Document:

Letter Agreement

 Exhibit 10.1 

April 20, 2010 

Vitamin Shoppe Industries Inc. 

2101
91st Street 

North Bergen, NJ 07047 

Attention: Vice President of Finance 

VS Direct Inc. 
 2101 91
st Street 

North Bergen, NJ 07047 
 Attention: Vice
President of Finance 
 Vitamin Shoppe, Inc. (f/k/a VS Holdings, Inc.) 

2101
91st Street 

North Bergen, NJ 07047 

Attention: Vice President of Finance 
  

	Re:	 Loan and Security Agreement dated as of September 25, 2009 (the “Loan Agreement”) executed by Vitamin Shoppe Industries
Inc., a New York corporation (“VSI”), VS Direct Inc., a Delaware corporation (“VSD”, together with VSI, the “Borrowers”), Vitamin Shoppe, Inc. (f/k/a VS Holdings, Inc.), a
Delaware corporation (the “Guarantor”) and JPMorgan Chase Bank, N.A., a national banking association, in its capacity as agent (in such capacity, the “Agent”) for the Lenders (as defined in the Loan
Agreement). Capitalized terms used herein shall have the meaning given to them in the Loan Agreement, unless otherwise defined herein. 

Ladies and Gentlemen: 

For and in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, and in reliance on the representations, warranties covenants and agreements contained in this letter agreement, the Agent, the Lenders party hereto, the Guarantor and the Borrowers hereby agree, effective as of the date hereof, to
amend the following: 
 1. Definition of Eligible Inventory. Clauses (f) and (j) of the
definition of “Eligible Inventory” in Section 1.61 of the Loan Agreement are hereby amended and restated to read in full as follows: 

“(f) Inventory located (1) at premises other than a premise which is owned or leased by any Borrower or
(2) in any third party warehouse or in the possession of a bailee (other than a third Party processor) unless Agent has received a Collateral Access Agreement in respect of such premises on terms and conditions reasonably satisfactory to Agent
(Inventory of any Borrower which is in-transit from any location of Borrower permitted herein to another such location shall be considered Eligible Inventory, provided, that, it otherwise satisfies the criteria for Eligible Inventory set forth
herein and is not in-transit more than ten (10) consecutive days; provided, further, that, the aggregate amount of Eligible Inventory consisting of in-transit Inventory shall not exceed the amount equal to ten percent (10%) of the Value of
all Inventory of Borrowers at such time);” 
 “(j) Inventory that is not subject to the first priority,
valid and perfected security interest of Agent except in the case of those non-consensual statutory liens described in Section 9.8(c)(i) hereof and landlord, warehousman or similar liens (i) in respect of which Agent has established
a Reserve (if and only to the extent establishment of a Reserve is permitted by the terms hereof) or (ii) for which no Reserve is provided by the terms hereof, or (iii) in respect of which premises Agent has received a Collateral Access
Agreement pursuant to which the landlord, warehousman or bailee, as applicable, has either waived or subordinated its lien on terms and conditions reasonably satisfactory to Agent;” 

 2. Definition of Reserves. Clause (iv) of the definition
of “Reserves” in Section 1.152 of the Loan Agreement is hereby amended and restated to read in full as follows: 

“(iv) any amounts which are past due in respect of rental payments, service charges or other amounts which are past
due to (i) lessors of real property other than retail store locations (“Non-Retail Store Locations”) or (ii) consignees, warehousemen or bailees of Inventory or personal property (“Warehouse Locations”), to the
extent Inventory or Records are located in or on such property (but not in respect of Non-Retail Store Locations or Warehouse Locations (A) where Agent has received a Collateral Access Agreement executed and delivered by the owner and lessor of
such real property that Agent has acknowledged in writing is in form and substance satisfactory to Agent or (B) which do not (1) contain Records relating to Receivables or Inventory or (2) in which either no Inventory or Inventory
having a Value of less than $100,000 is located), provided, that, notwithstanding, the foregoing Agent may, at its option, establish Reserves in respect of amounts at any time due or to become due to the owner and operator of such Non-Retail
Store Location and Warehouse Location as Agent shall reasonably determine in the event that any of the following shall occurred: (A) an Event of Default shall have occurred and be continuing, (B) any Borrower, Guarantor or Agent shall have
received notice of any event of default under (i) the lease with respect to such Non-Retail Store Location or (ii) the bailee or warehouse agreement with respect to such Warehouse Location or (C) any Borrower or Guarantor has granted
to the lessor, consignee, warehousemen or bailee a consensual security interest or lien upon any assets of such Borrower or Guarantor (unless such security interest is waived or subordinated to the security interest of Agent on terms and conditions
reasonably satisfactory to Agent),” 
 3. Definition of Maximum Credit. The definition of
“Maximum Credit” in Section 1.123 of the Loan Agreement is hereby amended and restated to read in full as follows: 

““Maximum Credit” shall mean the amount of $70,000,000 (subject to adjustment as provided in
Section 2.3 and as provided in the definition of Reserves).” 
 4. Commitment of Chase
Lincoln First Commercial Corporation. The reference to the Commitment amount of Chase Lincoln First Commercial Corporation appearing in the Loan Agreement under its signature line is hereby amended by deleting “$50,000,000” and
replacing it entirely with “$70,000,000”. 
 To induce Lenders and the Agent to enter into this letter
agreement, the Guarantor and the Borrowers hereby represent and warrant to Lenders and the Agent as follows: 

(a) Reaffirm Existing Representations and Warranties. Each representation and warranty of the
Guarantor and the Borrowers contained in the Loan Agreement and the other Financing Agreements is true and correct in all material respects on the date hereof, except to the extent any such representation or warranty are expressly stated as of a
certain date, in which case such representations and warranties shall have been true and correct in all material respects as of such date. 

(b) No Default or Event of Default. No Default or Event of Default has occurred which is continuing
on the date hereof. 
 As a condition precedent to the effectiveness of the amendment to the Loan Agreement
contained in this letter agreement, the Guarantor and the Borrowers shall have delivered to the Agent the following: 

(a) Resolutions. Resolutions of each of the Borrowers and the Guarantor approving and consenting to
this letter agreement, including but not limited to the increase in the Commitment. 
 (b)
Arrangement Fee. A one time arrangement fee of $50,000.00 payable on the date the Borrowers, the Guarantor, the Agent and Lenders execute this letter agreement. 

(c) Other Documents. Such other documents, instruments and agreements, as the Agent may reasonably
require in connection with this letter agreement and the transactions contemplated hereby. 

 The amendment contained herein to the definition of “Maximum
Credit” increasing the Commitment amount shall be deemed as one of the two permitted requests under Section 2.3(c) of the Loan Agreement. The Guarantor and the Borrowers hereby agree to pay on demand all reasonable fees and expenses
incurred by the Agent (including, without limitation, reasonable fees and expenses of counsel to the Agent) in connection with the preparation, negotiation and execution of this letter agreement and all related documents. This letter agreement may
be executed in counterparts, and all parties need not execute the same counterpart; however, no party shall be bound by this letter agreement until a counterpart hereof has been executed by the Guarantor, the Borrowers and Lenders; facsimiles or
other electronic transmission (e.g., pdf) shall be effective as originals. THIS LETTER AGREEMENT REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES REGARDING THE MATTERS SET FORTH HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. This letter agreement constitutes a “Financing Agreement” under and as defined in Section 1.78 of the Loan Agreement and this
letter agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction
other than the laws of the State of New York. 
 If you are in agreement with the foregoing, please execute this
letter agreement in the space indicated below and return an executed counterpart of this letter to Vinson & Elkins L.L.P., counsel to the Agent, at 2001 Ross Ave., Suite 3700, Dallas, Texas 75201, attn: Lateefat Adediran. (ph. 214-220-7889,
and fax 214-999-7889). This letter agreement will constitute a valid and binding agreement of the Borrowers, the Guarantor, the Lenders and the Agent (on behalf of the Lenders) when counterparts of this letter agreement have been executed and
delivered by each Borrower, the Guarantor and the Required Lenders (as defined in the Loan Agreement). It is not necessary that all signatures appear on the same counterpart. Facsimiles are effective as originals. 

[Signature Page Follows] 

			
	Very truly yours,
	
	JPMORGAN CHASE BANK, N.A.,
	as the Agent
		
	By:	 	 /s/ Kim X. Nguyen

	 Name:
	 	 Kim X. Nguyen

	 Title:
	 	Vice President
	
	CHASE LINCOLN FIRST COMMERCIAL CORPORATION, as a Lender
		
	By:	 	 /s/ Joseph M. Callahan

	 Name:
	 	 Joseph M. Callahan

	 Title:
	 	Senior Credit Executive

 [Signature
Page—Amendment Letter to Loan Agreement] 

			
	VITAMIN SHOPPE INDUSTRIES INC.
		
	By:	 	 /s/Richard L. Markee

	 Name:
	 	 Richard L. Markee

	 Title:
	 	CEO—Chairman
	
	VS DIRECT INC.
		
	By:	 	 /s/ Richard L. Markee

	 Name:
	 	 Richard L. Markee

	 Title:
	 	CEO - Chairman
	
	VITAMIN SHOPPE, INC.
		
	By:	 	 /s/ Richard L. Markee

	 Name:
	 	 Richard L. Markee

	 Title:
	 	CEO—Chairman

 [Signature
Page—Amendment Letter to Loan Agreement]Fifth Supplemental Indenture

 Exhibit 10.1 

EXECUTION COPY 
  

 
 FIFTH SUPPLEMENTAL INDENTURE

 Dated as of April 30, 2010 

Among 

TICKETMASTER ENTERTAINMENT LLC, 

TICKETMASTER NOTECO, INC. 

The Guarantors Party Hereto 

And 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

 

 THIS FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”),
entered into as of April 30, 2010, among TICKETMASTER ENTERTAINMENT LLC, a Delaware limited liability company (the “LLC Issuer”), TICKETMASTER NOTECO, INC., a Delaware corporation (the “Corp
Issuer,” and, collectively with the LLC Issuer, the “Issuers”), the guarantors party hereto (the “Guarantors”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the
“Trustee”). 
 RECITALS 

WHEREAS, the Issuers, the guarantors named therein and the Trustee are parties to an Indenture, dated as of July 28, 2008, as
supplemented by the First Supplemental Indenture, dated as of August 20, 2008, the Second Supplemental Indenture, dated as of April 30, 2009, the Third Supplemental Indenture, dated as of July 23, 2009, and the Fourth Supplemental
Indenture, dated as of January 25, 2010 (as so supplemented, the “Indenture”), relating to the Issuers’ 10.75% Senior Notes due 2016 (the “Notes”); 

WHEREAS, pursuant to that certain consent solicitation statement dated April 22, 2010 (the “Consent Solicitation
Statement”), Live Nation Entertainment, Inc. (the “Parent”) solicited the consents of the holders of the Notes to certain proposed amendments; 

WHEREAS, the approval of the holders of a majority of the aggregate principal amount of the Notes outstanding is sufficient to amend the
terms of the Indenture as set forth herein; 
 WHEREAS, having received the approval of the holders of at least a majority of
the aggregate principal amount of the Notes outstanding pursuant to Section 9.02 of the Indenture, the Issuers and the Trustee desire to amend the Indenture, as provided hereinafter; and 

WHEREAS, the Issuers and the Guarantors have requested that the Trustee execute and deliver this Fifth Supplemental Indenture; and

 WHEREAS, all things necessary have been done to make this Fifth Supplemental Indenture, when executed and delivered by the
Issuers and the Guarantors, the legal, valid and binding agreement of the Issuers and the Guarantors, in accordance with its terms. 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to
this Fifth Supplemental Indenture hereby agree as follows: 
 ARTICLE I 

Section 1.1 Capitalized Terms. Capitalized terms used herein and not otherwise amended or defined herein are used as defined
in the Indenture. 
 Section 1.2 Deletion of Certain Definitions. Each of the following definitions set forth in
Section 1.01 of the Indenture is hereby deleted in its entirety and all references in the Indenture to such definitions shall also be deleted in their entirety: 
  

	 	•	 	 Domestic Cash Amount; 

  

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	 	•	 	 Foreign Cash Amount; 

  

	 	•	 	 Permitted Holder; 

  

	 	•	 	 Specified Affiliate Payments; and 

  

	 	•	 	 Spin Off. 

Section 1.3 Addition of Certain Definitions. Each of the following definitions is hereby added in its entirety to the
Indenture: 
  

	 	•	 	 “Acquisition” means the acquisition of Ticketmaster Entertainment, Inc. by Live Nation Entertainment, Inc.;

  

	 	•	 	 “Designated Preferred Stock” means Preferred Equity Interests of the Issuer (other than Disqualified Stock), that is issued for cash
(other than to any of the Issuer’s Subsidiaries or an employee stock plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the date
of issuance thereof, the cash proceeds of which are excluded from the calculation set forth in clause (3) of Section 4.07(a); 

  

	 	•	 	 “Fair Market Value” means the value (which, for the avoidance of doubt, will take into account any liabilities associated with related
assets) that would be paid by a willing buyer to an unaffiliated willing seller in an arm’s length transaction not involving distress or compulsion of either party, determined in good faith by the Board of Directors of the Issuer (unless
otherwise provided in this Indenture); 

  

	 	•	 	 “Investment Grade Securities” means: 

(a) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition; 
 (b) securities
that have a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or an equivalent rating by any other “nationally recognized statistical rating organization” within the meaning of
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act; 
 (c) investments in any fund that invests at least 95% of its assets in
investments of the type described in clauses (a) and (b) which fund may also hold immaterial amounts of cash pending investment and/or distribution; and 

 

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 (d) corresponding instruments in countries other than the United States customarily
utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition; and 
  

	 	•	 	 “New Notes” means Live Nation Entertainment, Inc.’s
8 1/8% Senior Notes due 2018.

 Section 1.4 Amendment of Certain Definitions. Each of the following definitions set
forth in Section 1.01 of the Indenture is hereby deleted in its entirety and replaced with the following: 
  

	 	•	 	 “Acquired Debt” means, with respect to any specified person, Indebtedness of any other Person existing at the time such other Person
merges with or into or becomes a Subsidiary of such specified Person or is a Subsidiary of such other Person at the time of such merger or acquisition, or Indebtedness incurred by such Person in connection with the acquisition of assets;

  

	 	•	 	 “Asset Sale” means any sale, issuance, conveyance, transfer, lease, assignment or other disposition by the Issuer or any Restricted
Subsidiary to any Person other than the Issuer or any Restricted Subsidiary (including by means of a merger or consolidation or through the issuance or sale of Equity Interests of Restricted Subsidiaries (other than Preferred Equity Interests of
Restricted Subsidiaries issued in compliance with Section 4.09 and other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or third parties to the extent required by applicable law)
(collectively, for purposes of this definition, a “transfer”)), in one transaction or a series of related transactions, of any assets of the Issuer or any of its Restricted Subsidiaries (other than sales of inventory and other
transfers in the ordinary course of business). For purposes of this definition, the term “Asset Sale” shall not include: 

(a) transfers of cash or Cash Equivalents; 

(b) transfers of assets of the Issuer (including Equity Interests) that are governed by, and made in accordance with, the first paragraph
of Section 5.01; 
 (c) Permitted Investments and Restricted Payments not prohibited under Section 4.07; 

(d) the creation of or realization on any Lien not prohibited under this Indenture; 

(e) transfers of damaged, worn-out or obsolete equipment or assets that, in the Issuer’s reasonable judgment, are no longer used or
useful in the business of the Issuer or its Restricted Subsidiaries; 
  

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 (f) sales or grants of licenses or sublicenses to use the patents, trade secrets, know-how
and other intellectual property, or abandonment thereof, and licenses, leases or subleases of other assets, of the Issuer or any Restricted Subsidiary to the extent not materially interfering with the business of Issuer and the Restricted
Subsidiaries; 
 (g) any transfer or series of related transfers that, but for this clause, would be Asset Sales, if the
aggregate Fair Market Value of the assets transferred in such transaction or series of related transactions does not exceed $10.0 million; 

(h) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 

(i) the sale, transfer or other disposition of Hedging Obligations incurred in accordance with this Indenture; 

(j) sales of assets received by the Issuer or any of its Restricted Subsidiaries upon the foreclosure on a Lien; 

(k) the sale of any property in a sale-leaseback transaction within six months of the acquisition of such property; and 

(l) (i) any loss or destruction of or damage to any property or asset or receipt of insurance proceeds in connection therewith or
(ii) any institution of a proceeding for, or actual condemnation, seizure or taking by exercise of the power of eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the use of
such property or asset or settlement in lieu of the foregoing; 
  

	 	•	 	 “Change of Control” means the occurrence of one or more of the following events: 

(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the
Exchange Act and the rules of the Commission thereunder as in effect on the date of this Indenture) of Equity Interests representing more than 50% (on a fully diluted basis) of the total voting power represented by the issued and outstanding Equity
Interests of the Issuer then entitled to vote in the election of the Board of Directors of the Issuer generally; or 
 (b) there
shall be consummated any share exchange, consolidation or merger of the Issuer pursuant to which the Issuer’s Equity Interests entitled to vote in the election of the Board of Directors of the Issuer generally would be converted into cash,
securities or other property, or the Issuer sells, assigns, conveys, transfers, leases or otherwise disposes 
  

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of all or substantially all of its assets, in each case other than pursuant to a share exchange, consolidation or merger of the Issuer in which the holders of the Issuer’s Equity Interests
entitled to vote in the election of the Board of Directors of the Issuer generally immediately prior to the share exchange, consolidation or merger have, directly or indirectly, at least a majority of the total voting power in the aggregate of all
classes of Equity Interests of the continuing or surviving entity entitled to vote in the election of the Board of Directors of such person generally immediately after the share exchange, consolidation or merger. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or
indirect wholly-owned subsidiary (the “Sub Entity”) of a holding company and (2) holders of securities that represented 100% of the voting power of the Equity Interests of the Issuer immediately prior to such transaction (or
other securities into which such securities are converted as part of such merger or consolidation transaction), other than holders receiving solely cash in lieu of fractional shares, own directly or indirectly at least a majority of the voting power
of the Equity Interests of such holding company (and no person or group owns, directly or indirectly, a majority of the voting power of the Equity Interests of such holding company); provided that, upon the consummation of any such
transaction, “Change of Control” shall thereafter include any Change of Control of any direct or indirect parent of the Sub Entity; 
  

	 	•	 	 “Consolidated Cash Flow” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period
(i) plus, to the extent deducted in computing Consolidated Net Income: 

 (a) provision for taxes
based on income, profits or capital; 
 (b) Consolidated Interest Expense; 

(c) Consolidated Non-Cash Charges of such Person for such period; 

(d) any extraordinary, non-recurring or unusual losses or expenses, including, without limitation, (i) salary, benefit and other
direct savings resulting from workforce reductions by such Person implemented during such period, (ii) severance or relocation costs or expenses and fees and restructuring costs of such Person during such period, (iii) costs and expenses
incurred after the date of Issue Date related to employment of terminated employees incurred by such Person during such period, (iv) costs or charges (other than Consolidated Non-Cash Charges) incurred in connection with any Equity Offering,
Permitted Investment, acquisition, disposition, recapitalization or incurrence or repayment of Indebtedness permitted under this Indenture, including a refinancing thereof, and including any such costs and charges incurred in connection

  

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with the Transactions (in each case whether or not successful), and (v) losses realized in connection with any business disposition or any disposition of assets outside the ordinary course
of business or the disposition of securities, in each case to the extent deducted in computing such Consolidated Net Income and without regard to any limitations of Item 10(e) of Regulation S-K; 

(e) any losses in respect of post-retirement benefits of such Person, as a result of the application of Financial Accounting Standards
Board Statement No. 106, to the extent that such losses were deducted in computing such Consolidated Net Income; and 
 (f)
any proceeds from business interruption insurance received by such Person during such period, to the extent the associated losses arising out of the event that resulted in the payment of such business interruption insurance proceeds were included in
computing Consolidated Net Income; 
 (ii) minus, to the extent not excluded from the calculation of Consolidated Net
Income (x) non-cash gain or income of such Person for such period (except to the extent representing an accrual for future cash receipts or a reversal of a reserve that, when established, was not eligible to be a Consolidated Non-Cash Charge)
and (y) any extraordinary, non-recurring or unusual gains or income and without regard to any limitations of Item 10(e) of Regulation S-K; 
  

	 	•	 	 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated Cash Flow of such Person
during the most recently ended four full fiscal quarters (the “Measurement Period”) ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which financial
statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Measurement Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated
Cash Flow” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

(1) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries (and the application of the
proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of
business to finance seasonal fluctuations in working capital needs pursuant to working capital facilities, occurring during the Measurement Period or at any time subsequent to the last day of the Measurement Period and on or prior to the Transaction
Date, as if such incurrence or repayment, as the case may 
  

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be (and the application of the proceeds thereof), occurred on the first day of the Measurement Period; and 

(2) (x) any Asset Sales or other dispositions or Asset Acquisitions (including, without limitation, any Asset Acquisition giving
rise to the need to make such calculation as a result of such person or one of its Restricted Subsidiaries (including any person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable
for Acquired Debt and also including any Consolidated Cash Flow attributable to the assets which are the subject of the Asset Acquisition or Asset Sale or other disposition during the Measurement Period) and (y) operational changes that the
Issuer or any of its Restricted Subsidiaries have both determined to make and have made, in each case occurring during the Measurement Period or at any time subsequent to the last day of the Measurement Period and on or prior to the Transaction
Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Debt) or operational change occurred on the first day of the Measurement Period, in each case giving
effect to any Pro Forma Cost Savings. 
 For purposes of this definition, whenever pro forma effect is to be given to any
pro forma event, the pro forma calculations will be made in good faith by a responsible financial or accounting officer of the Issuer as set forth in an Officers’ Certificate delivered to the Trustee. Furthermore, in calculating
“Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”: 

(1) interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so
determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; and 

(2) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is
covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements; 

 

	 	•	 	 “Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of:

 (1) Consolidated Interest Expense for such period; plus  

(2) the amount of all dividend payments on any series of Disqualified Stock of such Person or Preferred Equity Interest of such
Person’s 
  

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Restricted Subsidiaries (other than dividends paid in Qualified Capital Stock and other than dividends paid by a Restricted Subsidiary of such Person to such Person or to a Restricted Subsidiary
of such Person) paid, accrued or scheduled to be paid or accrued during such; minus  
 (3) the consolidated interest
income of such Person and its Restricted Subsidiaries for such period, whether received or accrued, to the extent such income was included in determining Consolidated Net Income; 

 

	 	•	 	 “Consolidated Interest Expense” means, with respect to any Person for any period, consolidated interest expense of such Person for
such period, whether paid or accrued, including amortization of original issue discount and its Restricted Subsidiaries, noncash interest payments and the interest component of Capital Lease Obligations, on a consolidated basis determined in
accordance with GAAP, but excluding amortization or write-off of deferred financing fees and expensing of any other financing fees, and the non-cash portion of interest expense resulting from the reduction in the carrying value under purchase
accounting of outstanding Indebtedness; provided that, for purposes of calculating consolidated interest expense, no effect will be given to the discount and/or premium resulting from the bifurcation of derivatives in accordance with the
Financial Accounting Standards Board Accounting Standards Codification as a result of the terms of the Indebtedness to which such consolidated interest expense applies; provided, further, that with respect to the calculation of the
consolidated interest expense of the Issuer, the interest expense of Unrestricted Subsidiaries and any Person that is not a Subsidiary shall be excluded; 

 

	 	•	 	 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, and without reduction for any dividends on Preferred Equity Interests; provided, however, that: 

(a) the Net Income of any Person that is not a Subsidiary or that is accounted for by the equity method of accounting shall be included
only to the extent of the amount of dividends or distributions paid in cash to the referent Person, in the case of a gain, or to the extent of any contributions or other payments by the referent Person, in the case of a loss; 

(b) the Net Income of any Person that is a Subsidiary that is not a Restricted Subsidiary shall be included only to the extent of the
amount of dividends or distributions paid in cash to the referent Person; 
 (c) solely for purposes of Section 4.07, the
Net Income of any Subsidiary of such person that is not a Guarantor shall be excluded to the extent that the declaration or payment of dividends or similar distributions is not at the time permitted by operation of the terms of its charter or bylaws
or 
  

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any other agreement, instrument, judgment, decree, order, statute, rule or government regulation to which it is subject; provided that the Consolidated Net Income of such Person will be
increased by the amount of dividends or distributions or other payments actually paid in cash (or converted to cash) by any such Subsidiary to such Person in respect of such period, to the extent not already included therein; 

(d) the cumulative effect of a change in accounting principles shall be excluded; 

(e) any after-tax effect of income (loss) (x) from the early extinguishment of Indebtedness or Hedging Obligations or other
derivative instruments, (y) from sales or dispositions of assets (other than in the ordinary course of business), or (z) that is extraordinary, non-recurring or unusual (without regard to any limitations of Item 10(e) of Regulation
S-K), in each case, shall be excluded; 
 (f) any non-cash compensation expense recorded from grants and periodic remeasurements
of stock appreciation or similar rights, stock options, restricted stock or other rights shall be excluded; 
 (g) any non-cash
impairment charge or asset write-off, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 

(h) any fees, expenses and other charges in connection with the Transactions or any acquisition, investment, asset disposition, issuance
or repayment of debt, issuance of Equity Interests, refinancing transaction or amendment or other modification of any debt instrument shall be excluded; and 

(i) gains and losses resulting solely from fluctuations in foreign currencies shall be excluded; 

 

	 	•	 	 “Consolidated Non-Cash Charges” means, with respect to any Person for any period, the aggregate depreciation, amortization (including
amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), impairment, compensation, rent, other non-cash expenses and write-offs and write-downs of assets (including non-cash charges, losses
or expenses attributable to the movement in the mark-to-market valuation of Hedging Obligations pursuant to Financial Accounting Standards Board Statement No. 133 or in connection with the early extinguishment of Hedging Obligations) of such
Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis and otherwise determined in accordance with GAAP, but excluding (i) any such charge which consists of or requires an
accrual of, or cash reserve for, anticipated cash charges for any future period and (ii) the non-cash impact of recording the change in fair 

 

 9 

	 	 
value of any embedded derivatives in accordance with the Financial Accounting Standards Board Accounting Standards Codification as a result of the terms of any agreement or instrument to which
such Consolidated Non-Cash Charges relate; 

  

	 	•	 	 “continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or
waived; 

  

	 	•	 	 “Credit Agreement” means the credit agreement dated the Issue Date, by and among the Live Nation Entertainment, Inc., as borrower,
certain Foreign Subsidiaries, as foreign borrowers, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent, and Goldman Sachs Credit Partners, L.P. and Deutsche Bank Trust Company Americas, as co-syndication
agents, together with the related documents thereto (including, without limitation, any guarantee agreements and security documents) as such agreement or facility may be amended (including any amendment and restatement thereof), supplemented or
otherwise modified from time to time, including any agreement exchanging, extending the maturity of, refinancing, renewing, replacing, substituting or otherwise restructuring, whether in the bank or debt capital markets (or combination thereof)
(including increasing the amount of available borrowings thereunder or adding or removing Subsidiaries as borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or facility or any successor or replacement
agreement or facility; 

  

	 	•	 	 “Credit Facilities” means one or more credit agreements or debt facilities to which Live Nation Entertainment, Inc. and/or one or more
of its Restricted Subsidiaries is party from time to time (including without limitation the Credit Agreement), in each case with banks, investment banks, insurance companies, mutual funds or other lenders or institutional investors providing for
revolving credit loans, term loans, debt securities, bankers acceptances, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or
letters of credit, in each case as such agreements or facilities may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including any agreement exchanging, extending the maturity of,
refinancing, renewing, replacing, substituting or otherwise restructuring, whether in the bank or debt capital markets (or combination thereof) (including increasing the amount of available borrowings thereunder or adding or removing Subsidiaries as
borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or facility or any successor or replacement agreement or facility; 

 

	 	•	 	 “Existing Indebtedness” means any Indebtedness (other than the Notes and the Guarantees) of the Issuer and its Subsidiaries in
existence on the Issue Date after giving effect to the consummation of the Transactions; 

  

 10 

	 	•	 	 “Issue Date” means May 6, 2010; 

 

	 	•	 	 “Permitted Investments” means: 

(a) Investments in the Issuer or in a Restricted Subsidiary; 

(b) Investments in Cash Equivalents, Marketable Securities and Investment Grade Securities; 

(c) any guarantee of obligations of the Issuer or a Restricted Subsidiary permitted by Section 4.09; 

(d) Investments by the Issuer or any of its Subsidiaries in a Person if, as a result of such Investment: (i) such Person becomes a
Restricted Subsidiary or (ii) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, us or a Restricted Subsidiary; 

(e) Investments received in settlement of debts and owing to the Issuer or any of its Restricted Subsidiaries, in satisfaction of
judgments, in a foreclosure of a Lien, or as payment on a claim made in connection with any bankruptcy, liquidation, receivership or other insolvency proceeding; 

(f) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any Investment consisting of an
extension, modification, renewal, replacement, refunding or refinancing of any Investment existing on, or made pursuant to a binding commitment existing on, the Issue Date; provided that the amount of any such Investment may be increased (i) as
required by the terms of such Investment as in existence on the Issue Date or (ii) as otherwise permitted under this Indenture; 

(g) Investments in any Person to the extent such Investment represents the non-cash portion of the consideration received for an Asset
Sale that was made pursuant to and in compliance with Section 4.10 or for an asset disposition that does not constitute an Asset Sale; 

(h) loans or advances or other similar transactions with customers, distributors, clients, developers, suppliers or purchasers or sellers
of goods or services, in each case, in the ordinary course of business, regardless of frequency; 
 (i) other Investments in an
amount not to exceed the greater of $100.0 million and 2.0% of Consolidated Total Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in
value), at any one time outstanding for all Investments made 
  

 11 

 
after the Issue Date; provided, however, that if any Investment pursuant to this clause (i) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making
of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have been made pursuant to this
clause (i) for so long as such Person continues to be a Restricted Subsidiary; 
 (j) any Investment solely in exchange
for, or made with the proceeds of, the issuance of the Issuer’s Qualified Capital Stock; 
 (k) any Investment in
connection with Hedging Obligations and Foreign Currency Obligations otherwise permitted under this Indenture; 
 (l) any
contribution of any Investment in a joint venture or partnership that is not a Restricted Subsidiary to a Person that is not a Restricted Subsidiary in exchange for an Investment in the Person to whom such contribution is made; 

(m) any Investment in any joint venture engaged in a Permitted Business, including without limitation by contribution of assets of any
Restricted Subsidiary, not to exceed $75.0 million outstanding at any time for Investments made after the Issue Date (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in
value); 
 (n) any Investment acquired after the Issue Date as a result of the acquisition by the Issuer or any of its
Restricted Subsidiaries of another Person, including by way of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries in a transaction that is not prohibited by this Indenture after the Issue Date to
the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(o) any Investment consisting of deposits, prepayment and other credits to artists, suppliers or landlords made in the ordinary course of
business; 
 (p) guaranties made in the ordinary course of business of obligations owed to artists, landlords, suppliers,
customers, and licensees of the Issuer or any of its Subsidiaries; 
 (q) loans and advances to officers, directors and
employees for business-related travel expenses, moving and relocation expenses and other similar expenses, in each case incurred in the ordinary course of business; 

 

 12 

 (r) any Investment consisting of the licensing or contribution of intellectual property
pursuant to joint marketing arrangements with other Persons; and 
 (s) any Investment consisting of purchases and acquisitions
of inventory, supplies, materials and equipment or purchases of contract rights or licenses of intellectual property or leases, in each case, in the ordinary course of business; 

 

	 	•	 	 “Permitted Liens” means: 

(a) Liens securing the Notes and Liens securing any Guarantee; 

(b) Liens securing (x) Indebtedness under any Credit Facility (and related Hedging Obligations and cash management obligations to
the extent such Liens arise under the definitive documentation governing such Indebtedness and the incurrence of such obligations is not otherwise prohibited by this Indenture) permitted by clauses (2) and (11) of Section 4.09(b) and
(y) other Indebtedness permitted under Section 4.09; provided that in the case of any such Indebtedness described in this subclause (y), such Indebtedness, when aggregated with the amount of Indebtedness of the Issuer and the
Guarantors which is secured by a Lien, does not cause the Consolidated Secured Indebtedness Leverage Ratio to exceed 2.75 to 1.0 as of the last day of the most recent quarter for which internal financial statements are available on the date such
Indebtedness is incurred; 
 (c) Liens securing (i) Hedging Obligations and Foreign Currency Obligations permitted to be
incurred under Section 4.09 and (ii) cash management obligations not otherwise prohibited by this Indenture; 
 (d)
Liens securing Purchase Money Indebtedness permitted under clause (6) of Section 4.09(b); provided that such Liens do not extend to any assets of the Issuer or its Restricted Subsidiaries other than the assets so acquired,
constructed, installed or improved, products and proceeds thereof and insurance proceeds with respect thereto; 
 (e) Liens on
property of a person existing at the time such person is merged into or consolidated with the Issuer or any of its Restricted Subsidiaries; provided that such Liens were not incurred in connection with, or in contemplation of, such merger or
consolidation and do not apply to any assets other than the assets of the Person acquired in such merger or consolidation; 

(f) Liens on property of an Unrestricted Subsidiary at the time that it is designated as a Restricted Subsidiary pursuant to the
definition of 
  

 13 

 
“Unrestricted Subsidiary”; provided that such Liens were not incurred in connection with, or contemplation of, such designation; 

(g) Liens on property existing at the time of acquisition thereof by the Issuer or any Restricted Subsidiary of the Issuer;
provided that such Liens were not incurred in connection with, or in contemplation of, such acquisition and do not extend to any assets of the Issuer or any of its Restricted Subsidiaries other than the property so acquired, constructed,
installed or improved, products and proceeds thereof and insurance proceeds with respect thereto; 
 (h) Liens to secure the
performance of statutory obligations, surety or appeal bonds or performance bonds, or landlords’, carriers’, warehousemen’s, mechanics’, suppliers’, materialmen’s or other like Liens, in any case incurred in the
ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate process of law, if a reserve or other appropriate provision, if any, as is required by GAAP is made therefor; 

(i) Liens existing on the Issue Date; 

(j) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP is made therefor; 

(k) Liens securing Indebtedness permitted under clause (10) of Section 4.09(b); provided that such Liens shall not
extend to assets other than the assets that secure such Indebtedness being refinanced; 
 (l) Liens (other than Liens created or
imposed under ERISA) incurred or deposits made by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to
secure the performance of tenders, statutory obligations, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

(m) easements, rights-of-way, covenants, restrictions (including zoning restrictions), minor defects or irregularities in title and other
similar charges or encumbrances not, in any material respect, impairing the use of the encumbered property for its intended purposes; 

(n) licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business of the Issuer
or its Restricted Subsidiaries; 
  

 14 

 (o) 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 and Liens deemed to exist in connection with Investments in repurchase agreements that constitute Cash Equivalents; 

(p) normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions; 

(q) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;

 (r) Liens not provided for in clauses (a) through (q) above so long as the Notes are secured by the assets subject
to such Liens on an equal and ratable basis or on a basis prior to such Liens; provided that to the extent that such Lien secured Indebtedness that is subordinated to the Notes, such Lien shall be subordinated to and be later in priority than the
Notes on the same basis; 
 (s) Liens securing Indebtedness of any Foreign Subsidiary incurred in accordance with clause
(15) of Section 4.09(b); 
 (t) Liens in favor of the Issuer or any Guarantor; 

(u) Liens securing reimbursement obligations with respect to commercial letters of credit which solely encumber goods and/or documents of
title and other property relating to such letters of credit and products and proceeds thereof; 
 (v) extensions, renewals or
refundings of any Liens referred to in clause (e), (g) or (i) above; provided that any such extension, renewal or refunding does not extend to any assets or secure any Indebtedness not securing or secured by the Liens being extended,
renewed or refinanced; 
 (w) other Liens securing Indebtedness that is permitted by the terms of this Indenture to be
outstanding having an aggregate principal amount at anyone time outstanding not to exceed $75.0 million; 
 (x) Liens incurred
to secure any treasury management arrangement; and 
 (y) Liens on Equity Interests of Unrestricted Subsidiaries; 

 

	 	•	 	 “Pro Forma Cost Savings” means, with respect to any period, the reduction in net costs and expenses and related adjustments that:

 (i) were directly attributable to an acquisition, merger, consolidation, disposition or operational
change that occurred during the four-quarter reference period or subsequent to the four-quarter reference period and 

 

 15 

 
on or prior to the date of determination and calculated on a basis that is consistent with Regulation S-X under the Securities Act; 

(ii) were actually implemented by the business that was the subject of any such acquisition, merger, consolidation, disposition or
operational change or by any related business of the Issuer or any Restricted Subsidiary with which such business is proposed to be or is being or has been integrated within 12 months after the date of the acquisition, merger, consolidation,
disposition or operational change and prior to the date of determination that are supportable and quantifiable by the underlying accounting records of any such business; or 

(iii) relate to (x) either Ticketmaster Entertainment or Live Nation in connection with the Acquisition or (y) the
business that is the subject of any such acquisition, merger, consolidation or disposition or any related business of the Issuer or any Restricted Subsidiary with which such business is proposed to be or is being or has been integrated and that are
probable in the reasonable judgment of the Issuer based upon specifically identifiable actions to be taken within 12 months of the date of the acquisition, merger, consolidation or disposition, in each case regardless of whether such reductions and
related adjustments could then be reflected in pro forma financial statements in accordance with Regulation S-X under the Securities Act or any other regulation or policy related thereto, as if all such reductions and related adjustments had been
effected as of the beginning of such period. Pro Forma Cost Savings described above shall be accompanied by an Officers’ Certificate delivered to the Trustee from a responsible financial or accounting officer of the Issuer that outlines the
actions taken or to be taken, the net cost savings or operating improvements achieved or expected to be achieved from such actions and that, in the case of clause (iii) above, such savings have been determined by the Issuer to be reasonably
probable; 
  

	 	•	 	 “Restricted Subsidiary” or “Restricted Subsidiaries” means any Subsidiary, other than Unrestricted Subsidiaries;

  

	 	•	 	 “Subsidiary” or “Subsidiaries” means, with respect to any Person, any corporation, limited liability company,
association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof or any Person that is a consolidated subsidiary of the Issuer under GAAP and designated as a
Subsidiary in a certificate to the Trustee by a responsible financial or accounting officer of the Issuer; 

  

 16 

	 	•	 	 “Transactions” means the Acquisition, the transactions described in the offering memorandum for the New Notes under the caption
“Summary—Related transactions,” the issuance of the New Notes on the Issue Date, the initial borrowings under the Credit Agreement and the other transactions undertaken in connection with the foregoing as to the extent not
inconsistent with the offering memorandum for the New Notes or the pro forma financial statements contained or incorporated by reference in the offering memorandum for the New Notes; and 

 

	 	•	 	 “Unrestricted Subsidiary” or “Unrestricted Subsidiaries” means: (A) Echomusic, LLC; (B) any Subsidiary
designated as an Unrestricted Subsidiary in a resolution of the Issuer’s Board of Directors in accordance with the instructions set forth below; and (C) any Subsidiary of an Unrestricted Subsidiary. 

The Issuer’s Board of Directors may designate any Subsidiary (including any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary so long as: 
 (a) no portion of the Indebtedness or any other obligation
(contingent or otherwise) of which, immediately after such designation: (i) is guaranteed by the Issuer or any of its Restricted Subsidiaries; (ii) is recourse to the Issuer or any of its Restricted Subsidiaries; or (iii) subjects any
property or asset of the Issuer or any of its Restricted Subsidiaries to satisfaction thereof; 
 (b) except as otherwise
permitted by this Indenture (including by Section 4.11), neither the Issuer nor any other Subsidiary (other than another Unrestricted Subsidiary) has any contract, agreement, arrangement or understanding with such Subsidiary, written or oral,
other than on terms no less favorable to the Issuer or such other Subsidiary than those that might be obtained at the time from Persons who are not the Issuer’s Affiliates; and 

(c) neither the Issuer nor any other Subsidiary (other than another Unrestricted Subsidiary) has any obligation: (i) to subscribe
for additional shares of Capital Stock of such Subsidiary or other equity interests therein; or (ii) to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve certain levels of operating results.

 If at any time after the Issue Date the Issuer designate an additional Subsidiary as an Unrestricted
Subsidiary, the Issuer will be deemed to have made a Restricted Investment in an amount equal to the Fair Market Value (as determined in good faith by the Issuer’s Board of Directors evidenced by a resolution of the Issuer’s Board of
Directors and set forth in an Officers’ Certificate delivered to the Trustee no later than ten business days following a request from the Trustee) of such Subsidiary. An Unrestricted Subsidiary may be designated as a Restricted Subsidiary if,
at the time of 
  

 17 

 
such designation after giving pro forma effect thereto, no Default or Event of Default shall have occurred or be continuing. 

Section 1.5 Deletion of Section 4.18. Section 4.18 (Payments for Consents) is hereby deleted in its entirety
and replaced with “Intentionally Omitted” and all references in the Indenture to such section shall also be deleted in its entirety. 

Section 1.6 Amendment of Section 4.03(b). Section 4.03(b) (Reports) of the Indenture is hereby deleted in
its entirety and replaced with the following: 
 (b) The Issuer will file the information described in Section 4.03(a) with
the Commission to the extent that the Commission is accepting such filings. In addition, for so long as any Notes remain outstanding during any period when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer will
furnish to the Holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. In addition, following the first full fiscal quarter after the date
of the indenture of the New Notes, so long as any Notes are outstanding the Issuer will use commercially reasonable efforts to (i) within 15 business days after furnishing the reports required by the previous sentence above, hold a conference
call to discuss such reports, and (ii) issue a press release prior to the date of such conference call, announcing the time and date and either including information necessary to access the call or directing Holders, prospective investors,
broker-dealers and securities analysts to contact the appropriate person at the Issuer to obtain such information; provided, that the Issuer may satisfy the requirements of clauses (i) and (ii) of this Section 4.03(b) by
issuing its regular quarterly earnings release and conducting its regular investor conference calls. 
 Section 1.7
Amendment of Section 4.07. Section 4.07 (Limitation on Restricted Payments) is hereby deleted in its entirety and replaced with the following: 

(a) Neither the Issuer nor any of its Restricted Subsidiaries may, directly or indirectly: 

(i) pay any dividend or make any distribution on account of any Equity Interests of the Issuer other than dividends or distributions
payable in Equity Interests (other than Disqualified Stock) of the Issuer; 
 (ii) purchase, redeem or otherwise acquire or
retire for value any of the Issuer’s Equity Interests or any Subordinated Indebtedness, other than (i) Subordinated Indebtedness within one year of the stated maturity date thereof and (ii) any such Equity Interests or Subordinated
Indebtedness owned by the Issuer or by any Restricted Subsidiary; 
 (iii) pay any dividend or make any distribution on account
of any Equity Interests of any Restricted Subsidiary, other than: 
 (A) to the Issuer or any Restricted Subsidiary; or

 (B) to all holders of any class or series of Equity Interests of such Restricted Subsidiary on a pro rata basis; or

  

 18 

 (iv) make any Restricted Investment (all such prohibited payments and other actions set
forth in clauses (i) through (iv) being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 

(1) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 

(2) after giving effect to the incurrence of any Indebtedness the net proceeds of which are used to finance such Restricted Payment, the
Issuer is able to incur at least $1.00 of additional Indebtedness in compliance with Section 4.09(a); and 
 (3) such
Restricted Payment, together with the aggregate of all other Restricted Payments made after the Issue Date, is less than the sum of: 

(A) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from the beginning of the quarter
commencing after the Issue Date, to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income shall be a deficit,
minus 100% of such aggregate deficit); plus 
 (B) an amount equal to the sum of (x) 100% of the aggregate net cash
proceeds and the Fair Market Value of any property or assets received by the Issuer from the issue or sale of Equity Interests (other than Disqualified Stock) of the Issuer (other than Equity Interests sold to any of the Issuer’s Subsidiaries),
following the Issue Date and (y) the aggregate amount by which Indebtedness (other than any Indebtedness owed to the Issuer or a Subsidiary) incurred by the Issuer or any Restricted Subsidiary subsequent to the Issue Date is reduced on the
Issuer’s balance sheet upon the conversion or exchange into Qualified Capital Stock (less the amount of any cash, or the Fair Market Value of assets, distributed by the Issuer or any Restricted Subsidiary upon such conversion or exchange);
plus 
 (C) if any Unrestricted Subsidiary is designated by the Issuer as a Restricted Subsidiary, an amount equal to
the Fair Market Value of the net Investment by the Issuer or a Restricted Subsidiary in such Subsidiary at the time of such designation; provided, however, that the foregoing amount shall not exceed the amount of Restricted Investments
made by the Issuer or any Restricted Subsidiary in any such Unrestricted Subsidiary following the Issue Date which reduced the amount available for Restricted Payments pursuant to this clause (3) less amounts received by the Issuer or any
Restricted Subsidiary from such Unrestricted Subsidiary that increased the amount available for Restricted Payments pursuant to clause (D) below; plus 

(D) 100% of any cash dividends and other cash distributions and the Fair Market Value of property or assets other than cash received by
the Issuer and the Issuer’s Restricted Subsidiaries from an Unrestricted Subsidiary since the Issue Date to the extent not included in Consolidated Cash Flow and 100% of the net proceeds received by the Issuer or any of its Restricted
Subsidiaries from the sale of any Unrestricted Subsidiary; provided, however, that the foregoing amount shall not exceed the amount of Restricted Investments made by the Issuer or any Restricted Subsidiary in any such Unrestricted

  

 19 

 
Subsidiary following the Issue Date which reduced the amount available for Restricted Payments pursuant to this clause (3); plus 

(E) to the extent not included in clauses (A) through (D) above, an amount equal to the net reduction in Restricted
Investments of the Issuer and the Issuer’s Restricted Subsidiaries following the Issue Date resulting from payments in cash of interest on Indebtedness, dividends, or repayment of loans or advances, or other transfers of property, in each case,
to the Issuer or to a Restricted Subsidiary or from the net cash proceeds from the sale, conveyance, liquidation or other disposition of any such Restricted Investment; plus 

(F) $100.0 million. 

(b) The foregoing provisions will not prohibit the following (provided that with respect to clauses (9) and (10) below,
no Default or Event of Default shall have occurred and be continuing): 
 (1) the payment of any dividend or distribution
within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions hereof; 

(2) the redemption, repurchase, retirement or other acquisition of (x) any Equity Interests of the Issuer in exchange for, or out
of the net proceeds of the issue or sale within 60 days of, Equity Interests (other than Disqualified Stock) of the Issuer (other than Equity Interests (other than Disqualified Stock) issued or sold to any Subsidiary) or (y) Subordinated
Indebtedness of the Issuer or any Restricted Subsidiary (a) in exchange for, or out of the proceeds of the issuance and sale within 60 days of, Qualified Capital Stock, (b) in exchange for, or out of the proceeds of the incurrence within
60 days of, Refinancing Indebtedness permitted to be incurred under clause (10) of Section 4.09 or other Indebtedness permitted to be incurred under Section 4.09 or (c) with the Net Proceeds from an Asset Sale or upon a Change of
Control, in each case, to the extent required by the agreement governing such Subordinated Indebtedness but only if the Issuer shall have previously applied such Net Proceeds to make an Excess Proceeds Offer or made a Change of Control Offer, as the
case may be, in accordance with Sections 3.08 and 4.15 and purchased all Notes validly tendered pursuant to the relevant offer prior to redeeming or repurchasing such Subordinated Indebtedness; 

(3) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or any of its
Restricted Subsidiaries or shares of Preferred Equity Interests of any Restricted Subsidiary issued in accordance with Section 4.09; 

(4) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants or upon the vesting of restricted stock
units if such Equity Interests represent the exercise price of such options or warrants or represent withholding taxes due upon such exercise or vesting; 

(5) Restricted Payments from the net proceeds of the New Notes and the initial borrowings under the Credit Agreement as described in the
offering memorandum for the New Notes; 
  

 20 

 (6) the repurchase, retirement or other acquisition for value of Equity Interests of the
Issuer or any Restricted Subsidiary of the Issuer held by any future, present or former employee, director or consultant of the Issuer, or any Subsidiary of the Issuer (or any such Person’s estates or heirs) pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided that the aggregate amounts paid under this clause (6) do not exceed $10.0 million in any calendar year; 

(7) payments or distributions by the Issuer or any of its Restricted Subsidiaries to dissenting stockholders pursuant to applicable law
in connection with any merger or acquisition consummated on or after the Issue Date and not prohibited by this Indenture; 

(8) purchases, redemptions or acquisitions of fractional shares of Equity Interests arising out of stock dividends, splits or
combinations or business combinations; 
 (9) the declaration and payment of dividends or distributions to holders of any class
or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; provided, however, that (a) the Consolidated Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding the date on which such Designated Preferred Stock is issued, after giving effect to such issuance (and the payment of dividends or distributions) on a pro
forma basis, would have been at least 2.00 to 1.00 and (b) the aggregate amount of dividends declared and paid pursuant to this clause (9) does not exceed the net cash proceeds actually received by the Issuer from any such sale of
Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and 
 (10) other Restricted Payments
in an amount not to exceed $150.0 million. 
 (c) Restricted Payments made pursuant to Section 4.07(a) and clause
(1) of Section 4.07(b) and, to the extent made with the proceeds of the issuance of Qualified Capital Stock, Investments made pursuant to clause (j) of the definition of “Permitted Investments,” shall be included as
Restricted Payments in any computation made pursuant to clause (3) of the second paragraph of Section 4.07(a). Restricted Payments made pursuant to clauses (2) through (10) of Section 4.07(b) shall not be included as
Restricted Payments in any computation made pursuant to clause (3) of Section 4.07(a). 
 If the Issuer or any
Restricted Subsidiary makes a Restricted Investment and the Person in which such Investment was made subsequently becomes a Restricted Subsidiary, to the extent such Investment resulted in a reduction in the amounts calculated under clause
(3) of Section 4.07(a) or under any other provision of this Section 4.07, (which was not subsequently reversed), then such amount shall be increased by the amount of such reduction. 

 

 21 

 Section 1.8 Amendment of Section 4.08(c). Section 4.08(c)
(Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries) of the Indenture is hereby deleted in its entirety and replaced with the following: 

(c) transfer any of the Issuer’s properties or assets to the Issuer or any of its Subsidiaries, except for such encumbrances or
restrictions existing under or by reason of: 
 (i) Existing Indebtedness and existing agreements as in effect on the Issue
Date; 
 (ii) applicable law or regulation; 

(iii) any instrument governing Acquired Debt any other agreement or instrument of an acquired person or any of its Subsidiaries as in
effect at the time of acquisition (except to the extent such Indebtedness or other agreement or instrument was incurred in connection with, or in contemplation of, such acquisition), which encumbrance or restriction is not applicable to any Person,
or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, or any of its Subsidiaries; 

(iv) by reason of customary nonassignment provisions in leases entered into in the ordinary course of business; 

(v) Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Refinancing Indebtedness
are no more restrictive than those contained in the agreements governing the Indebtedness being refinanced; 
 (vi) this
Indenture and the Notes or by the Issuer’s other Indebtedness ranking pari passu with the Notes; provided that except as set forth in clause (vii) below such restrictions are no more restrictive taken as a whole than those
imposed by this Indenture and the Notes; 
 (vii) any Credit Facility; provided that the restrictions therein are not
(x) materially more restrictive than the agreements governing such Indebtedness as in effect on Issue Date or (y) will not affect the Issuer’s ability to make principal or interest payments on the Notes (as determined by the Issuer in
good faith); 
 (viii) customary non-assignment provisions in contracts, leases, sub-leases and licenses entered into in the
ordinary course of business; 
 (ix) any agreement for the sale or other disposition of a Restricted Subsidiary or any of its
assets in compliance with the terms of this Indenture that restricts distributions by that Restricted Subsidiary pending such sale or other disposition; 

(x) provisions limiting the disposition or distribution of assets or property (including cash) in joint venture agreements, asset sale
agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment), and customary provisions in joint venture

  

 22 

 
agreements and other similar agreements applicable to the Equity Interests or Indebtedness of such joint venture, which limitation is applicable only to the assets that are the subject of such
agreements; 
 (xi) Permitted Liens; 

(xii) any agreement for the sale of any Subsidiary or its assets that restricts distributions by that Subsidiary (or sale of such
Subsidiary’s Equity Interests) pending its sale; provided that during the entire period in which such encumbrance or restriction is effective, such sale (together with any other sales pending) would be permitted under the terms of this
Indenture; 
 (xiii) secured Indebtedness otherwise permitted to be incurred by this Indenture that limits the right of the
debtor to dispose of the assets securing such Indebtedness; 
 (xiv) Purchase Money Indebtedness that imposes restrictions of
the type described in clause (c) above on the property so acquired; 
 (xv) any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through (xiv) above; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings are, in the Issuer’s good faith judgment, not materially more restrictive as a whole with respect to such encumbrances and restrictions than those prior to such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; 
 (xvi)
Indebtedness or other agreements including, without limitation, agreements described in clause (x) of this paragraph, of any non-Guarantor Subsidiary which imposes restrictions solely on such non-Guarantor Subsidiary and its Subsidiaries; or

 (xvii) any restriction on cash or other deposits or net worth imposed by customers, licensors or lessors or required by
insurance, surety or bonding companies, in each case under contracts entered into in the ordinary course of business. 

Section 1.9 Amendment of Section 4.09. Section 4.09 (Limitation on Incurrence of Indebtedness) of the
Indenture is hereby deleted in its entirety and replaced with the following: 
 (a) The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to (collectively, “incur”) any Indebtedness (including Acquired
Debt) or permit any of its Restricted Subsidiaries to issue any Preferred Equity Interests; provided, however, that, notwithstanding the foregoing, the Issuer and any Restricted Subsidiary may incur Indebtedness (including Acquired
Debt) and any Guarantor may issue Preferred Equity Interests, if, after giving effect to the incurrence of such Indebtedness or the issuance of such Preferred Equity Interests and the application of the net proceeds thereof on a pro forma basis, the
Issuer’s Consolidated Fixed Charge Coverage Ratio would have been at least 2.0 to 1.0, provided that Restricted Subsidiaries of the Issuer that are not Guarantors may not incur Indebtedness or issue any Preferred Equity Interests
pursuant to this clause (a) if, after giving pro 
  

 23 

 
forma effect to such incurrence or issuance (including a pro forma application of the net proceeds therefrom), more than an aggregate of $50.0 million of Indebtedness or Preferred
Equity Interests of Restricted Subsidiaries of the Issuer that are not Guarantors would be outstanding pursuant to this clause (a). 

(b) The foregoing limitation will not apply to any of the following incurrences of Indebtedness: 

(1) Indebtedness represented by the Notes and the Guarantees in an aggregate principal amount not to exceed $300.0 million and
Indebtedness represented by the New Notes and the related guarantees in an aggregate principal amount not to exceed $250.0 million; 

(2) Indebtedness of the Issuer or any Restricted Subsidiary under any Credit Facility in an aggregate principal amount at any time
outstanding not to exceed the excess of (x) $1,400.0 million over (y) the aggregate principal amount of Indebtedness under the Credit Facilities permanently repaid pursuant to clause (1) of the second paragraph of Section 4.10;

 (3) (x) Indebtedness among the Issuer and the Restricted Subsidiaries; provided that any such Indebtedness owed by the
Issuer or a Guarantor to any Restricted Subsidiary that is not a Guarantor shall be subordinated to the prior payment in full when due of the Notes or the Guarantees, as applicable, and (y) Preferred Equity Interests of a Restricted Subsidiary
held by the Issuer or a Restricted Subsidiary; provided that if such Preferred Equity Interests are issued by a Guarantor, such Preferred Equity Interests are held by the Issuer or a Guarantor; 

(4) Acquired Debt of a Person incurred prior to the date upon which such Person was acquired by the Issuer or any Restricted Subsidiary
(and not created in contemplation of such acquisition); provided that (x) the aggregate principal amount of Acquired Debt pursuant to this clause (4)(x) (when aggregated with the amount of Refinancing Indebtedness outstanding under
clause (10) below in respect of Indebtedness incurred pursuant to this clause (4)(x)) shall not exceed $100.0 million outstanding at any time or (y) after giving effect to the incurrence of such Acquired Debt on a pro forma basis, the
Issuer’s Consolidated Fixed Charge Coverage Ratio would have been at least 2.0 to 1.0; 
 (5) Existing Indebtedness;

 (6) Indebtedness consisting of Purchase Money Indebtedness in an aggregate amount (when aggregated with the amount of
Refinancing Indebtedness outstanding under clause (10) below in respect of Indebtedness incurred pursuant to this clause (6)) not to exceed $100.0 million outstanding at any time; 

(7) Hedging Obligations of the Issuer or any of the Restricted Subsidiaries covering Indebtedness of the Issuer or such Restricted
Subsidiary; provided, however, that such Hedging Obligations are entered into for purposes of managing interest rate exposure of the Issuer and the Restricted Subsidiaries and not for speculative purposes; 

 

 24 

 (8) Foreign Currency Obligations of the Issuer or any of the Restricted Subsidiaries
entered into to manage exposure of the Issuer and the Restricted Subsidiaries to fluctuations in currency values and not for speculative purposes; 

(9) the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in respect of letters of credit, bank guarantees,
workers’ compensation claims, self-insurance obligations, bankers’ acceptances, guarantees, performance, surety, statutory, appeal, completion, export or import, indemnities, customs, revenue bonds or similar instruments in the ordinary
course of business, including guarantees or obligations with respect thereto (in each case other than for an obligation for money borrowed); 

(10) the incurrence by the Issuer or any Restricted Subsidiary of Indebtedness issued in exchange for, or the proceeds of which are used
to extend, refinance, renew, replace, substitute or refund in whole or in part, Indebtedness referred to in paragraph (a) of this Section 4.09 or in clause (1), (4), (5) or (6) or this clause (10) of this
Section 4.09(b) (“Refinancing Indebtedness”); provided, however, that: 
 (A) the principal
amount of such Refinancing Indebtedness shall not exceed the principal amount and accrued interest of the Indebtedness so exchanged, extended, refinanced, renewed, replaced, substituted or refunded and any premiums payable and reasonable fees,
expenses, commissions and costs in connection therewith; 
 (B) the Refinancing Indebtedness shall have a final maturity equal
to or later than, and a Weighted Average Life to Maturity equal to or greater than, the earlier of (i) 91 days after the final maturity date of the Notes and (ii) the final maturity and Weighted Average Life to Maturity, respectively, of
the Indebtedness being exchanged, extended, refinanced, renewed, replaced, substituted or refunded; 
 (C) the Refinancing
Indebtedness shall be subordinated in right of payment to the Notes and the Guarantees, if at all, on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being exchanged, extended,
refinanced, renewed, replaced, substituted or refunded; and 
 (D) if the Indebtedness to be exchanged refinanced, renewed,
replaced, substituted or refunded was the obligation of the Issuer or Guarantor, such Indebtedness shall not be incurred by any of the Restricted Subsidiaries other than a Guarantor or any Restricted Subsidiary that was an obligor under the
Indebtedness so refinanced; 
 (11) additional Indebtedness of the Issuer and any of its Restricted Subsidiaries in an
aggregate principal amount not to exceed $100.0 million at anyone time outstanding (which may, but need not, be incurred under the Credit Facilities); 

(12) the guarantee by the Issuer or any Guarantor of Indebtedness of the Issuer or a Restricted Subsidiary that was permitted to be
incurred by another provision of this Section 4.09 and the guarantee by any Restricted Subsidiary that is not a Guarantor of any Indebtedness of any Restricted Subsidiary that is not a Guarantor; 

 

 25 

 (13) the payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms, and the payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock; 

(14) the incurrence by the Issuer or its Subsidiaries of guarantees in respect of obligations of joint ventures; provided that
the aggregate principal amount of Indebtedness incurred pursuant to this clause (14) shall not exceed $100.0 million outstanding at any time; 

(15) Indebtedness of Foreign Subsidiaries in an aggregate principal amount not to exceed 5% of Consolidated Total Assets that are
attributable to Restricted Subsidiaries that are Foreign Subsidiaries; 
 (16) overdrafts paid within 10 Business Days;

 (17) customary purchase price adjustments and indemnifications in connection with acquisition or disposition of stock or
assets; 
 (18) guarantees to suppliers, licensors, artists or franchisees (other than guarantees of Indebtedness) in the
ordinary course of business; 
 (19) Indebtedness arising in connection with endorsement of instruments for collection or
deposit in the ordinary course of business; 
 (20) Indebtedness consisting of obligations to pay insurance premiums in an
amount not to exceed the annual premiums in respect of such insurance premiums at any one time outstanding; and 
 (21) the
proceeds of which are applied to defease or discharge the Notes pursuant to the provisions Section of Article 8. 
 (c) For
purposes of determining compliance with this Section 4.09, (1) the outstanding principal amount of any item of Indebtedness shall be counted only once, and any obligation arising under any guarantee, Lien, letter of credit or similar
instrument supporting such Indebtedness incurred in compliance with this Section 4.09 shall be disregarded, and (2) if an item of Indebtedness meets the criteria of more than one of the categories described in clauses (b)(1) through
(21) above or is permitted to be incurred pursuant to Section 4.09(a) and also meets the criteria of one or more of the categories described in clauses (1) through (21) of Section 4.09(b), the Issuer shall, in its sole
discretion, classify such item of Indebtedness in any manner that complies with this Section 4.09 and may from time to time reclassify such item of Indebtedness in any manner in which such item could be incurred at the time of such
reclassification; provided that Indebtedness outstanding under the Credit Agreement on the Issue Date (and any Indebtedness secured by a Lien that refinances such Indebtedness) shall be deemed to be outstanding under paragraph (b)(2) above
and may not be reclassified. 
 (d) Accrual of interest or dividends on Preferred Equity Interests, the accretion of original
issue discount and the payment of interest or dividends on Preferred Equity Interests in the form of additional Indebtedness or Preferred Equity Interests of the same class 

 

 26 

 
shall not be deemed to be an incurrence of Indebtedness for purposes of determining compliance with this Section 4.09. Any increase in the amount of Indebtedness solely by reason of currency
fluctuations shall not be deemed to be an incurrence of Indebtedness for purposes of determining compliance with this Section 4.09. A change in GAAP that results in an obligation existing at the time of such change, not previously classified as
Indebtedness, becoming Indebtedness will not be deemed to be an incurrence of Indebtedness for purposes of determining compliance with this Section 4.09. 

(e) The amount of indebtedness outstanding as of any date shall be (1) the accreted value thereof, in the case of any Indebtedness
issued with original issue discount, (2) the principal amount thereof, in the case of any other Indebtedness, (3) in the case of the guarantee by the specified Person of any Indebtedness of any other Person, the maximum liability to which
the specified Person may be subject upon the occurrence of the contingency giving rise to the obligation and (4) in the case of Indebtedness of others guaranteed by means of a Lien on any asset of the specified Person, the lesser of
(A) the Fair Market Value of such asset on the date on which Indebtedness is required to be determined pursuant to this Indenture and (B) the amount of the Indebtedness so secured. 

(f) For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated by the Issuer based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term
Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so long as the
principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Issuer may incur
pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a
different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

 Section 1.10 Amendment of Section 4.10. Section 4.10 (Limitation on Asset Sales) of the
Indenture is hereby deleted in its entirety and replaced with the following: 
 The Issuer shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless: 
 (1) the Issuer or such Restricted
Subsidiary receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (determined as of the time of contractually agreeing to such Asset Sale) of the assets included in such Asset Sale (such Fair Market Value to be
determined by (i) an executive officer of the Issuer or such 
  

 27 

 
Subsidiary if the value is less than $50.0 million or (ii) in all other cases by a resolution of the Issuer’s Board of Directors (or of a committee appointed thereby for such
purposes)); and 
 (2) at least 75% of the total consideration in such Asset Sale consists of cash or Cash Equivalents or
Marketable Securities. 
 For purposes of clause (2), the following shall be deemed to be cash: 

(a) the amount (without duplication) of any Indebtedness (other than Subordinated Indebtedness) of the Issuer or such Restricted
Subsidiary that is expressly assumed by the transferee in such Asset Sale and with respect to which the Issuer or such Restricted Subsidiary, as the case may be, is unconditionally released by the holder of such Indebtedness, 

(b) the amount of any obligations or securities received from such transferee that are within 180 days converted by the Issuer or such
Restricted Subsidiary to cash (to the extent of the cash actually so received), and 
 (c) the Fair Market Value of any assets
(other than securities) received by the Issuer or any Restricted Subsidiary to be used by the Issuer or any Restricted Subsidiary in a Permitted Business. 

If the Issuer or any Restricted Subsidiary engages in an Asset Sale, the Issuer or such Restricted Subsidiary shall apply all or any of
the Net Proceeds therefrom to: 
 (1) repay Indebtedness under any Credit Facility, and in the case of any such repayment under
any revolving credit facility, effect a permanent reduction in the availability under such revolving credit facility; or 

(2) (A) invest all or any part of the Net Proceeds thereof in capital expenditures or the purchase of assets to be used by the
Issuer or any Restricted Subsidiary in a Permitted Business, (B) acquire Equity Interests in a Person that is a Restricted Subsidiary or in a Person engaged primarily in a Permitted Business that shall become a Restricted Subsidiary immediately
upon the consummation of such acquisition or (C) a combination of (A) and (B). 
 Any Net Proceeds from any Asset Sale
that are not applied or invested (or committed pursuant to a written agreement to be applied) as provided in the preceding paragraph within 365 days after the receipt thereof and, in the case of any amount committed to a reinvestment, which are not
actually so applied within 180 days following such 365 day period shall constitute “Excess Proceeds” and shall be applied to an offer to purchase Notes and other senior Indebtedness of the Issuer if and when required under
Section 3.08. Pending the final application of any such Net Proceeds, the Issuer or such Restricted Subsidiary may temporarily reduce revolving indebtedness under a Credit Facility, if any, or otherwise invest such Net Proceeds in any manner
not prohibited under this Indenture. 
 Section 1.11 Amendment of Section 4.11. Section 4.11
(Limitation on Transactions with Affiliates) of the Indenture is hereby deleted in its entirety and replaced with the following: 
  

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 The Issuer shall not and shall not permit any Restricted Subsidiary to, directly or
indirectly, sell, lease, transfer or otherwise dispose of any of the Issuer’s or any Restricted Subsidiary’s properties or assets to, or purchase any property or assets from, or enter into any contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate (including any Unrestricted Subsidiary) (each of the foregoing, an “Affiliate Transaction”), unless: 

(a) such Affiliate Transaction is on terms that are not materially less favorable, taken as a whole, to the Issuer or such Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; provided that such transaction shall be deemed to be at least as favorable as the terms that
could have been obtained in a comparable transaction with an unrelated Person if such transaction is approved by the members of (x) the Board of Directors or (y) any duly constituted committee thereof, in each case including a majority of
the disinterested members thereof who meet the independence requirements of the New York Stock Exchange or NASDAQ; and 
 (b) if
such Affiliate Transaction involves aggregate payments in excess of $50.0 million, such Affiliate Transaction has either (i) been approved by a resolution of the members of (x) the Board of Directors of the Issuer or (y) any duly
constituted committee thereof, in each case including a majority of the disinterested members thereof who meet the independence requirements of the New York Stock Exchange or NASDAQ or (ii) if there are no disinterested directors on the Board
of Directors of the Issuer, the Issuer or such Restricted Subsidiary has obtained the favorable opinion of an Independent Financial Advisor as to the fairness of such Affiliate Transaction to the Issuer or the relevant Restricted Subsidiary, as the
case may be, from a financial point of view; 
 provided, however, that the following shall, in each case, not be deemed Affiliate
Transactions: 
 (i) the entry into employment agreements and the adoption of compensation or benefit plans for the benefit of,
or payment of compensation to, directors and management of the Issuer and its Subsidiaries (including, without limitation, salaries, fees, bonuses, equity and incentive arrangements and payments); 

(ii) indemnification or similar arrangements for officers, directors, employees or agents of the Issuer or any of the Restricted
Subsidiaries pursuant to charter, bylaw, statutory or contractual provisions; 
 (iii) transactions between or among the Issuer
and the Restricted Subsidiaries; 
 (iv) Restricted Payments not prohibited by Section 4.07 and Permitted Investments;

 (v) any transactions between the Issuer or any of the Restricted Subsidiaries and any Affiliate of the Issuer the Equity
Interests of which Affiliate are owned solely by the Issuer or one of the Restricted Subsidiaries, on the one hand, and by Persons who are not Affiliates of the Issuer or Restricted Subsidiaries, on the other hand; 

 

 29 

 (vi) any agreements or arrangements in effect on the Issue Date and described in the
offering memorandum for the New Notes and any modifications, extensions or renewals thereof that are no less favorable to the Issuer or the applicable Restricted Subsidiary in any material respect than such agreement as in effect on the Issue Date;

 (vii) so long as they comply with clause (a) above, transactions with customers, clients, lessors, landlords,
suppliers, contractors, or purchasers or sellers of good or services that are Affiliates, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indentures; 

(viii) the Transactions; 

(ix) transactions with Persons who are Affiliates of the Issuer solely as a result of the Issuer’s or a Restricted
Subsidiary’s Investment in such Person; 
 (x) sales of Equity Interests to Affiliates of the Issuer or its Restricted
Subsidiaries not otherwise prohibited by this Indenture and the granting of registration and other customary rights in connection therewith; 

(xi) transactions with an Affiliate where the only consideration paid is Equity Interests of the Issuer other than Disqualified Stock;

 (xii) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, deliver to the Trustee a
letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of this covenant; 

(xiii) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business; and 

(xiv) transactions between the Issuer or any of its Restricted Subsidiaries and any Person, a director of which is also a director of
the Issuer; provided, however, that such director abstains from voting as a director on any matter involving such other Person. 

Section 1.12 Amendment of Section 4.13. Section 4.13 (Additional Subsidiary Guarantees) of the Indenture is
hereby deleted in its entirety and replaced with the following: 
 If (a) any of the Issuer’s Domestic Subsidiaries
that is not a Guarantor guarantees or becomes otherwise obligated under a Credit Facility incurred under clause (2) of Section 4.09(b) or Section 4.09(a) (other than under the second proviso thereto), then in each case such guarantor
or obligor shall (i) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Issuer’s obligations
under the Notes and this Indenture on the terms set forth in this Indenture and (ii) deliver to the Trustee an Opinion of Counsel that such supplemental indenture has been duly authorized, executed and delivered by such Restricted Subsidiary
and constitutes a legal, valid, binding and enforceable obligation of such Restricted Subsidiary. Thereafter, such Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 

 

 30 

 Section 1.13 Amendment of Section 4.19(d). Section 4.19(d)
(Suspension of Covenants) of the Indenture is hereby deleted in its entirety and replaced with the following: 
 (d) On
each Reversion Date, all Indebtedness incurred during the Suspension Period prior to such Reversion Date will be deemed to be Existing Indebtedness. For purposes of calculating the amount available to be made as Restricted Payments under clause
(3) of Section 4.07(a), calculations under such section shall be made as though such section had been in effect during the entire period of time after the Issue Date (including the Suspension Period). Restricted Payments made during the
Suspension Period not otherwise permitted pursuant to any of clauses (2) through (10) under Section 4.07(b) will reduce the amount available to be made as Restricted Payments under clause (3) of such Section 4.07(a),
provided that the amount available to be made as Restricted Payments on the Reversion Date shall not be reduced to below zero solely as a result of such Restricted Payments. For purposes of Section 3.08, on the Reversion Date, the unutilized
amount of Net Proceeds will be reset to zero. Notwithstanding the foregoing, neither (a) the continued existence, after the Reversion Date, of facts and circumstances or obligations that were incurred or otherwise came into existence during a
Suspension Period nor (b) the performance of any such obligations, shall constitute a breach of any covenant set forth herein or cause a Default or Event of Default thereunder; provided that (1) the Issuer and its Restricted Subsidiaries
did not incur or otherwise cause such facts and circumstances or obligations to exist in anticipation of a withdrawal or downgrade by the applicable Rating Agency below an Investment Grade Rating and (2) the Issuer reasonably believed that such
incurrence or actions would not result in such withdrawal or downgrade. 
 Section 1.14 Amendment of
Section 5.01. Section 5.01 (Merger, Consolidation or Sale of Assets) of the Indenture is hereby deleted in its entirety and replaced with the following: 

The Issuer shall not consolidate or merge with or into (whether or not the Issuer is the surviving entity), or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, another Person unless: 

(a) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than the Issuer )
or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, limited partnership or limited liability company organized or existing under the laws of the United States, any state thereof
or the District of Columbia; provided, however, that if the surviving Person is a limited liability company or limited partnership, such entity shall also form a co-issuer that is a corporation; 

(b) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or the Person to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the Issuer’s obligations pursuant to a supplemental indenture in form reasonably satisfactory to the Trustee under the Notes and this Indenture;

 (c) immediately after such transaction, no Default or Event of Default exists; and 

 

 31 

 (d) the Issuer or the Person formed by or surviving any such consolidation or merger (if
other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made (i) will have a Consolidated Fixed Charge Coverage Ratio immediately after the transaction (but prior to any purchase
accounting adjustments or accrual of deferred tax liabilities resulting from the transaction) not less than the Issuer’s Consolidated Fixed Charge Coverage Ratio immediately preceding the transaction or (ii) would, at the time of such
transaction after giving pro forma effect thereto as if such transaction had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a).

 Notwithstanding the foregoing, (i) any Restricted Subsidiary may consolidate with or merge into or transfer all or part
of its properties and assets to the Issuer or another Restricted Subsidiary, and (ii) the Issuer may complete the Transactions. 

Notwithstanding the foregoing clauses(c) and (d), this Article 5 will not apply to a merger of the Issuer with a Restricted Subsidiary
solely for the purpose of reorganizing the Issuer in another jurisdiction of the United States so long as the amount of Indebtedness of the Issuer and the Restricted Subsidiary is not increased thereby. 

Section 1.15 Amendment of Section 6.01. Section 6.01 (Events of Default) of the Indenture is hereby deleted
in its entirety and replaced with the following: 
 Each of the following constitutes an “Event of Default”:

 (a) default for 30 days in the payment when due of interest or additional interest, if any, on the Notes; 

(b) default in payment when due of principal of or premium, if any, on the Notes at maturity, upon repurchase, redemption or otherwise;

 (c) failure to comply for 30 days after notice with any obligations under the provisions described under Sections 3.08, 4.10
and 4.15 (other than a failure to purchase Notes duly tendered to the Issuer for repurchase pursuant to a Change of Control Offer or an Excess Proceeds Offer); 

(d) subject to the last paragraph of Section 6.02, default under any other provision of this Indenture or the Notes, which default
remains uncured for 60 days after notice from the Trustee or the Holders of at least 25% of the aggregate principal amount then outstanding of the Notes; 

(e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Issuer and any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer and any of the Restricted Subsidiaries), which default is caused by a failure to pay the principal of such
Indebtedness at the final stated maturity thereof within the grace period provided in such Indebtedness (a “Payment Default”), and the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default, aggregates $50.0 million or more; 
  

 32 

 (f) default under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed by the Issuer and any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or any of our Restricted Subsidiaries), which default results in
the acceleration of such Indebtedness prior to its express maturity not rescinded or cured within 30 days after such acceleration, and the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default or the maturity of which has been so accelerated and remains undischarged after such 30 day period, aggregates $50.0 million or more; 

(g) failure by the Issuer and any of the Restricted Subsidiaries to pay final judgments (other than any judgment as to which a reputable
insurance company has accepted full liability) aggregating $50.0 million or more, which judgments are not stayed within 60 days after their entry; 

(h) any Guarantee of a Significant Subsidiary shall be held in a judicial proceeding to be unenforceable or invalid or shall cease for
any reason to be in full force and effect, or any Guarantor that qualifies as a Significant Subsidiary, or any person acting on behalf of any Guarantor that qualifies as a Significant Subsidiary, shall deny or disaffirm its obligations under its
Guarantee; 
 (i) the Issuer or any Significant Subsidiary of the Issuer pursuant to or within the meaning of Bankruptcy Law
(i) commences a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the appointment of a custodian of it or for all or substantially all of its property; or
(iv) makes a general assignment for the benefit of its creditors; and 
 (j) a court of competent jurisdiction enters an
order or decree under any Bankruptcy Law that: (i) is for relief against the Issuer or any Significant Subsidiary of the Issuer in an involuntary case; (ii) appoints a custodian of the Issuer or any Significant Subsidiary of the Issuer or
for all or substantially all of the property of the Issuer or any Significant Subsidiary of the Issuer; or (iii) orders the liquidation of the Issuer or any Significant Subsidiary of the Issuer, and the order or decree remains unstayed and in
effect for 60 consecutive days. 
 Section 1.16 Amendment of Section 6.02. Section 6.02
(Acceleration) of the Indenture is hereby deleted in its entirety and replaced with the following: 
 If any Event of
Default occurs and is continuing, the Trustee by notice to the Issuer or the Holders of at least 25% of the aggregate principal amount then outstanding of the Notes by written notice to the Issuer and the Trustee, may declare all the Notes to be due
and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default specified in paragraph (i) or (j) of Section 6.01 hereof with respect to the Issuer, all outstanding Notes shall become and shall be
immediately due and payable without further action or notice. Holders of the Notes may not enforce this Indenture or the Notes except as provided in this Indenture. The Trustee may withhold from Holders of the Notes notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in such Holders’ interest. 

 

 33 

 Any failure to perform, or breach under Section 4.03 shall not be a Default or an Event
of Default until the 121st day after the Issuer has received the notice referred to in clause (d) of Section 6.01 (at which point, unless cured or waived, such failure to perform or breach shall constitute an Event of Default). Prior to
such 121st day, remedies against the Issuer for any such failure or breach will be limited to additional interest at a rate per year equal to 0.25% of the principal amount of such Notes from the 60th day following such notice to and including the
121st day following such notice. 
 Section 1.17 Amendment of Section 7.07. The last paragraph of
Section 7.07 (Compensation and Indemnity) of the Indenture is hereby deleted in its entirety and replaced with the following: 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(i) or (j) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 1.18 Amendment of Section 8.04. Section 8.04 (Covenant Defeasance) of the Indenture is hereby
deleted in its entirety and replaced with the following: 
 Upon the Issuer’s exercise under Section 8.02 hereof of
the option applicable to this Section 8.04, the Issuer shall be released from its obligations under the covenants contained in Sections 3.08, 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 (other than existence of the Issuer
(subject to Section 5.01), 4.15, 5.01 (except clauses (a) and (b)) and 10.03 hereof with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for GAAP). For this purpose, such Covenant Defeasance means that, with respect to the
outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(c) hereof, but, except as
specified above, the remainder hereof and such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.02 hereof of the option applicable to this Section 8.04, Sections 6.01(c) through 6.01(g) shall
not constitute Events of Default. 
 Section 1.19 Amendment of Section 10.05. Section 10.05 (Releases
from Guarantees) of the Indenture is hereby deleted in its entirety and replaced with the following: 
 If pursuant to any
direct or indirect sale of assets (including, if applicable, all of the Capital Stock of any Guarantor) or other disposition by way of merger, consolidation or otherwise, the assets sold include all or substantially all of the assets of any
Guarantor or all of the Capital Stock of any such Guarantor, then such Guarantor or the Person acquiring the 
  

 34 

 
property (in the event of a sale or other disposition of all or substantially all of the assets of such a Guarantor) shall be released and relieved of its obligations under its Guarantee or
Section 10.03 and Section 10.04 hereof, as the case may be; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are applied in accordance with the provisions of Section 4.10 hereof. In
addition, a Guarantor shall be released and relieved of its obligations under its Guarantee or Section 10.03 and Section 10.04 hereof, as the case may be if (1) such Guarantor is dissolved or liquidated in accordance with the
provisions hereof; (2) the Issuer designates any such Guarantor as an Unrestricted Subsidiary in compliance with the terms hereof; (3) upon the transfer of such Guarantor in a transaction that (i) qualifies as a Permitted Investment
or as a Restricted Payment that is not prohibited under Section 4.07 if following such transfer such Guarantor ceases to be a direct or indirect Restricted Subsidiary of the Issuer or (ii) following such transaction, such Guarantor is a
Restricted Subsidiary that is not a guarantor under any Credit Facility incurred under clause (2) of Section 4.09(b); or (4) the Issuer effectively discharges such Guarantor’s obligations or defeases the Notes in compliance with
the terms of Article 8 hereof. Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Issuer in accordance with the provisions hereof,
including without limitation Section 4.10 hereof, if applicable, the Trustee shall execute any documents pursuant to written direction of the Issuer in order to evidence the release of any such Guarantor from its obligations under its
Guarantee. Any such Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guarantor under this Indenture as provided in
this Article 10. 
 ARTICLE II 

Section 2.1 Amendment of the Notes. Any corresponding provisions reflected in the Notes shall also be deemed amended in
conformity herewith. 
 Section 2.2 Effectiveness of Amendments. This Fifth Supplemental Indenture shall be
effective upon execution hereof by the Issuers, the Guarantors and the Trustee; provided, however, that the amendments to the Indenture set forth in Sections 1.2 through 1.19 of this Fifth Supplemental Indenture shall not take effect until
the Effective Date (as defined in the Consent Solicitation Statement). If the Related Transactions (as defined in the Consent Solicitation Statement) are terminated, withdrawn or otherwise not consummated, this Fifth Supplemental Indenture shall
automatically become null and void ab initio. 
 Section 2.3 Interpretation; Severability. After such time as
the amendments set forth in this Fifth Supplemental Indenture have taken effect pursuant to Section 2.2 hereto, the Indenture shall be modified and amended in accordance with this Fifth Supplemental Indenture, and all the terms and conditions
of both shall be read together as though they constitute one instrument, except that, in case of conflict, the provisions of this Fifth Supplemental Indenture will control. The Indenture, as modified and amended by this Fifth Supplemental Indenture,
is hereby ratified and confirmed in all respects and shall bind every holder of Notes. In case of conflict between the terms and conditions contained in the Notes and those contained in the Indenture, as modified and amended by this Fifth
Supplemental Indenture, the provisions of the Indenture, as modified by this Fifth Supplemental Indenture, shall control. In case any provision in this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,

  

 35 

 
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 2.4 Governing Law. This Fifth Supplemental Indenture shall be governed by and construed in accordance with the laws
of the State of New York. 
 Section 2.5 Counterparts. This Fifth Supplemental Indenture may be signed in various
counterparts which together will constitute one and the same instrument. 
 Section 2.6 Effect of Headings. The
Section headings herein are for convenience only and shall not effect the construction hereof. 
 Section 2.7
Trustee. The recitals contained herein are made by the Issuers and the Guarantors, and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or
sufficiency of this Fifth Supplemental Indenture. All rights, protections, privileges, indemnities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed
applicable to all actions taken, suffered or omitted by the Trustee under this Fifth Supplemental Indenture. 
 [Signature
Pages Follow] 
  

 36 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed as of the date first above written. 
  

					
	TICKETMASTER ENTERTAINMENT LLC, as Issuer
		
	By:	 	 /s/ Michael Rowles

		 	Name:	    	Michael Rowles
		 	Title:	    	 Executive Vice President,

General Counsel and Secretary

	
	TICKETMASTER NOTECO, INC., as Issuer
		
	By:	 	 /s/ Michael Rowles

		 	Name:	    	Michael Rowles
		 	Title:	    	 Executive Vice President,

General Counsel and Secretary

[Signature Page to Fifth Supplemental Indenture] 

	
	FLMG HOLDINGS CORP.,
	
	IAC PARTNER MARKETING, INC.,
	
	MICROFLEX 2001 LLC,
	
	TICKETMASTER ADVANCE TICKETS, L.L.C.,
	
	TICKETMASTER CALIFORNIA GIFT CERTIFICATES L.L.C.,
	
	TICKETMASTER CHINA VENTURES, L.L.C.,
	
	TICKETMASTER EDCS LLC,
	
	TICKETMASTER FLORIDA GIFT CERTIFICATES L.L.C.,
	
	TICKETMASTER GEORGIA GIFT CERTIFICATES L.L.C.,
	
	TICKETMASTER INDIANA HOLDINGS CORP.,
	
	TICKETMASTER L.L.C.,
	
	TICKETMASTER MULTIMEDIA HOLDINGS LLC,
	
	TICKETMASTER NEW VENTURES HOLDINGS, INC.,
	
	TICKETMASTER WEST VIRGINIA GIFT CERTIFICATES L.L.C.,
	
	TICKETMASTER-INDIANA, L.L.C.,
	
	TM VISTA INC.,
	
	ECHOMUSIC, LLC,
	
	EVENTINVENTORY.COM, INC.,
	
	NETTICKETS.COM, INC.,
	
	OPENSEATS, INC.,
	
	PREMIUM INVENTORY, INC.,

	
	SHOW ME TICKETS, LLC,
	
	THE V.I.P. TOUR COMPANY,
	
	TICKETSNOW.COM, INC.,
	
	TNOW ENTERTAINMENT GROUP, INC.,

  

					
	 TICKETWEB, LLC,
 as
Guarantors

		
	By:	 	 /s/ Michael G. Rowles

		 	Name:	    	Michael Rowles
		 	Title:	    	 Executive Vice President,

General Counsel and Secretary

[Signature Page to Fifth Supplemental Indenture] 

	
	FRONT LINE MANAGEMENT GROUP, INC.,
	
	AZOFF PROMOTIONS LLC,
	
	FRONT LINE BCC LLC,
	
	ILAA, INC.,
	
	ILA MANAGEMENT, INC.,
	
	ENTERTAINERS ART GALLERY LLC,

  

					
	 MORRIS ARTISTS MANAGEMENT LLC,

as Guarantors

		
	By:	 	 /s/ Colin Hodgson

		 	Name:	    	Colin Hodgson
		 	Title:	    	Chief Financial Officer

[Signature Page to Fifth Supplemental Indenture] 

					
	FEA MERCHANDISE INC.,
	
	 SPALDING ENTERTAINMENT, LLC,

as Guarantors

		
	By:	 	 /s/ Colin Hodgson

		 	Name:	    	Colin Hodgson
		 	Title:	    	Treasurer

 [Signature Page to
Fifth Supplemental Indenture] 

					
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	 /s/ Alex Briffett

		 	Name:	    	John A. (Alex) Briffett
		 	Title:	    	Authorized Signatory

 [Signature
Page to Fifth Supplemental Indenture]

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