Document:

Amended and Restated Security Agreement

 Exhibit 10.2 
 AMENDED AND RESTATED SECURITY AGREEMENT 
 THIS AMENDED AND RESTATED
SECURITY AGREEMENT (this “Agreement”), dated as of March 18, 2011, is made by and between LBI MEDIA, INC., a California corporation (the “Borrower”), and the other undersigned debtors (collectively with the
Borrower, the “Debtors”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (“Credit Suisse”), as Collateral Trustee (in such capacity, together with its successors or assigns in such capacity, the “Collateral
Trustee”) for itself and the other Secured Parties having an address at Eleven Madison Avenue, 23rd Floor, New York, New York 10010. This Agreement amends and restates in its entirety the Amended and Restated Security Agreement dated as of
July 9, 2002, by and between certain of the Debtors and Credit Suisse, as collateral agent (as successor to Credit Suisse First Boston, in its role as administrative agent, as successor to Fleet National Bank, in its role as administrative
agent), as amended by that Omnibus Confirmation Agreement dated as of June 11, 2004 and that Second Omnibus Confirmation Agreement dated as of May 8, 2006 (as so amended, the “Existing Security Agreement”). 

WITNESSETH: 

WHEREAS, each Debtor is either one of the borrowers or one of the guarantors under the terms of an Amended and Restated Credit Agreement
among the Borrower, the guarantors party thereto (collectively, jointly and severally, the “Guarantors”), the lenders party thereto from time to time (the “Lenders”), Credit Suisse Securities (USA) LLC, as Lead
Arranger, and Credit Suisse AG, Cayman Islands Branch, as Administrative Agent (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”) and Collateral Trustee, dated as of the date
hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain Loans, as
defined in the Credit Agreement and extend other credit accommodations to the Borrower, and certain of the Lenders (collectively, the “Issuing Lenders”) have agreed, subject to the terms and conditions set forth therein, to issue
certain letters of credit for the account of the Borrower, as defined in the Credit Agreement (the “Letters of Credit”); 
 WHEREAS, the Administrative Agent, the Collateral Trustee, the Lenders or their respective Affiliates may from time to time enter into Hedging Agreements with one or more of the Debtors; 

WHEREAS, pursuant to the Indenture of even date herewith (as the same may be amended, modified, restated and/or supplemented from time to
time, the “Indenture”) among the Borrower, the other persons party thereto that are designated as “Guarantors” and U.S. Bank National Association, as trustee (in such capacity, and together with any successor trustee, the
“Indenture Trustee”), the Borrower has or will issue senior secured notes (the “Senior Notes”) in the original principal amount of $220,000,000, provided that such amount may be increased to an aggregate maximum
principal amount of $240,000,000 upon receipt by the Administrative Agent of the Supplemental Indenture, all as contemplated therein; 

 WHEREAS, the Borrower, the other gurantors from time to time party thereto, the Indenture
Trustee, the Administrative Agent, the other Priority Debt Representatives from time to time party thereto and the Collateral Trustee have entered into that certain Collateral Trust and Intercreditor Agreement of even date herewith (as the same may
be amended, modified, restated and/or supplemented from time to time, the “Collateral Trust Agreement”), setting forth certain rights of the Collateral Trustee and the Secured Parties with respect to the Collateral; 

WHEREAS, pursuant to the Collateral Trust Agreement, each Priority Debt Representative, on behalf of itself and each holder of Secured
Obligations, and each holder of Secured Obligations acting through its Priority Debt Representative has appointed Credit Suisse AG, Cayman Islands Branch to serve as Collateral Trustee for the current and future holders of the Priority Lien
Obligations; 
 WHEREAS, each Guarantor has agreed to guaranty the Obligations (as defined in the Credit Agreement) of the
Borrower pursuant to Article 3 of the Credit Agreement; 
 WHEREAS, each Guarantor has agreed to guaranty the Obligations (as
defined in the Indenture) of the Borrower pursuant to Section 11.01 of the Indenture; 
 WHEREAS, each Debtor will derive
substantial direct and indirect benefits from the making of the extensions of credit under the Credit Agreement and the issuance of the Senior Notes under the Indenture; 
 WHEREAS, it is a condition precedent to the obligation of the Lenders and the Issuing Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement and the obligation of
the initial purchasers to purchase the Senior Notes that the Debtors shall have executed and delivered this Agreement to the Collateral Trustee; and 
 WHEREAS, the parties intend that this Agreement shall not cause a novation of any of the grants of security interests or obligations of Debtors under the Existing Security Agreement or other documents
executed in connection therewith, nor shall it extinguish, terminate or impair Debtors’ grants of security interests or obligations or Collateral Trustee’s or the other Secured Parties’ rights or remedies under the Existing Security
Agreement; provided, however, that all such grants of security interests, obligations, rights and remedies shall be on the terms and conditions of, and as set forth in, this Agreement and the other Secured Debt Documents. In addition, subject to the
terms hereof and the other Secured Debt Documents, this Agreement shall not release, limit or impair in any way the priority of any security interests and liens held by the Collateral Trustee for the benefit of the Secured Parties against any assets
of Debtors arising under the Existing Security Agreement. 
 NOW THEREFORE, in consideration of the premises and mutual
covenants herein contained and for other good and valuable consideration, receipt of which is hereby acknowledged, it is hereby agreed, with the intent to be legally bound, that the Existing Security Agreement is amended and restated in its entirety
as follows: 
 1. Defined Terms. 
 (a) Except as otherwise expressly defined herein, all capitalized terms shall have the meanings ascribed to them in the Collateral Trust Agreement. 

  
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 (b) “Broadcast Station” means any television or radio
broadcast station owned or operated by any of the Debtors. 
 (c) “Burbank Studio Property”
means that certain real property owned in fee by the Debtors located on Hollywood Way in Burbank, California. 

(d) “Closing Date” means March 18, 2011. 

(e) “Dallas Studio Property” means that certain real property owned in fee by the Debtors located on
Gateway in Dallas, Texas. 
 (f) “Domestic Subsidiary” means any Subsidiary that is organized
and existing under the laws of the United States of America or any state or commonwealth thereof or under the laws of the District of Columbia. 
 (g) “Excluded Account” means collectively, (a) bank accounts established solely for the purpose of funding payroll, payroll taxes, withholding taxes, workman’s compensation and
other compensation and benefits to employees, (b) bank accounts with amounts on deposit that, when aggregated with the amounts on deposit in all other bank accounts for which Control Agreements have not been obtained (other than those specified
in clause (a)), do not exceed $250,000 individually and $500,000 in the aggregate at any time, (c) the deposit accounts maintained with Wells Fargo Bank, N.A., so long as the Borrower maintains an agreement to sweep the daily balances in such
accounts at the end of each Business Day on which such daily balances exceed a specified balance, not to exceed $400,000 to (1) an account governed by an existing Control Agreement or (2) an account covered by a new Control Agreement
obtained after the Closing Date pursuant to the terms of the Credit Agreement and (d) the securities accounts and deposit accounts maintained with Union Bank of California, N.A. for which Control Agreements will not be obtained as described on
Schedule VII hereto. 
 (h) “Excluded Equity Interests” means, collectively, all shares
of stock, partnership interests, limited liability interests, and all other equity interests in (i) any Person (other than a Wholly Owned Subsidiary or a Subsidiary controlled by the Borrower or any Wholly Owned Subsidiary of the Borrower) to
the extent a security interest granted thereon is not permitted by the terms of such Person’s organizational or joint venture documents, (ii) any voting Capital Stock in excess of 65% of the outstanding voting Capital Stock of any Foreign
Subsidiary owned by a Debtor, (iii) all Capital Stock of a Foreign Subsidiary indirectly owned by any Debtor and (iv) all Capital Stock of Domestic Subsidiaries of Foreign Subsidiaries (for purposes of this definition, “voting
Capital Stock” means, with respect to any issuer, the issued and outstanding shares of each class of stock of such issuer entitled to vote (within the meaning of Treasury Regulations §1.956-2(c)(2)), provided, however, that the
provisions of this definition shall not apply to Foreign Subsidiaries which are required to become a Debtor pursuant to the provisions of Section 26. 
 (i) “FCC” means the Federal Communications Commission or any governmental authority succeeding to any of its functions. 

  
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 (j) “FCC Licenses” means all radio, broadcast or other
licenses, permits, certificates of compliance, franchises, approvals or authorizations granted or issued by the FCC to any Debtor that are necessary for the broadcast or other operations of the Borrower or any Subsidiary. 

(k) “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

(l) “Governmental Authority” means the government of the United States of America, any other nation or
any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government and the National Association of Insurance Commissioners. 
 (m)
“Houston Studio Property” means that certain real property owned in fee by the Debtors located at 3000 Bering Drive, Houston, Texas. 
 (n) “Lease Related Lien” means (i) any interest or title of a lessor or sublessor under any lease of real estate or personal property permitted by the Secured Debt Documents; and
(ii) any UCC Financing Statements with respect to property leased by the Debtors. 
 (o) “Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Debtors taken as a whole, (b) the ability of any Debtor to perform any of its respective material obligations
under this Agreement or (c) the material rights of or material benefits available to the Secured Parties under this Agreement and the other Secured Debt Documents. 

(p) “Mortgaged Property” means, (a) with respect to the Real Property Assets of Debtors as of the
date hereof, the Burbank Studio Property, the Dallas Studio Property and the Houston Studio Property and (b) with respect to any fee ownership interest in any Real Property Asset acquired by any Debtor following the date hereof, any other fee
ownership interest in a Real Property Asset with a fair market value (as determined in the Borrower’s reasonable discretion as of the date of such acquisition or the date such Person becomes a Subsidiary) in excess of $2,500,000. 

(q) “Mortgages” mean, collectively, any mortgage, deed of trust, security deed or similar agreement
encumbering any Mortgaged Property in form and substance reasonably acceptable to the applicable Debtor and the Administrative Agent, as may be amended from time to time. 

(r) “Permitted Line of Business” means the television and radio broadcast business, television and radio
program production, rental of television, radio and related facilities and properties, outdoor advertising, the leasing or licensing of property or tower space, and general business services related to any of the foregoing and any business incident
thereto. 

  
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 (s) “Real Property Asset” means, at any time of
determination, any fee ownership or leasehold interest then owned by any Debtor in any real property. 
 (t)
“Requirement of Law” means as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject. 
 (u) “Wholly-Owned
Subsidiary” means, with respect to any Person at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing 100% of the equity or ordinary
voting power (other than directors’ qualifying shares) or, in the case of a partnership, 100% of the general partnership interests are, as of such date, directly or indirectly owned, controlled or held by such Person or one or more Wholly Owned
Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person. 
 2. Security
Interest. As security for the Secured Obligations described in Section 4 hereof, subject in all events to Section 3 hereof, each Debtor hereby grants (and hereby confirms its grant in the Existing Security Agreement) to the Collateral
Trustee for itself and for the benefit of the other Secured Parties a security interest in and lien on all of its right, title and interest in and to the tangible and intangible personal property and fixtures of such Debtor, whether now owned or
existing or hereafter acquired or arising, together with any and all additions thereto and replacements therefor and proceeds and products thereof (hereinafter referred to collectively as the “Collateral”), including, without
limitation, the property of such Debtor described below: 
 (a) all tangible personal property, including without
limitation, all present and future goods, inventory (including, without limitation, all printed materials, merchandise, raw materials, work in process, finished goods and supplies), equipment, merchandise, furniture, fixtures, office supplies, motor
vehicles, including without limitation, any motor vehicle, van, truck or car with any broadcast or transmission equipment, machinery, audio and/or video recording equipment, transmitting towers, transmitters, broadcasting equipment, videotapes,
audio tapes, LP records, compact discs, DAT tapes and other recorded media, paper, tools, computers, computer software and associated equipment now owned or hereafter acquired, including, without limitation, the tangible personal property used in
the operation of such Debtor’s business; 
 (b) all patents issued or assigned to and all patent
applications made by such Debtor and all exclusive and nonexclusive licenses to such Debtor from third parties or rights to use patents owned by such third parties, including, without limitation, the patents, patent applications and licenses listed
on Schedule II hereto, along with any and all (1) inventions and improvements described and claimed therein, (2) reissues, divisions, continuations, extensions and continuations-in-part thereof, (3) income, royalties, damages,
claims and payments now and hereafter due and/or payable under and with respect thereto, including, without limitation, damages and payments for past or future infringements thereof, (4) rights to sue for past, present and future infringements
thereof, and (5) any other rights corresponding thereto throughout the world (collectively, “Patents”); 

  
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 (c) all trademarks (including service marks), federal and state trademark
registrations and applications made by such Debtor, common law trademarks and trade names owned by or assigned to such Debtor, all registrations and applications for the foregoing and all exclusive and nonexclusive licenses from third parties of the
right to use trademarks of such third parties, including, without limitation, the registrations, applications, unregistered trademarks, service marks and licenses listed on Schedule III hereto, along with any and all (1) renewals
thereof, (2) income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, damages, claims and payments for past or future infringements thereof, (3) rights to sue for
past, present and future infringements thereof, and (4) foreign trademarks, trademark registrations, and trade name applications for any thereof and any other rights corresponding thereto throughout the world (collectively,
“Trademarks”); 
 (d) all copyrights, whether statutory or common law, owned by or assigned to
such Debtor, and all exclusive and non-exclusive licenses to such Debtor from third parties or rights to use copyrights owned by such third parties, including, without limitation, the registrations, applications and licenses listed on Schedule
IV hereto, along with any and all (1) renewals, revisions, extensions, derivative works, enhancements, modifications, updates and new releases thereof; (2) income, royalties, damages, claims and payments now and hereafter due and/or
payable with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (3) rights to sue for past, present and future infringements thereof, and (4) foreign copyrights and any
other rights corresponding thereto throughout the world (collectively, “Copyrights”); 
 (e) all
websites (including without limitation, all content, HTML documents, audiovisual material, software, data, copyrights, trademarks, patents and trade secrets relating to such websites) and domain names owned by or assigned to such Debtor and all
exclusive and nonexclusive licenses to such Debtor from third parties or rights to use websites or domain names owned by such third parties, including, without limitation, the registrations, applications and licenses listed on Schedule V
hereto, along with any and all (1) renewals and extensions thereof, (2) income, royalties, damages, claims and payments now and hereafter due and/or payable under and with respect thereto, including, without limitation, damages and
payments for past or future infringements thereof; (3) rights to sue for past, present and future infringements thereof; and (4) any other rights corresponding thereto throughout the world (collectively, “Websites and Domain
Names”); 
 (f) all rights under all present and future authorizations, permits, licenses and franchises
issued, granted or licensed to such Debtor for the operation of its business, including, without limitation, each of the FCC Licenses listed on Schedule VI hereto, in each case, to the extent permitted by applicable law, including the
Communications Act of 1934, as amended (the “Communications Act”), and the rules and regulations of the FCC, and all rights incident or appurtenant to such FCC Licenses, including, without limitation, the right to receive all
proceeds derived from or in connection with the sale, assignment or transfer of such FCC Licenses, to the maximum extent permitted by applicable law; 

  
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 (g) all rights under all present and future contracts and agreements to
which such Debtor is a party, including all contracts and agreements with vendors, suppliers and customers, employment and consulting contracts, distribution agreements, printing agreements, franchise agreements, direct marketing and advertising
agreements, “LMA” contracts, co-location contracts, easement agreements, programming agreements, management agreements, network affiliation agreements, engineering agreements, research, service and billing agreements, and all other
contracts and agreements; 
 (h) all rights under all present and future leases of personal property; and

 (i) all other personal property, including, without limitation, all proceeds from the disposition of any radio
or television station owned or operated by such Debtor and the “going concern value” of such radio or television station, all publications, present and future accounts, accounts receivable, cash, cash equivalents, deposits, deposit
accounts, loss carry back, tax refunds, choses in action, commercial tort claims, investment property, securities, partnership interests, limited liability company interests, contracts, contract rights, general intangibles (including without
limitation, all customer and advertiser mailing lists, intellectual property, patents, copyrights, trademarks, trade secrets, trade names, domain names, software, payment intangibles, goodwill, customer lists, advertiser lists, vendor lists,
catalogs and other printed materials, publications, indexes, lists, data and other documents and papers relating thereto, blueprints, designs, charts, and research and development, whether on paper, recorded electronically or otherwise), all media
broadcasting programs originating from such Debtor or any affiliate thereof (including without limitation, all recordings and renewals thereof and all licenses, contracts or other agreements naming such Debtor as licensee or licensor and providing
for the grant of any right to produce, use, sell, broadcast or rebroadcast any media or broadcasting programs), any information stored on any medium, including electronic medium, related to any of the personal property of such Debtor, all financial
books and records and other books and records relating, in any manner, to the business of such Debtor, all proposals and cost estimates and rights to performance, all instruments and promissory notes, documents and chattel paper (including without
limitation, electronic chattel paper and tangible chattel paper), and all debts, obligations and liabilities in whatever form owing to such Debtor from any person, firm or corporation or any other legal entity, whether now existing or hereafter
arising, now or hereafter received by or belonging or owing to such Debtor, and all guaranties and security therefor, and all letter of credit rights, rights to proceeds of letters of credit and other supporting obligations in respect of such debts,
obligations and liabilities; 
 Any of the foregoing terms which are defined in the UCC shall have the meaning provided in the
UCC, as amended and in effect from time to time, as supplemented and expanded by the foregoing. For avoidance of doubt, it is expressly understood and agreed that, to the extent the UCC is revised subsequent to the date hereof such that the
definition of any of the foregoing terms included in the description of Collateral is changed, the parties hereto desire that any 

  
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property which is included in such changed definitions which would not otherwise be included in the foregoing grant on the date hereof be included in such grant immediately upon the effective
date of such revision. Notwithstanding the immediately preceding sentence, the foregoing grant is intended to apply immediately on the date hereof to all Collateral to the fullest extent permitted by applicable law regardless of whether any
particular item of Collateral is currently subject to the UCC. 
 3. Excluded Collateral. Notwithstanding anything herein
to the contrary, but subject in all respects to the provisions contained in this Section 3, in no event shall the Collateral hereunder or the collateral under any other Secured Debt Document include, and no Debtor shall be deemed to have
granted a security interest in the following (collectively, the “Excluded Collateral”): 
 (a)
any FCC License, except at such times and to the extent that a security interest in such FCC License is permitted under applicable law; 
 (b) any Excluded Equity Interests; 
 (c) any United States
Trademark applications filed on the basis of a Debtor’s intent-to-use such mark, in each case, unless and until evidence of the use of such Trademark in interstate commerce is submitted to the United States Patent and Trademark Office, but only
if and to the extent that the granting of a security interest in such application would result in the invalidation of such application; 
 (d) any interest in leased real property (including, without limitation, any leasehold interests in real property); 
 (e) any fee interest in real property (other than the Mortgaged Property); 
 (f) any assets subject to a permitted Lease Related Lien (in the case of a permitted refinancing in respect of the Indebtedness secured by such Lease Related Lien) to the extent the documents governing
such Lease Related Lien prohibit, or require a consent or approval in order for, such assets to be subject to the Liens created by the Secured Debt Documents; and 

(g) any other Collateral to the extent and for so long as such grant of security interest, (i) is prohibited by any
Requirement of Law (as hereinafter defined), (ii) requires a filing with or consent from any Governmental Authority pursuant to any Requirement of Law that has not been made or obtained, or (iii) constitutes a breach or default under or
results in the termination of, or requires any consent not obtained under, any program, lease, license (including, without limitation, any software license), contract or agreement, except to the extent that such Requirement of Law or provisions of
any such program, lease, license, contract or agreement is ineffective under applicable law or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC to prevent the attachment of the security interest granted hereunder;

  
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 provided, that, notwithstanding the foregoing provisions of this Section 3, the
security interest granted hereby (and to the extent such property is purported to be covered by any other Secured Debt Document, the security interest granted under such Secured Debt Document), (x) shall attach at all times to all proceeds of
such property to the extent that the assignment or encumbering of such proceeds is not prohibited by any Requirement of Law, (y) shall attach to such property immediately and automatically (without need for any further grant or act) at such
time as the condition described in the applicable clause (a) through (g) above ceases to exist and (z) to the extent severable shall in any event attach to all rights in respect of such property that are not subject to the applicable
condition described in clause (a) through (g) above. 
 4. Secured Obligations. The security interest hereby
granted shall secure the due and punctual payment and performance of the Priority Lien Obligations of the Debtors (herein collectively called the “Secured Obligations”). 

5. Perfection Certificate. Each Debtor has delivered to the Collateral Trustee a Perfection Certificate in the form appended
hereto as Schedule I. As of the Closing Date, each Debtor represents that the completed Perfection Certificate delivered to the Collateral Trustee is true and correct in all material respects and the facts contained in such certificate are
accurate in all material respects. Each Debtor shall furnish to the Collateral Trustee from time to time supplemental schedules to the Perfection Certificates as the Collateral Trustee may reasonably request, if applicable. 

6. Special Warranties and Covenants of the Debtors. Each Debtor hereby warrants and covenants to the Secured Parties that:

 (a) As of the Closing Date, the Perfection Certificates attached hereto as Schedule I in respect of
each Debtor, accurately set forth the following information for each Debtor: (i) the exact legal name of such Debtor; (ii) the type of organization of such Debtor; (iii) the jurisdiction of organization of such Debtor; (iv) the
organizational identification number of such Debtor, or, if such Debtor does not have an organizational number, a statement that such Debtor has none; and (v) the chief executive office, business, any additional places of business, and the
current locations of all tangible Collateral of such Debtor, except for Collateral not material to such Debtor’s business. No Debtor will change its type of organization or jurisdiction of organization unless (x) such change is permitted
by the Secured Debt Documents and (y) thirty (30) days’ prior written notice (or such shorter amount of time acceptable to the Collateral Trustee) of such change has been given to the Collateral Trustee. Each Debtor hereby authorizes
the Collateral Trustee to take all steps deemed reasonably necessary by the Collateral Trustee to maintain its First Priority Lien in the Collateral. In the event a Debtor changes its chief executive office from the locations set forth in the
respective Schedule I, or make any change in such Debtor’s name or organizational number if it has one, such Debtor shall provide the Collateral Trustee prior written notice of such change. If any Debtor does not have an organizational
identification number and later obtains one, such Debtor will forthwith notify the Collateral Trustee of such organizational identification number. 
 (b) Except for the security interest created hereunder and other Liens granted or permitted by any Mortgage and all other Secured Debt Documents (collectively, “Permitted Liens”), each
Debtor is and, as to Collateral acquired by it from time to time 

  
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after the date hereof, such Debtor will be, the owner of its Collateral free from any lien, security interest or encumbrance and each Debtor and will defend the Collateral against all claims,
demands and encumbrances not permitted hereby or by the other Secured Debt Documents. As of the Closing Date, no Debtor holds any commercial tort claims in excess of $250,000, as defined in Article 9 of the UCC, except as indicated on the applicable
Schedule I attached hereto. If any Debtor shall at any time acquire a commercial tort claim in excess of $250,000, such Debtor shall promptly notify the Collateral Trustee in writing signed by such Debtor of the brief details thereof and
grant to the Collateral Trustee in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Collateral Trustee.
Notwithstanding anything herein to the contrary, no Debtor makes any representation or warranty herein regarding its title to or right to use any rights related to software programs and copyrights with respect to the content of news and other
programming broadcast or disseminated as part of the Permitted Lines of Business. 
 (c) Except for the FCC
Licenses which may not be transferred without prior authorization of the FCC and in accordance with Section 13(a) of this Agreement and motor vehicles and other assets where compliance can only be perfected through compliance with applicable
certificate of title statutes, the security interests granted pursuant to this Agreement upon completion of (a) filings with the United States Patent and Trademark Office and the United States Copyright Office and filings under the UCC,
(b) the execution and delivery of Control Agreements by depository institutions or other Persons at which the Debtors maintain any deposit accounts and (c) in the case of all Investment Property (as such term is defined in the UCC)
constituting Collateral, the completion of all steps necessary to grant control to the Collateral Trustee, will constitute valid and perfected security interests and no other authorization, consent, approval, license, qualification or formal
exemption from, nor any filing, declaration or registration with, any court (other than in connection with the exercise of judicial remedies), Governmental Agency or regulatory authority, or with any securities exchange or any other person or entity
is required in connection with (i) the grant by the Debtors to the Secured Parties of such security interest in the Collateral pursuant to this Agreement, or the execution, delivery or performance by the Debtors of this Agreement or
(ii) except as specifically provided in this Agreement or the Secured Debt Documents, the exercise of the remedies of the Secured Parties created hereby, including without limitation, the transfer of any Collateral to a third party upon an
Event of Default pursuant to the exercise of remedies granted to the Secured Parties hereunder. Notwithstanding anything herein or in any Security Document to the contrary, in no event shall any Debtor be required to take any action to comply with
any certificate of title or similar statute with respect to motor vehicles or other assets subject to such statutes and failure to comply with such statutes shall not constitute breach or an Event of Default under any Secured Debt Document.

 (d) Each Debtor will promptly deliver to the Collateral Trustee such financing statements and amendments
thereto, and shall execute and deliver to the Collateral Trustee such certificates and other documents, amendments or instruments and take or cause to be taken all such other action as may be deemed reasonably necessary by the

  
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Collateral Trustee to carry out the intent and purposes of this Agreement or to perfect, preserve or from time to time renew the security interests granted hereby, including, without limitation,
such financing statements and amendments thereto, certificates, and other documents as may be necessary to perfect a security interest in any additional Collateral hereafter acquired by such Debtor or in any replacements or proceeds thereof. Each
Debtor authorizes and appoints the Collateral Trustee, in case of need, to file such financing statements and to execute such amendments, certificates and other documents pertaining to the Secured Parties’ security interest in the Collateral in
its stead, with full power of substitution, as the Debtor’s attorney in fact. Each Debtor hereby further authorizes the Collateral Trustee to complete and file in the appropriate filing offices all financing statements (including without
limitation, financing statements in lieu of continuation statements) and amendments thereto, relative to all or any part of the Collateral and, where permitted or required by applicable law, to make any and all such filings without the signature of
the Debtor. Without limiting the forgoing, each Debtor irrevocably authorizes the Collateral Trustee, at any time and from time to time, to file in any jurisdiction financing statements, continuation statements and amendments thereto that
(i) indicate the Collateral (x) as all assets of the Debtors or words of similar effect, regardless of whether any particular asset falls within the scope of Article 9 of the UCC of such jurisdiction or (y) as being of an equal or
lesser scope or with greater detail and (ii) which contain any other information required by Article 9 of the UCC (including Part 5 thereof) for the sufficiency, or filing office acceptance, of any financing statement, continuation statement or
amendment, including whether (A) any Debtor is an organization, the type of organization and any organization identification number issued to such Debtor and (B) in the case of a financing statement filed as a fixture filing or indicating
Collateral as as-extracted collateral or timber to be cut, a sufficient description of the real property to which the Collateral relates. The Collateral Trustee may from time to time request and each Debtor shall deliver information relative to the
aforementioned financing statements. Each Debtor further agrees that a carbon, photographic or other reproduction of a security agreement or financing statement is sufficient as a financing statement under this Agreement. All of the foregoing shall
be at the sole cost and expense of the Debtors. 
 (e) Each Debtor will join with the Collateral Trustee in
executing and, at its own expense, will file and refile, or permit the Collateral Trustee to file and refile documents (including without limitation, this Agreement and licenses to use software and other property protected by copyright) in such
offices (including without limitation, the United States Patent and Trademark Office, appropriate state trademark offices and the United States Copyright Office), as the Collateral Trustee may deem reasonably necessary or appropriate, wherever
required or permitted by law in order to perfect and preserve the rights and interests granted to the Collateral Trustee for the benefit of the Secured Parties hereunder in each Debtor’s interest in federally registered or federal applications
to register, Patents, Trademarks and Copyrights. All of the foregoing shall be at the sole cost and expense of the Debtors. 
 (f) Each Debtor will give the Collateral Trustee notice of each office at which records of such Debtor pertaining to all intangible items of Collateral are kept. Except as may be provided in such notice,
the records concerning all intangible Collateral are and will be kept at the addresses shown in the respective Schedule I for such Debtor. 

  
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 (g) Schedules II, III, IV and V hereto,
respectively, are true, correct and complete lists as of the date hereof of (i) all federally registered and federal applications to register Patents, Trademarks and Copyrights, and (ii) the material Websites and Domain Names owned by the
Debtors. 
 (h) Except as otherwise expressly disclosed on Schedule V hereto, as of the date hereof, the
Debtors are the sole and exclusive owners of the material Websites and Domain Names listed on Schedule V hereto and have registered such domain names with Network Solutions, Inc. or the applicable authority which provides for the exclusive
use by the Debtors of such domain names. 
 (i) Each Debtor shall, within fifteen (15) days after the end of
each calendar quarter, provide written notice to the Collateral Trustee of all federal applications for Patents and all federal applications for registration of Trademarks, Copyrights or Websites and Domain Names, to the extent such federal
applications exist, made during the preceding calendar quarter. Each Debtor shall file and prosecute diligently all applications for Patents, Trademarks or Copyrights now or hereafter pending that would be necessary to the businesses of the Debtors
to which any such applications pertain, and to do all acts reasonably necessary to preserve and maintain all rights in such Collateral unless such Collateral is not material to the Debtor’s business, as reasonably determined by the Debtor
consistent with prudent and commercially reasonable business practices or where such failure to file would not, either individually or in the aggregate, have a Material Adverse Effect. Any and all costs and expenses incurred in connection with any
such actions shall be borne by the Debtors. Except in accordance with prudent and commercially reasonable business practices, the Debtors shall not abandon any right to file a Patent, Trademark or Copyright application or any pending Patent,
Trademark or Copyright application or any Patent, Trademark or Copyright, without the consent of the Collateral Trustee or permit to lapse or become abandoned, settle or compromise any pending or future litigation or administrative proceeding with
respect to any of the foregoing without the consent of the Collateral Trustee unless such abandonment would not, either individually or in the aggregate, have a Material Adverse Effect. 

(j) Each Debtor has made and will continue to make all necessary filings and recordations from time to time and use
appropriate statutory notice to protect its interests in the Collateral, including, without limitation, registration of its Websites and Domain Names with the appropriate domain name registrars and the appropriate recordations of its interests in
the Patents and Trademarks in the United States Patent and Trademark Office and in corresponding offices wherever it does business using such Patents and Trademarks throughout the world and its claims to Copyrights in the United States Copyright
Office, in each case including licenses and as otherwise requested from time to time by the Collateral Trustee, but in any event all in a manner consistent with prudent and commercially reasonable business practices, except where such failure to
take any such actions with respect to any Websites and Domain Names, Patents, Copyrights or Trademarks would not, either individually or in the aggregate, have a Material Adverse Effect. 

  
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 (k) Each Debtor will, promptly following its becoming aware thereof, notify
the Collateral Trustee of (i) any materially adverse determination in any proceeding in the United States Patent and Trademark Office or United States Copyright Office with respect to any Patent, Trademark or Copyright material to such
Debtor’s business to the extent such determination would have a Material Adverse Effect or to the extent that notice thereof would otherwise be required by any of the Secured Debt Documents; or (ii) any written claim received, the
institution of any proceeding or any materially adverse determination in any federal, state, local or foreign court or administrative bodies regarding such Debtor’s claim of ownership in or right to use any Patent, Trademark, Copyright or
Website and Domain Name, its right to register any of the foregoing Collateral, or its right to keep and maintain such registration in full force and effect, in each case to the extent that any such claim, proceeding or determination would have a
Material Adverse Effect or to the extent that notice thereof would otherwise be required by the Secured Debt Documents. 
 (l) Each Debtor will furnish to the Collateral Trustee from time to time statements and amended schedules further identifying and describing the Collateral and such other materials evidencing or reports
pertaining to the Collateral as the Collateral Trustee may from time to time reasonably request, all in reasonable detail. 
 (m) Except to the extent provided in this clause (n), with respect to any deposit account hereafter established by such Debtor with any institution at which any Debtor maintains its principal deposit and
operating accounts, such Debtor will promptly execute and deliver and cause any such institution to execute and deliver to the Collateral Trustee a control agreement with respect to such deposit account in form and substance satisfactory to the
Administrative Agent in its reasonable discretion (each such agreement, a “Control Agreement”). Notwithstanding the foregoing, Control Agreements are not required for (A) Excluded Accounts, (B) and an account at Union Bank
of California, N.A. described on Schedule 1 of the Control Agreement delivered in connection with the Existing Security Agreement or (C) accounts covered by an existing Control Agreement. 

(n) To the extent that such Debtor is now or at any time a beneficiary under a letter of credit now or hereafter issued in
favor of such Debtor with a face amount in excess of $250,000, such Debtor shall promptly notify the Collateral Trustee thereof and, at the request of the Collateral Trustee, pursuant to agreement in form and substance reasonably satisfactory to the
Collateral Trustee, use its commercially reasonably efforts to either (i) arrange for the issuer and any confirmer or other nominated person of such letter of credit to consent to an assignment to the Collateral Trustee of the proceeds of such
letter of credit or (ii) arrange for the Collateral Trustee to become the transferee beneficiary of such letter of credit, it being understood that the Collateral Trustee shall only be entitled to retain and apply the proceeds of such letter of
credit to the Secured Obligations hereunder if an Event of Default has occurred and is continuing. 

  
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 (o) To the extent any Debtor shall, now or hereafter, hold or acquire any
promissory note or other instrument or tangible chattel paper, with a value in excess of $250,000 individually or $500,000 in the aggregate, such Debtor will promptly notify the Collateral Trustee thereof and, at the request and option of the
Collateral Trustee, to the extent not previously delivered, such Debtor will deliver such promissory note or other instrument or tangible chattel paper to the Collateral Trustee to be held as Collateral hereunder, together with an endorsement
thereof reasonably satisfactory in form and substance to the Collateral Trustee. 
 (p) If, now or at any time
hereafter, any Collateral of any Debtor with a value in excess of $250,000 is in the possession of a single bailee, such Debtor will promptly notify the Collateral Trustee thereof and, at the request and option of the Collateral Trustee, such Debtor
shall use its commercially reasonable efforts to take or cause to be taken such steps as the Collateral Trustee may reasonably request for the Collateral Trustee to obtain an acknowledgement, in form and substance satisfactory to the Collateral
Trustee, of such bailee that such bailee holds such Collateral for the Collateral Trustee. 
 (q) If, now or at
any time hereafter, any Debtor shall obtain or hold any investment property or electronic chattel paper, with a value in excess of $250,000 individually or $500,000 in the aggregate, such Debtor will promptly notify the Collateral Trustee thereof
and, at the request and option of the Collateral Trustee, such Debtor will use its commercially reasonable efforts to take or cause to be taken such steps as the Agent may reasonably request for the Agent to obtain “control” (as provided
in Sections 9-105 and 9-106 of the UCC) of such Collateral. 
 7. Events of Default. The Debtors shall be in default
under this Agreement (an “Event of Default”) upon the happening of any “Actionable Default” under and as defined in the Collateral Trust Agreement. 
 8. Rights and Remedies of Secured Parties. Upon the occurrence and during the continuance of any Event of Default, such Event of Default not having previously been waived, remedied or cured in
accordance with the Collateral Trust Agreement, and subject in all events to Section 14(a) hereof, the Secured Parties shall have the following rights and remedies: 

(a) All rights and remedies provided by law, including, without limitation, those provided by the UCC; 

(b) All rights and remedies provided in this Agreement; and 

(c) All rights’ and remedies provided in the Secured Debt Documents or in any Hedging Agreements to which any Secured
Party and any Debtor is a party. 
 9. Royalty Free License. If at any time the Collateral Trustee has the right to
dispose of any of the Collateral which is subject to a Patent, Trademark or Copyright which any of the Debtors own, to the maximum extent permitted by applicable law and any agreement to which such Debtor and the applicable Collateral is subject,
such Debtor grants to the Collateral Trustee and the Secured Parties a royalty free license to use any such Patent, Trademark or Copyright, in 

  
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addition to the grant of any security interest granted to the Secured Parties in such Patent, Trademark or Copyright to dispose of any such Collateral and any such royalty free license shall
extend to any person or persons purchasing such Collateral from the Collateral Trustee or any of the Secured Parties. 
 10.
Right of the Collateral Trustee to Dispose of Collateral, etc. Upon the occurrence and during the continuance of any Event of Default, such Event of Default not having previously been waived, remedied or cured, but subject to
Section 13(a) hereof and the provisions of the UCC or other applicable law, including the Communications Act and the rules and regulations of the FCC, the Collateral Trustee shall have the right to take possession of the Collateral and, in
addition thereto, so far as the Debtors can give authority therefor, the right to enter upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom. The Collateral Trustee may require the Debtors to
make the Collateral (to the extent the same is moveable) available to the Collateral Trustee at a place to be designated by the Collateral Trustee which is reasonably convenient to both parties or transfer any information related to the Collateral
to the Collateral Trustee by electronic medium. The Collateral Trustee will give the Debtors at least ten (10) days’ prior written notice in accordance with Section 23 hereof of the time and place of any public sale of any of the
Collateral or of the time after which any private sale or any other intended disposition thereof is to be made. Any such notice shall be deemed to meet any requirement hereunder or under any applicable law (including the UCC) that reasonable
notification be given of the time and place of such sale or other disposition. The Collateral Trustee may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be
considered adversely to affect the commercial reasonableness of any sale of the Collateral. 
 11. Collateral Trust
Agreement. Notwithstanding any other provision of this Agreement, the rights of the parties hereunder are subject to the provisions of the Collateral Trust Agreement, including the provisions thereof pertaining to the rights and responsibilities
of the Collateral Trustee. In the event that any provision of this Agreement is in conflict or is inconsistent with the Collateral Trust Agreement, the Collateral Trust Agreement shall control. The term “Collateral Trustee” as used herein
shall include Credit Suisse AG, Cayman Islands Branch and any other Person acting as Collateral Trustee for the Secured Parties pursuant to the terms of the Collateral Trust Agreement. 

12. Right of the Collateral Trustee to Use and Operate Collateral, etc. Upon the occurrence and during the continuance of any
Event of Default, such Event of Default not having previously been waived, remedied or cured in accordance with the Collateral Trust Agreement, but subject to Section 13(a) hereof and the provisions of the UCC or other applicable law, including
the Communications Act and the rules and regulations of the FCC, the Collateral Trustee shall have the right and power to (a) take possession of all or any part of the Collateral, and to exclude the Debtors and all persons claiming under the
Debtors wholly or partly therefrom, and thereafter to hold, store, and/or use, operate, manage and control the same and (b) grant a license to use, or cause to be granted a license to use, any or all of the Patents, Trademarks, Copyrights and
Websites and Domain Names (in the case of Trademarks, along with the goodwill associated therewith, and in the case of Trademark licenses, subject to the quality control provisions of the original licenses) or any part thereof, in each case free of
all rights and claims of the Debtors therein and thereto. Upon any such taking of possession, subject 

  
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to the qualifications set forth in the first sentence of this Section 12, the Collateral Trustee may, from time to time, at the expense of the Debtors, make all such repairs, replacements,
alterations, additions and improvements to and of the Collateral as the Collateral Trustee may deem proper in its commercially reasonable discretion and, in any such case, the Collateral Trustee shall have the right to manage and control the
Collateral and to carry on the business and to exercise all rights and powers of the Debtors in respect thereto as the Collateral Trustee shall deem best, including the right to enter into any and all such agreements with respect to the operation of
the Collateral or any part thereof as the Collateral Trustee may see fit; and the Collateral Trustee shall be entitled to collect and receive all rents, issues, profits, fees, revenues and other income of the same and every part thereof. Such rents,
issues, profits, fees, revenues and other income shall be applied to pay the expenses of holding and operating the Collateral and of conducting the business thereof, and of all maintenance, repairs, replacements, alterations, additions and
improvements, and to make all payments which the Collateral Trustee may be required or may elect to make, if any, for taxes, assessments, insurance and other charges upon the Collateral or any part thereof, and all other payments which the
Collateral Trustee may be required or authorized to make under any provision of this Agreement (including legal costs and reasonable attorneys’ fees). The remainder of such rents, issues, profits, fees, revenues and other income shall be
applied as provided in Section 16. The rights of the Collateral Trustee under this Section 12 shall be in addition to all rights and remedies that the Collateral Trustee has as a Secured Party and as the Collateral Trustee under the
Secured Debt Documents and under applicable law and nothing herein shall be deemed to be a limitation of such rights. 
 13.
Receivership; Assignment of FCC Licenses; etc. 
 (a) Notwithstanding anything to the contrary contained
in this Agreement or in any other Secured Debt Document, the Secured Parties will not take any action pursuant to this Agreement or any other Secured Debt Document that would constitute or result in any assignment of an FCC License or any transfer
of control of any Debtor or any FCC License if such assignment of license or transfer of control would require under then existing law (including the written rules and regulations promulgated by the FCC), the prior approval of the FCC, without first
obtaining such approval of the FCC. Notwithstanding anything to the contrary contained in this Agreement or in any other Secured Debt Document, the grant of any security interest in any Collateral to Collateral Trustee and Secured Parties pursuant
to this Agreement and the grant of any security interest in any collateral to the Collateral Trustee and the Secured Parties pursuant to any Mortgage or the other Secured Debt Documents shall be subject to Section 3 hereof. 

(b) The Secured Parties and each Debtor agree that notwithstanding anything in this Agreement or in any other Secured Debt
Document to the contrary, to the extent required by applicable law, (i) voting rights and management rights with respect to the Collateral will remain with the Debtor upon and following the occurrence of an Event of Default unless any required
prior approvals of the FCC to the transfer of such rights to the Collateral Trustee, the Secured Parties, a receiver or their respective designees shall have been obtained; and (ii) prior to the exercise of voting rights by any purchaser at any
sale of the Collateral following the occurrence of an Event of Default and foreclosure upon the Collateral by the Secured Parties, any prior required consent of the FCC will be obtained. 

  
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 (c) Each Debtor agrees to take any actions that the Collateral Trustee may
reasonably request in writing in order to enable the Secured Parties to obtain and enjoy the full rights and benefits granted by this Agreement and any of the related documents, including, without limitation, the use of the Debtors’ best
efforts, if an Event of Default has occurred and is continuing, consistent with the rules, regulations and policies of the FCC, to obtain the approval of the FCC for any action or transaction relating to any FCC License for which such FCC action is
then required or prudent. Such obligation to take any and all of the actions required to be taken pursuant to the immediately preceding sentence shall specifically include the preparation, signing and filing, or causing to be prepared, signed and
filed, with the FCC the assignor’s, transferor’s or controlling person’s application or applications for consent to the assignment of FCC Licenses or transfer of control thereof necessary or appropriate under FCC Regulations for
approval of (i) any sale or transfer to the Secured Parties or a receiver or their respective designees of all or part of the equity interests in any of the Debtors or the assets and FCC Licenses of any of the Debtors, and (ii) any
assumption by the Secured Parties or a receiver or any of their respective designees of voting and management rights relating to the equity interests in any of the Debtors. Subject to the rights of the Debtors under applicable law and the Secured
Debt Documents, no Debtor shall take action to obstruct, impede or infringe upon the Collateral Trustee’s or Secured Parties’ exercise and enforcement of their rights, benefits and remedies under this Agreement and any agreement related
hereto, and each Debtor agrees to cooperate fully with any and all actions taken by the Collateral Trustee or Secured Parties in good faith pursuant to this Agreement, including, without limitation, the full and complete cooperation and assistance
in all proceedings, correspondence and other communications before or with the FCC or in connection with obtaining the approvals referred to above. Each Debtor acknowledges that the foregoing provisions are, inter alia, intended to ensure that,
during the term of this Agreement and upon the occurrence and during the continuance of an Event of Default, the Secured Parties receive, to the fullest extent permitted by applicable law and governmental policy (including, without limitation, the
rules, regulations and policies of the FCC), all rights necessary to sell the assets of the Broadcast Stations including FCC Licenses, and to exercise all remedies available to them under this Agreement and the other Secured Debt Documents, the UCC
or other applicable law. Each Debtor further acknowledges and agrees that, in the event of changes in law or governmental policy occurring subsequent to the date hereof that affect in any manner the Collateral Trustee’s or the other Secured
Parties’ rights of access to, security interest in, or use or sale of, the FCC Licenses, or the procedures necessary to enable the Collateral Trustee or the other Secured Parties to obtain such rights of access, use or sale, the parties hereto
shall amend this Agreement and the other Secured Debt Documents, in each case, in accordance with the requirements of the Collateral Trust Agreement, in such manner as the Collateral Trustee shall reasonable request, in order to provide such rights
to the greatest extent possible, consistent with then-applicable law and governmental policy, provided that such modifications do not materially adversely affect the substantive economic rights of any other party hereto. 

(d) Without limiting the generality of the foregoing or limiting in any way the rights of the Collateral Trustee or the
Secured Parties under the Secured Debt Documents or otherwise under applicable law, at the time provided by the Collateral Trust 

  
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Agreement after the occurrence and during the continuance of an Event of Default, the Collateral Trustee shall be entitled to apply for and have a receiver, trustee or similar official appointed
under state or federal law by a court of competent jurisdiction in any action taken by the Collateral Trustee to enforce the Secured Parties’ and Collateral Trustee’s rights and remedies hereunder and under the other Secured Debt Documents
in order to manage, protect, preserve, sell and otherwise dispose of all or any portion of the Collateral and continue the operation of the business of the Debtors, to seek from the FCC an involuntary assignment or transfer of control of each FCC
License from the Debtors to the Secured Parties, their designee or any transferee, and to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such receivership or trusteeship, including the
compensation of the receiver, trustee or similar official, and to the payment of the Secured Obligations and other fees and expenses due under the Secured Debt Documents as aforesaid until a sale or other disposition of such Collateral shall be
finally made and consummated. Subject to the rights of the Debtors under applicable law and the Secured Debt Documents, each Debtor agrees to authorize any involuntary assignment or transfer of control of FCC Licenses upon the request of the
receiver, trustee or other official so appointed and, if the Debtors shall refuse to authorize such transfer, the Debtors’ approval may be ordered or required by a court of competent jurisdiction. Subject to the terms hereof, such receiver,
trustee or other appointed official shall also have the power to dispose of the FCC Licenses in any manner lawful in the jurisdiction in which his appointment is confirmed, including the power to conduct a public or private sale of the FCC Licenses,
such sale being subject to the prior approval of the FCC as set forth herein. 
 (e) THE DEBTORS HEREBY
IRREVOCABLY CONSENT TO AND WAIVE ANY RIGHT TO OBJECT TO OR OTHERWISE CONTEST THE APPOINTMENT OF A RECEIVER, TRUSTEE OR SIMILAR OFFICIAL AS PROVIDED ABOVE, OR TO PREVENT THE COLLATERAL TRUSTEE, THE SECURED PARTIES OR ANY RECEIVER, TRUSTEE OR SIMILAR
OFFICIAL TO SEEK FROM THE FCC AN INVOLUNTARY TRANSFER OF THE FCC LICENSES. THE DEBTORS (I) GRANT SUCH WAIVER AND CONSENT KNOWINGLY AFTER HAVING DISCUSSED THE IMPLICATIONS THEREOF WITH COUNSEL, (II) ACKNOWLEDGE THAT (A) THE UNCONTESTED
RIGHT TO HAVE A RECEIVER, TRUSTEE OR SIMILAR OFFICIAL APPOINTED FOR THE FOREGOING PURPOSES, AND/OR TO SEEK FROM THE FCC AN INVOLUNTARY TRANSFER OF THE FCC LICENSES, IS CONSIDERED ESSENTIAL BY THE COLLATERAL TRUSTEE IN CONNECTION WITH THE ENFORCEMENT
OF THE SECURED PARTIES’ AND COLLATERAL TRUSTEE’S RIGHTS AND REMEDIES HEREUNDER AND UNDER THE OTHER SECURED DEBT DOCUMENTS, AND (B) THE AVAILABILITY OF SUCH REMEDIES UNDER THE FOREGOING CIRCUMSTANCES WAS A MATERIAL FACTOR IN INDUCING
THE SECURED PARTIES TO EXTEND CREDIT TO THE BORROWER AND PURCHASE THE SENIOR NOTES FROM THE BORROWER; AND (III) AGREE TO ENTER INTO ANY AND ALL STIPULATIONS IN ANY LEGAL ACTIONS, OR AGREEMENTS OR OTHER INSTRUMENTS IN CONNECTION WITH THE FOREGOING
AND TO COOPERATE FULLY WITH THE COLLATERAL TRUSTEE AND THE SECURED PARTIES IN CONNECTION WITH 

  
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THE ASSUMPTION AND EXERCISE OF CONTROL BY THE RECEIVER, TRUSTEE OR SIMILAR OFFICIAL OVER ALL OR ANY PORTION OF THE COLLATERAL. THE SECURED PARTIES AND THE COLLATERAL TRUSTEE ACKNOWLEDGE AND AGREE
THAT NOTHING IN THIS SECTION 13 SHALL BE DEEMED TO CONSTITUTE A WAIVER OF THE DEBTORS’ RIGHT TO FILE FOR PROTECTION UNDER TITLE 11 OF THE UNITED STATES CODE AT ANY TIME. 
 14. Collection of Accounts Receivable, etc. Upon the occurrence and during the continuance of any Event of Default, such Event of Default not having previously been waived, remedied or cured, the
Collateral Trustee may notify or may require the Debtors to notify account debtors, including, without limitation, customers and vendors, obligated on any or all of the Debtors’ accounts receivable, whether now existing or hereafter arising, to
make payment directly to the Collateral Trustee, and may take possession of all proceeds of any accounts in the Debtors’ possession, and may take any other steps which the Collateral Trustee deems necessary or advisable to collect any or all
such accounts receivable or other Collateral or proceeds thereof. 
 15. Dispositions from Deposit Accounts. Upon the
occurrence and during the continuance of any Event of Default, such Event of Default not having previously been waived, remedied or cured, the Collateral Trustee shall have the right at any time or times to give any depository bank which is party to
a Control Agreement instructions as to the withdrawal, transfer or other disposition of any funds in any deposit accounts of the Debtors subject thereto, without the consent of the Debtors, and may apply all sums withdrawn from such deposit accounts
to the payment of the Secured Obligations in accordance with the terms of the Collateral Trust Agreement and, in addition, the Collateral Trustee may instruct the depository banks under such Control Agreements to terminate Debtors’ withdrawal
rights with respect to such deposit accounts. The Debtors constitute and appoint irrevocably the Collateral Trustee their true and lawful attorney, with full power of substitution, without limitation, upon the occurrence and during the continuance
of an Event of Default, such Event of Default not having previously been waived, renewed or cured, to demand, collect, receive and sue for all amounts which may become due and payable under the deposit accounts subject to any Control Agreements, and
to execute all withdrawal receipts or other orders for the Debtors, in the Collateral Trustee’s own name or in the name of the Debtors or otherwise, which the Collateral Trustee deems necessary or appropriate to protect and preserve its right,
title and interest in such deposit accounts. 
 16. Proceeds of Collateral. After deducting all costs and expenses of
collection, storage, custody, sale or other disposition and delivery (including legal costs and reasonable attorneys’ fees) and all other charges against the Collateral, the residue of the proceeds of any such sale or disposition shall be
applied to the payment of the Secured Obligations by the Collateral Trustee in accordance with the terms of the Collateral Trust Agreement . By way of enlargement and not by way of limitation of the rights of the Collateral Trustee under applicable
law or the Collateral Trust Agreement or the other Secured Debt Documents, the Collateral Trustee shall allocate the proceeds of the Collateral to the Secured Obligations in accordance with the terms of the Collateral Trust Agreement. In the event
the proceeds of any sale, lease or other disposition of the Collateral hereunder are insufficient to pay all of the Secured Obligations in full, the Debtors will be liable for the deficiency, together with interest thereon at the maximum rate
provided in the Secured Debt Documents, and the cost and expenses of collection of such deficiency, including (to the extent permitted by law), without limitation, reasonable attorneys’ fees, expenses and disbursements. 

  
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 17. Waivers, etc. To the extent permitted by applicable law, each Debtor hereby
waives presentment, demand, notice, protest and, except as is otherwise provided herein or in the other Secured Debt Documents, all other demands and notices in connection with this Agreement or the enforcement of the Secured Parties’ rights
hereunder or in connection with any Secured Obligations or any Collateral; consents to and waives notice of the granting of renewals, extensions of time for payment or other indulgences to the Debtors or to any account debtor in respect of any
account receivable or to any other third party, or substitution, release or surrender of any Collateral, the addition or release of persons primarily or secondarily liable on any Secured Obligation or on any account receivable or other Collateral,
the acceptance of partial payments on any Secured Obligation or on any account receivable or other Collateral and/or the settlement or compromise thereof. No delay or omission on the part of the Collateral Trustee or the Secured Parties in
exercising any right hereunder shall operate as a waiver of such right or of any other right hereunder. Any waiver of any such right on any one occasion shall not be construed as a bar to or waiver of any such right on any future occasion. TO THE
EXTENT PERMITTED BY APPLICABLE LAW, EACH DEBTOR FURTHER WAIVES ANY RIGHT IT MAY HAVE UNDER THE LAWS OF THE STATE OF NEW YORK, UNDER THE LAWS OF ANY STATE IN WHICH ANY OF THE COLLATERAL OR ANY DEBTOR MAY BE LOCATED, OR UNDER THE LAWS OF THE UNITED
STATES OF AMERICA, TO NOTICE (OTHER THAN ANY REQUIREMENT OF NOTICE PROVIDED HEREIN) OR TO A JUDICIAL HEARING PRIOR TO THE EXERCISE OF ANY RIGHT OR REMEDY PROVIDED BY THIS AGREEMENT TO THE COLLATERAL TRUSTEE OR THE SECURED PARTIES AND WAIVES ITS
RIGHTS, IF ANY, TO SET ASIDE OR INVALIDATE ANY SALE DULY CONSUMMATED IN ACCORDANCE WITH THE FOREGOING PROVISIONS HEREOF ON THE GROUNDS (IF SUCH BE THE CASE) THAT THE SALE WAS CONSUMMATED WITHOUT A PRIOR JUDICIAL HEARING. Each Debtor waivers under
this section have been made voluntarily, intelligently and knowingly and after such Debtor has been apprised and counseled by its attorneys as to the nature thereof and its possible alternative rights. 

18. Termination. 
 (a) At the time provided in Section 5.1 of the Collateral Trust Agreement, the Collateral shall be released from the Lien created hereby and this Agreement and all obligations (other than those
expressly stated to survive such termination) of the Collateral Trustee and each Debtor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the
Debtors. Each Debtor is hereby authorized to file UCC amendments at such time evidencing the termination of the Liens so released. At the request of any Debtor following any such termination, the Collateral Trustee shall deliver to such Debtor any
Collateral of such Debtor held by the Collateral Trustee hereunder and execute and deliver to such Debtor such documents as such Debtor shall reasonably request to evidence such termination. 

  
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 (b) If the Collateral Trustee shall be directed or permitted pursuant to Section 5.1 of
the Collateral Trust Agreement to release any Lien or any Collateral, such Collateral shall be released from the Lien created hereby to the extent provided under, and subject to the terms and conditions set forth in, such subsection. In connection
therewith, the Collateral Trustee, at the request of any Debtor, shall execute and deliver to such Debtor such documents as such Debtor shall reasonably request to evidence such release. 

(c) At the time provided in Section 5.1 of the Collateral Trust Agreement (solely to the extent requested by the Company), a Debtor
shall be released from its obligations hereunder. 
 19. Waivers. No waiver by the Collateral Trustee or by any other
holder of Secured Obligations of any default shall be effective unless in writing nor operate as a waiver of any other default or of the same default on a future occasion. 
 20. Assignments. In the event of a sale or assignment of part or all of the Secured Obligations by any Secured Party in accordance with the applicable Secured Debt Documents, each such Secured
Party may assign or transfer its respective rights and interest under this Agreement in whole or in part to the purchaser or purchasers of such Secured Obligations, whereupon such purchaser or purchasers shall become vested with all of the powers
and rights of the Secured Party hereunder, subject, in each case, to the requirements of the Collateral Trust Agreement, if any. 
 21. Reinstatement. Notwithstanding the provisions of Section 18, this Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any amount received by the
Collateral Trustee or any of the Secured Parties in respect of the Secured Obligations is rescinded or must otherwise be restored or returned by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any
Debtor, the Borrower or any other Debtor or Subsidiary upon the appointment of any intervener or conservator of, or trustee or similar official for, any Debtor, the Borrower or any other Debtor or Subsidiary or any substantial part of any of their
properties, or otherwise, all as though such payments had not been made. 
 22. Governmental Approval. Notwithstanding
anything to the contrary contained herein, the Secured Parties’ rights hereunder are subject to Section 13 hereof and all applicable rules and regulations of the FCC, and the Secured Parties acknowledge that certain assignments of the FCC
Licenses and certain transfers of control may be subject to the prior approval of the FCC. Each Debtor agrees to take any action which the Collateral Trustee may reasonably request in order to obtain and enjoy the full rights and benefits granted to
the Secured Parties by this Agreement, including specifically, at each Debtor’s own cost and expense, the use of its best efforts, if an Event of Default has occurred and is continuing, to assist in obtaining approval of the FCC or any state or
municipal authority for any action or transaction contemplated by this Agreement which is then required by law, and specifically, without limitation, upon request, the preparation, execution and filing with the FCC or any state or municipal
authority of any portion of the application or applications for consent to the assignment of any FCC License or franchise or transfer of control required to be executed by each Debtor in any of the transactions contemplated herein. Prior to or,
where permitted, upon the exercise by the Collateral Trustee or any Secured Party of any power, right, privilege or remedy pursuant to this Agreement which requires any consent, approval, registration, qualification or authorization of any
governmental authority or instrumentality, each Debtor will execute and deliver, or will cause the execution and delivery of, all applications, certificates, instruments and other documents and papers that such Debtor may be reasonably required to
obtain for such governmental consent, approval, registration, qualification or authorization. 

  
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 23. Notices. All notices, consents, approvals, elections and other communications
hereunder shall be in writing (whether or not the other provisions of this Agreement expressly so provide) and shall be deemed to have been duly given if delivered in accordance with the terms of Section 10.8 of the Collateral Trust Agreement.

 24. Miscellaneous. This Agreement shall inure to the benefit of the Secured Parties and be binding upon the Collateral
Trustee and each Debtor and their respective successors and assigns. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which shall be an original, but all of which together shall constitute one instrument.

 25. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 

(b) All judicial proceedings brought against any party to this Agreement (each, a “Party”) arising out of or relating to
this Agreement or any of the other Secured Debt Documents shall be brought in any court of competent jurisdiction in the State of New York. By executing and delivering this Agreement, each Debtor, for itself and in connection with its properties,
irrevocably: 
 (i) accepts generally and unconditionally the non-exclusive jurisdiction and venue of such
courts; 
 (ii) waives any defense of forum non conveniens; 

(iii) agrees that service of all process in any such proceeding in any such court may be made by registered or certified
mail, return receipt requested, to such Party at its address provided in accordance with this Agreement; 
 (iv)
agrees that service as provided in clause (iv) above is sufficient to confer personal jurisdiction over such Party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and

 (v) agrees each Party hereto retains the right to serve process in any other manner permitted by law or to
bring proceedings against any Party in the courts of any other jurisdiction. 
 (c) Each Party waives its rights to a jury trial
of any claim or cause of action based upon or arising under this Agreement or any of the other Secured Debt Documents or any dealings between them relating to the subject matter of this Agreement or the intents and

  
 -22-

 
purposes of the other Secured Debt Documents. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject
matter of this Agreement and the other Secured Debt Documents, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each Party acknowledges that this waiver is a material inducement to enter
into a business relationship, that each Party has already relied on this waiver in entering into this Agreement, and that each Party will continue to rely on this waiver in its related future dealings. Each Party further warrants and represents that
it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in
writing (other than by a mutual written waiver specifically referring to this Section 25(c) and executed by each of the Parties), and this waiver will apply to any subsequent amendments, renewals, supplements or modifications of or to this
Agreement or any of the other Secured Debt Documents or to any other documents or agreements relating thereto. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

26. Additional Debtors. The initial Debtors hereunder shall be the Borrower and such of the Subsidiaries of Borrower as are
signatories hereto on the date hereof. From time to time subsequent to the date hereof, any new Domestic Subsidiaries of Borrower and any new Foreign Subsidiaries (to the extent such Foreign Subsidiary is a disregarded entity or partnership for
United States Tax purposes) shall become parties hereto as additional Debtors (each an “Additional Debtor”), by executing an Assumption Agreement substantially in the form of Exhibit A annexed hereto (an “Assumption
Agreement”). Upon delivery of any such Assumption Agreement to Collateral Trustee, notice of which is hereby waived by Debtors, each such Additional Debtor shall be a Debtor and shall be as fully a party hereto as if such Additional Debtor
were an original signatory hereto. Each Debtor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Debtor hereunder, nor by any election of the necessary Secured Parties
or the Collateral Trustee with the written consent of the necessary Secured Parties not to cause any Subsidiary of Borrower to become an Additional Debtor hereunder. This Agreement shall be fully effective as to any Debtor that is or becomes a party
hereto regardless of whether any other Person becomes or fails to become or ceases to be a Debtor hereunder. Notwithstanding anything to the contrary contained herein, Empire Burbank Studios, Inc., shall not be required to be a Debtor hereunder.

 27. Amendments. No amendment, modification, termination or waiver of any provision of this Agreement, and no consent
to any departure by any Debtor therefrom, shall in any event be effective unless the same shall be effected in accordance with Section 10.1 of the Collateral Trust Agreement; provided this Agreement may be modified by the execution of an
Assumption Agreement by an Additional Debtor in accordance with Section 26 and Debtors hereby waive any requirement of notice of or consent to any such amendment. Any such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which it was given. 
 (Signatures begin on the next page.) 

  
 -23-

 IN WITNESS WHEREOF, the parties have executed the Security Agreement as a sealed instrument
as of the date first above written. 
  

			
	DEBTORS:
	
	LBI MEDIA, INC.
		
	By:	 	 /s/ Wisdom Lu

		 	        Name:  Wisdom Lu
		 	        Title:    Chief Financial Officer
	
	 LIBERMAN TELEVISION OF HOUSTON LLC

	 KZJL LICENSE LLC

	 LIBERMAN TELEVISION LLC

	 KRCA TELEVISION LLC

	 KRCA LICENSE LLC

	 LBI RADIO LICENSE LLC

	 LIBERMAN BROADCASTING OF HOUSTON LLC

	 LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC

	 LIBERMAN BROADCASTING OF CALIFORNIA LLC

	 LIBERMAN BROADCASTING OF DALLAS LLC

	 LIBERMAN BROADCASTING OF DALLAS LICENSE LLC

	 LIBERMAN TELEVISION OF DALLAS LLC

	 LIBERMAN TELEVISION OF DALLAS LICENSE LLC

 

			
	By:	 	 /s/ Wisdom Lu

		 	        Name:  Wisdom Lu
		 	        Title:    Chief Financial Officer

 
			
	COLLATERAL TRUSTEE:
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Collateral Trustee for itself and other Secured Parties
		
	By:	 	 /s/ William
O’Daly

			
	Name:	 	William O’Daly
	Title:	 	Director

  

			
	By:	 	 /s/ Sanja
Gazahi

			
	Name:	 	Sanja Gazahi
	Title:	 	Associate

 Exhibit A to the Security Agreement 

ASSUMPTION AGREEMENT 
 ASSUMPTION AGREEMENT, dated as of
                                ,
                , made by
                                         
       ,
a                                         
    the “Additional Debtor”), in favor of CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Collateral Trustee (in such capacity, the “Collateral Trustee”) for the Secured Parties. All capitalized terms
not defined herein shall have the meaning ascribed to them in the Security Agreement (as defined below). 
 WHEREAS, in
connection with the Secured Debt Documents, the Borrower and certain of its Affiliates (other than the Additional Debtor) have entered into an Amended and Restated Security Agreement, dated as of March 18, 2011 (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time, the “Security Agreement”), in favor of the Collateral Trustee for the benefit of the Secured Parties; 

WHEREAS, the Secured Debt Documents require the Additional Debtor to become a party to the Security Agreement; and 

WHEREAS, the Additional Debtor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Security
Agreement; 
 NOW, THEREFORE, IT IS AGREED: 
 1. Security Agreement. By executing and delivering this Assumption Agreement, the Additional Debtor, as provided in Section 26 of the Security Agreement, hereby becomes a party to the Security
Agreement as a Debtor thereunder with the same force and effect as if originally named therein as a Debtor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Debtor thereunder. In
furtherance of the foregoing, as security for the Secured Obligations (as defined in the Security Agreement), the Additional Debtor hereby grants to the Collateral Trustee for itself and for the benefit of the other Secured Parties a security
interest in the Collateral (as defined in the Security Agreement) of the Additional Debtor. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedules I through VII to the Security Agreement. The Additional
Debtor hereby represents and warrants that each of the representations and warranties contained in the Security Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such
date. 
 2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly
executed and delivered as an instrument under seal as of the date first above written. 

 
			
	[ADDITIONAL DEBTOR]
		
	By:	 	 
		 	Name:
		 	Title:

 Annex 1 to the Assumption Agreement 

Supplement to Schedule I 
 Supplement to Schedule II 
 Supplement to Schedule III 

Supplement to Schedule IV 
 Supplement to Schedule V 
 Supplement to Schedule VI 

Supplement to Schedule VII 

 SCHEDULE I 

(to the Security Agreement) 
 Perfection Certificate 

[                    ]

 FORM OF PERFECTION CERTIFICATE 
 The undersigned, [            ],
[                    ] of [            ], a
[                    ] (the “Company”), hereby certifies as of this 18th day of March, 2011, with reference to that certain
Amended and Restated Security Agreement dated March 18, 2011 (the “Security Agreement”; terms used but not defined herein have the same meanings provided therefor in the Security Agreement), among [LBI Media, Inc.] [the
Company], [the Company, the other guarantors party thereto] [the guarantors party thereto] and Credit Suisse AG, Cayman Islands Branch, as collateral trustee (in such capacity, the “Collateral Trustee”), to the Collateral
Trustee as follows: 
  

	 	§1.	Jurisdiction of Organization. 

 (a) The jurisdiction under whose law the Company is organized and the organizational identification number of the Company is as follows: 

 

	 	§2.	Names. 

 (a) The
exact legal name of the Company as that name appears on its [Certificate of Formation] [Articles of Organization] [Articles of Incorporation] is as follows: 
 (b) The following is a list of all other names (including trade names or similar appellations) used by the Company, or any other business or organization to which the Company became the successor by
merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise, now or at any time during the past five years: 
 (c) The following is the Company’s federal employer identification number: 
  

	 	§3.	Current Locations. 

(a) The chief executive office of the Company is located at the following address: 

 

					
	 Mailing Address
	  	 County
	  	 State

  
 1 

 (b) The following are all other locations in the United States of America in which the
Company maintains any books or records relating to any of the Collateral consisting of accounts, contract rights, chattel paper, general intangibles or mobile goods: 
  

					
	 Mailing Address
	  	 County
	  	 State

 (c) The following are all other places of business of the Company in the United States of America: 
  

					
	 Mailing Address
	  	 County
	  	 State

 (d) The following are all other locations in the United States of America where any of the Collateral consisting of Inventory or equipment is located: 

 

					
	 Mailing Address
	  	 County
	  	 State

 (e) The following are the names and addresses of all persons or entities other than the Company, such as lessees, consignees, warehousemen or purchasers of chattel paper, which have possession or are
intended to have possession of any of the Collateral: 
  

					
	 Name
	  	 Address
	  	  

 Of the persons and entities listed above in this clause (e): 

(i) The following persons and entities are warehouses which issue warehouse receipts: 

 

					
	 Name
	  	 Address
	  	  

 (ii) The following persons and entities process or finish
inventory or other goods for the Company: 
  

					
	 Name
	  	 Address
	  	  

 (iii) The following persons and entities hold inventory or other
goods on consignment for the Company: 
  

					
	 Name
	  	 Address
	  	  

  
 2 

 (iv) The following persons and entities have possession of assets of the Company for the
purposes indicated: 
  

					
	 Name
	  	 Address
	  	  

  

	 	§4.	Prior Locations. 

(a) Set forth below is the information required by subparagraphs (b) and (c) of §2 with respect to each location or place
of business previously maintained by the Company at any time during the past four months: 
  

					
	 Mailing Address
	  	 County
	  	 State

 (b) Set forth below is information required by subparagraphs (d) and (e) of §3 with respect to each other location at which, or other person or entity with which, any of the Collateral
consisting of inventory or equipment has been previously held at any time during the past four months: 
  

	 	§5.	Fixtures. 

Attached hereto as Schedule 5 is the information required by UCC §9-502 of each state in which any of the Collateral
consisting of fixtures are or are to be located. 
  

	 	§6.	Intellectual Property. 

 Attached hereto as Schedule 6 is a complete list of all United States and foreign patents, copyrights, trademarks, trade names and service marks registered or for which applications are pending in
the name of the Company. 
  

	 	§7.	Securities; Instruments. 

 The following is a complete list of all stock, bonds, debentures, notes and other securities owned by the Company (provide name of issuer and a description of security): 

 

					
	 Issuer
	  	 Security Description
	  	  

  
 3 

	 	§8.	Bank/Deposit Accounts. 

 The following is a complete list of all bank accounts maintained by the Company (provide name and address of depository bank, type of account and account number): 

 

					
	 Depository Bank and Address
	  	 Type of Account
	  	 Account No.

  

	 	§9.	Unusual Transactions. 

 Except for those purchases, acquisitions and other transactions described on Schedule 9 attached hereto, LBI Media Holdings, Inc. and Liberman Broadcasting, Inc., all of the Collateral acquired by
the Company during the past five years has been originated by the Company in the ordinary course of the Company’s business or consists of goods which have been acquired by the Company in the ordinary course from a person in the business of
selling goods of that kind. 

  
 4 

 IN WITNESS WHEREOF, I have hereunto signed this Certificate as of the date first above written.

  

			
	[                           
     ],
	[                           
                         ]
		
	By:	 	 
		 	[                          
      ]
		 	[                          
      ]

  
 S-1

 SCHEDULE 5 

FIXTURES 

  
 6 

 SCHEDULE 6 

INTELLECTUAL PROPERTY 

  
 7 

 SCHEDULE 9 

TRANSACTIONS 

  
 8 

 SCHEDULE II 

(to the Security Agreement) 
 PATENTS 
 None. 

  
 9 

 SCHEDULE III 

(to the Security Agreement) 
 TRADEMARKS 
 (including registrations and applications and exclusive and
non-exclusive licenses) 
  

							
	 	  	Marks	  	Registration Number	  	 
				
	1.	  	KQUE(AM)	  	Unregistered	  	
				
	2.	  	KJOJ-FM	  	Unregistered	  	
				
	3.	  	KJOJ(AM)	  	Unregistered	  	
				
	4.	  	KTJM(FM)	  	Unregistered	  	
				
	5.	  	KSEV(AM)	  	Unregistered	  	
				
	6.	  	KZJL(TV)	  	Unregistered	  	
				
	7.	  	KZJL-DT	  	Unregistered	  	
				
	8.	  	KBUE(FM)	  	Unregistered	  	
				
	9.	  	KBUA(FM)	  	Unregistered	  	
				
	10.	  	KHJ(AM)	  	Unregistered	  	
				
	11.	  	KWIZ(FM)	  	Unregistered	  	
				
	12.	  	KVNR(AM)	  	Unregistered	  	
				
	13.	  	KRCA(TV)	  	Unregistered	  	
				
	14.	  	KSDX-LP	  	Unregistered	  	
				
	15.	  	KBUA-FM1	  	Unregistered	  	
				
	16.	  	KRCA-DT	  	Unregistered	  	
				
	17.	  	KIOX - FM	  	Unregistered	  	
				
	18.	  	KXGJ – FM	  	Unregistered	  	
				
	19.	  	KQQK-FM	  	Unregistered	  	
				
	20.	  	KEYH-AM	  	Unregistered	  	

  
 10 

							
				
	21.	  	KMXN-FM	  	Unregistered	  	
				
	22.	  	KEBN-FM	  	Unregistered	  	
				
	23.	  	KMPX	  	Unregistered	  	
				
	24.	  	KMPX-TV	  	Unregistered	  	
				
	25.	  	KMPX-DT	  	Unregistered	  	
				
	26.	  	KNOR-FM	  	Unregistered	  	
				
	27.	  	EL SHOW DE DON CHETO	  	Unregistered	  	
				
	28.	  	SECRETOS HOUSTON	  	Unregistered	  	
				
	29.	  	KTCY 101.7 FM	  	Unregistered	  	
				
	30.	  	KZMP 104.9 FM	  	Unregistered	  	
				
	31.	  	KZMP 1540 AM	  	Unregistered	  	
				
	32.	  	KZZA 106.7 FM	  	Unregistered	  	
				
	33.	  	KBOC 98.3 FM	  	Unregistered	  	

 State Trademark 
 XO, Texas Registration Number 800109485, Registered Owner is Liberman Broadcasting, Inc. 
 U.S.
Service Marks 
  

	 	1.	SONIDO – Registration No.: 2,773,937 Reg. Date: 10/14/03 Cancelled – Liberman Broadcasting, Inc. 

 

	 	2.	RADIO RANCHITO – Registration No.: 2,638,877 Reg. Date: 10/22/02 Cancelled – Liberman Broadcasting, Inc. 

 

	 	3.	SONIDO 96.7 – Registration No.: 2,773,936 Reg. Date: 10/14/03 Cancelled – Liberman Broadcasting, Inc. 

 

	 	4.	SONIDO 96.7 SOBROSA – Serial No.: 76/287,857 Filing Date: 7/18/01 Abandoned – Liberman Broadcasting, Inc. 

  
 11 

	 	5.	98.5/103.3 FM LA RAZA – Serial No.: 76/296,584 Filing Date: 8/6/01 Suspended – Liberman Broadcasting of California LLC 

 

	 	6.	LA SONIDERA – Serial No.: 76/296,579 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	7.	LA NORTENA – Serial No.: 76/275,931 Filing Date: 6/21/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	8.	BARRA LIBRE – Registration No.: 2,780,196 Reg. Date: 11/04/03 Cancelled – Liberman Broadcasting, Inc. 

 

	 	9.	LA ESTACION DE LA RAZA – Serial No.: 76/296,575 Filing Date:8/6/01 Suspended – Liberman Broadcasting of California LLC 

 

	 	10.	LA RAZA NORTENA – Serial No.: 76/296,582 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	11.	PLANETA X – Serial No.: 76/296,585 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	12.	LA NUMERO ONE – Serial No.: 76/296,968 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	13.	LA CHANGADA – Serial No.: 76/296,576 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	14.	LA CHANGA – Serial No.: 76/296,577 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	15.	LA RANCHERA – Registration No.: 2,730,212 Reg. Date: 6/24/03 Registered – Liberman Broadcasting of California LLC 

 

	 	16.	NOCHES SONIDERAS – Registration No.: 2,780,195 Reg. Date: 11/4/03 Cancelled – Liberman Broadcasting, Inc. 

 

	 	17.	AQUI MANDA LA RAZA – Serial No.: 76/498,401 Filing Date: 3/17/03 Suspended – Liberman Broadcasting of California LLC 

 

	 	18.	BUSCANDO AMOR – Registration No.: 2,980,520 Registration Date: 8/2/05 Registered – KRCA Television LLC 

 

	 	19.	DIVORCIO USA – Registration No.: 3,066,878 Registration Date: 3/7/06 Registered – KRCA Television LLC 

 

	 	20.	DON CHETO – Serial No.: 76/545,200 Filing Date: 9/17/03 Abandoned – Liberman Broadcasting, Inc. 

  
 12 

	 	21.	EL SHOW DE MARIA LARIA – Serial No.: 76/564,758 Filing Date: 12/11/03 Abandoned – KRCA Television, Inc. 

 

	 	22.	GANA LA VERDE – Registration No.: 3,029,912 Registration Date: 12/13/05 Registered – – KRCA Television LLC 

 

	 	23.	JOSE LUIS SIN CENSURA – Registration No.: 2,986,929 Registration Date: 8/23/05 Registered – – KRCA Television LLC 

 

	 	24.	LA #1 – Serial No.: 76/296,586 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	25.	LA MUSICA – Serial No.: 76/296,970 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	26.	LA RAZA TV – Serial No.: 76/564,762 Filing Date: 12/11/03 Suspended – Liberman Television of Houston LLC 

 

	 	27.	LAS VIEJAS DEL MEDIO DIA – Serial No.: 76/545,204 Filing Date: 9/17/03 Abandoned – Liberman Broadcasting, Inc. 

 

	 	28.	LOS ANGELES AL DIA – Registration No.: 2,984,585 Registration Date: 8/16/05 Registered – KRCA Television LLC 

 

	 	29.	LOS ANGELES EN VIVO – Registration No.: 3,056,810 Registration Date: 2/7/06 Registered – KRCA Television LLC 

 

	 	30.	LOS GUAPOS DE LA MANANA – Registration No.: 3,043,277 Registration Date: 1/17/06 Registered – Liberman Broadcasting of California LLC

  

	 	31.	MUSICA – Serial No.: 76/296,969 Filing Date: 8/6/01 Abandoned – Liberman Broadcasting, Inc. 

 

	 	32.	NOTICIAS 62 – Registration No.: 2,950,622 Registration Date: 5/10/05 Registered – KRCA Television LLC 

 

	 	33.	QUE BUENA TV – Serial No.: 76/564,753 Filing Date: 12/11/03 Abandoned – KRCA Television, Inc. 

 

	 	34.	SECRETOS – Registration No.: 3,013,690 Registration Date: 11/8/05 Registered – KRCA Television LLC 

 

	 	35.	SEGUNDA CITA – Registration No.: 2,950,623 Registration Date: 5/10/05 Registered – KRCA Television LLC 

 

	 	36.	ESTUDIO 2 – Registration No.: 3,288,703 Registration Date: 9/4/07 Registered – KRCA Television LLC 

  
 13 

	 	37.	ESTUDIO DOS – Registration No.: 3,648,816 Registration Date: 6/30/09 Registered – KRCA Television LLC 

 

	 	38.	CASA – Reg. No. 3,068,094 Reg. Date: Mar. 14, 2006 Registered – Liberman Broadcasting of Dallas LLC 

 

	 	39.	ALARMA TV – Registration No.: 3,464,395 Registration Date: 7/8/08 Registered – Liberman Television LLC 

 

	 	40.	QUE BUENA – Serial No.: 75/077,161 Filing Date: 3/22/96 Abandoned – Liberman Broadcasting, Inc. 

 

	 	41.	FREQUENT LISTENER PROGRAM – Serial No.: 73/730,057 Filing Date: 5/23/88 Abandoned – Liberman Broadcasting, Inc. 

 

	 	42.	EL NORTE, Registration No.: 3,472,972 Registration Date: 7/22/08 Registered – Liberman Broadcasting of California LLC 

 

	 	43.	LA NORTENA, Registration No.: 3,473,001 Registration Date: 7/22/08 Registered – Liberman Broadcasting of California LLC 

 

	 	44.	LOS CHUPERAMIGOS, Serial Number 77589517, Filing Date October 9, 2008, Suspended – Liberman Broadcasting of California LLC 

  
 14 

 SCHEDULE IV 

(to the Security Agreement) 
 COPYRIGHTS 
 None. 

  
 15 

 SCHEDULE V 

(to the Security Agreement) 
 WEBSITES AND DOMAIN NAMES 
 Domain Names 

 

	1.	aquisuena.com Liberman Broadcasting of California LLC Expires 6/30/11 

  

	2.	lbimedia.com Liberman Broadcasting of California LLC Expires 5/20/11 

  

	3.	secretostv.com Liberman Broadcasting of California LLC Expires 7/13/11 

  

	4.	estudio2.tv Liberman Broadcasting of California LLC Expires 4/6/11 

  

	5.	losangelesenvivo.tv Liberman Broadcasting of California LLC Expires 10/28/11 

 

	6.	elshowdedoncheto.com Liberman Broadcasting of California LLC Expires 9/29/11 

 

	7.	quebuenatv.tv Liberman Broadcasting of California LLC Expires 10/28/11 

  

	8.	laranchera.com Liberman Broadcasting of California LLC Expires 2/22/12 

  

	9.	xoradio.com Liberman Broadcasting of California LLC Expires 5/20/11 

  

	10.	joseluissincensura.tv Liberman Broadcasting of California LLC Expires 4/8/11 

 

	11.	kmpx29.com Liberman Broadcasting of California LLC Expires 9/27/11 

  

	12.	kmpx29.net Liberman Broadcasting of California LLC Expires 9/27/11 

  

	13.	kmpx29.tv Liberman Broadcasting of California LLC Expires 9/27/11 

  

	14.	krca62.net Liberman Broadcasting of California LLC Expires 9/27/11 

  

	15.	krca62.tv Liberman Broadcasting of California LLC Expires 9/27/11 

  

	16.	kzjl61.com Liberman Broadcasting of California LLC Expires 9/27/11 

  

	17.	kzjl61.net Liberman Broadcasting of California LLC Expires 9/27/11 

  

	18.	kzjl61.tv Liberman Broadcasting of California LLC Expires 9/27/11 

  

	19.	casa1067.com Liberman Broadcasting of California LLC Expires 2/23/12 

  

	20.	estacionlaraza.net Liberman Broadcasting of California LLC Expires 10/29/11 

 

	21.	estacionlaraza.com Liberman Broadcasting of California LLC Expires 10/29/11 

 

	22.	laraza-dallas.com Liberman Broadcasting of California LLC Expires 10/29/11 

 

	23.	larazaradio.net Liberman Broadcasting of California LLC Expires 10/29/11 

  

	24.	larazatv.net Liberman Broadcasting of California LLC Expires 10/29/11 

  

	25.	laraza-houston.net Liberman Broadcasting of California LLC Expires 10/29/11 

 

	26.	larazaestacion.com Liberman Broadcasting of California LLC Expires 10/29/11 

 

	27.	larazaestacion.net Liberman Broadcasting of California LLC Expires 10/29/11 

	28.	laraza.tv Liberman Broadcasting of California LLC Expires 10/29/11 

  

	29.	larazamusica.com Liberman Broadcasting of California LLC Expires 10/29/11 

  

	30.	laraza-dallas.net Liberman Broadcasting of California LLC Expires 10/29/11 

 

	31.	laraza-houston.com Liberman Broadcasting of California LLC Expires 10/29/11 

 

	32.	la-raza.tv Liberman Broadcasting of California LLC Expires 10/29/11 

  

	33.	larazamusica.net Liberman Broadcasting of California LLC Expires 10/29/11 

  

	34.	alarmatv.com Liberman Broadcasting of California LLC Expires 9/15/11 

  

	35.	alarmatv.net Liberman Broadcasting of California LLC Expires 9/15/11 

  

	36.	alarmatv.tv Liberman Broadcasting of California LLC Expires 9/15/11 

  

	37.	autocompras.net Liberman Broadcasting of California LLC Expires 10/26/11 

  

	38.	doncheto.net Liberman Broadcasting of California LLC Expires 9/26/11 

  

	39.	doncheto.tv Liberman Broadcasting of California LLC Expires 9/26/11 

  

	40.	elnorte9969.com Liberman Broadcasting of California LLC Expires 10/26/11 

  

	41.	elnorte969.net Liberman Broadcasting of California LLC Expires 10/26/11 

  

	42.	elnorteenlinea.com Liberman Broadcasting of California LLC Expires 11/10/11 

 

	43.	elshowdedoncheto.net Liberman Broadcasting of California LLC Expires 9/29/11 

 

	44.	elshoededoncheto.tv Liberman Broadcasting of California LLC Expires 9/29/11 

 

	45.	elshowdelagrimitaycostel.com Liberman Broadcasting of California LLC Expires 10/10/11 

 

	46.	elshowdelagrimitaycostel. Liberman Broadcasting of California LLC Expires 10/10/11 

 

	47.	elshowdeladrimitaycostel.tv Liberman Broadcasting of California LLC Expires 10/10/11 

 

	48.	estrella-tv.com Liberman Broadcasting of California LLC Expires 9/18/11 

  

	49.	estrellatv.net Liberman Broadcasting of California LLC Expires 6/3/11 

  

	50.	estrellatv.tv Liberman Broadcasting of California LLC Expires 6/3/11 

  

	51.	estrellatv.us Liberman Broadcasting of California LLC Expires 9/18/11 

  

	52.	estudiodos.com Liberman Broadcasting of California LLC Expires 4/6/11 

  

	53.	joseluissincensura.net Liberman Broadcasting of California LLC Expires 4/8/11 

 

	54.	kpnz24.com Liberman Broadcasting of California LLC Expires 11/11/11 

	55.	kpnz24.net Liberman Broadcasting of California LLC Expires 11/11/11 

  

	56.	kpnz24.tv Liberman Broadcasting of California LLC Expires 11/11/11 

  

	57.	laenvivo.com Liberman Broadcasting of California LLC Expires 10/28/11 

  

	58.	laenvivo Liberman Broadcasting of California LLC Expires 10/28/11 

  

	59.	laenvivo.tv Liberman Broadcasting of California LLC Expires 10/28/11 

  

	60.	laranchera1540.com Liberman Broadcasting of California LLC Expires 8/9/11 

  

	61.	laranchera1540.net Liberman Broadcasting of California LLC Expires 8/9/11 

  

	62.	laranchera850.com Liberman Broadcasting of California LLC Expires 10/26/11 

 

	63.	laranchera850.net Liberman Broadcasting of California LLC Expires 10/26/11 

 

	64.	laraza937.com Liberman Broadcasting of California LLC Expires 6/22/11 

  

	65.	laraza937fm.com Liberman Broadcasting of California LLC Expires 6/22/11 

  

	66.	larockola967.com Liberman Broadcasting of California LLC Expires 10/29/11 

  

	67.	larockola967.net Liberman Broadcasting of California LLC Expires 10/29/11 

  

	68.	lazetaradiodeneta.com Liberman Broadcasting of California LLC Expires 7/7/11 

 

	69.	muchotalento.com Liberman Broadcasting of California LLC Expires 10/9/11 

  

	70.	muchotalento.net Liberman Broadcasting of California LLC Expires 10/9/11 

  

	71.	quebueno.tv Liberman Broadcasting of California LLC Expires 10/28/11 

  

	72.	quebueno961.com Liberman Broadcasting of California LLC Expires 8/9/11 

  

	73.	quebueno961.net Liberman Broadcasting of California LLC Expires 8/9/11 

  

	74.	quebuenotv.net Liberman Broadcasting of California LLC Expires 10/28/11 

  

	75.	tengotalentomuchotalento.com Liberman Broadcasting of California LLC Expires 10/9/11 

 

	76.	tengotalentomuchotalento.net Liberman Broadcasting of California LLC Expires 10/9/11 

 

	77.	trancazomusical.net Liberman Broadcasting of California LLC Expires 4/18/11 

 

	78.	trancazomusical.tv Liberman Broadcasting of California LLC Expires 4/18/11 

 

	79.	xoradio1017.com Liberman Broadcasting of California LLC Expires 5/7/11 

  

	80.	xoradio1079.com Liberman Broadcasting of California LLC Expires 5/7/11 

 SCHEDULE VI 

(to the Security Agreement) 
 FCC LICENSES 
 I. FCC Licenses Held by LBI Radio License LLC: 

 

							
	 Call Sign
	  	 Community of License
	  	 Frequency
	  	 Expiration

	KVNR(AM)	  	Santa Ana, CA	  	1480	  	12/1/2013
				
	KHJ(AM)1	  	Los Angeles, CA	  	930	  	12/1/2013
				
	KBUE(FM)2	  	Long Beach, CA	  	105.5	  	12/1/2013
				
	KWIZ(FM)3	  	Santa Ana, CA	  	96.7	  	12/1/2013
				
	KBUA(FM)4	  	San Fernando, CA	  	94.3	  	12/1/2013
				
	KEBN(FM)	  	Garden Grove, CA	  	94.3	  	12/1/2013
				
	KRQB(FM)5	  	San Jacinto, CA	  	96.1	  	12/1/2013

  

	1 	 Auxiliaries licensed with respect to this station include: WPWH344 (Aural STL); and WPNF881 (Aural STL). 

	2 	 Auxiliaries licensed with respect to this station include: WPJD546 (Aural STL); WLD589 (Aural STL); and BLP01070 (LP). 

	3 	 Auxiliaries licensed with respect to this station include: WGZ691 (Aural STL). 

	4 	 Auxiliaries licensed with respect to this station include: WLD577 (Aural STL); KBUA-FM1 (FM Booster); and WLD319 (Aural STL) used with booster station.

	5 	 Auxiliaries licensed with respect to this station include: KPK387 (RPU), WLD318 (Aural STL) and WPRY412 (Aural STL). 

 II. FCC Licenses Held by KRCA License LLC: 

 

							
	 Call Sign
	  	 Community of License
	  	 Frequency
	  	 Expiration

	KRCA(TV)6	  	Riverside, CA	  	35	  	12/1/2006
				
	KSDX-LD7	  	San Diego, CA	  	9	  	12/1/2014
				
	KPNZ(TV)8	  	Ogden, UT	  	24	  	10/1/2014
				
	KVPA-LD	  	Phoenix, AZ	  	42	  	10/1/2014
				
	WASA-LD	  	Port Jervis, NY	  	25	  	6/1/2015
				
	KETD(TV)9	  	Castle Rock, CO	  	46	  	4/1/2014
				
	WESV-LD	  	Chicago, IL	  	40	  	12/1/2013

 III. FCC Licenses Held By KZJL License LLC:

  

							
	 Call Sign
	  	 Community of License
	  	 Frequency
	  	 Expiration

	KZJL(TV)10	  	Houston, TX	  	44	  	8/1/2006

  

	6 	 Auxiliaries licensed with respect to this station include: BLP01096 (LP); KC26084 (TP); KC27783 (RPU); KPM612 (RPU); WLE366 (ICR); WLE377 (STL); WMU322
(ICR): WMU323 (ICR): WMU455 (ICR): WMU456 (ICR); WMU583 (ICR); WMU622 (ICR); WMU623 (ICR); WMU624 (ICR); WPQZ667 (ICR); WPQZ668 (STL); WPQZ743 (ICR); WPQZ746 (ICR); WPQZ747 (ICR); WPQZ748 (ICR); WPQZ749 (ICR); WPRW664 (ICR); WPRW665 (ICR); WPRW666
(ICR); WPRW667 (ICR); WPSE403 (STL); WPUD918 (STL); WPUD919 (ICR); WPUD920 (STL); and WPUD928 (ICR). KRCA License LLC also holds a license for KRCA1, a booster station in Hesperia/Pearblossom, California and holds the authorization for earth station
E930184 (receive/transmit) and also uses E930316 (receive only). In the final table of DTV allotments, KRCA was assigned channel 45 for post-transition digital operations. See, Seventh Report and Order and Eighth Further Notice of Proposed Rule
Making, MB Docket No. 87-268, FCC 07-138, Appendix B (rel. Aug. 6, 2007). On May 21, 2008, the Commission substituted channel 35 for channel 45 upon conclusion of a notice and comment rule making. See, Report and Order, MM
Docket No. 08-30, DA 08-1185, (rel. May 21, 2008) (“KRCA Report and Order”). KRCA currently operates on channel 35 at full power pursuant to pending license application BLCDT-20091112AIM. A renewal application
BRCT-20060804AEU is pending. Under the FCC’s rules, the license for KRCA(TV) does not expire while the renewal application is pending. 

	7 	 In November 2009, the FCC granted KSDX-LD a license to operate on digital channel 9 and KSDX-LP ceased operation. 

	8 	 Auxiliaries licensed with respect to this station include: WPYK640 (STL), WPYL798 (TP) and WQHH773 (ICR). 

	9 	 Auxiliaries licensed with respect to this station include: WMU715 (STL), WPNJ371 (STL) and WPOQ886 (STL). 

	10 	 Auxiliaries licensed with respect to this station include: WPZI838 (ICR), and WPZI928 (STL). A digital license application for channel 44,
BLCDT-20060534AEC, is pending and the station holds a construction permit, BPCDT-20080612AAQ, to expand the post-transition channel 44 digital facility. A renewal application BRCT-20060403BKV is pending. Under the FCC’s rules, the license for
KZJL(TV) does not expire while the renewal application is pending. 

 IV. FCC Licenses Held by Liberman Broadcasting of Houston License LLC: 

 

							
	 Call Sign
	  	 Community of License
	  	 Frequency
	  	 Expiration

	KQUE(AM)11	  	Houston, TX	  	1230	  	8/1/2013
				
	KTJM(FM)12	  	Port Arthur, TX	  	98.5	  	8/1/2013
				
	KJOJ(AM)13	  	Conroe, TX	  	880	  	8/1/2013
				
	KJOJ-FM14	  	Freeport, TX	  	103.3	  	8/1/2013
				
	KNTE-FM15	  	El Campo, TX	  	96.9	  	8/1/2013
				
	KXGJ(FM)16	  	Bay City, TX	  	101.7	  	8/1/2013
				
	KQQK(FM)17	  	Beaumont, TX	  	107.9	  	8/1/2013
				
	KEYH(AM)18	  	Houston, TX	  	850	  	8/1/2013

 Antenna Structure Registration Number: 1265317

  

	11 	 Auxiliaries licensed with respect to this station include: KDO517 (RPU); WDD622 (Aural STL); WLG526 (ICR); WDD621 (Aural STL); WQBE739 (Aural STL) and
WQBK811 (Aural STL). 

	12 	 Auxiliaries licensed with respect to this station include: WPNF715 (Aural STL); WPNF778 (Aural STL); KPL702 (RPU); KPL714 (RPU); WQBK801 (Aural STL)
and WQBK802 (Aural STL). 

	13 	 Auxiliaries licensed with respect to this station include: KPJ456 (RPU); KPE824 (RPU); KPH552 (RPU); WPNI778 (Aural STL); WIL40 (Aural STL); WPNN742
(Aural STL); WQBK809 (Aural STL) and WQBK812 (Aural STL). 

	14 	 Auxiliaries licensed with respect to this station include: KPH298 (RPU); KPH289 (RPU); KPH301 (RPU); WLI331 (Aural STL); WQBK810 (Aural STL) and
WQBK813 (Aural STL). The FCC has issued a construction permit BPH-20080117ACV (expires 10/2/2011) to make changes. 

	15 	 Auxiliaries licensed with respect to this station include: KB97120 (RPU); WHM943 (Aural STL); WLQ250 (Aural STL); WME985 (Aural STL); WQBK803 (Aural
STL) and WQBK804 (Aural STL). 

	16 	 Auxiliaries licensed with respect to this station include: WPNJ956 (Aural STL); WQBK807 (Aural STL) and WQBK808 (Aural STL).

	17 	 Auxiliaries licensed with respect to this station include: WPWH993 (Aural STL); WPVA515 (Aural STL); WPVC926 (RPU); WQBK805 (Aural STL) and WQBK806
(Aural STL). 

	18 	 Auxiliaries licensed with respect to this station include: WLJ354 (Aural STL); WLG401 (Aural STL); KV4900 (RPU); WPVC928 (RPU) and WPZD907 (Aural STL).

 V. FCC Licenses Held by Liberman Television of Dallas License LLC: 

 

							
	 Call Sign
	  	 Community of License
	  	 Frequency
	  	 Expiration

	KMPX(TV)19	  	Decatur, TX	  	30	  	8/1/2006

 VI. FCC Licenses Held by Liberman
Broadcasting of Dallas License LLC: 
  

							
	 Call Sign
	  	 Community of License
	  	 Frequency
	  	 Expiration

	KNOR(FM)20	  	Krum, TX	  	93.7	  	8/1/13
				
	KTCY(FM)	  	Azle, TX	  	101.7	  	8/1/2013
				
	KBOC(FM)	  	Bridgeport, TX	  	98.3	  	8/1/2013
				
	KZZA(FM)21	  	Muenster, TX	  	106.7	  	8/1/2013
				
	KZMP(AM)22	  	University Park, TX	  	1540	  	8/1/2013
				
	KZMP-FM	  	Pilot Point, TX	  	104.9	  	8/1/2013

 VII. Other FCC Authorizations Held by
Liberman Broadcasting of Houston, Inc.: 
 Antenna Structure Registration Numbers: 1045591; 1045592; 1045593; 1045594; 1047754; 1047755;
1047756; 1047757; 1047814, 1241391 and 1243719. 
 VIII. Other FCC Authorizations Held by Liberman Broadcasting, Inc.: 

Antenna Structure Registration Numbers: 1013606, and 1063992. 

 

	19 	 Auxiliaries licensed with respect to this station include: WPNG429 (STL), WPNG430 (STL), KC26119 (TP); WQCC608 (STL) and WQDA717 (STL). A renewal
application BRCT-20060403BKA is pending. Under the FCC’s rules, the license for KMPX(TV) does not expire while the renewal application is pending. 

	20 	 Auxiliaries licensed with respect to this station include: WLG238 (Aural STL). 

	21 	 Auxiliaries licensed with respect to this station include: KC27606 (RPU) and WLJ833 (Aural STL). 

	22 	 Auxiliaries licensed with respect to this station include: WHQ257 (Aural STL). 

 IX. Other FCC Authorizations Held by LBI Radio License Corp.: 

Antenna Structure Registration Numbers: 1013604, 1017400, 1018358. 
 X. Other FCC Authorizations Held by KRCA Television LLC: 
 Antenna Structure Registration
Number: 1025148 
 XI. Other FCC Licenses Held by KRCA License LLC: 
 WPQZ669 (STL) (previously used with KSDX-LP) - Expires: 12/1/2014 
 XII. Other FCC
Authorizations Held by Liberman Broadcasting of Houston License Corp.: 
 Antenna Structure Registration Numbers: 1047127, 1047128, 1247890.

 XIII. Other FCC Authorizations Held by Liberman Broadcasting of Dallas License Corp.: 

Antenna Structure Registration Number: 1015399, 1034017, 1244256, 1248974. 
 XIV. Other FCC Authorizations Held by Liberman Broadcasting of Houston, LLC 
 Antenna
Structure Registration Number: 1234098 

 SCHEDULE VII 

(to the Security Agreement) 
 UNION BANK OF CALIFORNIA, N.A. EXCLUDED ACCOUNTS 
 NoneISDA 2002 Master Agreement

 Exhibit 10.31 
 ISDA 
 International Swaps and Derivatives Association, Inc.

 2002 MASTER AGREEMENT 
 dated as of March 10, 2011 
  

					
	Bank of America, N.A.                      
  	 	and	 	Natural Alternatives International, Inc.            

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this 2002 Master
Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties or otherwise effective for the purpose of confirming or evidencing
those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this “Master Agreement”. 
 Accordingly,
the parties agree as follows:— 
  

	1.	Interpretation 

 (a)
Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement. 
 (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any
inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the purpose of the relevant Transaction. 
 (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively
referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 
  

	2.	Obligations 

 (a) General
Conditions.  
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it,
subject to the other provisions of this Agreement. 
 (ii) Payments under this Agreement will be made on the due date for value
on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery
(that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

	 	

 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the
condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred
or been effectively designated and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii). 
 (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the Scheduled
Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
 (c) Netting of Payments. If on any date amounts would otherwise be payable:— 
 (i) in the same currency; and 
 (ii) in respect of the same Transaction,

 by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically
satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the
larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect
of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that “Multiple Transaction Payment Netting” applies to the
Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with
effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made
separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 
 (d) Deduction or Withholding for Tax.  
 (i) Gross-Up.
All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental
revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 

(1) promptly notify the other party (“Y”) of such requirement; 

(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted
or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; 

(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such
payment to such authorities; and 

  
 2 

 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is
otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have
received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

(A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have
occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement)
or (II) a Change in Tax Law. 
 (ii) Liability. If:— 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction
or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2)
X does not so deduct or withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of
such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

 

	3.	Representations 

 Each party makes the
representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction
is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation” is specified in the Schedule or any Confirmation as applying, the party
or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation. 

(a) Basic Representations.  
 (i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 

(ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it
is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support
Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

  
 3 

 (iii) No Violation or Conflict. Such execution, delivery and performance do
not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or
affecting it or any of its assets; 
 (iv) Consents. All governmental and other consents that are required to have
been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party
constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and
subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event
or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit
or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of
Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true,
accurate and complete in every material respect. 
 (e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each
representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 
 (g) No
Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity. 
  

	4.	Agreements 

 Each party agrees with the
other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— 
  

	(a)	Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government or taxing
authority as the other party reasonably directs:— 

 (i) any forms, documents or certificates relating to
taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any
Confirmation; and 

  
 4 

 (iii) upon reasonable demand by such other party, any form or document that may be required
or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax
or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any
such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
 in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
 (b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by
it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 
 (c) Comply With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to
perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (d) Tax Agreement. It will
give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in
which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”), and will indemnify the other
party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party. 
  

	5.	Events of Default and Termination Events 

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of Default”) with respect to such party:— 

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery
after, in each case, notice of such failure is given to the party; 
 (ii) Breach of Agreement; Repudiation of Agreement.
 
 (1) Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any
payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by
the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or 
 (2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any

  
 5 

 Transaction evidenced by such a Confirmation (or such action is taken by any person or
entity appointed or empowered to operate it or act on its behalf); 
 (iii) Credit Support Default.  

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied
with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider
to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under
each Transaction to which such Credit Support Document relates without the written consent of the other party; or 
 (3) the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate
it or act on its behalf); 
 (iv) Misrepresentation. A representation (other than a representation under
Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any
material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default Under Specified
Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— 
 (1) defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable
notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction; 
 (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a
Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day); 
 (3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the
documentation applicable to that Specified Transaction; or 
 (4) disaffirms, disclaims, repudiates or rejects, in whole or in
part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by
that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

  
 6 

 (vi) Cross-Default. If “Cross-Default” is specified in the Schedule
as applying to the party, the occurrence or existence of:— 
 (1) a default, event of default or other similar condition or
event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them
(individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or

 (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making
one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in
clause (1) above, of not less than the applicable Threshold Amount; 
 (vii) Bankruptcy. The party, any Credit
Support Provider of such party or any applicable Specified Entity of such party:— 
 (1) is dissolved (other than pursuant
to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the
jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not
described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or
restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);
(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party
take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

  
 7 

 (viii) Merger Without Assumption. The party or any Credit Support Provider of
such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation,
amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:— 
 (1) the resulting, surviving or
transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or 

(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such
resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The occurrence at
any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in
clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if
specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:— 

(i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to,
the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes
unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if
the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):— 
 (1) for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform any absolute or contingent obligation
to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 

(2) for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent
obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other
material provision of such Credit Support Document; 
 (ii) Force Majeure Event. After giving effect to any
applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day:—

 (1) the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with
respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with
any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or

  
 8 

 
impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance
were required on that day); or 
 (2) such party or any Credit Support Provider of such party (which will be the Affected Party)
is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery
under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or
impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance
were required on that day), 
 so long as the force majeure or act of state is beyond the control of such Office, such party or
such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial,
incidental expenses), overcome such prevention, impossibility or impracticability; 
 (iii) Tax Event. Due to
(1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a
Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of
interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

(iv) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will
either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating
with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or
reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; 
 (v) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such
party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if
applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the
occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated Event” with respect to X means that:— 

(1) X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part
of the assets comprising the business conducted by X as of the 

  
 9 

 
date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity; 
 (2) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or
its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or 
 (3) X effects any
substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the
case of entities other than corporations, any other form of ownership interest; or 
 (vi) Additional Termination
Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such
Additional Termination Event in the Schedule or such Confirmation). 
 (c) Hierarchy of Events.  

(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the
case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other
material provision of this Agreement or a Credit Support Document, as the case may be. 
 (ii) Except in circumstances
contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an
Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. 
 (iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause
(ii) above, and not a Force Majeure Event. 
 (d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality
or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until:— 

(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a
Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of
that Illegality or Force Majeure Event, as the case may be; or 
 (ii) if earlier, the date on which the event or circumstance
constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local
Delivery Day, as appropriate. 
 (e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality
or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the
relevant obligation or 

  
 10 

 
compliance with the relevant provision by the Affected Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the
occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an
Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i)or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist
with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or
5(a)(iii)(1). 
  

	6.	Early Termination; Close-Out Netting 

 (a)
Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”)
may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If,
however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of
an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition
upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
 (b) Right to Terminate Following Termination Event.  
 (i)
Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction,
and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to
notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require. 

(ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon
Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to
incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its
Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to make such a
transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the
other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 

(iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable
efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 

  
 11 

 (iv) Right to Terminate.  

(1) If:— 

(A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with
respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (B) a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 
 the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in
the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier
than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 
 (2) If at any time
an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:— 

(A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not
earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as
an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating
an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination
Date in respect of any or all other Affected Transactions. 
 (B) An Affected Party (if the Illegality or Force Majeure Event
relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the
right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of
an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 
 (c) Effect of
Designation.  
 (i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early
Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be
required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii). 

  
 12 

 (d) Calculations; Payment Date. 

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party
will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information from
internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to it is to be paid. In
the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy
of such quotation or market data. 
 (ii) Payment Date. An Early Termination Amount due in respect of any Early
Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated
or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement
provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination
Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to
 Section 6(f). 
 (i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the Termination
Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and (B) the
Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the
Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting Party. 

(ii) Termination Events. If the Early Termination Date results from a Termination Event:— 

(1) One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be
determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and to the Non-affected Party, respectively. 

(2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount
equal to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination
Amount will be an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”) and the lower amount so determined (by party “Y”) and (II) the Termination Currency
Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the
absolute value of the Early Termination Amount to Y. 

  
 13 

 (3) Mid-Market Events. If that Termination Event is an Illegality or a Force Majeure
Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining Party will:—

 (A) if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each
third party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and 

(B) in any other case, use mid-market values without regard to the creditworthiness of the Determining Party. 

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination
applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and
retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute
an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or
give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit
Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). 

(v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of
loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional damages as a
consequence of the termination of the Terminated Transactions. 
 (f) Set-Off. Any Early Termination Amount payable to one party
(the “Payee”) by the other party (the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination
Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non-affected Party, as the case may be (“X”) (and without prior notice to the Defaulting
Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective
of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off
effected under this Section 6(f). 
 For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of
such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such
currency. 

  
 14 

 
If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation
is ascertained. 
 Nothing in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f)
will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by
operation of law, contract or otherwise). 
  

	7.	Transfer 

 Subject to
Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior
written consent of the other party, except that:— 
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
 (b) a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that
interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11. 
 Any purported transfer that is not in
compliance with this Section 7 will be void. 
  

	8.	Contractual Currency 

 (a) Payment
in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect
of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted
by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b)
Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above,
the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if
such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of
exchange at which such party is able, acting in good faith and using 

  
 15 

 
commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order
actually received by such party. 
 (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this
Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which
any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been
made. 
  

	9.	Miscellaneous 

 (a) Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written
representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or
exclude any liability of a party for fraud. 
 (b) Amendments. An amendment, modification or waiver in respect of this Agreement
will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system.

 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this
Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the
rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e) Counterparts and Confirmations. 
 (i) This Agreement (and each
amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission and by electronic messaging system), each of which will be deemed an original. 

(ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether
orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes, by an exchange of electronic messages
on an electronic messaging system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means that any
such counterpart, telex, electronic message or e-mail constitutes a Confirmation. 
 (f) No Waiver of Rights. A failure or delay
in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further
exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 (g) Headings. The headings
used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 

  
 16 

 (h) Interest and Compensation. 

(i) Prior to Early Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction:— 
 (1) Interest on Defaulted Payments. If a party defaults in the performance of any payment
obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the
period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause
(3)(B) or (C) below), at the Default Rate. 
 (2) Compensation for Defaulted Deliveries. If a party
defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless
otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the
fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period
in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date
for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery. 

(3) Interest on Deferred Payments. If:— 
 (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses
(B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount
would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; 
 (B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to
Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other
party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date
the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or 

(C) a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any
deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event 

  
 17 

 
continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue amount to
the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date
the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an
Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable
Deferral Rate. 
 (4) Compensation for Deferred Deliveries. If:— 

(A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;

 (B) a delivery is deferred pursuant to Section 5(d); or 

(C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable
Waiting Period has expired, 
 the party required (or that would otherwise have been required) to make the delivery will, to the
extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in
the relevant Confirmation or elsewhere in this Agreement. 
 (ii) Early Termination. Upon the occurrence or
effective designation of an Early Termination Date in respect of a Transaction:— 
 (1) Unpaid Amounts. For the
purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any
obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d))
required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate. 
 (2)
Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after
judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate. 

(iii) Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily
compounding and the actual number of days elapsed. 

  
 18 

	10.	Offices; Multibranch Parties 

 (a) If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or
its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse to the head or home
office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be repeated by each party on each date
on which the parties enter into a Transaction. 
 (b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to
clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office
unless otherwise agreed by the parties in writing). 
 (c) The Office through which a party enters into a Transaction will be the Office
specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office.
Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with
respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the
prior written consent of the other party. 
  

	11.	Expenses 

 A Defaulting Party will on
demand indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees, execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights
under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

 

	12.	Notices 

 (a) Effectiveness.
Any notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to
the address or number or in accordance with the electronic messaging system or e-mail details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is delivered; 
 (ii) if sent by telex, on the date the recipient’s answerback is received; 

(iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being
agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted; 

(v) if sent by electronic messaging system, on the date it is received; or 

  
 19 

 (vi) if sent by e-mail, on the date it is delivered, 

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered
(or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
or e-mail details at which notices or other communications are to be given to it. 
  

	13.	Governing Law and Jurisdiction 

 (a)
Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
 (b)
Jurisdiction. With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement (“Proceedings”), each party irrevocably:— 

(i) submits:— 
 (1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a Convention Court and (B) the
exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or 
 (2) if this Agreement is
expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City; 

(ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any
claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and 

(iii) agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not
preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of Process. Each party irrevocably appoints the
Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly
notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or
12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law. 

(d) Waiver of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific
performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in
the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

  
 20 

	14.	Definitions 

 As used in this
Agreement:— 
 “Additional Representation” has the meaning specified in Section 3. 

“Additional Termination Event” has the meaning specified in Section 5(b). 

“Affected Party” has the meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions
affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document
references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all
Transactions. 
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly
or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a
majority of the voting power of the entity or person. 
 “Agreement” has the meaning specified in Section 1(c).

 “Applicable Close-out Rate” means:— 

 

	(a)	in respect of the determination of an Unpaid Amount:— 

 (i) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 

(ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party,
the Non-default Rate; 
 (iii) in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party
and for so long as the deferral period continues, the Applicable Deferral Rate; and 
 (iv) in all other cases following the
occurrence of a Termination Event (except where interest accrues pursuant to
 clause (iii) above), the Applicable Deferral Rate; and 
  

	(b)	in respect of an Early Termination Amount:— 

 (i) for the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable:—

 (1) if the Early Termination Amount is payable by a Defaulting Party, the Default Rate; 

(2) if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and 

(3) in all other cases, the Applicable Deferral Rate; and 

  
 21 

 (ii) for the period from (and including) the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment:— 
 (1) if a party
fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and
for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral Rate; 
 (2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above applies), the Default Rate; 

(3) if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause
(1) above applies), the Non-default Rate; and 
 (4) in all other cases, the Termination Rate. 

“Applicable Deferral Rate” means:— 
 (a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; 

(b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the relevant
payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable,
for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and 

(c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal
to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount. 
 “Automatic Early Termination” has the meaning specified in Section 6(a). 

“Burdened Party” has the meaning specified in Section 5(b)(iv). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of
any law) that occurs after the parties enter into the relevant Transaction. 
 “Close-out Amount” means, with respect to
each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive
number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material
terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but
for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in 

  
 22 

 
Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. 

Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures
in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable. 

Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out-of-pocket expenses referred to in
Section 11 are to be excluded in all determinations of Close-out Amounts. 
 In determining a Close-out Amount, the Determining Party may
consider any relevant information, including, without limitation, one or more of the following types of information: — 
 (i) quotations
(either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant
documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; 
 (ii)
information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market
data in the relevant market; or 
 (iii) information of the types described in clause (i) or (ii) above from internal sources
(including any of the Determining Party’s Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. 

The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause
(i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not
satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other information
being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product, information
vendors, brokers and other sources of market information. 
 Without duplication of amounts calculated based on information described in clause
(i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection with its
terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). 
 Commercially reasonable procedures used in determining a Close-out Amount may include the following:— 
 (1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of pricing or other valuation models
that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties that are similar to
the Terminated Transaction or group of Terminated Transactions; and 

  
 23 

 (2) application of different valuation methods to Terminated Transactions or groups of Terminated
Transactions depending on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions. 

“Confirmation” has the meaning specified in the preamble.  

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control
consent. 
 “Contractual Currency” has the meaning specified in Section 8(a).  

“Convention Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention
on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters.  

“Credit Event Upon Merger” has the meaning specified in Section 5(b).  

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 

 “Credit Support Provider” has the meaning specified in the Schedule.  

“Cross-Default” means the event specified in Section 5(a)(vi).  

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as
certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 
 “Defaulting Party” has
the meaning specified in Section 6(a).  
 “Designated Event” has the meaning specified in
Section 5(b)(v).  
 “Determining Party” means the party determining a Close-out Amount. 

 “Early Termination Amount” has the meaning specified in Section 6(e).  

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).  

“electronic messages” does not include e-mails but does include documents expressed in markup languages, and 

 “electronic messaging system” will be construed accordingly.  

“English law” means the law of England and Wales, and  
 “English” will be construed accordingly.  

“Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.  

“Force Majeure Event” has the meaning specified in Section 5(b).  

“General Business Day” means a day on which commercial banks are open for general business (including dealings in foreign
exchange and foreign currency deposits).  
 “Illegality” has the meaning specified in Section 5(b).

  
 24 

 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or
having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a
payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or
regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 
 “Local Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation
and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to
provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the
Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the
currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to
payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction.

 “Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to
accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a
location as determined in accordance with customary market practice for the relevant delivery. 
 “Master Agreement” has
the meaning specified in the preamble. 
 “Merger Without Assumption” means the event specified in
Section 5(a)(viii). 
 “Multiple Transaction Payment Netting” has the meaning specified in Section 2(c).

 “Non-affected Party” means, so long as there is only one Affected Party, the other party. 

“Non-default Rate” means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a
major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market. 
 “Non-defaulting Party” has the meaning specified in
Section 6(a). 
 “Office” means a branch or office of a party, which may be such party’s head or home office.

 “Other Amounts” has the meaning specified in Section 6(f). 

  
 25 

 “Payee” has the meaning specified in Section 6(f). 

“Payer” has the meaning specified in Section 6(f). 
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 

“Proceedings” has the meaning specified in Section 13(b). 
 “Process Agent” has the meaning specified in the Schedule. 

“rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. 
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions
(a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes
this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Schedule” has
the meaning specified in the preamble. 
 “Scheduled Settlement Date” means a date on which a payment or delivery is to
be made under Section 2(a)(i) with respect to a Transaction. 
 “Specified Entity” has the meaning specified in the
Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party
or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but
(i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total
return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of
these transactions and 
 (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

 “Stamp Tax” means any stamp, registration, documentation or similar tax. 

“Stamp Tax Jurisdiction” has the meaning specified in Section 4(e). 

  
 26 

 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee
of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

 “Tax Event” has the meaning specified in Section 5(b). 
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 

“Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force
Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all
Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. 

“Termination Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely
available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. 

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination
Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being
required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot
exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would
be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination
under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination
Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. 

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost)
to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Threshold Amount” means
the amount, if any, specified as such in the Schedule. 
 “Transaction” has the meaning specified in the preamble.

 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been)
required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early
Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other 

  
 27 

 
compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation
referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each
party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. 

“Waiting Period” means:— 
 (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the
relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or
circumstance; and 
 (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2)
where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence
of that event or circumstance) following the occurrence of that event or circumstance. 
 IN WITNESS WHEREOF the parties have executed this
document on the respective dates specified below with effect from the date specified on the first page of this document. 
  

									
	 Bank of America, N.A.
	  		  	 Natural Alternatives International, Inc.

	(Name of Party)	  		  	 (Name of Party)

 

											
	 By:
	  	 /s/ Roger H. Heintzelman
	  		  	 By:
	 	 /s/ Kenneth Wolf

		  	Name:     Roger H. Heintzelman	  		  	 Name:
	 	 Kenneth Wolf

		  	Title:       Director	  		  	 Title:
	 	 COO & CFO

					
		  		  		  	 By:
	 	  

		  		  		  	 Name:
	 	
		  		  		  	 Title:
	 	

  
 28 

 ISDA® 

International Swaps and Derivatives Association, Inc. 
 SCHEDULE 
 to the 

2002 Master Agreement 
 dated as of March 10, 2011 
 between 

BANK OF AMERICA, N.A., 
 a national banking association organized and existing under the laws of the United States of America, 
 (“Party A”) 
 and 

NATURAL ALTERNATIVES INTERNATIONAL, INC., 
 a corporation organized and existing under the laws of California, 
 (“Party
B”) 
 Part 1 
 Termination Provisions 
  

	(a)	“Specified Entity” means in relation to Party A for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v): none;

 “Specified Entity” means in relation to Party B for the purpose of Sections 5(a)(v),
5(a)(vi), 5(a)(vii) and 5(b)(v): any Affiliate of Party B. 
  

	(b)	“Specified Transaction” will have the meaning specified in Section 14 but shall also include any transaction with respect to margin loans,
cash loans and short sales of any financial instrument, and as amended by inserting the words, “or any Affiliate of Party A” immediately after “Agreement” in the second line thereof. 

 

	(c)	The “Cross-Default” provisions of Section 5(a)(vi): 

 will apply to Party A and 
 will apply to Party B. 

In connection therewith, “Specified Indebtedness” will not have the meaning specified in Section 14, and such
definition shall be replaced by the following: “any obligation in 

  
 29 

 
respect of the payment or repayment of moneys (whether present or future, contingent or otherwise, as principal or surety or otherwise), including, but without limitation, any obligation in
respect of borrowed money except that such term shall not include obligations in respect of deposits received in the ordinary course of a party’s banking business.” 
 “Threshold Amount” means with respect to Party A an amount equal to three percent (3%) of the Shareholders’ Equity of Bank of America Corporation and with respect to
Party B, zero ($0). 
 “Shareholders’ Equity” means with respect to an entity, at any time, the sum
(as shown in the most recent annual audited financial statements of such entity) of (i) its capital stock (including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus
(iv) treasury stock, each to be determined in accordance with generally accepted accounting principles. 
  

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(v): 

will apply to Party A 
 will apply to Party B 
  

	(e)	The “Automatic Early Termination” provision of Section 6(a): 

will not apply to Party A 
 will not apply to Party B. 
  

	(f)	“Termination Currency” means United States Dollars. 

 

	(g)	Additional Termination Event will not apply. 

 Part 2 
 Tax Representations 

 

	(a)	Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B will make the following representation:-

 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In
making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or
4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained
in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of
material prejudice to its legal or commercial position. 
  

	(b)	Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B will make the following representations specified
below, if any:- 

  
 30 

	 	(i)	The following representations will apply to Party A: 

 Party A is a national banking association created or organized under the laws of the United States of America and the federal taxpayer identification number is 94-1687665. 

 

	 	(ii)	The following representations will apply to Party B: 

 Party B is a corporation created or organized under the laws of the State of California and the federal taxpayer identification number is 84-1007839. 

Part 3 

Agreement to Deliver Documents 
 For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents: 

 

	(a)	Tax forms, documents or certificates to be delivered are: 

  

					
	 Party required to

deliver document
	  	Document	  	 Date by which to be

delivered

			
	 Party B
	  	Internal Revenue Service Form W-9	  	Upon execution and delivery of this Agreement

  

	(b)	Other documents to be delivered are:- 

  

							
	 Party required
 to
deliver
 document
	  	Form/Document/Certificate	  	 Date by which to

be delivered
	  	Covered by
Section 3(d)
Representation
				
	 Party A and Party B
	  	Certified copies of all corporate, partnership or membership authorizations, as the case may be, and any other documents with respect to the execution, delivery and performance of
this Agreement and any Credit Support Document	  	Upon execution and delivery of this Agreement	  	Yes
				
	 Party A and Party B
	  	Certificate of authority and specimen signatures of individuals executing this Agreement and any Credit Support Document	  	Upon execution and delivery of this Agreement and thereafter upon request of the other party	  	Yes

  
 31 

							
	 Party required

to deliver

document
	  	Form/Document/Certificate	  	 Date by which to

be delivered
	  	Covered by
Section 3(d)
Representation
				
	Party A	  	Annual Report of Bank of America Corporation containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance
with generally accepted accounting principles in the country in which such party is organized	  	To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 90 days after the end of each fiscal year of Party A	  	Yes
				
	 Party A
	  	Quarterly Financial Statements of Bank of America Corporation containing unaudited, consolidated financial statements of such party’s fiscal quarter prepared in accordance with
generally accepted accounting principles in the country in which such party is organized	  	To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 45 days after the end of each fiscal quarter of Party A	  	Yes
				
	 Party B
	  	Annual Report of Party B and of any Credit Support Provider thereof containing audited, consolidated financial statements certified by independent certified public accountants and
prepared in accordance with generally accepted accounting principles in the country in which such party and such Credit Support Provider is organized	  	As soon as available and in any event within 90 days after the end of each fiscal year of Party B and of the Credit Support Provider	  	Yes
				
	 Party B
	  	Quarterly Financial Statements of Party B and any Credit Support Provider thereof containing unaudited, consolidated financial statements of such party’s fiscal quarter
prepared in accordance with generally accepted accounting principles in the country in which such party and such Credit Support Provider is organized	  	As soon as available and in any event within 45 days after the end of each fiscal quarter of Party B and of the Credit Support Provider	  	Yes

  
 32 

 Part 4 
 Miscellaneous 
  

	(a)	Address for Notices. For the purpose of Section 12(a) of this Agreement:- 

Address for notice or communications to Party A: 
 Bank of America, N.A. 
 Willis Tower 

233 South Wacker Drive, Suite 2800 
 Chicago, IL 60606 
 Attention: Swap Operations 

Telephone No.: (312) 234 2732 
 Facsimile No.: (866) 255 1444 
 With a copy to:- 

Bank of America, N.A. 
 50 Rockefeller Plaza, NY1-050-10-01 
 New York, New York 10020 

Attention: Client Integration and Documentation Group 
 Facsimile No.: (212) 548 8622 
 Address for financial statements to Party A:

 Bank of America, N.A. 
 1601 I Street 
 Modesto, CA 95354 

Attention: Elizabeth Bertelson, Vice President 
 Telephone No.: 209-342-2653 
 Address for notice or communications to Party
B: 
 Natural Alternatives International, Inc. 
 1185 Linda Vista Drive 
 San Marcos, CA 92078 

Attention: Kenneth Wolf, Chief Financial Officer 
 Telephone No.: 760-736-7745 
 Facsimile No.: 760-591-9637 

Email Address: kwolf@nai-online.com 
  

	(b)	Process Agent. For the purpose of Section 13(c): 

 Party A appoints as its Process Agent: Not applicable. 
 Party B appoints as its
Process Agent: Not applicable. 
  

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

 

	(d)	Multibranch Party. For the purpose of Section 10(b) of this Agreement:- 

  
 33 

 Party A is a Multibranch Party and may act through its Charlotte, North Carolina, Chicago,
Illinois, San Francisco, California, New York, New York, Boston, Massachusetts or London, England Office, its Canada Branch, located in Toronto, Ontario or such other Office as may be agreed to by the parties in connection with a Transaction.

 Party B is not a Multibranch Party. 
  

	(e)	Calculation Agent. The Calculation Agent is Party A. 

  

	(f)	Credit Support Document. Details of any Credit Support Document:- 

 Not applicable. 
  

	(g)	Credit Support Provider. 

 Credit Support Provider means in relation to Party A: Not applicable. 
 Credit
Support Provider means in relation to Party B: Not applicable. 
  

	(h)	Governing Law. This Agreement and any and all controversies arising out of or in relation to this Agreement shall be governed by and construed in
accordance with the laws of the State of New York (without reference to its conflict of laws doctrine). 

Section 13 is amended by (i) deleting in Section 13(b)(i)(2) the word “non-exclusive” and replacing it with
“exclusive” and (ii) deleting Section 13(b)(iii) in its entirety. 
  

	(i)	Netting of Payments. Unless the parties otherwise so agree, “Multiple Transaction Payment Netting” will apply for the purpose of
Section 2(c) of this Agreement to all Transactions, starting as of the date of this Agreement. 

  

	(j)	“Affiliate” will have the meaning specified in Section 14 of this Agreement. 

 

	(k)	Absence of Litigation. For the purpose of Section 3(c):- 

 “Specified Entity” means in relation to Party A, none; 
 “Specified
Entity” means in relation to Party B, any Affiliate of Party B. 
  

	(l)	No Agency. The provisions of Section 3(g) will apply to this Agreement. 

 

	(m)	Additional Representation will apply. For the purpose of Section 3 of this Agreement, each of the following will constitute an Additional
Representation, which will be made by the party indicated below at the times specified below:- 

 Mutual
Representations. Each party makes the following representations to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into): 

 

	 	(A)	Relationship Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a
written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):- 

  
 34 

	 	(1)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that
Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction.
No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of that Transaction. 

 

	 	(2)	Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

 

	 	(3)	Status of Parties. The other party is not acting as a fiduciary for or an advisor to it in respect of that Transaction. 

 

	 	(B)	Eligible Contract Participant. It is an “eligible contract participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, 7
U.S.C. Section 1a(12). 

  

	(n)	Recording of Conversations. Each party to this Agreement acknowledges and agrees to the recording of conversations between trading and marketing personnel
of the parties to this Agreement whether by one or other or both of the parties or their agents. 

 Part 5

 Other Provisions 
  

	(a)	Financial Statements. Section 3(d) is hereby amended by adding in the third line thereof after the word “respect” and before the
period: 

 “or, in the case of financial statements, a fair presentation of the financial condition of the
relevant party.” 
  

	(b)	2002 Master Agreement Protocol. Annexes 1 to 18 and Section 6 of the ISDA 2002 Master Agreement Protocol as published by the International Swaps and
Derivatives Association, Inc. on July 15, 2003 are incorporated into and apply to this Agreement. References in those definitions and provisions to any ISDA Master Agreement will be deemed to be references to this Master Agreement.

  

	(c)	Consent to Disclosure.  

 (i) Party B consents to Party A effecting such disclosure as Party A may deem appropriate to enable Party A to transfer Party B’s records and information to process and execute Party B’s
instructions, or in pursuance of Party A’s or Party B’s commercial interest, to any of its Affiliates. For the avoidance of doubt, Party B’s consent to 

  
 35 

 
disclosure includes the right on the part of Party A to allow access to any intended recipient of Party B’s information, to the records of Party A by any means. 

(ii) Party B further consents to Party A delivering this ISDA Master Agreement, any Credit Support Document and any Confirmations to one
or more third party financial institutions for the purposes of Party A entering into an agreement with such institution for the purposes of managing Party A’s risk to Party B in any of the obligations of Party B to Party A under this Agreement,
provided however, that any such agreement will not result in the modification of Party A’s obligations under this Agreement. 
  

	(d)	Transfer. Notwithstanding the provisions of Section 7, Party A may assign and delegate its rights and obligations under (i) any one or more
Transactions or (ii) this Agreement and all Transactions hereunder (the “Transferred Obligations”) to any direct or indirect affiliate of Party A (the “Assignee”) by notice specifying the
effective date of such transfer (“Effective Date”) and including an executed acceptance and assumption by the Assignee of the Transferred Obligations. 

On the Effective Date, (a) Party A shall be released from all obligations and liabilities arising under the Transferred Obligations;
and (b) if Party A has not assigned and delegated its rights and obligations under this Agreement and all Transactions hereunder, the Transferred Obligations shall cease to be Transaction(s) under this Agreement and shall be deemed to be
Transaction(s) under the master agreement, if any, between Assignee and Party B, provided that, if at such time Assignee and Party B have not entered into a master agreement, Assignee and Party B shall be deemed to have entered into an ISDA
form of Master Agreement (Multicurrency-Cross Border) with a Schedule substantially in the form hereof but amended to reflect the name of the Assignee and the address for notices and any amended representations under Part 2 hereof as may be
specified in the notice of transfer. 
  

	(e)	Set-off. Section 6(f) is hereby amended as follows: the words “or any affiliates of the Payee in circumstances where the Payee is the non-Defaulting
or non-Affected Party” shall be inserted in the sixth line following the words “payable by the Payee”. 

  

	(f)	WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

  

	(g)	Method of Notice. Section 12(a)(ii) of the Master Agreement is deleted in its entirety. 

 

	(h)	Safe Harbors. Each party to this Agreement acknowledges that: 

 

	 	(i)	This Agreement, including any Credit Support Document, is a “master netting agreement” as defined in the U.S. Bankruptcy Code (the
“Code”), and a “netting contract” as defined in the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”), and this Agreement, including any
Credit Support Document, and each Transaction hereunder is of a type set forth in Section 561(a)(1)-(5) of the Code; 

  

	 	(ii)	 Party A is a “master netting agreement participant,” a “financial institution,” a “financial participant,” a
“forward contract merchant” and a “swap participant” 

  
 36 

	 	 
as defined in the Code, and a “financial institution” as defined in the netting provisions of FDICIA; 

 

	 	(iii)	The remedies provided herein, and in any Credit Support Document, are the remedies referred to in Section 561(a), Sections 362(b)(6), (7), (17) and (27), and
Section 362(o) of the Code, and in Section 11(e)(8)(A) and (C) of the Federal Deposit Insurance Act; 

  

	 	(iv)	All transfers of cash, securities or other property under or in connection with this Agreement, any Credit Support Document or any Transaction hereunder are
“margin payments,” “settlement payments” and “transfers” under Sections 546(e), (f), (g) or (j), and under Section 548(d)(2) of the Code; and 

 

	 	(v)	Each obligation under this Agreement, any Credit Support Document or any Transaction hereunder is an obligation to make a “margin payment,” “settlement
payment” and “payment” within the meaning of Sections 362, 560 and 561 of the Code. 

 Part 6

 Additional Terms for Foreign Exchange and Foreign Exchange Option Transactions 

 

	(a)	Incorporation of Definitions. The 1998 FX and Currency Option Definitions (the “FX Definitions”), published by the International
Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee, are hereby incorporated by reference with respect to FX Transactions (as defined in the FX Definitions) and Currency Option
Transactions (as defined in the FX Definitions). Terms defined in the FX Definitions shall have the same meanings in this Part 6. 

  

	(b)	Scope. Unless otherwise agreed in writing by the parties, each FX Transaction and Currency Option Transaction entered into between the parties before, on
or after the date of this Agreement shall be a Transaction under this Agreement and shall be part of, subject to and governed by this Agreement. FX Transactions and Currency Option Transactions shall be part of, subject to and governed by this
Agreement even if the Confirmation in respect thereof does not state that such FX Transaction or Currency Option Transaction is subject to or governed by this Agreement or does not otherwise reference this Agreement. 

When an FX Transaction or a Currency Option is confirmed by means of exchange of electronic messages on an electronic messaging system or
other document or other confirming evidence exchanged between the parties confirming such Transaction, such messages, document or evidence will constitute a Confirmation for the purposes of this Agreement even where not so specified therein.

  

	(c)	 Premium Netting. If, on any date, and unless otherwise mutually agreed by the parties, Premiums would otherwise be payable hereunder in
the same Currency between the same respective offices of the parties, then, on such date, each party’s obligation to make payment of such Premiums will be automatically satisfied and discharged and, if the aggregate Premiums that would
otherwise have been payable by such office of one party exceeds the aggregate Premiums that would otherwise have been payable by such office of the other party, replaced by an obligation upon the party by whom the larger aggregate

  
 37 

	 	 
Premiums would have been payable to pay the other party the excess of the larger aggregate Premiums over the smaller aggregate Premiums, and if the aggregate Premiums are equal, no payment shall
be made. 

  

	(d)	Payment Netting of FX Transactions and Currency Option Transactions. Multiple Transaction Payment Netting shall not apply to FX Transactions or Currency
Option Transactions. Unless otherwise mutually agreed by the parties, if on any date more than one delivery of a particular Currency is to be made between a pair of offices with respect to settlement of FX Transactions or Currency Option
Transactions (but excluding payments with respect to option premiums and cash settled options), then each party shall aggregate the amounts of such Currency deliverable by it and only the difference between these aggregate amounts shall be delivered
by the party owing the larger aggregate amount to the other party, and, if the aggregate amounts are equal, no delivery of the Currency shall be made. 

  

	(e)	Potential Event of Default. Subject to Section 2(a)(iii) of the Agreement, if an Event of Default or Potential Event of Default has occurred and is
continuing, and an Early Termination Date has not been designated by the Non-defaulting Party, the Non-defaulting Party may, by written notice, specify that any or all Currency Options being settled while such Event of Default or Potential Event of
Default is continuing shall be settled in accordance with Article 3, Section 3.7 of the FX Definitions and upon such notice becoming effective, the Parties shall be deemed to have elected to have the specified Currency Options settle at the
In-the-Money Amount unless and until the Event of Default or Potential Event of Default is no longer continuing. 

  

	(f)	Payment Instructions. All payments to be made hereunder in respect of FX and Currency Option Transactions shall be made in accordance with
standing payment instructions provided by the parties from time to time in writing (or as otherwise specified in a Confirmation). 

  

	(g)	Notice of Exercise. Article 3, Section 3.5(g) of the FX Definitions is amended by the deletion of the word “facsimile,” in
the fourth line thereof. 

  

	(h)	Automatic Exercise. Article 3, Section 3.6(c)(i), line six of the FX Definitions which currently reads “one percent of the Strike
Price” shall be amended to read “0.5% of the Strike Price.” 

  

	(i)	Terms Relating to Premium. Article 3, Section 3.4 of the FX Definitions is hereby amended by the addition of the following as a new paragraph
(c) of the FX Definitions. 

 “(c) Premium: Failure to Pay on Premium Payment Date. If any Premium
is not received on the Premium Payment Date, the Seller may elect: (i) to accept a late payment of such Premium; (ii) to give written notice of such non- payment and, if such payment shall not be received within two (2) Local Business
Days of such notice, treat the related Currency Option as void; or (iii) to give written notice of such non-payment and, if such payment shall not be received within two (2) Local Business Days of such notice, treat such non-payment as an
Event of Default under Section 5(a)(i). If the Seller elects to act under either clause (i) or (ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or
late Premium or void Currency Option, including, without limitation, interest on such Premium in the same currency as such Premium at the then prevailing market rate and 

  
 38 

 
any other costs or expenses incurred by the Seller in covering its obligations (including, without limitation, a delta hedge) with respect to such Currency Option.” 

IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized officers as of the date hereof. 

 

									
	BANK OF AMERICA, N.A.	 		 	 NATURAL ALTERNATIVES
 INTERNATIONAL, INC.

					
	By:	 	 /s/ Roger H. Heintzelman
	 		 	By:	 	 /s/ Kenneth Wolf

	Name:	 	Roger H. Heintzelman	 		 	 Name:
	 	 Kenneth Wolf

	Title:	 	Director	 		 	 Title:
	 	 COO & CFO

	Date:	 	4/27/11	 		 	Date:	 	 4/27/11

					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
		 		 		 	Date:	 	

  
 39

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