Tribune, Inc.
	  	 GateHouse Media Operating, Inc.
	  	 	500	  	 	 	100	% 
				
	 News Leader, Inc.
	  	 GateHouse Media Louisiana Holdings, Inc.
	  	 
 	100,000
(Class A	  
) 	 	 	100	% 
				
	 News Leader, Inc.
	  	 GateHouse Media Louisiana Holdings, Inc.
	  	 
 	100,000
(Class B	  
) 	 	 	100	% 
				
	 SureWest Directories
	  	 GateHouse Media Directories Holdings, Inc.
	  	 	1,000	  	 	 	100	% 
				
	 Terry Newspapers, Inc.
	  	 GateHouse Media Illinois Holdings, Inc.
	  	 	840	  	 	 	100	% 
				
	 The Peoria Journal Star, Inc.
	  	 GateHouse Media Illinois Holdings, Inc.
	  	 	1,000	  	 	 	100	% 

 Note: The above schedule does not include GateHouse Media, Inc. 

 SCHEDULE 5.25 

COMMERCIAL TORT CLAIMS 

NONE 

 SCHEDULE 5.26 

LETTER OF CREDIT RIGHTS 

NONE 

 SCHEDULE 5.27 

MATERIAL CONTRACTS 
  

	
	Vendors
	
	 Ad2Pro Modification & Extension of Agreement for Advertising Services

	
	 Ad2pro Oct-Dec Letter Amendment

	
	 ADP Agreement

	
	 Advantage Marketing Consultants, Inc. Terms & Conditions_GHM Messenger Post_ 4-12-2006

	
	 Agfa Direct Consumable Purchase Agreement 2009-2011

	
	 Boston Globe Printing Agreement Assignment 9-2013

	
	 Boston Globe Printing Agreement

	
	 Casale Media_GHS MSA 1.1.2013

	
	 CBS (Custom Business Systems)

	
	 Communispace Master Community Implementation & Support Agreement

	
	 Consortium Gov - 10-3 [still being reviewed-negotiated]

	
	 Custom Business Systems (CBS) LLC Addendum to Work Schedule

	
	 D&B Order Form - 3-18-2013

	
	 DataXu Platform Agreement_GHS 12-1-2011

	
	 Datrose - GHS Master Services Agreement- 4-30-2008

	
	 Distributor Agreement - Herald News-Providence Journal

	
	 E&Y 2010 Engagement Letter 3yr NOT FULLY EXECUTED

	
	 E&Y Attachment A (corrected) to the Engagement Letter

	
	 E&Y specialist work engagement letter

	
	 Exelon Energy (Master Electricity Sales Agr) GHS IL Rockford 12-9-10 NOT FULLY EXECUTED

	
	 Frank N. Magid Engagement Letter

	
	 Journalism Online Agreement 2010

	
	 Baton Rouge Press Inc. Printing Agreement_GHS_NOT FULLY EXECUTED

	
	 Gannett (Offset)_Printing Agreement_GHS_NOT FULLY EXECUTED

	
	
	 Journalism Online Agreement Addendum 6 / 2011

	
	 Krueger Newsprint Agreement 2013

	
	 Mather Engagement Proposal & SOW

	
	 Media Span Master Application Services Agreement

	
	 Media Span Sole Source Agreement

	
	 Monster Consortium Agreement - Side Letter - Boston

	
	 Monster Consortium Agreement - Side Letter - Chicago

	
	 Monster Consortium Agreement

	
	 Providence Journal Printing Agreement 10-2011

	
	 Providence Journal Printing Agreement Addendum_ Taunton Gazette Aug 2012

	
	 Publishers Circulation Fulfillment Inc_Addendum 1 to Distribution Agreement - GHSMI - 2011

	
	 Publishers Circulation Fulfillment Inc_Addendum 1 to Home Delivery Agreement - GHSMI - 2011

	
	 Publishers Circulation Fulfillment Inc_Addendum 2 to Home Delivery Agreement - GHSMI - Feb 2011

	
	 Publishers Circulation Fulfillment Inc_Addendum 2 to Home Delivery Agreement - GHSMI -Jan 2011

	
	 Publishers Circulation Fulfillment Inc_Addendum 3 to Home Delivery Agreement - GHSMI - 2011

	
	 Publishers Circulation Fulfillment Inc_Agreement - Enterprise 2009

	
	 Publishers Circulation Fulfillment Inc_Distribution Agreement - Jan 2011

	
	 Publishers Circulation Fulfillment Inc_Home Delivery Agreement Feb 2011

	
	 Salesforce.com Master Subscription Agreement

	
	 SAXOTECH Subscription Agreement

	
	 SAXOTECH Subscription Order Form

	
	 ShopCo Affiliate Agreement FINAL

	
	 ShopCo Class B Joinder Agreement FINAL

	
	 Shopco Holdings Schedule 1 Members-Unites & Percentage Interests

	
	 Shopco Holdings, LLC Affiliate Agreement GHS NOT FULLY EXECUTED

	
	 ShopCo LLC Amended and Restated LLC Operating Agreement FINAL

	
	 SmartFOCUS US - MAAX Master Contract

	
	
	 SouthernLithoplate (Equipment Purchase Agr) GHS MI Flashes_10-7-10 NOT FULLY EXECUTED

	
	 Spectrum Marketing Company Bonus Agreement NOT FULLY EXECUTED

	
	 Travidia Agreement and Addendum No. 1 5-09

	
	 Universal Uclick - Big Nate S Agreement

	
	 Vast Website Lead and Services Agreement

	
	 CDW_Joinder Agreement_GHS 2008

	
	 Gannett CNY Product Facility_Newspaper Printing Agr._GHS NY_May 2011

	
	 VSplash Techlabs Master Services Agreement

	
	 Yahoo - Graphical Ads Service Order NOT EXECUTED

	
	 Yahoo Content_Service_Order_Final

	
	 Yahoo Execution Copy - Search Service Order

	
	 Yahoo GateHouse Media Executed Letter Agreement 5-22-2007

	
	 Yahoo Master Services Agreement NOT EXECUTED

	
	 Yahoo MSA Final

	
	 Yahoo New Member Election Agreement

	
	 Yahoo! Letter Agreement

	
	 Yahoo-Monster notice of renewal of consortium Agmt

	
	 Agency Succession and Amendment Agreement_with Exhibits

  

			
	Union Contracts
		
	 31032 (Newspaper Guild of Greater Boston, TNG-CWA)
	  	
		
	 Local 129 (Newspaper Guild of Utica)
	  	
		
	 Local 31032 (Newspaper Guild of Greater Boston, TNG-CWA)
	  	
		
	 Local 31041 (Newspaper Guild of Providence TNG-CWA)
	  	
		
	 Local 31247 (Patriot Ledger Newsroom Association / Newspaper Guild sector of the Communication Workers of America)
	  	
		
	 Local 3N (Boston Printing Pressman’s Union) (Name changed from Providence Newspaper Printing Pressmen’s Union
No. 12)
	  	1

					
		
	 Local 546M (Graphic Communications Conference/International Brotherhood of Teamsters)
	  			
		
	 Local No. 1 (Northeast Ohio Newspaper Guild)
	  	 	2	  
		
	 Local No. 1 (Northeast Ohio Newspaper Guild)
	  			
		
	 Local No. 219 (Canton Typographical Union)
	  			
		
	 Local No. 36047 (Peoria Unit 86 of the United Media Guild)
	  			
		
	 Local No. 568-M (Peoria Printing Specialty and Paper Products Union G.C.I.U.)
	  			
		
	 Local Union 3803 (Unit 4 / International Union, United Automobile, Aerospace and Agricultural Implement Workers of America,
AFL-CIO)
	  			
		
	 Local Union No. 259 (Newspaper Chauffeurs, Distributors, and Helpers, I.B.T.)
	  			
		
	 Local Union No. 627 (Teamsters, Chaffeurs and Helpers)
	  			
		
	 Local Union No. 916 (affiliated with the International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of
America)
	  			
		
	 Union 36047 (St. Louis Newspaper Guild)
	  			
		
	 Union No. 13 (Boston Typographical)
	  	 	3	  
		
	 Union No. 13 (Boston Typographical) (Herald News)
	  	 	4	  
		
	 Union No. 177 [Central Illinois Typographical (District Managers) Affiliated with the Printing, Publishing and Media Workers
Sector, Communication Workers of America]
	  			
		
	 Union No. 177 [Central Illinois Typographical (Maintenance/Janitorial) Affiliated with the Printing, Publishing and Media
Workers Sector, Communication Workers of America]
	  			
		
	 Union No. 18 / CWA 14503 [Detroit Typographical (F.K.A. Northeast Ohio Newspaper Guild, Local One - Massilon Typographical
Union No. 298)]
	  			
		
	 Union No. 98 (Peoria Mailers’)
	  			

 Footnote: 
  

	1.	Local 3N Pressman’s Union – Expired April 2013 / Currently being negotiated 

	2.	Independent Guild_2011 to 2013 merged into Repository Guild_2012 to 2014 

	3.	Union No. 13 – Expired May 2008 / Currently being negotiated 

	4.	Union No. 13 (Herald News) – Expired May 2010 / Currently being negotiated 

 SCHEDULE 7.3 

GUARANTEES 
 NONE

 SCHEDULE A 

Real Property Locations (First Tier) 
  

							
	 	  	 Property Address
	  	 City
	  	 State

	1.	  	99 E. State Street	  	Rockford	  	IL
	2.	  	1 News Plaza	  	Peoria	  	IL
	3.	  	500 Market Avenue South	  	Canton	  	OH
	4.	  	1 Copley Plaza	  	Springfield	  	IL
	5.	  	33 New York Avenue	  	Framingham	  	MA
	6.	  	629 Wabash Avenue	  	New Philadelphia	  	OH
	7.	  	221 Oriskany Plaza	  	Utica	  	NY
	8.	  	224 E. Ridgecrest Blvd	  	Ridgecrest	  	CA
	9.	  	475 Washington Street	  	Auburn	  	MA
	10.	  	54 West 8th Street	  	Holland	  	MI
	11.	  	410 S. Liberty Street	  	Independence	  	MO

 SCHEDULE B 

Real Property Locations (Second Tier) 
  

							
	 	  	 Property Address
	  	 City
	  	 State

	1.	  	140 S. Prairie	  	Galesburg	  	IL
	2.	  	66 Franklin Street	  	Norwich	  	CT
	3.	  	207 Pocasset Street	  	Fall River	  	MA
	4.	  	 595 Jenner Drive
	  	Allegan	  	MI
	5.	  	165 Enterprise Drive	  	Marshfield	  	MA
	6.	  	5 Cohannet Street	  	Taunton	  	MA

 SCHEDULE C 

Real Property Locations (Third Tier) 
  

							
	 	  	 Property Address
	  	 City
	  	 State

	1.	  	209 JOHN ST	  	STURGIS	  	MI
	2.	  	300 N WASHINGTON ST	  	MEXICO	  	MO
	3.	  	1196 SOUTH LITTLE CREEK	  	 DOVER
	  	DE
	4.	  	34 W. PULTENEY ST.	  	CORNING	  	NY
	5.	  	2495 Brickyard Road	  	CANANDAIGUA	  	NY
	6.	  	117 W BROADWAY ST	  	ARDMORE	  	OK
	7.	  	133 N. WINTER ST	  	ADRIAN	  	MI
	8.	  	318 N MAIN ST	  	PONTIAC	  	IL
	9.	  	205 SOUTH 26TH STREET	  	ARKADELPHIA	  	AR
	10.	  	650 6T STREET	  	WINTERHAVEN	  	FL
	11.	  	220 8TH ST.	  	HONESDALE	  	PA
	12.	  	114 N DEPOT ST	  	IONIA	  	MI
	13.	  	701 N LOCUST ST	  	PITTSBURG	  	KS
	14.	  	73 BUFFALO ST	  	CANANDAIGUA	  	NY
	15.	  	119 EAST HICKORY	  	BASTROP	  	LA
	16.	  	58650 BELLEVIEW DR	  	PLAQUEMINE	  	LA
	17.	  	716 E. NAPOLEON ST	  	SULPHUR	  	LA
	18.	  	705 SECOND AVE	  	DODGE CITY	  	KS
	19.	  	309 S BROADWAY	  	YREKA	  	CA
	20.	  	422 SENECA ST	  	LEAVENWORTH	  	KS
	21.	  	200 N 3RD ST	  	HANNIBAL	  	MO
	22.	  	231 WEST CORNERVIEW STREET	  	GONZALES	  	LA
	23.	  	105 E. CENTRAL BLVD.	  	KEWANEE	  	IL
	24.	  	818 WASHINGTON ST	  	CHILLICOTHE	  	MO
	25.	  	918 N STATE HIGHWAY 5	  	CAMDENTON	  	MO
	26.	  	2916 EAST 20TH STREET	  	JOPLIN	  	MO
	27.	  	924 N. MT. SHASTA BLVD	  	MOUNT SHASTA	  	CA
	28.	  	109 ARLINGTON STREET	  	SAULT STE MARIE	  	MI
	29.	  	215 N BELL AVE	  	SHAWNEE	  	OK
	30.	  	700 WEST WASHINGTON STREET	  	NEWTON	  	IL
	31.	  	107 N MAIN ST # 109	  	BROOKFIELD	  	MO
	32.	  	219 SOUTH WASHINGTON STREET	  	REDWOOD FALLS	  	MN
	33.	  	50 NORTH AVENUE	  	MASSILLON	  	OH
	34.	  	502 W JACKSON ST	  	MARION	  	IL

							
	35.	  	15 W. PEARL STREET	  	COLDWATER	  	MI
	36.	  	800 CENTER STREET	  	TAFT	  	CA
	37.	  	24 W MAIN ST	  	MIDDLETOWN	  	DE
	38.	  	5512 STATE ROUTE 55	  	LIBERTY	  	NY
	39.	  	101 WEST 7TH ST	  	ROLLA	  	MO
	40.	  	302 N. CHURCH STREET	  	RIPLEY	  	WV
	41.	  	218 N WILLIAMS ST	  	MOBERLY	  	MO
	42.	  	85 CANISTEO STREET	  	HORNELL	  	NY
	43.	  	709 N 2ND AVE	  	DODGE CITY	  	KS
	44.	  	111-115 S EMMA ST	  	WEST FRANKFORT	  	IL
	45.	  	410 RACE STREET	  	RAVENSWOOD	  	WV
	46.	  	522 W 3RD STREET	  	HOPE	  	AR
	47.	  	223 S. FIRST ST	  	MONTEVIDEO	  	MN
	48.	  	13 S FRONT ST	  	GEORGETOWN	  	DE
	49.	  	111 W 6TH ST	  	STUTTGART	  	AR
	50.	  	111 GREEN STREET	  	HERKIMER	  	NY
	51.	  	204 E 5TH STREET	  	AUGUSTA	  	KS
	52.	  	41 NORTH CHURCH ST	  	CARBONDALE	  	PA
	53.	  	2672 KEN GRAY BLVD.	  	WEST FRANKFORT	  	IL
	54.	  	417 YORK ST.	  	HELENA	  	AR
	55.	  	33 MCCOLLUM ST	  	HILLSDALE	  	MI
	56.	  	108 W. FIRST ST	  	GENESEO	  	IL
	57.	  	114 N VINE ST	  	EL DORADO	  	KS
	58.	  	204 W. BOURKE STREET	  	MACON	  	MOLocal Media Management Agreement

 Exhibit 10.35 

MANAGEMENT AND ADVISORY AGREEMENT 

MANAGEMENT AND ADVISORY AGREEMENT (the “Agreement”), is made as of August 27, 2013 (the “Effective Date”)
by and between LOCAL MEDIA GROUP HOLDINGS LLC, a Delaware limited liability company (the “Company”),1 and GATEHOUSE MEDIA, INC., a Delaware corporation (together with its
permitted assignees, the “Manager”). 
 WITNESSETH: 

WHEREAS, the Newcastle Investment Corp. has entered into an agreement (the “SPA”) to purchase all the capital stock of Dow Jones Local Media
Group, Inc. (“LMG”) and designated the Company to serve as the recipient of such stock; and 
 WHEREAS, the Manager has expertise in
managing various aspects of businesses such as those conducted by LMG and its Subsidiaries (collectively, the “Businesses”); and 

WHEREAS, the Company desires to engage the Manager, on the terms and conditions set forth herein, to manage the Businesses and the assets and day to
day operations of LMG and its Subsidiaries (collectively, the “Acquired Companies”). 
 NOW THEREFORE, in consideration of
the mutual agreements herein set forth, the parties hereto agree as follows: 
 SECTION 1. Definitions. The following terms have the meanings
assigned them: 
 “Affiliate” shall have the meaning set forth in Rule 12b-2 under the Exchange Act. 

“Agreement” means this Management and Advisory Agreement, as amended from time to time. 

“Board of Directors” means the Board of Directors of the Company. 

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

“Common Share” means a share of capital stock of the Company now or hereafter authorized as common voting stock of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a corporation, certificate
of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership or the articles of formation and the operating agreement in the case of a limited liability company. 

 

	1 	This agreement will be assigned to Local Media Group, Inc. at the closing on September 3, 2013. 

  
 1 

 “Independent Directors” means the members of the Board of Directors who are not directors,
officers, employees or [Beneficial Owners]2 of the Manager. 
 “Manager Change of
Control” shall mean the stockholders of the Manager as of the date hereof ceasing to have the power, directly or indirectly, to vote or direct the voting of securities having a majority of the ordinary voting power for the election of
directors of the Manager. 
 “Person” shall be construed in the broadest sense and means and includes a natural person, a partnership, a
corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and any other entity and any federal, state, municipal, foreign or other government, governmental department,
commission, board, bureau, agency or instrumentality, or any private or public court or tribunal. 
 “Subsidiary” means, with respect to
any Person, any subsidiary of such Person and any partnership, the general partner of which is such Person or any subsidiary of such Person and any limited liability company, the managing member of which is such Person or any subsidiary of such
Person. 
 SECTION 2. Appointment and Duties of the Manager. 
  

	(a)	The Company hereby appoints the Manager to (i) prior to the closing under the SPA (the “Acquisition Date”), assess and do preparatory work for the transition of the Businesses and the Acquired
Companies from the parent entities of LMG (collectively the “Parents”) and (ii) following the Acquisition Date, oversee the transitional services provided by the Parents pursuant to the SPA and related agreements and to manage
the Businesses and the assets and day to day operations of the Acquired Companies subject to the further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the
duties set forth herein. The Manager shall, in its provision of services hereunder, utilize a standard of duty and care equal to that of a reasonably prudent person acting on its own behalf in similar circumstances. In all events, the Manager shall
perform the services to be performed hereunder and the Manager’s other obligations under this Agreement, (i) in compliance with all applicable laws, rules and regulations in all material respects, (ii) without infringing,
misappropriating or otherwise violating any intellectual property rights of any third parties, (iii) without breaching or violating any third party agreements related to the provision of such services hereunder in any material respect and
(iv) without discriminating in any material respect for or against the Company with respect to the provision of such services or in providing such services taking actions in favor of any other business of the Manager to the detriment of the
Company. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this
Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 

  

	(b)	The Manager, in its capacity as manager of the Businesses and the assets and the day-to-day operations of the Acquired Companies, at all times will be subject to the supervision of the Company’s Board of Directors
and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority 

 

	2 	 Confirm definition and whether necessary. 

  
 2 

	 	
identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Acquired Companies and its Subsidiaries and will perform (or cause to
be performed) such services and activities relating to the assets and operations of the Acquired Companies as may be appropriate, including, without limitation: 

  

	 	(i)	overseeing the transitional services provided by the Parents pursuant to the SPA and related agreements and any other transitional services necessary to transition from the Parents; 

 

	 	(ii)	providing general management services, including (A) advice concerning the preparation of budgets, forecasts, capital expenditures, financing, and long-range strategic planning; and (B) such other general
management services as the Manager may deem advisable or appropriate or as may from time to time reasonably be requested by the Board of Directors; 

  

	 	(iii)	providing general administrative and technical services, advice and direction, including (A) accounting, including cost accounting, inventory control, tax compliance and reporting systems services; (B) legal,
trademark and intellectual property advice, including advice with respect to compliance with applicable legal regulations, intellectual property protection; (C) market servicing, product pricing and costs controls and evaluations;
(D) preparation of advertising and publicity literature and other materials; (E) providing, training and supervising sales representatives and support staff and providing guidelines and policies for sales representatives and other
direction, as may be necessary, for promoting sales; (F) compensation planning, pension, if any, and human resources services; (G) purchasing services; (H) preparation of reporting forms, reports or filings; and (I) such other
general administrative and technical services as may from time to time reasonably be requested by the Board of Directors. Without limiting the generality of the foregoing, it is understood that any changes in staffing of the Acquired Companies shall
be at the sole cost and expense of the Company and any changes in the staffing of the Manager shall be at the sole cost and expense of the Manager (except as otherwise expressly specified herein); 

 

	 	(iv)	engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors to provide services as may be required relating to the Acquired Companies and the Businesses;

  

	 	(v)	advising in connection with the negotiation and consummation of agreements, contracts, documents and instruments related to the Acquired Companies or the Businesses; 

 

	 	(vi)	using reasonable measures, at the Company’s costs and expense, for the orderly physical administration, management, and operation of the facilities and properties of the Acquired Companies, including, without
limitation, cleaning, painting, decorating, plumbing, carpeting, grounds care and such other maintenance and repair work as is reasonably necessary; 

  

	 	(vii)	providing executive and administrative personnel, office space and office services required in rendering services to the Company; 

  
 3 

	 	(viii)	administering the day-to-day operations of the Acquired Companies and performing and supervising the performance of such other administrative functions necessary in the management of the Acquired Companies as may be
agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and the payment of the Acquired Companies’ debts and obligations and maintenance of appropriate computer services to perform such
administrative functions; 

  

	 	(ix)	on behalf of the Acquired Companies, and at the Company’s cost and expense, arranging for, obtaining and maintaining, or causing its agents to maintain, with responsible insurance carriers licenses to do business
in the applicable state, insurance satisfactory to the Manager and the Board of Directors such risks as the Manager deems appropriate, including, with limitation, covering the Businesses and the operations of the Acquired Companies, naming the
appropriate Acquired Companies and the Manager as insured parties. The Manager shall recommend to the Board of Directors the minimum amounts of insurance coverage for the Acquired Companies, which shall be subject to the reasonable approval of the
Board of Directors; 

  

	 	(x)	counseling the Company in connection with human resource, employee, personnel, labor and union relation matters regarding the Acquired Companies; 

 

	 	(xi)	assisting the Company in developing criteria for business development that are specifically tailored to the Company’s objectives and, subject to any confidentiality restrictions, making available to the Company its
knowledge and experience with respect to businesses like the Businesses; 

  

	 	(xii)	monitoring the operating performance of the Acquired Companies and the Businesses and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such
operating and performance and budgeted or projected operating results; 

  

	 	(xiii)	causing the Acquired Companies to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to
financial reporting obligations and compliance with applicable local, state and Federal laws, rules and regulations and to conduct quarterly compliance reviews with respect thereto; 

 

	 	(xiv)	causing the Acquired Companies to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses and permits; 

 

	 	(xv)	handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Acquired Companies may be involved or to which the
Acquired Companies may be subject arising out of the Acquired Companies day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 

  
 4 

	 	(xvi)	using commercially reasonable efforts to cause expenses incurred by or on behalf of the Acquired Companies to be reasonable or customary and within any budgeted parameters or expense guidelines set by the Board of
Directors from time to time; 

  

	 	(xvii)	performing such other services as may be required from time to time for management and other activities relating to the Businesses and the Acquired Companies as the Board of Directors shall reasonably request or the
Manager shall deem appropriate under the particular circumstances; and 

  

	 	(xviii)	using commercially reasonable efforts to cause the Acquired Companies to comply with all applicable laws, rules and regulations. 

The Manager will provide the services to the Company described in clauses (i) through (xxviii) above, as well as any other services
to be provided by the Manager to the Company and the Acquired Companies pursuant to the terms of this Agreement, in a professional manner using its best business judgment (the “Service Level”). 

 

	(c)	The Manager may enter into agreements with other parties, including its Affiliates, for and on behalf, and at the sole cost and expense, of the Company to provide any of the third party services to the Company with
respect to the Businesses contemplated herein, pursuant to agreement(s) with terms which are then customary for agreements regarding the management of businesses similar in type, quality and value to the Businesses; provided, that any such
agreements entered into with Affiliates of the Manager shall be (i) on terms no more favorable to such Affiliate then would be obtained from a third party on an arms’-length basis and (ii) approved by a majority of Independent
Directors. Without limiting the foregoing, the Manager itself may also enter into agreements or arrangements with the Company to provide any of the third party services to the Company with respect to the Businesses contemplated herein, using the
Manager’s own resources and allocate the costs of such resources on an equitable objective basis. 

  

	(d)	The Manager may retain, for and on behalf, and at the sole cost and expense of the Company, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment
banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Acquired Companies and to the extent necessary or advisable in accordance with the
Service Level required to be provided by the Manager and the applicable Annual Budget (as defined below). Amounts paid by the Company to the Manager pursuant to this clause (d) shall be separate from and in addition to amounts paid by the
Company to the Manager pursuant to Section 8 of this Agreement. 

  

	(e)	 The Manager shall, not less than 15 days after the commencement of each full or partial fiscal year of the Company, submit to the Board of Directors
for its approval a proposed operating budget and annual plan for the ensuing full or partial fiscal year, as the case may be (the “Annual Budget”). The Annual Budget shall include a projected income statement, balance sheet, and
projection of cash flow for the Acquired Companies on a consolidated basis, with detailed explanations of the assumptions used therein. If any proposed Annual Budget contains disputed or objectionable budget item(s), the Board of Directors and the
Manager agree to cooperate with each other in good faith to resolve the disputed or objectionable proposed item(s). If the Board of Directors and the Manager are unable to 

  
 5 

	 	
resolve the disputed or objectionable item(s) prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Annual Budget shall be deemed to be adopted and
approved and the corresponding line item(s) contained in the Annual Budget for the preceding fiscal year shall be adjusted as set forth herein and shall be substituted in lieu of the disputed item(s) in the proposed Annual Budget. Those line items
that are in dispute shall be determined by increasing the preceding fiscal year’s actual expense for the corresponding line items by a percentage amount determined by the Manager which does not exceed the percentage change in the Consumer Price
Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, U.S. City Average, all items (1982-84 = 100) for the fiscal year prior to the fiscal year with respect to which the adjustment to the
line item(s) is being calculated or any successor or replacement index thereto. The resulting Annual Budget obtained in accordance with the preceding sentence shall be deemed to be the Annual Budget in effect until such time as the Manager and the
Board of Directors have resolved the items objected to by the Board of Directors. The Manager may, after notice to and approval by the Board of Directors, revise the Annual Budget from time to time, as necessary, to reflect any unpredicted
significant changes, variables or events or to include significant, additional, unanticipated items of expense. Expenditures shall not materially vary from the approved budgets nor exceed the aggregate Annual Budget (as approved by the Board of
Directors, and revised with the reasonable approval of the Board of Directors) absent the written consent of the Board of Directors; provided that the Board of Directors recognizes that (i) the absolute amounts of expenditures may exceed
budgeted amounts if the volume of the Businesses exceeds projections, (ii) the relative amounts of income and expense may vary from budgeted amounts if the volume of the Businesses is less than projected, and (iii) the Manager does not
guarantee the economic performance shown in Annual Budgets. The Manager shall submit a revision of the Annual Budget to the Board of Directors for review on a quarterly or other appropriate basis as the Manager may deem appropriate.

  

	(f)	As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, reports and
information on the Acquired Companies’ operations and performance and other information reasonably requested by the Board of Directors of the Company. 

  

	(g)	The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Acquired Companies’ operations, credit quality, performance and compliance with the policies
approved by the Board of Directors. 

  

	(h)	Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional monies is proven by the Company to have been required as a direct result of the Manager’s
acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this Agreement, the Manager shall not be required to expend money (“Excess Funds”) in excess of that contained in
any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the
right of the Company under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 

  
 6 

	(i)	In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts hired by the Manager. 

 

	(j)	The Company shall fully cooperate (and shall cause the Acquired Companies to) with the Manager and make the Acquired Companies’ personnel, assets and resources available to the Manager as reasonably requested by
the Manager in connection with the performance of its services. 

  

	(k)	The Manager shall be authorized and directed by the Board of Directors to execute such agreements or other instruments, file or cause to be filed any reports or other documents with any governmental body or agency, and
to take or cause to be taken any action deemed necessary or appropriate by the Manager in its reasonable judgment to fulfill the duties of the Manager set forth in this Agreement. 

SECTION 3. Devotion of Time; Competition; Additional Activities. 
  

	(a)	The Company acknowledges that the Manager may, without the Company’s consent, engage in any locally focused media business, whether or not in direct competition with the business activities of any of the Businesses
of the Company or its Subsidiaries in any market in the United States provided that such activity by the Manager does not otherwise violate the terms or conditions hereof. Subject to the preceding proviso, nothing herein shall prevent the Manager or
any of its Affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other person or entity, including, but not limited to, investment in, or advisory
service to others investing in, any type of locally focused media or news business. 

  

	(b)	The Manager agrees that during the term of this Agreement, the Manager shall not directly, without the Company’s consent, (i) solicit or induce any officer, director, or employee of the Acquired Companies or
any of its successors, assigns, or Subsidiaries to terminate his, her or its employment or other relationship with the Company or its successors, assigns , (ii) solicit or induce any individual who was an officer, director or employee of the
Acquired Companies at any time during the immediately preceding six (6) month period to associate with any locally focused media competitor of the Acquired Companies (a “Competitor”) or (iii) hire any individual who left
the employ of the Acquired Companies during the immediately preceding six (6) month period. 

  

	(c)	The Company shall have the benefit of the Manager’s best judgment and effort in rendering services and, in furtherance of the foregoing, the Manager shall not undertake activities which, in its judgment, will
substantially adversely affect the performance of its obligations under this Agreement. 

  

	(d)	The Manager further covenants and agrees that the restrictive covenants set forth above are reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company in
the Acquired Companies, imposes no undue hardship on the Manager, is not injurious to the public, and that any violation of this restrictive covenant shall be specifically enforceable in any court with jurisdiction upon short notice.

  

	(e)	 Managers, members, partners, officers, employees, consultants and agents of the Manager or Affiliates of the Manager may serve as directors, officers,
employees, agents, nominees or 

  
 7 

	 	
signatories for the Acquired Companies, to the extent permitted by their respective Governing Instruments, or by any resolutions duly adopted by the Board of Directors pursuant to the
Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Acquired Companies, such persons shall use their respective titles in the Acquired Companies. 

SECTION 4. Agency; Power of Attorney. 
  

	(a)	The Manager shall act as agent of the Acquired Companies in performing its duties under this Agreement, including operating the Acquired Companies, acquiring or disposing of the assets of the Acquired Companies in the
ordinary course, disbursing and collecting the Acquired Companies funds, executing or filing documents on behalf of the Acquired Companies, paying the debts and fulfilling the obligations of the Acquired Companies, supervising the performance of
professionals engaged by or on behalf of the Acquired Companies and handling, prosecuting and settling any claims of or against the Acquired Companies. 

  

	(b)	Upon the execution of this Agreement, the Company hereby consents and appoints each of the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and General Counsel of the Manager (solely in their
capacity as officers of the Manager, collectively, the “Signatories”) as its true and lawful attorney, coupled with an interest in the Company’s name, place and stead to sign, execute, acknowledge, swear to and file any and all
documents which in the discretion of such attorney are required to be signed, executed, acknowledged, sworn to or filed by the Company to discharge the purposes and duties of the Manager as hereinabove stated. The grant of authority set forth
herein: (i) is a special power of attorney coupled with an interest, is irrevocable during the term of this Agreement and shall survive the death, incapacity, liquidation or dissolution of the Company; and (ii) may be exercised by any
Signatory for the Company by a facsimile signature or by listing the Company with the signature of the Signatory, as attorney in fact for the Company. Notwithstanding anything to the contrary in this agreement, the Signatories shall have only the
authority set forth in the delegation of authorities as set forth and approved by the Board of Directors from time to time. Any such power of attorney described herein shall terminate immediately upon a Manager Change in Control. 

SECTION 5. Bank Accounts. The Board of Directors hereby directs the Manager to establish and maintain one or more bank accounts in the name of the
Acquired Companies (any such account, a “Company Account”), and to collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts, under such terms
and conditions as the Board of Directors may direct from time to time; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the
Company or the Acquired Companies. 
 SECTION 6. Records; Confidentiality. The Manager shall maintain appropriate books of accounts and records
relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company or the Acquired Companies at any time during normal business hours upon one
(1) business day’s advance written notice. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information to non-Affiliated
third parties except with the prior written consent of the Board of Directors. 

  
 8 

 SECTION 7. Obligations of Manager; Restrictions. 

 

	(a)	The Manager shall refrain from any action that, in its sole judgment made in good faith, would adversely affect the status of the Acquired Companies as a corporation in good standing or a foreign corporation in good
standing in such jurisdictions in which the Acquired Companies are required to so qualify or that, in its sole judgment made in good faith, would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the
Acquired Companies or that would otherwise not be permitted by such entity’s respective Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors
of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, officers, stockholders and
employees shall not be liable to the Company or Acquired Companies, the Board of Directors, or the Company’s or any Acquired Company’s stockholders, employees or partners for any act or omission by the Manager, its directors, officers,
stockholders or employees except as provided in Section 11 of this Agreement. 

  

	(b)	The Manager shall not (i) consummate any transaction which would involve the acquisition by the Acquired Companies of property in which the Manager or any Affiliate thereof has an ownership interest or the sale by
the Acquired Companies of property to the Manager or any Affiliate thereof, or (ii) under circumstances where the Manager is subject to an actual or potential conflict of interest because it manages both the Acquired Companies and another
Person (not an Affiliate of the Company) with which the Acquired Companies has a contractual relationship, take any action constituting the granting to such Person of a waiver, forebearance or other relief, or the enforcement against such Person of
remedies, under or with respect to the applicable contract, unless such transaction or action, as the case may be and in each case, is approved by a majority of the Independent Directors. 

 

	(c)	The Board of Directors periodically reviews the Acquired Companies’ operations and assets and transactions undertaken by the Acquired Companies. If any transaction involved the acquisition of an asset from the
Manager or an Affiliate of the Manager that was not approved in advance by a majority of the Independent Directors, then the Manager may be required to repurchase the asset at the purchase price (plus closing costs) to the Company.

  

	(d)	The Manager shall at all times during the term of this Agreement (including the initial term and any renewal term) maintain “errors and omissions” insurance coverage and other insurance coverage which is
customarily carried for consultants, advisors or managers performing functions similar to those of the Manager under this Agreement with respect to businesses to the Businesses, in an amount which is comparable to that customarily maintained by
other managers of such similar businesses. 

 SECTION 8. Compensation. 

 

	(a)	 During the term of this Agreement, as the same may be extended from time to time, the Manager will receive compensation as follows: (i) for the
period from the Effective Date up to and including the Acquisition Date a monthly fee of Forty Thousand Dollars ($40,000), 

  
 9 

	 	
prorated for partial calendar months (the “Monthly Fee”) and (ii) for the period following the Acquisition Date an annual management fee (the “Management
Fee”) of One Million One Hundred Thousand Dollars ($1,100,000). The Monthly Fees shall be paid in full on the earlier to occur of the Acquisition Date and the termination or abandonment of the SPA and Manager hereby acknowledges and agrees
that such payment shall be deemed to satisfy in full any and all obligations for monies owing to the Manager prior to Acquisition Date for services performed for and/or on behalf of the Company. The Management Fee shall be calculated and paid
quarterly in arrears on the last business day of each calendar quarter during the term of this Agreement, provided that the first such installment shall be prorated for the days remaining in the calendar quarter following the Acquisition
Date. The Management Fee shall be adjusted in arrears (iii) on each anniversary of the Acquisition Date to equal (A) a fraction equal to (1) the total annual revenues of the Acquired Companies, on a consolidated basis, for the
Contract Year just ended, divided by (2) the total annual revenues of the Manager, on a consolidated basis, for the same period multiplied by (B) the actual base salaries and benefit costs of the following employees of the
Manager for such period (or the functional equivalent thereof): Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, General Counsel, Chief Information Officer, Vice President of Production, Controller, Vice President of Human
Resources and Vice President of Sales and Marketing plus (C) the sum of the actual compensation (inclusive of base salaries, bonuses and benefit costs) for one IT employee and two corporate finance employees who will be dedicated
solely to the Businesses (in the case of each of clauses (B) and (C), subject to reasonable increases), and (iv) any increases in out-of-pocket third party costs included in the Management Fee that are actually or anticipated to be
incurred by the Manager directly in connection with providing or obtaining the services hereunder, such adjustments being made pursuant to Section 8(b) below. Each consecutive 12 month period following the Acquisition Date or any anniversary
thereof during the term of this Agreement is referred to as a “Contract Year”. Notwithstanding anything to the contrary herein, the Management Fee shall not be increased to an amount greater than $1,210,000 per annum without the
prior written approval of the Board of Directors. 

  

	(b)	The Manager shall compute any adjustment, (i) as provided in Section 8(a)(iii) above, with respect to the Management Fee for the Contract Year just ended, within 30 days after the end of the Contract Year with
respect to which such Management Fee was paid and as provided in Section 8(a)(iv) above, with respect to any installment of the Management Fee, within 15 days after the end of the calendar quarter with respect to which such installment is paid.
A copy of the computations made by the Manager to calculate such adjustments shall thereafter, for informational purposes only, promptly be delivered to the Board of Directors or such person designated by the Board of Directors to receive such
computations and, upon such delivery, payment of such adjustment of the Management Fee shown therein shall be due and payable no later than the earlier to occur of (i) the date on which the next upcoming installment is payable and (ii) the
date which is two (2) business days after the date of delivery to the Board of Directors of such computations. 

  

	(c)	 In addition to the Management Fee otherwise payable hereunder, the Company shall pay the Manager annual incentive compensation (the “Incentive
Compensation”) within 90 days following the end of each of the Company’s full or partial fiscal years during the term equal to 12.5% of the EBIDTA of LMG on a consolidated basis, for the fiscal year just ended (as reflected on
LMG’s audited financial statements for such fiscal year and normalized for any partial fiscal year) that is in excess of the EBIDTA of LMG, on a consolidated basis, as 

  
 10 

	 	
reflected in the Annual Budget for such fiscal year (normalized for any partial fiscal year), as such EBITDA is approved by LMG’s Board of Directors and reasonably agreed to by the Manager.
The Incentive Compensation shall be earned and accrued throughout the fiscal year; provided, however, that the Incentive Compensation payment shall be calculated with respect to the partial fiscal year beginning on the Acquisition Date
and normalized as provided above. 

  

	(d)	The Company and GateHouse Media Ventures, Inc. d/b/a Propel Marketing agree to use commercially reasonable efforts to enter into an agreement whereby Propel Marketing will provide digital marketing services to the
Acquired Companies following the Acquisition Date at the prevailing rates. It being understood that the final terms and conditions of such agreement shall be in form and substance acceptable to the Board of Directors and Propel Marketing Services in
each party’s sole and absolute discretion. 

  

	(e)	The obligation of the Company to pay the unpaid portion of the Management Fee and the unpaid portion of Incentive Compensation, if any, shall survive the expiration or earlier termination of this Agreement.

 SECTION 9. Expenses of the Company. The Company shall pay all of its expenses and shall reimburse the Manager (or at the
Manager’s request, pay directly) for documented out-of-pocket expenses of the Manager incurred on behalf of the Company or the Acquired Companies’ that are not included as part of the Management Fee (collectively, the
“Expenses”). Expenses include all reasonable costs and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the following: 

 

	(a)	Expenses in connection with the transaction costs incident to the acquisitions, disposition and financing of assets in the ordinary course or any Businesses development activity; 

 

	(b)	travel and other Expenses incurred by managers, officers, employees and agents of the Manager in connection with the Businesses; 

  

	(c)	Expenses of legal, accounting, tax, auditing, administrative and other similar services rendered for the Acquired Companies by providers retained by the Manager; 

 

	(d)	Expenses of liability insurance to indemnify the Acquired Companies’ directors and officers; 

  

	(e)	Expenses associated with any computer software or hardware that is used solely for the Acquired Companies or to the extent used for the Acquired Companies; 

 

	(f)	Expenses incurred in contracting with third parties, including Affiliates of the Manager, for the servicing and special servicing of assets or operations of the Acquired Companies; 

 

	(h)	Expenses relating to the Businesses, including, without limitation, Expenses of acquiring, owning, protecting, maintaining, developing and disposing of the Acquired Companies’ assets, including appraisal,
reporting, audit and legal fees; 

  

	(i)	all insurance Expenses incurred in connection with the operation of the Acquired Companies and the Businesses except for the costs attributable to the insurance that the Manager elects or is required to carry for itself
and its employees; 

  
 11 

	(j)	Expenses relating to any office or office facilities maintained for the Acquired Companies or any of their respective operations separate from the office or offices of the Manager; and 

 

	(k)	all other Expenses incurred by the Manager which are determined by an executive officer of the Manager as reasonably necessary for the performance by the Manager of its duties and functions under this Agreement.

 Without regard to the amount of compensation received under this Agreement by the Manager, the Manager shall bear the following expenses
(which are included as part of the Management Fee): (i) wages and salaries of the Manager’s officers and employees; (ii) rent attributable to the space occupied by the Manager; and (iii) all other customary “overhead”
expenses of the Manager. 
 SECTION 10. Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses of the Acquired
Companies and the Expenses incurred by the Manager on behalf of the Company during each calendar month, and shall deliver such statement to the Company within 20 days after the end of each calendar month. Expenses incurred by the Manager on behalf
of the Acquired Companies shall be reimbursed monthly to the Manager on the tenth business day of the month immediately following the date of delivery of such statement. 

SECTION 11. Limits of Manager Responsibility; Indemnification. 
  

	(a)	 The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith and shall
not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its members, managers,
officers, affiliates, consultants, agents and employees will not be liable to the Company or the Acquired Companies, to the Board of Directors, or the Company’s or any Acquired Companies’ stockholders or partners for any acts or omissions
by the Manager, its members, managers, officers, affiliates, consultants, agents or employees, pursuant to or in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless
disregard of the Manager’s duties under this Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its members, managers, officers, affiliates, consultants, agents and employees and each other
Person, if any, controlling the Manager (each, a “Manager Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable
attorneys’ fees) in respect of or arising from any acts or omissions of such Manager Indemnified Party made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Manager Indemnified
Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. The Company will reimburse any Manager Indemnified Party for all reasonable costs and expenses (including
reasonable attorneys’ fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim for which the Manager Indemnified Party would be entitled to indemnification
under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Manager Indemnified Party is a party hereto, provided that, subject to the following sentence, the Company shall be entitled to assume the
defense thereof at its own expense, with counsel satisfactory to such Manager Indemnified Party in its 

  
 12 

	 	
reasonable judgment. Any Manager Indemnified Party may, at its own expense, retain separate counsel to participate in such defense, and in any action, claim or proceeding in which the Company, on
the one hand, and an Manager Indemnified Party, on the other hand, is, or is reasonably likely to become, a party, such Manager Indemnified Party shall have the right to employ separate counsel at the Company’s expense and to control its own
defense of such action, claim or proceeding if, in the reasonable opinion of counsel to such Manager Indemnified Party, a conflict or potential conflict exists between the Company, on the one hand, and such Manager Indemnified Party, on the other
hand, that would make such separate representation advisable. The Company agrees that it will not, without the prior written consent of the applicable Manager Indemnified Party, settle, compromise or consent to the entry of any judgment in any
pending or threatened claim, action or proceeding relating to the matters contemplated hereby (if any Manager Indemnified Party is a party thereto or has been actually threatened to be made a party thereto) unless such settlement, compromise or
consent includes a reasonably acceptable release of the applicable Manager Indemnified Party and each other Manager Indemnified Party from all liability arising or that may arise out of such claim, action or proceeding. Provided that the Company is
not in breach of its indemnification obligations hereunder, no Manager Indemnified Party shall settle or compromise any claim subject to indemnification hereunder without the prior written consent of the Company. 

 

	(b)	The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its shareholders, directors, officers and employees and each other Person, if any, controlling the Company (each, a
“Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the
Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement. 

 SECTION 12. No
Joint Venture. Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them. 

SECTION 13. Term; Termination Without Cause. 
  

	(a)	Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until the second anniversary of the Acquisition Date, and thereafter this Agreement shall be deemed renewed
automatically for additional consecutive two-year periods unless a majority of the Board of Directors deliver to the Manager a notice of the Company’s intent to terminate this Agreement at least 30 days prior to renewal date. 

 

	(b)	In the event that this Agreement is terminated in accordance with the provisions of Section 13(a) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a
termination fee (the “Termination Fee”) equal to the sum of (i) the average of the current Management Fee for the previous three full Contract Years (or such lesser number of full Contract Years as have elapsed) and
(ii) all accrued but unpaid Incentive Compensation (including for the then current fiscal year). The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

  
 13 

	(c)	At least thirty (30) days prior to the end of the initial term or any renewal term after the end of the initial term, the Manager may deliver written notice to the Company informing it of the Manager’s
intention not to renew the Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the end of the then current initial term or renewal term, as the case may be. 

 

	(d)	In addition, the Manager may at any time, deliver written notice to the Company terminating this Agreement (and specifying the effective termination date) if so ordered by court processes or orders. In such event the
Manager will make commercially reasonable efforts to give the Company advance notice. Upon such termination, the Company shall pay the Manager, on the date on which the termination is effect, all additional amounts owed to the Manager, including but
not limited to all accrued but unpaid Incentive Compensation (including for the then current fiscal year). 

  

	(e)	This Agreement will terminate automatically, without further action by any party, if (i) the SPA is terminated or abandoned or (ii) the Acquired Companies or the Businesses are merged with or the assets of
which are otherwise combined with or into the Manager. 

  

	(f)	This Agreement will terminate at the election of the Board of Directors in their sole discretion if a Manager Change of Control shall have occurred or will occur with the passage of time without giving effect to closing
conditions or other contingencies if the Manager has entered into a definitive agreement a result of which will be a Manager Change of Control if the subject transaction is consummated. 

 

	(g)	If this Agreement is terminated pursuant to this Section 13, such termination shall be without any further liability or obligation of either party to the other, except as provided in Sections 13(b) and (d) and
Section 16 of this Agreement. In addition, Section 11 of this Agreement shall survive termination of this Agreement. 

  

	(h)	The Termination Fee is in addition to, and not in lieu of, all other compensation earned or accrued by the Manager through the effective termination date. 

Notwithstanding anything to the contrary herein, no Termination Fee shall be due and payable in the event this Agreement is terminated pursuant to clause
(e) or (f) above or Section 14(a) below. 
 SECTION 14. Assignment. 

 

	(a)	Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Manager, and any attempted assignment shall be null
and void unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is
bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as
Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, and any attempted assignment shall be null and void; provided, however, that the Company may assign this agreement to LMG on
or after the Acquisition Date without the consent of the Manager. 

  
 14 

	(b)	Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under this Agreement to any of its Affiliates in accordance with the terms of this Agreement
applicable to any such subcontract or assignment, and the Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing
contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 

SECTION 15. Termination for Cause. 
  

	(a)	The Company may terminate this Agreement effective upon five (5) days prior written notice of termination from the Company to the Manager, without payment of any Termination Fee, if any act of fraud,
misappropriation of funds, or embezzlement against the Company or the Acquired Companies or other willful violation of this Agreement by the Manager in its corporate capacity (as distinguished from the acts of any employees of the Manager which are
taken without the complicity of any of the Manager) under this Agreement or in the event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement. 

 

	(b)	The Manager may terminate this Agreement immediately upon written notice of termination of the Company in the event that the Company shall default in the payment of any fees or other amounts owed to the Manager under
this Agreement and such default shall continue for a period of fifteen (15) days after written notice thereof specifying such default and requesting that the same be remedied in such fifteen (15) day period. The Manager may terminate this
Agreement effective upon sixty (60) days prior written notice of termination to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and
such default shall continue for a period of thirty (30) days after written notice thereof specifying such default and requesting that the same be remedied in such thirty (30) day period. 

 

	(c)	In the event that this Agreement is terminated for any reason, including pursuant to Section 13 or Section 15, the Company shall remain liable to pay the Manager all unpaid Monthly Fees, Management Fees,
Incentive Compensation, and Expenses earned or accrued through the effective termination date, as well as, if applicable, the Termination Fee. 

SECTION 16. Action Upon Termination. 
 From and after the
effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services or reimbursement of expenses under this Agreement, but shall be paid all
compensation (Monthly Fees, Management Fee and Incentive Compensation), and Expenses, in each case accruing or earned to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee.
Upon such termination, the Manager shall forthwith: 

  
 15 

	(a)	after deducting any accrued but unpaid Monthly Fees, Management Fees, Incentive Compensation, Expenses, and Termination Fees, if any to which it is then entitled, pay over to the Company or the Acquired Companies all
money collected and held for the account of or owed to the Company or the Acquired Companies pursuant to this Agreement; 

  

	(b)	deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting
furnished to the Board of Directors with respect to the Acquired Companies through the date on which the report is furnished to the Board of Directors; and 

  

	(c)	deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

SECTION 17. Books and Records. Each of the Company and the Manager shall keep true and complete books and records in which all EBTIDA and
expenses of the Acquired Companies and other fee-generating or cost-reimburseable activities shall be reflected along with the amounts payable to the other party under the terms of this Agreement. Each party shall maintain such books and records
with respect to each month during the term and for a period of at least three years after the end of such month. During the term and for a period of one year after the last month in which any party is obligated to pay fees, expenses or compensation
to the other hereunder, such party (the “Examining Party”) shall have the right, at its expense and upon reasonable notice to the other party (the “Examined Party”), to examine, or have examined by its authorized
representative, the Examined Party’s books and records, at the Examined Party’s principal place of business, in order to determine or verify amounts due, and the accuracy of any reports furnished by the Examined Party to the Examining
Party under this Agreement. The Examining Party shall not make any such examination more than twice in any calendar year. In the event that an error is discovered in the calculation of the amounts payable to the Examining Party, the party that
received the benefit of the error shall promptly thereafter pay to the other the amount of overpayment or underpayment, as the case may be. An underpayment on an error in such calculation shall not be deemed to be a breach of this Agreement so long
as the calculation was made in good faith. If any underpayment by the Examined Party for a period examined by the Examining Party is 20% or more, the Examined Party shall pay the Examining Party’s reasonable out-of-pocket costs with respect to
such examination and the next subsequent reexamination. Receipt or acceptance by any party of any statement, or any of the sums paid hereunder, shall not preclude such party from challenging the correctness of a statement, or any part or portion
thereof, at any time. 
 SECTION 18. Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of
the Acquired Companies held by the Manager under this Agreement shall be held by the Manager as custodian for the Acquired Companies, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or
other property by the Acquired Companies. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Acquired Companies any money or other property then held by
the Manager for the account of the Acquired Companies under this Agreement, the Manager shall release such money or other property 

  
 16 

 
to the Acquired Companies within a reasonable period of time, but in no event later than sixty (60) days following such request. The Manager shall not be liable to the Company, any
Subsidiary, any Director or the Company’s or the Acquired Companies stockholders or partners for any acts performed or omissions to act by the Company or the Acquired Companies in connection with the money or other property released to the
Acquired Companies in accordance with the first sentence of this Section 18. The Company and any Subsidiary shall indemnify the Manager and its members, managers, officers, affiliates, consultants, agents and employees against any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Acquired Companies in accordance with the terms of this
Section 18. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 11 of this Agreement. 

SECTION 19. Notices. Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or
permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (a) personal delivery, (b) delivery by reputable overnight courier,
(c) delivery by facsimile transmission against answerback, (d) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

	 	(a)	If to Company: 

 Local Media Group Holdings LLC 

c/o FIG LLC 
 1345 Avenue of the
Americas 
 46th Floor 

New York, New York 10105 

Attention: Mr. Cameron MacDougall 

Attention: Mr. Ken Riis 
  

	 	(b)	If to the Manager: 

 GateHouse Media, Inc. 

350 WillowBrook Office Park 

Fairport, New York 14450 

Attention: Mr. Mike Reed 

Attention: Ms. Polly Sack 
 Either party
may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 19 for the giving of notice. 

SECTION 20. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

  
 17 

 SECTION 21. Entire Agreement; Conflicts. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified
or amended other than by an agreement in writing. 
 SECTION 22. Controlling Law. 

This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and
enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 

SECTION 23. Indulgences Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
 SECTION 24. Titles Not to Affect Interpretation. The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement. 

SECTION 25. Preparation of Agreement. This Agreement was drafted and entered into after careful review and upon the advice of competent counsel; it
shall not be construed more strongly for or against either party. 
 SECTION 26. Consents. Except where expressly indicated that an agreement,
approval or consent is in the sole or unilateral discretion of a party, no agreement, approval or consent under this Agreement shall be unreasonably withheld or delayed. 

SECTION 27. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 SECTION 28. Provisions Separable. The provisions of this Agreement
are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 18 

 SECTION 29. Gender. Words used herein regardless of the number and gender specifically used, shall be
deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

Remainder of page left intentionally blank 

  
 19 

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

  

			
	 COMPANY:
 LOCAL MEDIA
GROUP HOLDINGS LLC

		
	By:	 	/s/ Jonathan Brown
	    Name:	 	Jonathan Brown
	    Title:	 	Interim Chief Financial Officer

  

			
	 MANAGER:
 GATEHOUSE MEDIA,
INC.

		
	By:	 	/s/ Michael E. Reed
	    Name:	 	Michael E. Reed
	    Title:	 	Chief Executive Officer

  
 20

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