Document:

EX-4.1

Exhibit 4.1

[FORM OF WARRANT CERTIFICATE]

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD
EXCEPT IN A TRANSACTION REGISTERED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT OR STATE SECURITIES LAWS.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A CERTAIN
WARRANT AGREEMENT, DATED AS OF JUNE 29, 2009, THE PROVISIONS OF WHICH ARE INCORPORATED HEREIN BY
REFERENCE. SUCH AGREEMENT PROVIDES, AMONG OTHER THINGS, THAT THIS SECURITY MAY NOT BE SOLD OR
TRANSFERRED TO ANY PERSON WHO HAS NOT EXPRESSLY ASSUMED THE OBLIGATIONS OF SUCH AGREEMENT AND
CONTAINS, AMONG OTHER PROVISIONS, PROVISIONS WHICH LIMIT THE TRANSFER OF THIS SECURITY. A COPY OF
SUCH AGREEMENT IS AVAILABLE FROM THE COMPANY UPON REQUEST.

 

 

WARRANT CERTIFICATE

CUMULUS MEDIA INC.

No. WR-                     Warrants

Date: [                    ], 2009 PPN: [                    ]

     This Warrant Certificate certifies that                                         , or registered assigns, is the
registered holder of                      (                    ) Warrants. Each Warrant entitles the owner thereof to
purchase at any time on or after the date hereof and on or prior to the Expiration Date, one (1)
fully paid and nonassessable share of Class A Common Stock, $.01 par value per share (the “Common
Stock”), of Cumulus Media Inc., a Delaware corporation (together with its successors and assigns,
the “Company”), at a purchase price (herein subject to adjustment as provided therein, the
“Exercise Price”) of $1.17 per share of Common Stock upon presentation and surrender of this
Warrant Certificate to the Company with a duly executed election to purchase and payment of the
Exercise Price, all in the manner set forth in the Warrant Agreement (defined below). The number
of shares of Common Stock that may be initially purchased upon exercise of each Warrant and the
Exercise Price are the number and the Exercise Price as of the date hereof, and are subject to
adjustment as referred to below.

     The Warrants are issued pursuant to a Warrant Agreement (as it may from time to time be
amended or supplemented, the “Warrant Agreement”),
dated as of June 29, 2009, among the Company,
the purchaser named therein and the shareholders of the Company named therein, and are subject to
all of the terms, provisions and conditions thereof, which Warrant Agreement is hereby incorporated
herein by reference and made a part hereof and to which Warrant Agreement reference is hereby made
for a full description of the rights, obligations, duties and immunities of the Company and the
holders of the Warrant Certificates. Capitalized terms used, but not defined, herein have the
respective meanings ascribed to them in the Warrant Agreement.

     As provided in the Warrant Agreement, the Exercise Price and the number of shares of Common
Stock that may be purchased upon the exercise of the Warrants evidenced by this Warrant Certificate
are, upon the happening of certain events, subject to modification and adjustment. Except as
otherwise set forth in, and subject to, the Warrant Agreement, the Expiration Date of this Warrant
Certificate is as set forth in the Warrant Agreement.

     This Warrant Certificate shall be exercisable, at the election of the holder, at any time on
or after the date hereof and on or prior to the Expiration Date either as an entirety or in part
from time to time. If this Warrant Certificate shall be exercised in part, the holder shall be
entitled to receive, upon surrender hereof, another Warrant Certificate or Warrant Certificates for
the number of Warrants not exercised. This Warrant Certificate, with or without other Warrant
Certificates, upon surrender in the manner set forth in the Warrant Agreement and subject to the
conditions set forth in the Warrant Agreement, may be transferred or exchanged for another Warrant
Certificate or Warrant Certificates of like tenor evidencing Warrants entitling the holder to
purchase a like aggregate number of shares of Common Stock as the Warrants evidenced by

 

 

the Warrant Certificate or Warrant Certificates surrendered shall have entitled such holder to
purchase.

     Except as expressly set forth in the Warrant Agreement, no holder of this Warrant Certificate
shall be entitled to vote or receive distributions or be deemed for any purpose the holder of
shares of Common Stock or of any other Securities of the Company that may at any time be issued
upon the exercise hereof, nor shall anything contained in the Warrant Agreement or herein be
construed to confer upon the holder hereof, as such, any of the rights of a holder of a share of
Common Stock in the Company or any right to vote upon any matter submitted to holders of shares of
Common Stock at any meeting thereof, or to give or withhold consent to any corporate action of the
Company (whether upon any recapitalization, issuance of stock, reclassification of Securities,
change of par value, consolidation, merger, conveyance, or otherwise), or to receive dividends or
subscription rights, or otherwise, until the Warrant or Warrants evidenced by this Warrant
Certificate shall have been exercised as provided in the Warrant Agreement.

     THIS WARRANT CERTIFICATE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF
THE COMPANY AND THE HOLDER HEREOF SHALL BE GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF DELAWARE,
WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS RULES THEREOF TO THE EXTENT THAT ANY SUCH RULES WOULD
REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

     WITNESS the signature of a proper officer of the Company as of the date first above written.

	 	 	 	 	 
	 	CUMULUS MEDIA INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

2EX-10.1

Exhibit 10.1

Execution Copy

AMENDMENT NO. 3 TO CREDIT AGREEMENT

     Amendment
No. 3, dated as of June 29, 2009 (this “Third Amendment”), to the Credit
Agreement, dated as of June 7, 2006 (as amended, supplemented or otherwise modified prior to the
date hereof, the “Credit Agreement”), among CUMULUS MEDIA INC., a Delaware corporation (the
“Borrower”), the several banks and other financial institutions parties thereto (the
“Lenders”), and BANK OF AMERICA, N.A., a national banking organization organized and
existing under the laws of the United States as administrative agent for the Lenders thereunder (in
such capacity, the “Administrative Agent”).

WITNESSETH:

     WHEREAS, the Borrower desires to amend the Credit Agreement to provide for certain changes to
the Credit Agreement, and the parties signatory hereto are willing to agree to the requested
amendments on the terms and conditions contained herein;

     NOW, THEREFORE, in consideration of the premises and further valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

     Defined Terms. Unless otherwise defined herein, capitalized terms that are defined in the
Credit Agreement are used herein as therein defined.

     A. Amendments to Credit Agreement.

     1. Amendments to Section 1.01 of the Credit Agreement.

     (i) The following new definitions shall hereby be added to Section 1.01 of the Credit
Agreement in appropriate alphabetical order:

     “Applicable Commitment Fee Rate” means for any day with respect to the
commitment fees payable hereunder, 0.375% per annum.

     “CSMS Agreement” means an agreement between the Borrower or a
Subsidiary Loan Party to manage, or provide one or more management services for a
CSMS Counterparty.

     “CSMS Counterparty” means a Person engaged in a line or lines of
business reasonably related (ancillary or complementary) to the line of business or
lines of business of the Borrower or any Subsidiary Loan Party.

     “Liquidity” means, on any date, the sum of (i) cash and Permitted
Investments of the Loan Parties on hand as of such date plus (ii) (A) the aggregate
principal amount of the Revolving Commitments as of such date less (B) the Revolving
Exposure of all Lenders on such date.

 

     “Third Amendment”
means the Amendment No. 3 to Credit Agreement dated
as of June 29, 2009 by and among the Borrower and the Lenders party thereto.

     “Third Amendment Covenant
Suspension Period” means the fiscal quarter
ending June 30, 2009 and each fiscal quarter ending thereafter through and including
the fiscal quarter ending December 31, 2010.”

     “Third Amendment
Effective Date” means the date on which each of the
conditions set forth in Section B.1. of the Third Amendment have been satisfied.

     (ii) Section 1.01 of the
Credit Agreement is hereby amended by deleting the following
definitions in their entirety: “Additional Lender” and “Excluded Subsidiary”.

     (iii) The definition of “Applicable
Rate” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Applicable Rate”
means, as of any day, (a) 3.00% per annum with
respect to any ABR Loan that is a Term Loan or Revolving Loan, and (b) 4.00% per
annum with respect to any Eurodollar Loan that is a Term Loan or Revolving Loan;
provided, however, that effective as of the date that the aggregate
principal amount of the Term Loan has been prepaid by at least $25,000,000 after the
Third Amendment Effective Date solely pursuant to Section 2.10(d) of this Agreement,
the Applicable Rate shall be reduced to (a) 2.75% per annum with respect to any ABR
Loan that is a Term Loan or Revolving Loan and (b) 3.75% per annum with respect to
any Eurodollar Loan that is a Term Loan or Revolving Loan; provided,
further, however, that effective as of the date that the aggregate
principal amount of the Term Loan has been prepaid by at least $50,000,000 after the
Third Amendment Effective Date solely pursuant to Section 2.10(d) of this Agreement,
the Applicable Rate shall be reduced to (a) 2.25% per annum with respect to any ABR
Loan that is a Term Loan or Revolving Loan and (b) 3.25% per annum with respect to
any Eurodollar Loan that is a Term Loan or Revolving Loan.

     (iv) The definition of “Consolidated EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Consolidated EBITDA” means, for any period, Consolidated Net Income
for such period plus (a) without duplication and to the extent deducted in
determining such Consolidated Net Income, the sum of (i) consolidated interest
expense for such period plus (ii) consolidated income tax expense for such
period plus (iii) all amounts attributable to depreciation and amortization
for such period plus (iv) any extraordinary, unusual or non-recurring
expenses or losses, whether or not otherwise includable as a separate item in the
statement of such Consolidated Net Income for such period plus (v) each of
(A) losses on sales of assets outside of the ordinary course of business, (B)
impairment of assets (other

2

 

than current assets), (C) restructuring charges, (D) transaction costs required
to be expenses in connection with Permitted Acquisitions, (E) employee stock
compensation charges, (F) non-cash contractual obligations, and (G) write-offs of
deferred costs for such period plus (vi) any other non-cash charges (other
than write-offs or write-downs during such period of inventory, accounts receivable
or any other current assets in the ordinary course of business), provided
that in the event that the Borrower or any Subsidiary makes any cash payment in
respect of any such non-cash charge, such cash payment shall be deducted from
Consolidated EBITDA in the period in which such payment is made, minus (b)
without duplication and to the extent included in determining such Consolidated Net
Income, the sum of (i) any extraordinary, unusual or non-recurring income or gains
(including, whether or not otherwise includable as a separate item in the statement
of such Consolidated Net Income for such period, gains on the sales of assets
outside of the ordinary course of business) for such period plus (ii) any
other non-cash income, all determined on a consolidated basis in accordance with
GAAP, plus (c) without duplication and to the extent not included in
determining such Consolidated Net Income, cash actually received by the Borrower or
any Subsidiary from Cumulus Media Partners, LLC or any of its subsidiaries,
including without limitation, cash distributions and cash payments of management
fees, less (d) without duplication and to the extent not included in
determining such Consolidated Net Income, cash expenses paid in connection with cash
distributions and cash payments received from Cumulus Media Partners, LLC or any of
its subsidiaries; plus (e) without duplication and to the extent not
included as accrued revenue or otherwise in determining such Consolidated Net
Income, prepaid management fees actually received by the Borrower or any Subsidiary
in cash upon the execution of any CSMS Agreement executed during such period, in an
amount not to exceed the management fees payable to the Borrower and the Subsidiary
Loan Parties under such CSMS Agreement on or prior to the first anniversary of such
CSMS Agreement, less (f) without duplication and to the extent not deducted
in determining such Consolidated Net Income, (i) any prepaid management fees
refunded by the Borrower and the Subsidiary Loan Parties under the terms of any such
CSMS Agreements during such period and (ii) any amount expended by the Borrower or
any Subsidiary attributable to such CSMS Agreement, including any such amounts that
may be capitalized.

     (v) The definition of “Consolidated Net Income” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Consolidated Net Income” means, for any period, the net income or loss
of the Borrower and its Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP; provided that there shall be excluded
from such net income or loss (a) the income of any Person (other than the Borrower)
in which any other Person (other than the Borrower or any Subsidiary or any director
holding qualifying shares in compliance with applicable law) owns an Equity
Interest, except to the extent of the amount of dividends or other distributions
actually paid to the Borrower or any of its Subsidiaries during such

3

 

period, (b) the income or loss of any Person accrued prior to the date it becomes a
Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary or
the date that such Person’s assets are acquired by the Borrower or any Subsidiary
and (c) the income, loss or gains of any Person attributable to any forgiveness,
cancellation, or early extinguishment of Indebtedness.

     (vi) The definition of “Excess Cash Flow” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Excess Cash Flow” means, with respect to the Borrower and its
Subsidiaries on a consolidated basis for any fiscal period, the difference of (i)
Consolidated EBITDA for such period (including therein any net cash gain or loss, as
applicable, of an extraordinary nature otherwise excluded from the calculation
thereof in the definition of “Consolidated Net Income”, but excluding any tax
refunds received by the Borrower or its Subsidiaries), minus (ii) the sum of
(without duplication) (A) the change in Consolidated Working Capital as at the end
of such fiscal year, plus (B) Capital Expenditures paid in cash by the
Borrower and its Subsidiaries during such period not prohibited hereunder,
plus (C) Consolidated Interest Expense for such period, plus (D)
taxes paid in cash during such period, plus (E) (x) the aggregate amount of
any prepayments of the Term Loans made by the Borrower pursuant to Section
2.10(a) during such period, (y) the aggregate amount of required repayments of
principal of the Term Loans during such period, and (z) the aggregate amount of
scheduled payments made during such period in respect of Indebtedness of the
Borrower and the Subsidiary Loan Parties described in Section 6.01(a)(ii),
(v), (vi), (vii) and (viii).

     (vii) The definition of “Excess Cash Flow Prepayment Percentage” in Section
1.01 of the Credit Agreement is hereby amended by deleting the text of such definition in its
entirety and replacing it with the following:

     “Excess Cash Flow Prepayment Percentage” means (i) 100% for any
mandatory prepayments from Excess Cash Flow required pursuant to Section 2.10(d)(i),
and (ii) for any mandatory prepayments from Excess Cash Flow required pursuant to
Section 2.10(d)(ii), if the Total Leverage Ratio of the Borrower and its
Subsidiaries as of the last day of the fiscal year of the Borrower for which Excess
Cash Flow is being measured is (a) greater than or equal to 5.50 to 1.00, an amount
equal to 50%, (b) greater than or equal to 4.00 to 1.00 but less than 5.50 to 1.00,
an amount equal to 25%, and (c) less than 4.00 to 1.00, an amount equal to 0%.

     (viii) The definition of “Permitted Acquisition” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Permitted Acquisition” means any Asset Swap Transaction or any other
acquisition of all or substantially all the assets of, or Equity Interests in, a
Person

4

 

or division or line of business of a Person that is engaged in a line or lines
of business reasonably related (ancillary or complementary) to the line of business
or lines of business of the Borrower or any Subsidiary Loan Party if, immediately
after giving effect thereto,

     (a) no Default has occurred and is continuing or would result therefrom,

     (b) all transactions related thereto are consummated in accordance with
applicable laws,

     (c) in the case of an acquisition of Equity Interests in a Person, 100% of the
Equity Interests in such Person, and any other Subsidiary resulting from such
acquisition, shall be owned directly or indirectly by the Borrower or a Subsidiary
Loan Party and all actions required to be taken, if any, with respect to each
Subsidiary resulting from such acquisition under Sections 5.12 and
5.13 have been taken,

     (d) the Borrower and the Subsidiary Loan Parties are in compliance, on a pro
forma basis after giving effect to such acquisition, with the covenants contained in
Sections 6.13, 6.14 and 6.16 recomputed as of the last day
of the most recently ended fiscal quarter of the Borrower for which financial
statements are available as if such acquisition had occurred on the first day of
each relevant period for testing such compliance (using Adjusted EBITDA in lieu of
Consolidated EBITDA for the relevant period),

     (e) the Total Leverage Ratio, measured prior to giving effect to such
acquisition (or series or group of related acquisitions), and the Pro Forma Total
Leverage Ratio, measured after giving effect to such acquisition (or series or group
of related acquisitions), does not exceed 5.50 to 1.00,

     (f) the Loan Parties have Liquidity of at least $20,000,000,

     (g) the aggregate fair market value of all consideration paid for such
acquisition (or series or group of related acquisitions), together with all previous
acquisitions permitted hereunder and consummated after the Third Amendment Effective
Date, does not exceed (1) $50,000,000, less the aggregate amount of all investments
made pursuant to Section 6.04(k) after the Third Amendment Effective Date,
plus (2) to the extent such consideration takes the form of Equity Interests of the
Borrower or is paid solely from the proceeds of an issuance of Equity Interests of
the Borrower, $100,000,000,

     (h) the Person, division or line of business acquired shall have Consolidated
EBITDA (measured for such Person, division or line of business in substantially the
same manner as calculated herein for the Borrower and its Subsidiaries) for the
four-quarter period most recently ended greater than $0, and

     (i) in the case of any such acquisition (or series or group of related
acquisitions) in which the aggregate fair market value of the assets acquired

5

 

exceeds $7,500,000, the Borrower has delivered to the Administrative Agent an
officers’ certificate to the effect set forth in clauses (a), (b), (d), (e), (f) and
(g) above, together with all relevant financial information for the business or
entity being acquired.

Notwithstanding clause (c) above, in the case of an acquisition of 100% of the
Equity Interests in a Person that satisfies the other conditions applicable to a
Permitted Acquisition, such acquisition shall not fail to qualify as a Permitted
Acquisition solely by reason of such Person having subsidiaries that are not wholly
owned by such Person immediately prior to such acquisition, provided that, at the
time of such acquisition, the Adjusted EBITDA attributable to all such non-wholly
owned subsidiaries for the period of four consecutive fiscal quarters most recently
ended prior to the date of such acquisition for which financial information is
available does not exceed 10% of Adjusted EBITDA of such acquired Person for the
same period.

     (ix) The definition of “Prepayment Event” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Prepayment Event” means:

     (a) any sale, transfer or other disposition (including pursuant to a sale and
leaseback transaction) of any property or asset of the Borrower or any Subsidiary
Loan Party, other than (i) dispositions described in clauses (a) and (b) of
Section 6.05 and (ii) other dispositions resulting in aggregate Net Proceeds
not exceeding $250,000 during any fiscal year of the Borrower; or

     (b) any casualty or other insured damage to, or any taking under power of
eminent domain or by condemnation or similar proceeding of, any property or asset of
the Borrower or any Subsidiary Loan Party, but only to the extent that (i) the Net
Proceeds therefrom have not been applied or committed by contract to be applied to
repair, restore or replace such property or asset within 180 days after such event
or (ii) in the case of any such Net Proceeds committed to be so applied (but not yet
applied) as of the date that is 180 days after such event, such Net Proceeds have
not been so applied within 360 days after such event; or

     (c) the incurrence by the Borrower or any Subsidiary Loan Party of any
Indebtedness or the sale or issuance of Equity Interests by the Borrower or any
Subsidiary Loan Party, but excluding (i) the incurrence of any Indebtedness
permitted by clauses (a)(iii), (iv) and (v) of Section 6.01, (ii) issuance
of Equity Interests of Subsidiary Loan Parties to the Borrower or another Subsidiary
Loan Party and (iii) issuance of Equity Interests of the Borrower to the extent that
the proceeds thereof are applied to finance Permitted Acquisitions to the extent
permitted in Section 6.04(g).

6

 

     (x) The definition of “Subsidiary” in Section 1.01 of the Credit Agreement is
hereby amended by deleting the text of such definition in its entirety and replacing it with the
following:

     “Subsidiary” means any subsidiary of the Borrower; provided
that, so long as the Borrower owns no more than 50% of the equity interest in and
has no more than 50% of the ordinary voting power of Cumulus Media Partners, LLC or
CSMS Counterparty, neither Cumulus Media Partners, LLC nor any such CSMS
Counterparty shall be considered a Subsidiary of the Borrower.

     (xi) The definition of “Subsidiary Loan Party” in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text of such definition in its entirety and replacing
it with the following:

     “Subsidiary Loan Party” means any Subsidiary that has executed and
delivered to the Administrative Agent the Collateral Agreement.

     2. Amendment to Section 1.04 of the Credit Agreement. Section 1.04 of the
Credit Agreement is amended by deleting the text of clause (b) thereof in its entirety and
replacing it with the following:

     (b) Notwithstanding any other provision contained herein, all terms of an
accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to any
election under Statement of Financial Accounting Standards 159 (or any other
Financial Accounting Standard having a similar result or effect) to value any
Indebtedness or other liabilities of any Loan Party or any Subsidiary of any Loan
Party at “fair value”, as defined therein.

     3. Amendment to Section 2.10 of the Credit Agreement. Section 2.10 of the
Credit Agreement is hereby amended by deleting the text of clauses (c) and (d) thereof in their
entirety and replacing them with the following:

     (c) In the event and on each occasion that any Net Proceeds are received by or
on behalf of the Borrower or any Subsidiary Loan Party in respect of any Prepayment
Event, the Borrower shall, immediately after such Net Proceeds are received, prepay
Borrowings in accordance with paragraph (f) below in an aggregate amount equal to
such Net Proceeds.

     (d) In the event there exists any Excess Cash Flow (i) for the fiscal quarter
ending September 30, 2009 and each fiscal quarter thereafter through and including
December 31, 2010, and (ii) for any fiscal year of the Borrower, commencing with its
2011 fiscal year, the Borrower shall prepay Borrowings in accordance with paragraph
(f) below in an amount equal to the product of such Excess Cash Flow for such period
multiplied by the applicable Excess Cash Flow Prepayment Percentage, which amount
shall be computed as of the end of each such fiscal period of the Borrower, as the
case may be, and set forth in a certificate of Financial Officer delivered on or
prior to the date the financial statements are required to be delivered pursuant to
Section 5.01(a) or (b), as the

7

 

case may be (which date may be after the actual date of delivery of such financial
statements, if such financial statements are delivered prior to their required
delivery date), and paid not later than the date of the delivery of such
certificate.

     4. Amendment to Section 2.11 of the Credit Agreement. Section 2.11 of the
Credit Agreement is hereby amended by replacing all references to “Applicable Rate” contained in
clause (a) thereof with references to “Applicable Commitment Fee Rate”.

     5. Amendment to Section 2.19 of the Credit Agreement. Section 2.19 of the
Credit Agreement is hereby amended by adding the following sentence at the end of such Section:

     Notwithstanding anything contained herein to the contrary, from and after the
Third Amendment Effective Date, no Incremental Facilities may be issued or funded
hereunder and the foregoing provisions of this Section 2.19 shall be of no further
force and effect.

     6. Amendment to Section 5.01 of the Credit Agreement. Section 5.01 of the Credit
Agreement is hereby amended by relettering clause (f) to clause (g) and adding the following as a
new clause (f):

     (f) with respect to each fiscal month of each fiscal year of the Borrower,
within 30 days after the last day of such fiscal month, its monthly unaudited
consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows, in substantially the form attached as Exhibit A to
the Third Amendment, as of the end of and for such month, all certified by one of
its Financial Officers as presenting fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated
Subsidiaries on a consolidated basis, subject to normal year-end audit adjustments
and the absence of footnotes;

     7. Amendment to Section 5.11 of the Credit Agreement. Section 5.11 of the Credit
Agreement is hereby amended by deleting the text of clause (c) thereof in its entirety.

     8. Amendment to Section 5.12 of the Credit Agreement. Section 5.12 of the Credit
Agreement is hereby amended by deleting the parenthetical “(if it is a Subsidiary Loan Party)” that
appears therein.

     9. Article V of the Credit Agreement is hereby further amended by inserting the
following new Section 5.17 at the end thereof:

     SECTION 5.17 Cash Accounts. The Borrower will, and will cause of each
of its Subsidiaries to, do or cause to be done all things necessary to maintain all
of its cash and Permitted Investments in bank accounts or securities accounts in
which the Administrative Agent has a first priority perfected Lien, other than those
bank accounts and securities accounts maintained by one or more Lenders and their
affiliates at all times.

8

 

     10. Amendments to Section 6.01 of the Credit Agreement. Section 6.01 of the
Credit Agreement is hereby amended by replacing clauses (a)(i), (a)(iv) and (a)(vi) thereof in
their entirety with the following:

     (i) Indebtedness created under the Loan Documents;

     (iv) Guarantees by the Borrower of Indebtedness of any Subsidiary Loan Party
and by any Subsidiary Loan Party of Indebtedness of the Borrower or any other
Subsidiary Loan Party;

     (vi) Indebtedness of any Person that becomes a Subsidiary Loan Party after the
Effective Date; provided that (A) such Indebtedness exists at the time such
Person becomes a Subsidiary and is not created in contemplation of or in connection
with such Person becoming a Subsidiary, (B) the aggregate principal amount of
Indebtedness permitted by this clause (vi) shall not exceed $15,000,000 at any time
outstanding and (C) before and after giving effect to such Indebtedness, the Total
Leverage Ratio would not be more than 5.50 to 1.0; provided,
however, that no Indebtedness shall be permitted to be incurred under this
clause (vi) during the Third Amendment Covenant Suspension Period.

     11. Amendment to Section 6.02 of the Credit Agreement. Section 6.02 of the
Credit Agreement is hereby amended by adding the following proviso at the end of clause (d) thereof

     provided, however, that no Lien shall be permitted to be
incurred under this clause (d) during the Third Amendment Covenant Suspension
Period.

     12. Amendment to Section 6.03 of the Credit Agreement. Section 6.03 of the
Credit Agreement is hereby amended by deleting the text of clause (b) thereof in its entirety and
replacing it with the following:

     (b) The Borrower will not, and will not permit any of the Subsidiary Loan
Parties to, engage to any material extent in any business other than businesses of
the type conducted by the Borrower and the Subsidiary Loan Parties on the Effective
Date and businesses reasonably related thereto; provided that this
Section 6.03(b) shall not restrict or limit the ability of any such Loan
Party to provide management services to CSMS Counterparties under CSMS Agreements so
long as all revenue earned from such management services is earned by the Borrower
and the Guarantors.

     13. Amendment to Section 6.04 of the Credit Agreement. Section 6.04 of the
Credit Agreement is amended by replacing clauses (c), (d), (e), (g) and (k) thereof in their
entirety with the following:

     (c) investments by the Borrower and the Subsidiary Loan Parties in Equity
Interests in their respective Subsidiary Loan Parties; provided that any
such Equity Interests of a Subsidiary Loan Party shall be pledged pursuant to the
Collateral Agreement (subject to the limitations applicable to common stock of a

9

 

Foreign Subsidiary referred to in the definition of “Collateral and Guarantee
Requirement”);

     (d) loans or advances made by the Borrower to any Subsidiary Loan Party and
made by any Subsidiary Loan Party to the Borrower or any other Subsidiary Loan
Party; provided that any such loans and advances made by a Loan Party shall
be evidenced by a promissory note and shall be pledged pursuant to the Collateral
Agreement;

     (e) Guarantees made by the Borrower or any Subsidiary Loan Party constituting
Indebtedness permitted by Section 6.01; provided that a Subsidiary Loan
Party shall not Guarantee any Indebtedness of the Borrower unless (A) such
Subsidiary Loan Party also has Guaranteed the Obligations pursuant to the Collateral
Agreement, (B) if such Indebtedness is subordinated to the Obligations, then such
Guarantee of such Indebtedness also shall be subordinate to such Guarantee of the
Obligations on terms no less favorable to the Lenders than the subordination
provisions of such Indebtedness and (C) such Guarantee of such Indebtedness provides
for the release and termination thereof, without action by any party, upon any
release and termination of such Guarantee of the Obligations;

     (g) Permitted Acquisitions; provided that the consideration for each
Permitted Acquisition shall consist solely of cash, Equity Interests of the
Borrower, the assumption of Indebtedness of the acquired Person or encumbering the
acquired assets or Indebtedness referred to in clause (vi) of Section
6.01(a) or a combination thereof (and, if such Permitted Acquisition is or
includes an Asset Swap Transaction, a Broadcasting Asset or all the Equity Interests
in a Subsidiary owning a Broadcasting Asset); provided, however,
that no Permitted Acquisition shall be permitted under this clause (g) during the
Third Amendment Covenant Suspension Period; and

     (k) other investments made on or after the Effective Date in an aggregate
amount not exceeding (i) (A) $50,000,000 minus (B) the amount of Permitted
Acquisitions made after the Third Amendment Effective Date utilizing the basket in
clause (g)(1) of the definition of Permitted Acquisitions, provided that (x)
neither the Total Leverage Ratio, measured prior to giving effect to such
investment, nor the Pro Forma Total Leverage Ratio, measured after giving effect to
such investment, is greater than or equal to 5.50 to 1.00 and (y) both before and
after giving effect to such investment, the Loan Parties have Liquidity of at least
$20,000,000; provided, however, that no investments shall be
permitted under this clause (k) during the Third Amendment Covenant Suspension
Period.

     14. Amendment to Section 6.05 of the Credit Agreement. Section 6.05 of the
Credit Agreement is hereby amended by replacing clause (b) in its entirety with the following:

     (b) sales, transfers and dispositions to the Borrower or a Subsidiary Loan
Party;

10

 

     15. Amendment to Section 6.08 of the Credit Agreement.

     (i) Section 6.08 of the Credit Agreement is hereby amended by replacing clause (a) in
its entirety with the following:

     (a) The Borrower will not, and will not permit any of the Subsidiary Loan
Parties to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except, to the extent that no Default has occurred and is continuing or would result
therefrom:

     (i) the Borrower may declare and pay dividends with respect to its
Equity Interests payable solely in additional Equity Interests of the same
class;

     (ii) Subsidiary Loan Parties may declare and pay dividends ratably with
respect to their Equity Interests;

     (iii) the Borrower may make Restricted Payments, not exceeding $500,000
during any fiscal year, pursuant to and in accordance with stock option
plans or other benefit plans for management or employees of the Borrower and
its Subsidiaries; and

     (iv) the Borrower may make Restricted Payments in cash on and after the
Third Amendment Effective Date, so long as

     (A) the aggregate amount of such cash Restricted Payments paid in any
fiscal year of the Borrower, determined at the time of each such Restricted
Payment, does not to exceed 50% of the Excess Cash Flow for the immediately
preceding fiscal year of the Borrower;

     (B) both the Total Leverage Ratio, measured prior to giving effect to
such Restricted Payment and any Indebtedness incurred to finance such
Restricted Payment, and the Pro Forma Total Leverage Ratio, measured after
giving effect to such Restricted Payment and any Indebtedness incurred to
finance such Restricted Payment, does not exceed 4.50 to 1.00;

     (C) both before and after giving effect to such cash Restricted
payment, the Loan Parties would have Liquidity of at least $20,000,000;

     (D) no Default or Event of Default has occurred and is continuing; and

     (E) such cash Restricted Payments are not paid until after the
expiration of the Third Amendment Covenant Suspension Period.

     16. Amendment to Section 6.13 of the Credit Agreement. Section 6.13 of the
Credit Agreement is hereby amended by adding the following language at the end of such Section:

11

 

“Notwithstanding anything contained herein to the contrary, the foregoing covenant
will be suspended for the Third Amendment Covenant Suspension Period.”

     17. Amendment to Section 6.14 of the Credit Agreement. Section 6.14 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     6.14. Total Leverage Ratio. The Borrower will not permit the Total
Leverage Ratio, as of the last day of any fiscal quarter ending after the expiration
of the Third Amendment Covenant Suspension Period, to be greater than 6.50 to 1.00.

     18. Amendment to Section 6.15 of the Credit Agreement. Section 6.15 of the
Credit Agreement is hereby amended by replacing such Section in its entirety with the following:

     (a) The Borrower shall not permit the Consolidated EBITDA of the Borrower and
its Subsidiaries for the twelve trailing month period ending on the last day of any
fiscal quarter of the Borrower, commencing with the fiscal quarter ending June 30,
2009 and continuing thereafter through and including the fiscal quarter ending
December 31, 2010, to be less than the amounts set forth below measured as of last
day of each fiscal quarter of the Borrower set forth below:

     $60,000,000 as of June 30, 2009

     $60,000,000 as of September 30, 2009

     $60,000,000 as of December 31, 2009

     $60,000,000 as of March 31, 2010

     $62,000,000 as of June 30, 2010

     $64,000,000 as of September 30, 2010

     $66,000,000 as of December 31, 2010

     (b) The Borrower shall not permit (i) the unencumbered cash and Cash
Equivalents on hand of the Borrower and its Subsidiaries, less (ii) the
Revolving Exposure of all Lenders, to be less than $7,500,000, in each case measured
as of the last day of each fiscal quarter of the Borrower ending during the Third
Amendment Covenant Suspension Period.

     19. Amendment to Section 6.17 of the Credit Agreement. Section 6.17 of the
Credit Agreement is hereby amended by deleting such Section in its entirety.

     20. Amendment to Article VII of the Credit Agreement. Article VII of the
Credit Agreement is hereby amended by replacing the reference to $15,000,000 in subclause (k)(i)
with $10,000,000.

12

 

     B. Miscellaneous.

     1. Effectiveness; Conditions Precedent. This Third Amendment shall become effective
and binding upon satisfaction of the following conditions precedent:

     (i) Receipt by the Administrative Agent of counterparts of this Third Amendment
duly executed by the Borrower, each Subsidiary of the Borrower, and the Required
Lenders;

     (ii) Receipt by the Administrative Agent of counterparts to a Supplement to the
Collateral Agreement from any Subsidiary of the Borrower that is not presently a
party thereto, together with the satisfaction of the Collateral and Guarantee
Requirement with respect to each such Subsidiary;

     (iii) Receipt by the Administrative Agent for the account of the Term Loan
Lenders of a prepayment in respect of the Term Loans in an aggregate amount equal to
the greater of (A) $32,500,000 and (B) (1) cash on hand and Permitted Investments on
the Third Amendment Effective Date less (2) $10,000,000, such prepayment to be
applied in accordance with Section 2.09(c) of the Credit Agreement;

     (iv) Receipt by the Administrative Agent for the account of each Lender that
has executed this Third Amendment on or prior to 5:00 p.m., New York City time, on
June 29, 2009 (each such Lender, a “Consenting Lender”) of (A) a fee equal
to $3,000,000 for ratable distribution to the Consenting Lenders based on their
respective Revolving Commitments and outstanding Term Loans, and (B) warrants, in
substantially the form of Exhibit B attached hereto, to purchase an
aggregate of 1,250,000 freely tradable shares (including without limitation or
restriction under federal or state securities laws) of the Borrower’s common stock
exercisable for ten years (the “Warrants”), to be allocated to the
Consenting Lenders ratably based upon their respective Revolving Commitments and
outstanding Term Loans;

     (v) Receipt by the Administrative Agent of executed counterparts of to a
warrant agreement, in substantially the form of Exhibits C (the “Warrant
Agreement”), governing the terms of the warrants referred to in clause (iii)(B)
above, include, among others, a cashless exercise option, tag-along rights (tied to
Dickey family selling a majority of their collective equity in Borrower),
anti-dilution protection (stock splits, stock dividends and the like) and other
customary warrant provisions;

     (vi) Receipt by the Administrative Agent of certified copies of resolutions or
other action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Required Lenders may reasonably require
evidencing the identity, authority and capacity of each Responsible Officer thereof
authorized to act as a Responsible Officer in connection with this

13

 

Third Amendment, the Warrants and the Warrant Agreement together with certified
copies of the organization documents of the Loan Parties;

     (vii) Receipt by the Administrative Agent of counterparts of an opinion from
Jones Day, counsel to the Loan Parties, in the form attached hereto as Exhibit
D; and

     (viii) Receipt by all appropriate parties of fees and expenses due and payable
in connection with this Third Amendment.

If the foregoing conditions are not satisfied on or prior to June 30, 2009, this Third
Amendment shall not be effective.

     2. Reduction of Revolving Commitment. Immediately upon the Third Amendment becoming
effective, the Revolving Commitments shall be reduced automatically to an aggregate amount equal to
$20,000,000, such reduction to be applied ratably to the Revolving Commitments. In furtherance of
the foregoing, each of the Lenders party hereto hereby waives the notice requirement under Section
2.07(c) of the Credit Agreement.

     3. Consent of the Subsidiary Loan Parties. Each Subsidiary Loan Party hereby
consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and
ratifies in all respects the Collateral Agreement to which such Subsidiary Loan Party is a party
(including without limitation the continuation of such Subsidiary Loan Party’s payment and
performance obligations thereunder upon and after the effectiveness of this Third Amendment) and
the enforceability of such Collateral Agreement against such Subsidiary Loan Party in accordance
with its terms.

     4. Acknowledgment of Perfection of Liens. Each Loan Party hereby acknowledges that,
as of the date hereof, the security interests and liens granted to the Administrative Agent and the
Lenders under the Credit Agreement and the other Loan Documents are in full force and effect, are
properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the
other Loan Documents.

     5. Representations and Warranties. In order to induce the Administrative Agent and
the Lenders to enter into this Third Amendment, the Borrower represents and warrants to the
Administrative Agent and the Lenders as follows:

     (i) The representations and warranties made by the Borrower in Article
III of the Credit Agreement are true and correct in all material respects on and
as of the date hereof, both before and after giving effect to the transactions
contemplated by this Third Amendment, except to the extent that such representations
and warranties expressly relate to an earlier date;

     (ii) No Default or Event of Default has occurred and is continuing on the date
hereof, both before and after giving effect to the transactions contemplated by this
Third Amendment.

14

 

     (iii) This Third Amendment and the transactions contemplated hereby are within
the power and authority of the Borrower and the Subsidiary Loan Parties and have
been duly authorized by all necessary corporate and, if required, stockholder
action. This Third Amendment and the Warrants have been duly executed and delivered
by the Borrower and the Subsidiary Loan Parties and constitute a legal, valid and
binding obligation of the Borrower or such Subsidiary Loan Party (as the case may
be), enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

     (iv) This Third Amendment and the consummation of the transactions contemplated
hereby (a) do not require any consent or approval of, registration or filing with,
or any other action by, any Governmental Authority (including the FCC) or any other
Person, except (i) such as have been obtained or made and are in full force and
effect and (ii) filings necessary to perfect Liens created under the Loan Documents,
(b) will not violate any applicable law or regulation or the charter, by-laws or
other organizational documents of the Borrower or any of the Subsidiary Loan Parties
or any order of any Governmental Authority (including the FCC, (c) will not violate
or result in a default under any indenture, agreement or other material instrument
binding upon the Borrower or any of its Subsidiaries or any of the respective
assets, or give rise to a right thereunder to require any payment to be made by the
Borrower or any of its Subsidiaries, and (d) will not result in the creation or
imposition of any Lien on any asset of the Borrower or any of the subsidiary Loan
Parties, except Liens created under the Loan Documents.

     (v) Neither the Borrower, any Subsidiary Loan Party nor any agent acting on its
behalf has taken or will take any action which would subject the issuance of the
Warrants to the provisions of section 5 of the Securities Act, the Trust Indenture
Act of 1939, as amended, or to the provisions of any securities or Blue Sky law of
any applicable jurisdiction.

     (vi) The Borrower has authorized the issuance of the Warrants. The Borrower
has authorized and unissued, and has reserved for issuance, a sufficient number of shares of its common stock to permit, after giving effect to the exercise of the
Warrants and all other options, warrants and rights exercisable or convertible into
common stock of the Borrower. Each share of common stock of the Borrower reserved
for issuance upon exercise of the Warrants, when issued, will be, fully paid and
nonassessable, free and clear of any Lien and not subject to any preemptive rights;
and other than the agreements referenced in section B(3)(iv) above, there is no
other agreement or understanding between or among the holders of the Equity
Interests of the Borrower or the holders of rights to acquire such Equity Interests,
regarding the Equity Interests of the Borrower or any other matter covered by such
agreements. The issuance of the Warrants on the terms and conditions herein does
not violate any applicable law or governmental regulation (including, without
limitation, section 5 of the Securities

15

 

Act or Regulation T, U or X of the Board of Governors of the Federal Reserve
System) and shall not subject any Lender to any tax, penalty, liability or other
onerous condition under or pursuant to any applicable law or governmental
regulation.

     (vii) Schedule 7 correctly sets forth, after giving effect to the
issuance of the Warrants:

     (A) the authorized and outstanding shares of the Equity Interests and other
Securities of the Borrower (specifying the type, class or series of all such
Equity Interests and other Securities and whether such Equity Interests and
other Securities);

     (B) the aggregate number of shares of Equity Interests held by the Dickey
family by type, class or series; and

     (C) the aggregate amount of Equity Interests of the Borrower issuable
pursuant to all options, warrants and other rights to purchase any Equity
Interests of the Borrower.

All outstanding shares of Equity Interest of the Borrower are duly authorized and
validly issued and are fully paid, non-assessable, and such Equity Interests have
been issued in compliance with all applicable laws and regulations. There are no
obligations (contingent or otherwise) of the Borrower to repurchase or otherwise
acquire or retire any shares of its respective Equity Interests (or options to
purchase the same) held by the Dickey Family, and there are no preemptive rights,
subscription rights, or other contractual rights similar in nature to preemptive
rights with respect to any Equity Interests of the Borrower.

     6. Modifications to this Amendment. None of the terms or conditions of this Third
Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and
in accordance with Section 9.02 of the Credit Agreement.

     7. Full Force and Effect of Agreement. Except as hereby specifically amended,
modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed
and ratified in all respects and shall be and remain in full force and effect according to their
respective terms. Except as expressly set forth herein, this Third Amendment (a) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and
remedies of the Lenders, the Administrative Agent or the Loan Parties under the Credit Agreement or
any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any
other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or
a waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or
different circumstances. This Third Amendment shall be deemed a

16

 

Loan Document, and the Borrower reaffirms its obligations under Section 9.03(b) of the Credit
Agreement with respect to this Third Amendment and the transactions contemplated hereby.

     8. No Novation. This Third Amendment is not intended by the parties to be, and shall
not be construed to be, a novation of the Credit Agreement and the other Loan Documents or an
accord or satisfaction in regard thereto.

     9. Counterparts. This Third Amendment may be executed in any number of counterparts,
each of which shall be deemed an original as against any party whose signature appears thereon, and
all of which shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Third Amendment by telecopy or electronic delivery
(including by pdf) shall be effective as delivery of a manually executed counterpart of this Third
Amendment.

     10. Waiver of Claims. By its execution hereof and in consideration of the covenants
contained herein and other accommodations granted to the Loan Parties hereunder, each Loan Party,
on behalf of itself and each of its Subsidiaries, and its or their successors, assigns and agents,
hereby expressly forever waives, releases and discharges any and all claims (including, without
limitation, cross-claims, counterclaims, and rights of setoff and recoupment), causes of action
(whether direct or derivative in nature), demands, suits, costs, expenses and damages any of them
may have or allege to have as of the date of this Amendment (collectively, the “Claims”)
(and all defenses that may arise out of any of the foregoing) of any nature, description, or kind
whatsoever, based in whole or in part on facts, whether actual, contingent or otherwise, now known,
unknown, or subsequently discovered, whether arising in law, at equity or otherwise, against the
Administrative Agent or any Lender executing this Third Amendment, their respective affiliates,
agents, principals, managers, managing members, members, stockholders, “controlling persons”
(within the meaning of the United States federal securities laws), directors, officers, employees,
attorneys, consultants, advisors, agents, trusts, trustors, beneficiaries, heirs, executors and
administrators of each of the foregoing (collectively, the “Released Parties”) arising out
of this Third Amendment, the Credit Agreement, the other Loan Documents and any or all of the
actions and transactions contemplated hereby or thereby, including any actual or alleged
performance or non-performance of any of the Released Parties hereunder or under the Loan
Documents. Each Loan Party hereby acknowledges that the agreements in this Section 13 are
intended to be in full satisfaction of all or any alleged injuries or damages arising in connection
with the Claims. In entering into this Third Amendment, each Loan Party expressly disclaims any
reliance on any representations, acts, or omissions by any of the Released Parties and hereby
agrees and acknowledges that the validity and effectiveness of the releases set forth above does
not depend in any way on any such representation, acts and/or omissions or the accuracy,
completeness, or validity thereof. The provisions of this paragraph shall survive the termination
of the Credit Agreement and the Loan Documents and the payment in full of all Obligations of the
Loan Parties under or in respect of the Credit Agreement and other Loan Documents and all other
amounts owing thereunder.

     11. Severability. Any provision of this Third Amendment which is invalid, prohibited
or unenforceable for any reason shall be ineffective to the extent of such invalidity, prohibition
or unenforceability without invalidating the remaining provisions hereof or affecting the validity
or enforceability of such provisions.

17

 

     12. Governing Law. This Third Amendment shall be construed in accordance with and
governed by the law of the State of New York.

     13. References. All references in any of the Loan Documents to the “Credit Agreement”
shall mean the Credit Agreement, as amended hereby and as further amended, supplemented or
otherwise modified from time to time.

     14. Successors and Assigns. This Third Amendment shall be binding upon and inure to
the benefit of the Borrower, the Administrative Agent, each of the Subsidiary Loan Parties and
Lenders, and their respective successors, legal representatives, and assignees to the extent such
assignees are permitted assignees as provided in Section 9.04 of the Credit Agreement.

[Signature pages follow.]

18

 

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

	 	 	 	 	 
	 	BORROWER:

CUMULUS MEDIA INC., as Borrower

 	 
	 	By:  	/s/ Lewis W. Dickey, Jr.
 	 
	 	 	Name:  	Lewis W. Dickey, Jr. 	 
	 	 	Title:  	Chairman, President & Chief Executive Officer 	 
	 
	 	SUBSIDIARY LOAN PARTIES:

CUMULUS BROADCASTING LLC

 	 
	 	By:  	/s/ Lewis W. Dickey, Jr.
 	 
	 	 	Name:  	Lewis W. Dickey, Jr. 	 
	 	 	Title:  	Chairman, President & Chief Executive Officer	 
	 
	 	CUMULUS LICENSING LLC

 	 
	 	By:  	/s/ Lewis W. Dickey, Jr.
 	 
	 	 	Name:  	Lewis W. Dickey, Jr. 	 
	 	 	Title:  	Chairman, President & Chief Executive Officer	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS and ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A., as a Lender, Administrative Agent and Issuing Bank

 	 
	 	By:  	/s/ Charles S. Francavilla
 	 
	 	 	Name:  	Charles S. Francavilla 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

LENDERS

[Lender
signatures omitted]

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