Document:

EX-10.1 CREDIT AGREEMENT DATED MARCH 19, 2007

 

Exhibit 10.1

Published CUSIP Number: 389376AK0

Revolving Loan CUSIP Number: 389376AL8

Term Loan B CUSIP Number: 389376AM6

EXECUTION COPY

 

CREDIT AGREEMENT

Dated as of March 19, 2007

by and among

GRAY TELEVISION, INC.,

as Borrower,

THE LENDERS REFERRED TO HEREIN,

as Lenders,

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent for the Lenders,

BANK OF AMERICA, N. A.,

as Syndication Agent,

and

GOLDMAN SACHS CREDIT PARTNERS L. P.,

DEUTSCHE BANK TRUST COMPANY AMERICAS

and

BANK OF SCOTLAND

each as a Documentation Agent,

WACHOVIA CAPITAL MARKETS, LLC,

as Sole Lead Arranger

WACHOVIA CAPITAL MARKETS, LLC,

BANC OF AMERICA SECURITIES LLC and GOLDMAN SACHS CREDIT PARTNERS L. P.

as Joint Bookrunners

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE 1 Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.1
	 	Defined Terms	 	 	1	 
	Section 1.2
	 	Interpretation	 	 	29	 
	Section 1.3
	 	Cross References	 	 	29	 
	Section 1.4
	 	Accounting Provisions	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE 2 Loans and Letters of Credit	 	 	30	 
	 
	 	 	 	 	 	 
	Section 2.1
	 	The Loans	 	 	30	 
	Section 2.2
	 	Manner of Borrowing and Disbursement.	 	 	31	 
	Section 2.3
	 	Interest	 	 	33	 
	Section 2.4
	 	Fees	 	 	36	 
	Section 2.5
	 	Voluntary Commitment Reductions	 	 	38	 
	Section 2.6
	 	Prepayments and Repayments	 	 	38	 
	Section 2.7
	 	Evidence of Indebtedness; Loan Accounts	 	 	42	 
	Section 2.8
	 	Manner of Payment	 	 	42	 
	Section 2.9
	 	Reimbursement	 	 	43	 
	Section 2.10
	 	Pro Rata Treatment	 	 	44	 
	Section 2.11
	 	Capital Adequacy	 	 	44	 
	Section 2.12
	 	Taxes	 	 	45	 
	Section 2.13
	 	Letters of Credit	 	 	47	 
	Section 2.14
	 	Incremental Facility Loans	 	 	51	 
	Section 2.15
	 	Increases to the Revolving Loan Commitment	 	 	53	 
	 
	 	 	 	 	 	 
	ARTICLE 3 Conditions Precedent	 	 	54	 
	 
	 	 	 	 	 	 
	Section 3.1
	 	Conditions Precedent to Effectiveness of Agreement	 	 	54	 
	Section 3.2
	 	Conditions Precedent to Each Advance	 	 	56	 
	Section 3.3
	 	Conditions Precedent to Second Term Loan B Draw	 	 	57	 
	Section 3.4
	 	Conditions Precedent to Third Term Loan B Draw	 	 	58	 
	Section 3.5
	 	Conditions Precedent to Issuance of Letters of Credit	 	 	58	 
	 
	 	 	 	 	 	 
	ARTICLE 4 Representations and Warranties	 	 	59	 
	 
	 	 	 	 	 	 
	Section 4.1
	 	Representations and Warranties	 	 	59	 
	Section 4.2
	 	Survival of Representations and Warranties, etc	 	 	68	 
	 
	 	 	 	 	 	 
	ARTICLE 5 General Covenants	 	 	68	 
	Section 5.1
	 	Preservation of Existence and Similar Matters	 	 	68	 
	Section 5.2
	 	Business; Compliance with Applicable Law	 	 	68	 
	Section 5.3
	 	Maintenance of Properties	 	 	68	 
	Section 5.4
	 	Accounting Methods and Financial Records	 	 	69	 
	Section 5.5
	 	Insurance	 	 	69	 
	Section 5.6
	 	Payment of Taxes and Claims	 	 	69	 
	Section 5.7
	 	Compliance with ERISA	 	 	70	 
	Section 5.8
	 	Visits and Inspections	 	 	71	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 5.9
	 	Payment of Indebtedness; Loans	 	 	72	 
	Section 5.10
	 	Use of Proceeds	 	 	72	 
	Section 5.11
	 	Indemnity	 	 	72	 
	Section 5.12
	 	Interest Rate Hedging	 	 	73	 
	Section 5.13
	 	Covenants Regarding Formation of
Subsidiaries and Acquisitions; Partnership, Subsidiaries	 	 	74	 
	Section 5.14
	 	Payment of Wages	 	 	74	 
	Section 5.15
	 	Further Assurances	 	 	74	 
	Section 5.16
	 	License Subs	 	 	74	 
	Section 5.17
	 	Maintenance of Network Affiliations; Operating Agreements	 	 	75	 
	Section 5.18
	 	Ownership Reports	 	 	75	 
	Section 5.19
	 	Environmental Compliance	 	 	75	 
	Section 5.20
	 	Series C Preferred Stock Redemption; Note Redemption	 	 	76	 
	Section 5.21
	 	Covenants Regarding Post-Closing Deliveries	 	 	76	 
	 
	 	 	 	 	 	 
	ARTICLE 6 Information Covenants	 	 	77	 
	 
	 	 	 	 	 	 
	Section 6.1
	 	Quarterly Financial Statements and Information	 	 	77	 
	Section 6.2
	 	Annual Financial Statements and Information	 	 	77	 
	Section 6.3
	 	Performance Certificates	 	 	78	 
	Section 6.4
	 	Copies of Other Reports	 	 	78	 
	Section 6.5
	 	Notice of Litigation and Other Matters	 	 	79	 
	 
	 	 	 	 	 	 
	ARTICLE 7 Negative Covenants	 	 	81	 
	 
	 	 	 	 	 	 
	Section 7.1
	 	Indebtedness of the Borrower and its Subsidiaries	 	 	81	 
	Section 7.2
	 	Limitation on Liens	 	 	82	 
	Section 7.3
	 	Amendment and Waiver	 	 	82	 
	Section 7.4
	 	Liquidation, Merger or Disposition of Assets	 	 	82	 
	Section 7.5
	 	Limitation on Guaranties	 	 	84	 
	Section 7.6
	 	Investments and Acquisitions	 	 	84	 
	Section 7.7
	 	Restricted Payments	 	 	86	 
	Section 7.8
	 	Leverage Ratio	 	 	87	 
	Section 7.9
	 	Affiliate Transactions	 	 	88	 
	Section 7.10
	 	Real Estate	 	 	88	 
	Section 7.11
	 	ERISA Liabilities	 	 	88	 
	Section 7.12
	 	No Limitation on Upstream Dividends by Subsidiaries	 	 	88	 
	Section 7.13
	 	Nature of Business	 	 	88	 
	 
	 	 	 	 	 	 
	ARTICLE 8 Default	 	 	88	 
	 
	 	 	 	 	 	 
	Section 8.1
	 	Events of Default	 	 	88	 
	Section 8.2
	 	Remedies	 	 	93	 
	Section 8.3
	 	Payments Subsequent to Declaration of Event of Default	 	 	95	 
	Section 8.4
	 	Administrative Agent May File Proofs of Claim	 	 	95	 
	 
	 	 	 	 	 	 
	ARTICLE 9 The Administrative Agent	 	 	96	 
	 
	 	 	 	 	 	 
	Section 9.1
	 	Appointment and Authority	 	 	96	 
	Section 9.2
	 	Rights as a Lender	 	 	96	 
	Section 9.3
	 	Exculpatory Provisions	 	 	96	 
	Section 9.4
	 	Reliance by the Administrative Agent	 	 	97	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 9.5
	 	Delegation of Duties	 	 	98	 
	Section 9.6
	 	Resignation of Administrative Agent	 	 	98	 
	Section 9.7
	 	Non-Reliance on Administrative Agent and Other Lenders	 	 	99	 
	Section 9.8
	 	No Other Duties, etc	 	 	99	 
	Section 9.10
	 	Collateral and Guaranty Matters	 	 	100	 
	 
	 	 	 	 	 	 
	ARTICLE 10 Change in Circumstances Affecting LIBOR Advances	 	 	100	 
	 
	 	 	 	 	 	 
	Section 10.1
	 	LIBOR Basis Determination Inadequate or Unfair	 	 	100	 
	Section 10.2
	 	Illegality	 	 	100	 
	Section 10.3
	 	Increased Costs	 	 	101	 
	Section 10.4
	 	Effect On Other Advances	 	 	102	 
	Section 10.5
	 	Claims for Increased Costs and Taxes	 	 	102	 
	 
	 	 	 	 	 	 
	ARTICLE 11 Miscellaneous	 	 	103	 
	 
	 	 	 	 	 	 
	Section 11.1
	 	Notices	 	 	103	 
	Section 11.2
	 	Expenses	 	 	104	 
	Section 11.3
	 	Waivers	 	 	105	 
	Section 11.4
	 	Set-Off	 	 	105	 
	Section 11.5
	 	Successors and Assigns; Participations	 	 	105	 
	Section 11.6
	 	Accounting Principles	 	 	109	 
	Section 11.7
	 	Counterparts	 	 	109	 
	Section 11.8
	 	Governing Law	 	 	110	 
	Section 11.9
	 	Severability	 	 	110	 
	Section 11.10
	 	Interest	 	 	110	 
	Section 11.11
	 	Table of Contents and Headings	 	 	111	 
	Section 11.12
	 	Amendment and Waiver	 	 	111	 
	Section 11.13
	 	Entire Agreement	 	 	113	 
	Section 11.14
	 	Other Relationships	 	 	113	 
	Section 11.15
	 	Directly or Indirectly	 	 	113	 
	Section 11.16
	 	Reliance on and Survival of Various Provisions	 	 	113	 
	Section 11.17
	 	Senior Indebtedness	 	 	113	 
	Section 11.18
	 	Obligations Several	 	 	113	 
	Section 11.19
	 	Survival of Indemnities	 	 	113	 
	Section 11.20
	 	Term of Agreement	 	 	113	 
	Section 11.21
	 	Advice of Counsel	 	 	114	 
	Section 11.22
	 	No Strict Construction	 	 	114	 
	Section 11.23
	 	USA Patriot Act	 	 	114	 
	 
	 	 	 	 	 	 
	ARTICLE 12 Waiver of Jury Trial	 	 	114	 
	 
	 	 	 	 	 	 
	Section 12.1
	 	Waiver of Jury Trial	 	 	114	 
	 
	 	 	 	 	 	 
	ARTICLE 13 Holding Company Reorganization	 	 	114	 
	 
	 	 	 	 	 	 
	Section 13.1
	 	Holding Company Reorganization	 	 	115	 

iii

 

EXHIBITS

	 	 	 	 	 
	Exhibit A

	 	-
	 	Form of Assignment and Assumption Agreement
	Exhibit B

	 	-
	 	Form of Collateral Agreement
	Exhibit C

	 	-
	 	Form of Certificate of Financial Condition
	Exhibit D

	 	-
	 	Form of Request for Advance
	Exhibit E-1

	 	-
	 	Form of Revolving Loan Note
	Exhibit E-2

	 	-
	 	Form of Term Loan B Note
	Exhibit E-3

	 	-
	 	Form of Incremental Facility Note
	Exhibit F

	 	-
	 	Form of Subsidiary Guaranty Agreement
	Exhibit G-1

	 	-
	 	Form of Borrower Loan Certificate
	Exhibit G-2

	 	-
	 	Form of Subsidiary Loan Certificate
	Exhibit H

	 	-
	 	Form of Performance Certificate
	Exhibit I

	 	-
	 	Form of Notice of Incremental Facility Commitment
	Exhibit J

	 	-
	 	Form of Notice of Increase in Revolving Loan Commitment
	Exhibit K

	 	-
	 	Form of Notice of Account Designation

SCHEDULES

	 	 	 	 	 
	Schedule 1

	 	-
	 	Liens
	Schedule 2

	 	-
	 	Stations, Operating Agreements and Licenses
	Schedule 3

	 	-
	 	Litigation
	Schedule 4

	 	-
	 	Subsidiaries
	Schedule 5

	 	-
	 	Affiliate Transactions
	Schedule 6

	 	-
	 	Indebtedness
	Schedule 7

	 	-
	 	Trademarks, Patents, Copyrights
	Schedule 8

	 	-
	 	Labor Matters
	Schedule 9

	 	-
	 	Environmental Matters
	Schedule 10

	 	-
	 	Real Property
	Schedule 11

	 	-
	 	Existing Letters of Credit
	Schedule 12

	 	-
	 	Permitted Guaranties

iv

 

CREDIT AGREEMENT

     THIS CREDIT AGREEMENT (this “Agreement”) is entered into as of March 19, 2007 by and
among GRAY TELEVISION, INC., a Georgia corporation (“Gray”), as borrower, the lenders who
are party to this Agreement pursuant to an authorization (in the form attached hereto as Annex
A-1 or Annex A-2, an “Authorization”) or execution of a signature page hereto
and the lenders who may become party to this Agreement and WACHOVIA BANK, NATIONAL ASSOCIATION, as
Administrative Agent (as defined below).

STATEMENT OF PURPOSE

     The Borrower has requested, and the Lenders have agreed, to extend certain credit facilities
to the Borrower on the terms and conditions of this Agreement.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, such parties hereby agree as follows:

ARTICLE 1

Definitions

     Section 1.1 Defined Terms. The following terms when used in this Agreement shall have
the following meanings:

     “Acquisition” shall mean (whether by purchase, lease, exchange, issuance of stock or
other equity or debt securities, merger, reorganization or any other method) (a) any acquisition by
the Borrower or any Subsidiary of any other Person, which Person shall then become consolidated
with the Borrower or any such Subsidiary in accordance with GAAP; (b) any acquisition by the
Borrower or any Subsidiary of all or substantially all of the assets of any other Person or (c) any
other acquisition by the Borrower or any Subsidiary of the assets of another Person which
acquisition is not in the ordinary course of business for the Borrower or such Subsidiary.

     “Adjusted Total Indebtedness” shall mean, as of any date, the difference between (a)
Total Indebtedness as of such date minus (b) the aggregate amount of the Borrower’s cash and Cash
Equivalents then on hand, not to exceed $25,000,000.

     “Administrative Agent” shall mean Wachovia Bank, National Association, a national
banking association, in its capacity as Administrative Agent for the Secured Parties or any
successor Administrative Agent appointed pursuant to Section 9.6.

     “Administrative Agent’s Office” shall mean the office of the Administrative Agent
located at Syndication Agency Services, Charlotte Plaza, CP-8, 201 South College Street, Charlotte,
NC 28288-0680, or such other office as may be designated pursuant to the provisions of Section
11.1.

 

 

     “Administrative Questionnaire” shall mean an Administrative Questionnaire in a form
supplied by the Administrative Agent.

     “Advance” shall mean amounts advanced by the Lenders to the Borrower pursuant to
Article 2 on the occasion of any borrowing and having the same Interest Rate Basis and
Interest Period; and “Advances” shall mean more than one Advance.

     “Affiliate” shall mean, with respect to a Person, any other Person directly or
indirectly controlling, controlled by, or under common control with, such first Person. For the
purposes of this definition, “control” when used with respect to any Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. “Affiliate” shall also mean,
solely with regard to the Borrower and its Subsidiaries, any beneficial owner of Capital Stock
representing fifteen percent (15%) or more of the total voting power of such Capital Stock (on a
fully diluted basis) of the Borrower or of rights or warrants to purchase such Capital Stock
(whether or not currently exercisable) and any Person who would be an Affiliate of any such
beneficial owner pursuant to the first sentence hereof. Unless otherwise specified,
“Affiliate” shall mean an Affiliate of the Borrower.

     “Agreement” shall mean this Credit Agreement, as amended, supplemented, restated or
otherwise modified from time to time.

     “Agreement Date” shall mean the date as of which this Agreement is dated.

     “Applicable Law” shall mean, in respect of any Person, all provisions of
constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses,
approvals, interpretations and orders of governmental bodies, regulatory agencies or courts
applicable to such Person, including, without limitation, the Communications Act, zoning ordinances
and all Environmental Laws, and all orders, decisions, judgments and decrees of all courts and
arbitrators in proceedings or actions to which the Person in question is a party or by which it is
bound.

     “Applicable Margin” shall mean the interest rate margin applicable to Base Rate
Advances and LIBOR Advances, as the case may be, in each case determined in accordance with
Section 2.3(f) (or, with respect to Incremental Facility Loans, as set forth in the Notice
of Incremental Facility Commitment).

     “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

     “Asset Sale” shall mean the sale, lease, transfer or other disposition by the Borrower
or any Subsidiary to any Person of any of the Capital Stock of any Subsidiary or any other assets
of the Borrower or any Subsidiary.

2

 

     “Assignment and Assumption Agreement” shall mean any Assignment and Assumption
Agreement substantially in the form of Exhibit A attached hereto pursuant to which any
Lender, as further provided in Section 11.5, sells a portion of its Commitments and/or
Loans.

     “Authorization” shall have the meaning assigned to such term in the preamble hereto.

     “Authorized Signatory” shall mean, as to any Person, the chief executive officer,
president, chief financial officer, controller, treasurer or assistant treasurer of such Person or
any other officer of such Person reasonably acceptable to the Administrative Agent. Any document
delivered hereunder that is signed by an Authorized Signatory of a Person shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the
part of such Person and such Authorized Signatory shall be conclusively presumed to have acted on
behalf of such Person.

     “Available Letter of Credit Commitment” shall mean, at any time, the lesser of (a) (i)
$50,000,000, minus (ii) all Letter of Credit Obligations then outstanding, and (b) the
Available Revolving Loan Commitment.

     “Available Revolving Loan Commitment” shall mean, as of any date, (a) the Revolving
Loan Commitment in effect on such date minus (b) the sum of (i) the aggregate amount of all
Letter of Credit Obligations then outstanding and (ii) the Revolving Loans then outstanding.

     “Available Term Loan B Commitment” shall mean, as of any date, (a) the Term Loan B
Commitment in effect on such date minus (b) the Term Loan B then outstanding.

     “Bankruptcy Exception” shall have the meaning ascribed thereto in Section
4.1(b).

     “Base Rate” shall mean, at any time, a fluctuating interest rate per annum equal to
the higher of (a) the rate of interest quoted from time to time by the Administrative Agent as its
“prime rate” or “base rate” or (b) the Federal Funds Rate plus one-half of one percent (1/2%). The
Base Rate is not necessarily the lowest rate of interest charged by the Administrative Agent in
connection with extensions of credit.

     “Base Rate Advance” shall mean an Advance which the Borrower requests to be made as or
converted to a Base Rate Advance, in accordance with the provisions of Section 2.2, and
which shall be in a principal amount of at least $500,000, and in an integral multiple of $250,000.

     “Base Rate Basis” shall mean a simple interest rate equal to the sum of (a) the Base
Rate and (b) the Applicable Margin applicable to Base Rate Advances. The Base Rate Basis shall be
adjusted automatically as of the opening of business on the effective date of each change in the
Base Rate to account for such change, and shall also be adjusted to reflect changes of the
Applicable Margin applicable to Base Rate Advances.

3

 

     “Borrower” means (a) prior to the date of completion of a Holding Company
Reorganization, Gray, and (b) on or after the date of completion of a Holding Company
Reorganization, Gray or a New Borrower, as applicable.

     “Business Day” shall mean (a) for all purposes other than as set forth in clause (b)
below, any day other than a Saturday, Sunday or legal holiday on which banks in Charlotte, North
Carolina and New York, New York, are open for the conduct of their commercial banking business, and
(b) with respect to all notices and determinations in connection with, and payments of principal
and interest on, any LIBOR Advance, any day that is a Business Day described in clause (a) and that
is also a day for trading by and between banks in Dollar deposits in the London interbank market.

     “Capital Expenditures” shall mean, with respect to the Borrower and its Subsidiaries
for any period, the aggregate of all items classified as capital expenditures in accordance with
GAAP; provided, however, that neither (a) the capitalized portion of the purchase
price payable in connection with any Acquisition permitted hereunder, nor (b) expenditures of
proceeds of insurance policies reasonably and promptly applied to replace insured assets, shall
constitute a Capital Expenditure for purposes of this Agreement.

     “Capitalized Lease Obligation” shall mean that portion of any obligation of a Person
as lessee under a lease which at the time would be required to be capitalized on the balance sheet
of such lessee in accordance with GAAP.

     “Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case
of an association or business entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of capital stock, (c) in the case of a partnership,
partnership interests (whether general or limited), (d) in the case of a limited liability company,
membership interests and (e) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.
The term “Capital Stock” shall include securities convertible into Capital Stock and all warrants,
options, purchase rights, conversion or exchange rights, voting rights, calls or claims of any
character with respect thereto.

     “Cash Equivalents” shall mean, as of any date of determination, (a) marketable
securities (i) issued or directly and unconditionally guaranteed as to interest and principal by
the United States government or (ii) issued by any agency of the United States government the
obligations of which are backed by the full faith and credit of the United States of America, in
each case maturing within one (1) year after such date; (b) marketable direct obligations issued by
any state of the United States or any political subdivision of any such state or any public
instrumentality thereof, in each case maturing within one (1) year after such date and having, at
the time of the acquisition thereof, the highest rating obtainable from either Standard & Poor’s
Ratings Group, a division of The McGraw-Hill Companies, Inc., or Moody’s Investors Service, Inc.;
(c) commercial paper, money-market funds and business savings accounts issued by corporations, each
of which shall have a combined net worth of at least $100,000,000 and each of which conducts a
substantial part of its business in the United States, maturing within one (1) year from the date
of the original issue thereof, and rated “P-2” or better by Moody’s Investors Service, Inc. or
“A-2” or better by Standard & Poor’s Ratings Group, a division of The McGraw-Hill

4

 

Companies, Inc.; (d) certificates of deposit or bankers’ acceptances maturing within one (1) year
after such date and issued or accepted by any Lender or by any commercial bank organized under the
laws of the United States or any state thereof or the District of Columbia that (i) is at least
“adequately capitalized” (as defined in the regulations of its primary federal banking regulator)
and (ii) has Tier 1 capital (as defined in the regulations) of not less than $100,000,000; and (e)
shares of any money market mutual fund that (i) has at least ninety-five percent (95%) of its
assets invested continuously in the types of investments referred to in clauses (a), (b) and (c)
above, (ii) has net assets of not less than $500,000,000, and (iii) has the highest rating
obtainable from either Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies,
Inc., or Moody’s Investors Service, Inc.

     “Certificate of Financial Condition” shall mean a certificate dated the Agreement
Date, substantially in the form of Exhibit C attached hereto, signed by the chief financial
officer of the Borrower, together with any schedules, exhibits or annexes appended thereto.

     “Change in Law” means the occurrence, after the Agreement Date, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority.

     “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

     “Collateral” shall mean any property of any kind constituting collateral for the
Obligations under any of the Security Documents.

     “Collateral Agreement” shall mean the collateral agreement of even date executed by
the Borrower and its Subsidiaries in favor of the Administrative Agent for the ratable benefit of
itself and the other Secured Parties, substantially in the form of Exhibit B attached
hereto, as amended, restated, supplemented or otherwise modified from time to time.

     “Commercial Letter of Credit” shall mean a documentary letter of credit issued in
respect of the purchase of goods or services by the Borrower or its Subsidiaries by the Issuing
Bank in accordance with the terms hereof.

     “Commitment Fees” shall have the meaning assigned thereto in Section
2.4(a)(ii).

     “Commitments” shall mean, collectively, the Revolving Loan Commitment, the Term Loan B
Commitment and, as applicable, the Incremental Facility Commitments; and “Commitment” shall
mean any of the foregoing Commitments.

     “Commitment Ratio” shall mean, with respect to any Lender for any Commitment, the
percentage equivalent of the ratio which such Lender’s portion of such Commitment (or, in the case
of the Term Loan B or, to the extent applicable, Incremental Facility Loans after the funding date
thereof, such Lender’s outstanding portion of such Loan) bears to the aggregate amount of such
Commitment or Loan, as the case may be (as each may be adjusted from time to time as

5

 

provided herein); and “Commitment Ratios” shall mean, with respect to any Commitment, the
Commitment Ratios of all of the Lenders with respect to such Commitment. The Commitment Ratios of
the Lenders party to this Agreement shall be set forth in the Register.

     “Communications Act” shall mean the Communications Act of 1934, as amended, and any
similar or successor federal statute, and the rules and regulations of the FCC thereunder, all as
the same may be in effect from time to time.

     “Continue”, “Continuation” and “Continued” shall mean the continuation
pursuant to Article 2 of a LIBOR Advance as a LIBOR Advance from one Interest Period to the
next Interest Period.

     “Convert”, “Conversion” and “Converted” shall mean a conversion
pursuant to Article 2 of a LIBOR Advance into a Base Rate Advance or of a Base Rate Advance
into a LIBOR Advance, as applicable.

     “Debt Service” shall mean, for any period, the amount of all principal paid or
required to be paid and Interest Expense of the Borrower and its Subsidiaries on a consolidated
basis in respect of Indebtedness of the Borrower and its Subsidiaries (other than voluntary
principal payments of the Revolving Loans which are not required to be accompanied by an identical
reduction in the Revolving Loan Commitment).

     “Default” shall mean any of the events specified in Section 8.1, regardless of
whether there shall have occurred any passage of time or giving of notice, or both, that would be
necessary in order to constitute such event as an Event of Default.

     “Default Rate” shall mean a simple per annum interest rate equal to the sum of (a) the
applicable Base Rate Basis and (b) two percent (2%).

     “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Revolving Loans, the Term Loan B, any Incremental Facility Loan or participations in Letter of
Credit Obligations required to be funded by it hereunder within one Business Day of the date
required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative
Agent or any other Lender any other amount required to be paid by it hereunder within one Business
Day of the date when due, unless such amount is the subject of a good faith dispute, or (c) has
been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding.

     “Delayed Term Loan B Draws” shall mean the collective reference to the Second Term
Loan B Draw and the Third Term Loan B Draw.

     “Designated Dividends” shall have the meaning assigned thereto in Section
7.7(g).

     “Dollars” or “$” shall mean, unless otherwise qualified, dollars in lawful currency of
the United States.

6

 

     “Efficiency Capital Expenditures” shall mean all Capital Expenditures incurred in
connection with the automation and/or centralization of broadcasting, programming and advertising
activities for the purpose of increasing the overall efficiency of the operations of the Borrower
and its Subsidiaries.

     “Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an
Approved Fund, and (d) any other Person (other than a natural person) approved by (i) the
Administrative Agent, (ii) in the case of any assignment of a Revolving Loan Commitment, the
Issuing Bank, and (iii) unless an Event of Default has occurred and is continuing, the Borrower
(each such approval not to be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower, any Holding
Company or any of the Borrower’s or any Holding Company’s Affiliates or Subsidiaries.

     “Environmental Claim” shall mean any investigation, notice, notice of violation,
claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional
or otherwise), by any governmental authority or any other Person, arising (a) pursuant to or in
connection with any actual or alleged violation of any Environmental Law, (b) in connection with
any Hazardous Materials or any actual or alleged Hazardous Materials Activity, or (c) in connection
with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or
the environment.

     “Environmental Laws” shall mean all applicable federal, state or local laws, statutes,
rules, regulations or ordinances, codes, common law, consent agreements, orders, decrees, judgments
or injunctions issued, promulgated, approved or entered thereunder relating to public health,
safety or the pollution or protection of the environment, including, without limitation, those
relating to releases, discharges, emissions, spills, leaching, or disposals to air, water, land or
ground water, to the withdrawal or use of ground water, to the use, handling or disposal of
polychlorinated biphenyls, asbestos or urea formaldehyde, to the treatment, storage, disposal or
management of hazardous substances (including, without limitation, petroleum, crude oil or any
fraction thereof, or other hydrocarbons), pollutants or contaminants, to exposure to toxic,
hazardous or other controlled, prohibited, or regulated substances, including, without limitation,
any such provisions under the Comprehensive Environmental Response, Compensation and Liability Act
of 1980, as amended (42 U.S.C. § 9601 et seq.), the Hazardous Materials
Transportation Act (49 U.S.C. §1801 et seq.), the Resource Conservation and
Recovery Act of 1976, as amended (42 U.S.C. § 6901 et seq.), the Federal Water
Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. §
7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et
seq.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. § 136 et
seq.), the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.),
the Oil Pollution Act (33 U.S.C. § 2701 et seq.) and the Emergency Planning and
Community Right-to-Know Act (42 U.S.C. § 11001 et seq.), each as amended or
supplemented, any analogous present or future state or local statutes or laws, and any regulations
promulgated pursuant to any of the foregoing.

     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as in effect
from time to time.

7

 

     “ERISA Affiliate” shall mean any Person, including a Subsidiary or an Affiliate of the
Borrower, that together with the Borrower would be deemed to be a member of the same “controlled
group” within the meaning of Title IV of ERISA.

     “Event of Default” shall mean any of the events specified in Section 8.1,
provided that any requirement for notice or lapse of time, or both, has been satisfied.

     “Excess Cash Flow” shall mean, with respect to the Borrower and its Subsidiaries, as
of the end of any fiscal year of the Borrower based on the audited financial statements provided
under Section 6.2 for such fiscal year, the excess, if any, without duplication, of (a) the
sum of (i) Operating Cash Flow for such fiscal year and (ii) any decrease in the Borrower’s working
capital account during such fiscal year (excluding cash and Cash Equivalents from current assets
for such working capital account determination), minus (b) the sum of the following: (i)
Capital Expenditures made during such fiscal year; (ii) Debt Service for such fiscal year; (iii)
cash taxes paid during such fiscal year; (iv) Restricted Payments made during such fiscal year
which are permitted under Section 7.7; and (v) any increase in the Borrower’s working
capital account during such fiscal year (excluding cash and Cash Equivalents from current assets
for such working capital account determination), in each case, as determined in accordance with
GAAP.

     “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the
Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction
(or any political subdivision thereof) under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar
tax imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section
10.5), any withholding tax that is imposed on amounts payable to such Foreign Lender at the
time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is
attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 2.12, except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding tax pursuant to
Section 2.12.

     “Existing Letters of Credit” shall mean all letters of credit issued by Wachovia Bank,
National Association under the Prior Loan Agreement and outstanding on the Agreement Date and set
forth on Schedule 11 attached hereto.

     “FCC” shall mean the Federal Communications Commission and any successor or substitute
governmental commission, agency, department, board or authority performing functions similar to
those performed by the Federal Communications Commission on the date hereof.

8

 

     “FCC License” shall mean any license required under the Communications Act or from the
FCC.

     “FCC Regulations” shall mean all rules, regulations, written policies, orders and
decisions of the FCC under the Communications Act.

     “Federal Funds Rate” shall mean, for any day, the rate per annum equal to the weighted
average of the rates on overnight federal funds transactions with members of the Federal Reserve
System arranged by federal funds brokers on such day (or, if such day is not a Business Day, for
the immediately preceding Business Day), as published by the Federal Reserve Bank of New York on
the Business Day next succeeding such day, provided that if such rate is not so published
for any day which is a Business Day, the average of the quotation for such day on such transactions
received by the Administrative Agent from three (3) federal funds brokers of recognized standing
selected by the Administrative Agent.

     “Fed Regulations” shall have the meaning ascribed thereto in Section 4.1(n).

     “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is resident for tax purposes as of the Agreement Date. For
purposes of this definition, the United States, each State thereof and the District of Columbia
shall be deemed to constitute a single jurisdiction.

     “Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

     “GAAP” shall mean, as in effect from time to time, generally accepted accounting
principles in the United States, consistently applied.

     “Governmental Authority” means the government of the United States or any other
nation, or of 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 (including any supra-national bodies such as the European Union or the European Central
Bank).

     “Gray” shall have the meaning ascribed thereto in the preamble hereof.

     “Guaranty” or “Guaranteed,” as applied to an obligation, shall mean and
include (a) a guaranty, direct or indirect, in any manner, of all or any part of such obligation,
and (b) any agreement, direct or indirect, contingent or otherwise, the practical effect of which
is to assure in any way the payment or performance (or payment of damages in the event of
non-performance) of all or any part of such obligation, including, without limitation, any
reimbursement obligations as to amounts drawn down by beneficiaries of outstanding letters of
credit or capital call requirements.

9

 

     “Hazardous Materials” shall mean (a) any chemical, material or substance at any time
defined as or included in the definition of “hazardous substances,” “hazardous wastes,” “hazardous
materials,” “extremely hazardous waste,” “acutely hazardous waste,” “radioactive waste,”
“biohazardous waste,” “pollutant,” “toxic pollutant,” “contaminant,” “restricted hazardous waste,”
“infectious waste,” “toxic substances,” or any other term or expression intended to define, list or
classify substances by reason of properties harmful to health, safety or the indoor or outdoor
environment (including, without limitation, harmful properties such as ignitability, corrosivity,
reactivity, carcinogenicity, toxicity, reproductive toxicity, “TCLP toxicity” or “EP toxicity” or
words of similar import under any applicable Environmental Laws); (b) any oil, petroleum, petroleum
fraction or petroleum derived substance; (c) any drilling fluids, produced waters and other wastes
associated with the exploration, development or production of crude oil, natural gas or geothermal
resources; (d) any flammable substances or explosives; (e) any radioactive materials; (f) any
friable asbestos-containing materials; (g) urea formaldehyde foam insulation; (h) electrical
equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (i)
pesticides; and (j) any other chemical, material or substance, exposure to which is prohibited,
limited or regulated under Environmental Laws.

     “Hazardous Materials Activity” shall mean any past, current, proposed or threatened
activity, event or occurrence involving any Hazardous Materials, including the use, manufacture,
possession, storage, holding, presence, existence, location, Release, threatened Release,
discharge, placement, generation, transportation, processing, construction, treatment, abatement,
removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any
corrective action or response action with respect to any of the foregoing.

     “Holding Company” shall mean a holding company entity formed to effectuate a Holding
Company Reorganization that, after giving effect to a Holding Company Reorganization, will own,
directly or indirectly, all of the Capital Stock of (a) each Intermediate Holding Company and (b)
the Borrower.

     “Holding Company Overhead Expenses” shall mean (a) any reasonable and customary fees
payable in connection with the issuance of any Permitted Holding Company Indebtedness; (b)
accounting and auditing costs and expenses incurred by the Holding Company in the ordinary course
of its business in connection with preparing consolidated and consolidating financial reports and
tax filings; (c) customary fees and expenses payable to the United States Securities and Exchange
Commission and other reasonable and customary costs and expenses payable in connection with such
Permitted Holding Company being a publicly traded company (including, without limitation,
reasonable and customary fees and expenses required to be paid for professional and regulatory
compliance); (d) reasonable and customary legal fees and expenses required for the corporate
maintenance of the Holding Company and its Subsidiaries; (e) reasonable and customary director
fees; (f) reasonable and customary costs and expenses payable for director and officer insurance;
(g) transfer agent fees payable in connection with Capital Stock of the Holding Company; and (h)
franchise taxes and other fees payable to the jurisdiction of incorporation or qualification of the
Holding Company incurred in the ordinary course of conducting its business; provided that
in no event shall Holding Company Overhead Expenses include management fees, salaries, bonuses,
debt service and dividends and other distributions in respect of the Capital Stock of the Holding
Company.

10

 

     “Holding Company Reorganization” shall mean any restructuring of Gray and its
Subsidiaries which results in the Borrower becoming a wholly owned Subsidiary of the Holding
Company, whether directly, or indirectly through one or more Intermediate Holding Companies.

     “Incremental Facility Advance” shall mean an Advance made by any Lender holding an
Incremental Facility Commitment pursuant to Section 2.14.

     “Incremental Facility Commitment” shall mean the commitment of any Lender or Lenders
to make advances to the Borrower in accordance with Section 2.14 (the Borrower may obtain
Incremental Facility Commitments from more than one Lender, which commitments shall be several
obligations of each such Lender); and “Incremental Facility Commitments” shall mean the
aggregate of the Incremental Facility Commitments of each Lender.

     “Incremental Facility Commitment Ratios” shall mean percentages in which the Lenders
holding an Incremental Facility Commitment are severally bound to fund their respective portions of
Advances to the Borrower under the Incremental Facility Commitments which are set forth in the
applicable Notice of Incremental Facility Commitment.

     “Incremental Facility Loans” shall mean the amounts advanced by the Lenders holding an
Incremental Facility Commitment to the Borrower as Incremental Facility Loans under the applicable
Incremental Facility Commitment.

     “Incremental Facility Maturity Date” shall mean that date specified in the Notice of
Incremental Facility Commitment as the maturity date of each Incremental Facility Loan.

     “Incremental Facility Notes” shall mean, collectively, those promissory notes issued
to each of the Lenders requesting a note pursuant to Section 2.7 by the Borrower with
respect to the applicable Incremental Facility Commitment, each one substantially in the form of
Exhibit E-3 attached hereto, any other promissory note issued by the Borrower to evidence
Incremental Facility Loans pursuant to this Agreement, and any extensions, renewals or amendments
to, or replacements of, the foregoing.

     “Incremental Institutional Facility” shall mean any Incremental Facility Commitment
pursuant to which the applicable Lenders shall make Incremental Facility Loans that mature on or
after the Term Loan B Maturity Date and which do not require a principal repayment earlier or in a
percentage amount greater (on a weighted average basis) than those set forth in the repayment
schedule for the Term Loan B as set forth in Section 2.6(b)(i).

     “Incremental Non-Institutional Facility” shall mean any Incremental Facility
Commitment pursuant to which the applicable Lenders shall make Incremental Facility Loans that
mature prior to the Term Loan B Maturity Date and/or which require a principal repayment earlier or
in a percentage amount greater (on a weighted average basis) than those set forth in the repayment
schedule for the Term Loan B as set forth in Section 2.6(b)(i).

     “Indebtedness” shall mean, with respect to any Person as of any date, all liabilities,
obligations and reserves, contingent or otherwise, which, in accordance with GAAP, would be
reflected as a liability on a balance sheet (excluding trade accounts payable and accrued expenses

11

 

arising in the ordinary course of business), including, without duplication, (a) all obligations of
such Person for borrowed money or with respect to deposits or advances of any kind, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of
such Person under conditional sale or other title retention agreements relating to assets purchased
by such Person, (e) all obligations of such Person issued or assumed as the deferred purchase price
of property or services, (f) all obligations of others secured by (or for which the holder of such
obligations has an existing right, contingent or otherwise, to be secured by) any Lien on property
owned or acquired by such Person, whether or not the obligations secured thereby have been assumed
by such Person, provided that if such Indebtedness shall not have been assumed by such
Person and is otherwise limited in recourse only to property of such Person securing such
Indebtedness, the amount of such Indebtedness hereunder shall not exceed the fair market value of
the property of such Person securing such Indebtedness, (g) all obligations or liabilities
otherwise constituting Indebtedness under this definition Guaranteed by such Person, (h) all
Capitalized Lease Obligations of such Person, (i) all net payment obligations incurred by any such
Person pursuant to Interest Rate Hedge Agreements, and (j) all obligations of such Person as an
account party to reimburse any Person in respect of letters of credit (including, without
limitation, the Letters of Credit) or bankers’ acceptances. The Indebtedness of any Person shall
include any recourse Indebtedness of any partnership in which such Person is a general partner.

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

     “Indemnitee” shall have the meaning ascribed thereto in Section 5.11.

     “Initial Term Loan B Draw” shall have the meaning assigned thereto in Section
2.1.

     “Interest Expense” shall mean, for any period, the gross interest expense accrued by
the Borrower and its Subsidiaries in respect of their Indebtedness for such period, net of interest
income for such period, determined on a consolidated basis, all fees payable under Section
2.4 or any fee letter of the Borrower executed in connection with this Agreement, and any other
fees, charges, commissions and discounts in respect of Indebtedness, including, without limitation,
any fees payable in connection with the Letters of Credit, but excluding deferred finance charges
all calculated in accordance with GAAP. For purposes of the foregoing, gross interest expense
shall be determined after giving effect to any net payments made or received by the Borrower and
its Subsidiaries with respect to Interest Rate Hedge Agreements, but shall exclude any non-cash
mark-to-market adjustments made by the Borrower and its Subsidiaries with respect to Interest Rate
Hedge Agreements.

     “Interest Period” shall mean (a) in connection with any Base Rate Advance, the period
beginning on the date such Advance is made as or Converted to a Base Rate Advance and ending on the
last day of the fiscal quarter in which such Advance is made or as Converted to a Base Rate
Advance, provided, however, that if a Base Rate Advance is made or Converted on the
last day of any fiscal quarter, it shall have an Interest Period ending on, and its Payment Date
shall be, the last day of the following fiscal quarter, and (b) in connection with any LIBOR
Advance, the term of such Advance selected by the Borrower or otherwise determined in accordance
with

12

 

this Agreement. Notwithstanding the foregoing, however, (i) any applicable Interest Period which
would otherwise end on a day which is not a Business Day shall be extended to the next succeeding
Business Day unless, with respect to LIBOR Advances only, such Business Day falls in another
calendar month, in which case such Interest Period shall end on the next preceding Business Day,
(ii) any applicable Interest Period, with respect to LIBOR Advances only, which begins on a day for
which there is no numerically corresponding day in the calendar month during which such Interest
Period is to end shall (subject to clause (i) above) end on the last day of such calendar month,
and (iii) the Borrower shall not select an Interest Period which extends beyond the Maturity Date,
or such earlier date as would interfere with the Borrower’s repayment obligations under Section
2.6. Interest shall be due and payable with respect to any Advance as provided in Section
2.3.

     “Interest Rate Basis” shall mean the Base Rate Basis or the LIBOR Basis, as
appropriate.

     “Interest Rate Hedge Agreements” shall mean any agreement or other arrangement of any
Person with any other Person whereby, directly or indirectly, such Person is entitled to receive
from time to time periodic payments calculated by applying either a floating or a fixed rate of
interest on a stated notional amount in exchange for periodic payments made by such Person
calculated by applying a fixed or a floating rate of interest on the same notional amount and shall
include, without limitation, interest rate swaps, caps, floors, collars and similar agreements.

     “Interest Rate Hedge Obligations” shall mean all existing and future payments and
other obligations owing by the Borrower or its Subsidiaries under any Interest Rate Hedge
Agreements permitted hereunder with any Person that is a Lender or an Affiliate thereof at the time
such Interest Rate Hedge Agreement is executed.

     “Intermediate Holding Company” shall mean any Subsidiary of the Holding Company formed
in connection with a Holding Company Reorganization that, after giving effect to a Holding Company
Reorganization, will own, directly or indirectly, all of the Capital Stock of the Borrower.

     “Investment” shall mean, with respect to the Borrower or any of its Subsidiaries, (a)
any loan, advance or extension of credit (other than to customers in the ordinary course of
business) by such Person to, or any Guaranty or other contingent liability with respect to the
capital stock, indebtedness or other obligations of, or any contributions to the capital of, any
other Person, or any ownership, purchase or other acquisition by such Person of any interest in any
capital stock, limited partnership interests, general partnership interest, or other securities of
such other Person, other than an Acquisition, (b) any Joint Sales Agreement, Local Marketing
Agreement or Shared Services Agreement entered into by such Person or any commitment, promise or
agreement by such Person to enter into any such agreement, and (c) all expenditures by the Borrower
or any of its Subsidiaries relating to the foregoing.

     “Issuing Bank” shall mean Wachovia Bank, National Association, in its capacity as the
issuer of the Letters of Credit, or any successor issuer of the Letters of Credit.

13

 

     “Joint Sales Agreement” shall mean an agreement for the sale of commercial or
advertising time or any similar arrangement pursuant to which a Person obtains the right to (a)
sell at least a majority of the time for commercial spot announcements, and/or resell to
advertisers such time on, (b) provide the sales staff for the sale of the advertising time or the
collection of accounts receivable with respect to commercial advertisements broadcast on, (c) set
the rates for advertising on and/or (d) provide the advertising material for broadcast on, a
television broadcast station the FCC License of which is held by a Person other than an Affiliate
of such Person.

     “known to the Borrower” or “to the knowledge of the Borrower” shall mean known
by, or reasonably should have been known by, the executive officers of the Borrower (including,
without limitation, the chief executive officer, president, the chief operating officer, if any,
the chief financial officer, the controller, the chief accounting officer or the general counsel of
the Borrower).

     “Lead Arranger” shall mean Wachovia Capital Markets, LLC.

     “Lenders” shall mean the Persons who agree to be bound by this Agreement by executing
a signature page hereto or pursuant to an Authorization executed on the Agreement Date and any
other Person which becomes a “Lender” hereunder after the Agreement Date; and “Lender”
shall mean any one of the foregoing Lenders.

     “Lending Office” means, with respect to any Lender, the office of such Lender
maintaining such Lender’s Advances, and, if applicable, participations in Letters of Credit.

     “Letter of Credit Obligations” shall mean, as of any date, the sum of (a) an amount
equal to the aggregate undrawn and unexpired amount (including the amount to which any such Letter
of Credit can be reinstated pursuant to the terms hereof) of the then outstanding Letters of Credit
and (b) an amount equal to the aggregate drawn, but unreimbursed drawings on any Letters of Credit.

     “Letters of Credit” shall mean either Standby Letters of Credit or Commercial Letters
of Credit issued by the Issuing Bank at the request of the Borrower on behalf of the Borrower or
its Subsidiaries from time to time in accordance with the terms hereof and shall include the
Existing Letters of Credit.

     “Leverage Ratio” shall mean, as of any date, the ratio of

          (a) Adjusted Total Indebtedness as of such date; to

          (b) Operating Cash Flow for the most recent eight (8) fiscal quarter period then ended or most
recently ended divided by two (2).

     “LIBOR” shall mean, with respect to a particular Interest Period, the rate of interest
per annum determined on the basis of the rate for deposits in Dollars in minimum amounts of at
least $1,000,000 for a period equal to the applicable Interest Period which appears on Telerate
Page 3750

14

 

at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the
applicable Interest Period (rounded upward, if necessary, to the nearest 1/100th of 1%).
If, for any reason, such rate does not appear on Telerate Page 3750, then “LIBOR” shall be
determined by the Administrative Agent to be the arithmetic average of the rate per annum at which
deposits in Dollars in minimum amounts of at least $1,000,000 would be offered by first class banks
in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London
time) two (2) Business Days prior to the first day of the applicable Interest Period for a period
equal to such Interest Period. Each calculation by the Administrative Agent of LIBOR shall be
conclusive and binding for all purposes, absent manifest error.

     “LIBOR Advance” shall mean an Advance which the Borrower requests to be made as,
Continued as or Converted to a LIBOR Advance in accordance with the provisions of Section
2.2, and which shall be in a principal amount of at least $1,000,000 and in an integral
multiple of $1,000,000.

     “LIBOR Basis” shall mean a simple per annum interest rate (rounded upward, if
necessary, to the nearest one-hundredth (1/100th) of one percent (1.0%)) equal to the sum of (a)
the quotient of (i) the LIBOR divided by (ii) one (1) minus the LIBOR Reserve Percentage,
if any, stated as a decimal, plus (b) the Applicable Margin. The LIBOR Basis shall apply
to Interest Periods of one (1), two (2), three (3), six (6), or, to the extent available to all
applicable Lenders, twelve (12) months, and, once determined, shall remain unchanged during the
applicable Interest Period, except for changes to reflect adjustments in the LIBOR Reserve
Percentage and the Applicable Margin as adjusted pursuant to Section 2.3(f). The LIBOR
Basis for any LIBOR Advance shall be adjusted as of the effective date of any change in the LIBOR
Reserve Percentage and the Applicable Margin. The Borrower may not elect an Interest Period in
excess of six (6) months unless the Administrative Agent has notified the Borrower that each of the
applicable Lenders has funds available to it for such Lender’s portion of the proposed Advance
which are not required for other purposes, and that such funds are available to each applicable
Lender at a rate (exclusive of reserves and other adjustments) at or below the LIBOR Basis for such
proposed Advance and Interest Period.

     “LIBOR Reserve Percentage” shall mean for any day that percentage (expressed as a
decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for determining the maximum reserve requirement (including,
without limitation, all basic, supplemental, marginal and other reserves and taking into account
any transitional adjustments or other scheduled changes in reserve requirements) for a member bank
of the Federal Reserve System in respect of Eurocurrency Liabilities (as that term is defined in
Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to
time). The LIBOR Basis shall be adjusted automatically on and as of the effective date of any
change in the LIBOR Reserve Percentage.

     “License” shall mean any license, authorization, permit, consent, franchise,
ordinance, registration, certificate, agreement or other right filed with, granted by, or entered
into by a federal, state or local governmental authority which permits or authorizes the
acquisition, construction or operation of a television station or any part of a television station
or which is

15

 

required for the acquisition, ownership or operation of any Station or any other Permitted
Business, including, without limitation, the FCC Licenses.

     “License Sub” shall mean each Subsidiary of the Borrower which has no assets other
than FCC Licenses.

     “Lien” shall mean, with respect to any property, any mortgage, lien, pledge, negative
pledge or other agreement not to pledge, collateral assignment, charge, security interest, title
retention agreement, levy, execution, seizure, attachment, garnishment or other encumbrance of any
kind in respect of such property, whether created by statute, contract, the common law or
otherwise, and whether inchoate or not, vested or perfected.

     “Loan Documents” shall mean this Agreement, the Notes, the Security Documents, all fee
letters, all Requests for Advance, all Requests for Issuance of Letters of Credit, all Notices of
Incremental Facility Commitments, all Notices of Revolving Increase, all compliance certificates
issued by the Borrower or any of its Subsidiaries (including, without limitation, each Performance
Certificate) and all other documents, agreements, supplements, confirmations, instruments or
certificates executed or delivered in connection with or contemplated by this Agreement or any of
the foregoing (excluding any Interest Rate Hedge Agreement).

     “Loans” shall mean, collectively, the Revolving Loans, the Term Loan B, and, if
applicable, the Incremental Facility Loans.

     “Local Marketing Agreement” shall mean a local marketing arrangement, time brokerage
agreement, management agreement or similar arrangement pursuant to which a Person, subject to
customary preemption rights and other limitations, obtains the right to exhibit programming and
sell advertising time during more than fifteen percent (15%) of the air time of a television
broadcast station licensed to another Person.

     “margin stock” shall have the meaning ascribed thereto in Section 4.1(n).

     “Materially Adverse Effect” shall mean a material adverse effect upon or change in (a)
the business, assets, liabilities (actual or contingent), operations or condition (financial or
otherwise) of the Borrower and its Subsidiaries, taken as a whole, or on the ability of the
Borrower and its Subsidiaries, taken as a whole, to conduct its business, (b) the ability of the
Borrower, any of its Subsidiaries or any other party to a Loan Document (other than the
Administrative Agent or any Lender) to perform its obligations hereunder or under any other Loan
Document to which it is a party, (c) the validity or enforceability of this Agreement or any other
Loan Document against the Borrower or any Subsidiary of the Borrower party thereto, or (d) the
rights or remedies of the Administrative Agent or the Lenders under this Agreement or any other
Loan Document or at law or in equity.

     “Maturity Date” shall mean the Revolving Loan Maturity Date, the Term Loan B Maturity
Date or the applicable Incremental Facility Maturity Date, as applicable.

16

 

     “Multiemployer Plan” shall mean a multiemployer pension plan as defined in Section
3(37) of ERISA to which the Borrower, any of its Subsidiaries or any ERISA Affiliate is or has
been required to contribute.

     “Necessary Authorizations” shall mean all approvals, consents and licenses from, and
all filings and registrations with, any governmental or other regulatory authority, shareholder or
other third party, including, without limitation, (a) all approvals, consents, Licenses, filings
and registrations under the Communications Act and (b) all approvals, consents, filings and
registrations required by the United States Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions, and any state securities regulatory
authorities.

     “Net Earnings” shall mean, as of any date with respect to the Borrower, the
consolidated net income (or deficit) of the Borrower and its Subsidiaries for the period involved,
after taxes accrued and after all proper charges and reserves (excluding, however, non-recurring
special charges and credits), all as determined in accordance with GAAP.

     “Net Proceeds (Asset Sales)” shall mean, with respect to any Asset Sale by, or any
insurance or condemnation proceeding in respect of any assets of, the Borrower or any of its
Subsidiaries, as applicable, the aggregate amount of cash received for such assets (including,
without limitation, any payments received for non-competition covenants, any time brokerage,
consulting or management fees for services rendered on or prior to the consummation of such sale
(other than such fees received in the ordinary course of business for brokerage, management or
consulting services rendered after the consummation of such sale in amounts usual and customary for
the services rendered), and any portion of the amount received evidenced by a promissory note or
other evidence of Indebtedness issued by the purchaser), net of (a) amounts reasonably and in good
faith reserved, if any, for (i) taxes payable with respect to any such sale (after application
(assuming application first to such reserves) of any available losses, credits or other offsets),
(ii) pension and other post-employment benefit liabilities, (iii) workers compensation liabilities,
(iv) liabilities associated with retiree benefits and (v) liabilities relating to environmental
matters, (b) transaction costs properly attributable to such transaction and payable by the
Borrower or any of its Subsidiaries (other than to an Affiliate) in connection with such Asset
Sale, including, without limitation, reasonable and customary commissions, fees and out-of-pocket
expenses attributable to claiming such proceeds, (c) until actually received by the Borrower or any
of its Subsidiaries, any portion of the amount received held in escrow, evidenced by a promissory
note or other evidence of Indebtedness, or in respect of a purchase or non-compete, consulting or
management agreement or covenant or otherwise for which compensation is paid over time and (d)
until no longer reserved, any reserves for indemnification liabilities, the amount of which are
reasonably ascertainable on or prior to the consummation of such sale; provided that the
aggregate amount of all items referred to in this clause (d) together with amounts provided as
escrows or holdbacks against any liabilities under such indemnification obligations shall not
exceed ten percent (10%) of the gross cash proceeds of such sale. Upon receipt by the Borrower or
any of its Subsidiaries of (i) amounts referred to in clause (c) of the preceding sentence, (ii) a
payment resulting from any reduction in the reserves referred to in clause (a) of the preceding
sentence or (iii) any amount that was reserved as described in clause (a) of the preceding sentence
that exceeds the actual amount paid with

17

 

respect to taxes or other liabilities of the type referred to in clause (a) of the preceding
sentence, such amounts shall, in each case, be deemed to be “Net Proceeds (Asset Sales).”

     “Net Proceeds (Indebtedness)” shall mean, with respect to any sale, issuance or other
disposition of any Indebtedness of the Borrower or its Subsidiaries by the Borrower or its
Subsidiaries, the difference between (a) the aggregate amount of cash or Cash Equivalents received
in connection with the sale, issuance or other disposition of such Indebtedness, and (b) the
aggregate amount of any reasonable and customary transaction costs incurred in connection
therewith, including, without limitation, all reasonable and customary fees and expenses of
attorneys, accountants and other consultants, all reasonable and customary underwriting or
placement agent fees, and reasonable and customary fees and expenses of any trustee, registrar or
transfer agent.

     “New Borrower” means one or more newly formed entities which, after giving effect to a
Holding Company Reorganization (a) shall be an entity organized under the laws of any political
subdivision of the United States and be wholly owned (whether directly, or indirectly through one
or more Intermediate Holding Companies) by the Holding Company; (b) shall, upon the completion of a
Holding Company Reorganization, own or acquire (whether by transfer, consolidation, merger or
otherwise) all of the assets that were owned by Gray immediately prior to a Holding Company
Reorganization (including without limitation all of the Capital Stock of the operating Subsidiaries
of Gray) and (c) shall assume all of the rights and obligations of Gray as “Borrower” under this
Agreement and the other Loan Documents.

     “Note Redemption” means the redemption in full of all of the Senior Subordinated Notes
as contemplated in this Agreement.

     “Notes” shall mean, collectively, the Revolving Loan Notes, the Term Loan B Notes,
and, if applicable, the Incremental Facility Notes.

     “Notice of Account Designation” shall mean the notice by the Borrower, substantially
in the form of Exhibit K attached hereto.

     “Notice of Incremental Facility Commitment” shall mean the notice by the Borrower of
the Incremental Facility Commitment, which notice shall be substantially in the form of Exhibit
I attached hereto and shall be delivered to the Administrative Agent and the Lenders.

     “Notice of Revolving Increase” shall mean the written notice by the Borrower, in
substantially the form of Exhibit J attached hereto to the Administrative Agent, of the
Borrower’s desire to increase the Revolving Loan Commitment pursuant to Section 2.15.

     “Obligations” shall mean all payment and performance obligations of every kind, nature
and description of the Borrower, its Subsidiaries, and any other obligors to the Lenders, or the
Administrative Agent, or any of them, under this Agreement and the other Loan Documents (including
any interest, fees and other charges on the Loans or otherwise under the Loan Documents that would
accrue but for the filing of a bankruptcy action and including all Interest Rate Hedge Obligations)
as they may be amended from time to time, or as a result of making the

18

 

Loans, whether such obligations are direct or indirect, absolute or contingent, due or not due,
contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, now
existing or hereafter arising.

     “OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets
Control.

     “Operating Agreement” shall mean any programming agreement, time brokerage, local
marketing or similar agreement, network affiliation agreement, franchise agreement, lease or other
agreement of the Borrower or any of its Subsidiaries relating to the operation of a Station or any
other Permitted Business, the termination or adverse modification of which could reasonably be
expected to have a Materially Adverse Effect.

     “Operating Cash Flow” shall mean, with respect to the Borrower and its Subsidiaries,
as of any date for any period, (a) the Net Earnings for such period (excluding, to the extent
included in Net Earnings for such period, (i) the effect of any exchange of advertising time for
non-cash consideration, such as merchandise or services, (ii) any other non-cash income or expense
(including the cumulative effect of a change in accounting principles and extraordinary items)
(iii) any gains or losses from sales, exchanges and other dispositions of property not in the
ordinary course of business and (iv) the non-cash portion of any reserves or accruals for one-time
charges which are equal to or greater than $1,000,000 incurred in connection with corporate
restructurings or expense saving measures), minus (b) any cash payments made by the
Borrower and its Subsidiaries during such period in respect of (i) Programming Obligations or (ii)
reserves or accruals described in clause (a)(iv) above, to the extent such reserves or accruals
were excluded from Net Earnings in a prior period, plus (c) the sum, without duplication,
of the following to the extent deducted in determining Net Earnings (i) depreciation on or
obsolescence of fixed or capital assets and amortization of intangibles and leasehold improvements
(including, without limitation, amortization in respect of Programming Obligations) for such
period, plus (ii) Interest Expense and deferred finance charges in such period,
plus (iii) federal, state and local income taxes in such period to the extent deducted in
calculating Net Earnings in such period (other than any such taxes resulting from any gains from
sales and exchanges and other distributions not in the ordinary course of business), plus
(d) one-time corporate restructuring charges as approved by the Administrative Agent and calculated
in accordance with GAAP taken during or reserved for during fiscal years 2005 and 2006, in an
aggregate amount not to exceed $10,000,000 plus (e) one-time corporate restructuring
charges, as approved by the Administrative Agent, related to a Holding Company Reorganization,
which charges are taken during or reserved for during the twelve (12) month period following such
Holding Company Reorganization, plus (f) any expense savings associated with the WNDU
Savings in an aggregate amount not to exceed $800,000, plus (g) to the extent such expenses
do not constitute Efficiency Capital Expenditures, the OTO System Integration Expenses, in an
aggregate amount not to exceed, for fiscal year 2006, $475,000 and for fiscal year 2007, $900,000,
plus (h) adjustments to actual historical Operating Cash Flow in connection with any
Acquisition permitted pursuant to Section 7.6; provided that such adjustments are
either (i) consistent with Regulation S-X of the United States Securities and Exchange Commission
or (ii) approved by (A) the Administrative Agent in its reasonable business judgment in the case of
any adjustment (or series of related adjustments) that is five percent (5%) or less of the
Operating Cash Flow of the Borrower and its Subsidiaries for such

19

 

period or (B) the Required Lenders in their reasonable business judgment, in the case of any
adjustment (or series of related adjustments) that is more than five percent (5%) of the Operating
Cash Flow of the Borrower and its Subsidiaries for such period, provided further that, in
each case, such adjustments shall be on a consolidated basis and computed on the accrual method.
For the purposes of calculating Operating Cash Flow for any period, (x) any Acquisition or Asset
Sale which occurs during such period shall be deemed to have occurred on the first day of such
period and (y) if any fiscal quarter ended as of any date set forth in the table below is included
in the applicable period for which Operating Cash Flow is being determined, then Operating Cash
Flow for such fiscal quarter shall be deemed to be the amount opposite the date corresponding to
such fiscal quarter end as set forth in the table below.

	 	 	 	 	 
	 	 	Operating Cash Flow For Such
	Fiscal Quarter End	 	Fiscal Quarter
	March 31, 2005
	 	$	21,579,000	 
	June 30, 2005
	 	$	31,213,000	 
	September 30, 2005
	 	$	21,774,000	 
	December 31, 2005
	 	$	31,547,000	 
	March 31, 2006
	 	$	21,432,000	 
	June 30, 2006
	 	$	34,144,000	 
	September 30, 2006
	 	$	30,833,000	 
	December 31, 2006
	 	$	44,969,000	 

     “Optional Increase” shall have the meaning assigned thereto in Section 2.15.

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

     “OTO System Integration” shall mean the implementation by the Borrower and its
Subsidiaries of a unified billing system.

     “OTO System Integration Expenses” shall mean, collectively, (a) all direct and
indirect expenses and charges incurred by the Borrower and its Subsidiaries in connection with the
OTO System Integration; (b) all non-recurring charges or restructuring charges in connection with
the OTO System Integration, including, without limitation, (i) all severance (including the
applicable payroll taxes), early retirement and severance assistance costs and expenses incurred in
connection with out-placement services, out-placement counseling and job retraining and (ii) all
post-termination health and welfare costs paid or payable to terminated employees of the Borrower
and its Subsidiaries; and (c) all fees and expenses of professionals paid or accrued by the
Borrower and its Subsidiaries in connection with any of the foregoing.

     “Ownership Reports” shall mean, with respect to any Station, the reports and
certifications filed with the FCC pursuant to 47 C.F.R. § 73.3615, or any comparable reports filed
pursuant to any successor regulation thereto.

20

 

     “Participant” shall have the meaning assigned thereto in Section 11.5(d).

     “Payment Date” shall mean the last day of any Interest Period.

     “PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Performance Certificate” shall have the meaning assigned thereto in Section
6.3.

     “Permitted Business” shall mean the business of owning or operating Stations, all
businesses directly related thereto, and any electronic news and information delivery business and
any other television broadcasting-related, television distribution-related or television
content-related business.

     “Permitted Holder” means (i) each of J. Mack Robinson and Robert S. Prather, Jr.; (ii)
their spouses and lineal descendants; (iii) in the event of the incompetence or death of any of the
Persons described in clauses (i) and (ii), such Person’s estate, executor, administrator, committee
and other personal representative; (iv) any trusts created for the benefit of the Persons described
in clause (i) or (ii); (v) any person controlled by any of the Persons described in clause (i),
(ii), (iii) or (iv); or (vi) any group of Persons (as defined in the Securities Exchange Act of
1934, as amended) in which the Persons described in clauses (i) – (v), individually or
collectively, control such group. For purposes of this definition, “control,” as used with respect
to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through ownership of voting
securities or by agreement or otherwise.

     “Permitted Holding Company Indebtedness” shall mean all Indebtedness of the Holding
Company or any Intermediate Holding Company that is non-recourse to the Borrower or any of its
Subsidiaries, has a maturity date that is at least six (6) months after the latest Maturity Date
and is otherwise on terms and conditions reasonably satisfactory to the Required Lenders.

     “Permitted Liens” shall mean, as applied to any Person:

          (a) any Lien in favor of the Administrative Agent or any Lender given to secure the
Obligations;

          (b) (i) Liens on real estate or other property for taxes, assessments, governmental charges or
levies not yet delinquent and (ii) Liens for taxes, assessments, governmental charges or levies or
claims the non-payment of which is being diligently contested in good faith by appropriate
proceedings and for which adequate reserves have been set aside on such Person’s books in
accordance with GAAP, but only so long as no forfeiture, foreclosure, distraint, sale or similar
proceedings have been commenced with respect thereto;

          (c) statutory Liens of carriers, warehousemen, mechanics, vendors, laborers and materialmen
incurred in good faith in the ordinary course of business for sums not yet due or being diligently
contested in good faith, if adequate reserves have been set aside on such

21

 

Person’s books in accordance with GAAP, or appropriate provisions shall have been made therefor,
and no forfeiture, foreclosure, distraint, sale or similar proceedings have been commenced with
respect thereto;

          (d) Liens incurred in the ordinary course of business in connection with worker’s compensation
and unemployment insurance, social security obligations, assessments or government charges which
are not overdue for more than sixty (60) days;

          (e) restrictions on the transfer of assets of the Borrower or its Subsidiaries imposed by the
Communications Act and any regulations thereunder;

          (f) easements, rights-of-way, zoning and other restrictions, leases, licenses, reservations or
restrictions on use and other similar encumbrances on the use of Real Property which do not
materially interfere with the ordinary conduct of the business of such Person or the use or value
of such property;

          (g) Liens reflected by Uniform Commercial Code financing statements filed in respect of true
leases (excluding any Capital Leases) of the Borrower or any of its Subsidiaries;

          (h) Liens to secure performance of statutory obligations, surety or appeal bonds, performance
bonds, bids, tenders or escrow deposits in connection with Acquisitions and, in each case, in the
ordinary course of business;

          (i) judgment Liens which do not result in an Event of Default under Section 8.1(i);

          (j) Liens existing on the Agreement Date as set forth in Schedule 1 hereto;

          (k) Liens approved by the Administrative Agent and set forth in any title policy insuring the
interest of the Administrative Agent in any Collateral, or set forth in title report, title
examination or similar document with respect to any of the Collateral;

          (l) Liens securing other Indebtedness (including, without limitation, obligations incurred in
connection with an Acquisition permitted under Section 7.6) in an aggregate amount not to exceed
$50,000,000 outstanding at any time;

          (m) (i) Liens of a collecting bank arising in the ordinary course of business under Section
4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction and (ii) Liens of any
depositary bank in connection with statutory, common law and contractual rights of set-off and
recoupment with respect to any deposit account;

          (n) other Liens encumbering only Real Property (excluding any Real Property mortgaged in favor
of the Administrative Agent), securing Indebtedness permitted pursuant to Section 7.1(e) in
an aggregate amount outstanding at any time not to exceed $75,000,000;

22

 

          (o) leases, subleases or licenses granted by the Borrower or any of its Subsidiaries to third
persons in the ordinary course of business that do not interfere in any material respect with the
business of the Borrower or any of its Subsidiaries; and

          (p) licenses of patents, trademarks and other intellectual property rights granted by the
Borrower or any Subsidiaries in the ordinary course of business to the Borrower or another
Subsidiary.

     “Permitted Secured Indebtedness” shall mean: (a) any Indebtedness permitted to be
incurred pursuant to Section 7.1(e) and secured by a Lien permitted pursuant to clause (n)
of the definition of “Permitted Liens” and (b) any Indebtedness incurred to refinance, refund,
renew or extend Indebtedness referred to in clause (a) above; provided that (i) the amount
of all such Indebtedness shall not exceed an aggregate principal amount of $75,000,000 outstanding
at any time, (ii) any such Indebtedness, when incurred, shall have a maturity of no earlier than
six (6) months after the later of (x) the Term Loan B Maturity Date or (y) the latest Incremental
Facility Maturity Date, as applicable and (iii) any such Indebtedness, when incurred, shall have a
weighted average life of at least six (6) months longer than the weighted average life of the
longer of (x) the Term Loan B, (y) any Incremental Institutional Facility or (z) any Incremental
Non-Institutional Facility, as applicable.

     “Person” shall mean an individual, corporation, limited liability company,
association, partnership, joint venture, trust or estate, an unincorporated organization, a
government or any agency or political subdivision thereof, or any other entity.

     “Plan” shall mean an employee benefit plan within the meaning of Section 3(3)
of ERISA subject to Title IV of ERISA (other than a Multiemployer Plan) maintained by the Borrower,
any of its Subsidiaries or any ERISA Affiliate.

     “Prior Loan Agreement” shall mean that certain Sixth Amended and Restated Credit
Agreement dated as of November 22, 2005 by and among the Borrower, Wachovia Bank, National
Association, as administrative agent, and the lenders party thereto, as amended, restated,
supplemented or otherwise modified.

     “Programming Obligations” means all direct or indirect monetary liabilities,
contingent or otherwise, with respect to contracts for television broadcast rights relating to
television series or other programs produced or distributed for television release.

     “Purchasing Lender” shall have the meaning assigned thereto in Section
11.5(b).

     “Real Property” shall mean any and all real property (including all buildings,
fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased,
operated or used by the Borrower or any of its Subsidiaries or any of their respective predecessors
or Affiliates. The Real Property as of the Agreement Date is set forth on Schedule 10
hereto.

     “Register” shall have the meaning ascribed thereto in Section 11.5(c).

23

 

     “Related Parties” shall mean, with respect to any Person, such Person’s Affiliates and
the partners, directors, officers, employees, agents and advisors of such Person and of such
Person’s Affiliates.

     “Release” shall mean any release, spill, emission, leaking, pumping, pouring,
injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of
Hazardous Materials into the indoor or outdoor environment (including, without limitation, the
abandonment or disposal of any barrels, containers or other closed receptacles containing any
Hazardous Materials), including the movement of any Hazardous Materials through the air, soil,
surface water or groundwater.

     “Reportable Event” shall mean, with respect to any Plan, an event described in Section
4043(c) of ERISA, other than those events as to which the 30 day notice period is waived.

     “Request for Advance” shall mean a certificate designated as a “Request for Advance,”
signed by an Authorized Signatory of the Borrower requesting an Advance, Continuation or Conversion
hereunder, which shall be in substantially the form of Exhibit D attached hereto, and
shall, among other things, (i) specify the date of such Advance, Continuation or Conversion, which
shall be a Business Day, the amount and type of Advance (LIBOR or Base Rate), and, with respect to
LIBOR Advances, the Interest Period selected by the Borrower, (ii) state that there shall not
exist, on the date of the requested Advance and after giving effect thereto, a Default or Event of
Default and (iii) designate the amount of the Revolving Loan Commitments, Term Loan B Commitment
and, if applicable, the Incremental Facility Commitments, being drawn.

     “Request for Issuance of Letter of Credit” shall mean any application or other
documents signed by an Authorized Signatory of the Borrower requesting that the Issuing Bank issue
a Letter of Credit hereunder, which application or other documents shall be in such form as may be
approved from time to time by the Issuing Bank and shall, among other things, specify (a) that the
requested Letter of Credit is either a Commercial Letter of Credit or a Standby Letter of Credit,
(b) the stated amount of the Letter of Credit, (c) the effective date for the issuance of the
Letter of Credit (which shall be a Business Day), (d) the date on which the Letter of Credit is to
expire (which shall be a Business Day), (e) the Person for whose benefit such Letter of Credit is
to be issued, and (f) other relevant terms of such Letter of Credit.

     “Required Lenders” shall mean, at any time, the Lenders holding more than fifty
percent (50%) of the sum of (a) the aggregate amount of the Revolving Loan Commitments plus
(b) the aggregate outstanding principal amount of the Term Loan B and Incremental Facility Loans,
as applicable (provided that, solely for the purposes of this definition, with respect to the Term
Loan B, prior to the earlier of (i) the Third Term Loan B Draw Funding Date and (ii) May 31, 2007,
the aggregate amount of the unfunded Term Loan B Commitment shall be deemed to be “outstanding”),
or, if no Revolving Loan Commitments are then outstanding, the Lenders holding more than fifty
percent (50%) of the aggregate unpaid principal amount of the Loans and Letter of Credit
Obligations then outstanding; provided that the Revolving Loan Commitment or unfunded Term
Loan B Commitment of, and the portion of the Loans, as applicable, held or

24

 

deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of
Required Lenders.

     “Required Revolving Lenders” shall mean, at any time, the Lenders holding more than
fifty percent (50%) of the then aggregate Revolving Loan Commitments, or, if no Revolving Loan
Commitments are then outstanding, the Lenders holding more than fifty percent (50%) of the
aggregate unpaid principal amount of the Revolving Loans and Letter of Credit Obligations then
outstanding; provided that the Revolving Loan Commitment of, and the portion of the Loans,
as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Required Revolving Lenders.

     “Restricted Payment” shall mean (a) any direct or indirect distribution, dividend or
other payment to any Person (other than to the Borrower or any of its Subsidiaries) on account of
any Capital Stock of the Borrower or any of its Subsidiaries (other than dividends payable solely
in Capital Stock of such Person and splits thereof), (b) any payment (including any prepayment or
installment payment) of principal of, or interest on, or payment into a sinking fund for the
retirement of, or any defeasance of Subordinated Indebtedness of the Borrower and its Subsidiaries,
or any loan advance, release or forgiveness of Indebtedness by the Borrower or any of its
Subsidiaries to any partner, shareholder or Affiliate (other than to the Borrower or any of its
Subsidiaries) of any such Person, (c) any management, consulting or similar fees, or any interest
thereon, payable by the Borrower or any of its Subsidiaries to any of their respective Affiliates
(other than such fees and interest payable to the Borrower or any of its Subsidiaries) or (d) any
payment on account of the purchase, redemption, or other acquisition or retirement of any Capital
Stock of the Borrower or any of its Subsidiaries, including, without limitation, any warrants or
other rights or options to acquire shares of Capital Stock of the Borrower or of any of its
Subsidiaries.

     “Revolving Commitment Fees” shall have the meaning assigned thereto in Section
2.4(a)(i).

     “Revolving Loan Commitment” shall mean (a) as to any Lender the several obligation of
such Lender to fund its respective portion of the Revolving Loans to the Borrower in accordance
with its respective Commitment Ratio and (b) as to all Lenders, the aggregate commitments of such
Lenders to make Revolving Loans, as such amount may be modified at any time or from time to time
pursuant to the terms hereof. The Revolving Loan Commitment of all the Lenders as of the Agreement
Date shall be $100,000,000.

     “Revolving Loan Commitment Ratio” shall mean, with respect to any Lender, the
percentage equivalent of the ratio which such Lender’s portion of the Revolving Loan Commitment
bears to the aggregate Revolving Loan Commitment of all Lenders (as each may be adjusted from time
to time as provided herein).

     “Revolving Loan Maturity Date” shall mean the earlier to occur of (a) March 19, 2014,
and (b) such date as payment of the Revolving Loans shall be due (whether by acceleration,
reduction of the Revolving Loan Commitment to zero or otherwise).

25

 

     “Revolving Loan Notes” shall mean, collectively, those promissory notes issued to each
of the Lenders requesting a note pursuant to Section 2.7 by the Borrower with respect to
the Revolving Loan Commitment, each one substantially in the form of Exhibit E-1 attached
hereto, any other promissory note issued by the Borrower to evidence the Revolving Loans pursuant
to this Agreement, and any extensions, renewals or amendments to, or replacements of, the
foregoing.

     “Revolving Loans” shall mean, collectively, those amounts advanced by the Lenders to
the Borrower under the Revolving Loan Commitment.

     “Sanctioned Entity” shall mean (a) an agency of the government of, (b) an organization
directly or indirectly controlled by, or (c) a person resident in a country that is subject to a
sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement/ofac/sanctions/index.html, or as otherwise
published from time to time as such program may be applicable to such agency, organization or
person.

     “Sanctioned Person” shall mean a person named on the list of Specially Designated
Nationals or Blocked Persons maintained by OFAC available at
http://www.treas.gov/offices/enforcement/ofac/sdn/index.html, or as otherwise published
from time to time.

     “Second Term Loan B Draw” shall have the meaning assigned thereto in Section
2.1.

     “Second Term Loan B Draw Funding Date” shall have the meaning assigned thereto in
Section 2.1.

     “Secured Parties” means, collectively, (a) the Administrative Agent, (b) the Lenders
and (c) any counterparty to an Interest Rate Hedge Agreement that was a Lender or an Affiliate of a
Lender at the time such Interest Rate Hedge Agreement was executed.

     “Security Documents” shall mean, collectively, the Collateral Agreement, the
Subsidiary Guaranty, any parent guaranty, any other agreement or instrument providing for the
guarantee of or Collateral for the Obligations whether now or hereafter in existence, and any
filings, instruments, agreements and documents related thereto or to this Agreement, and providing
the Administrative Agent, for the benefit of the Secured Parties, with Collateral for the
Obligations.

     “Security Interest” shall mean, collectively, all Liens in favor of the Administrative
Agent, for the benefit of the Secured Parties, created hereunder or under any of the Security
Documents to secure the Obligations.

     “Senior Subordinated Notes” shall mean the Borrower’s existing 9 1/4% Senior
Subordinated Notes due 2011 issued pursuant to the Subordinated Note Indenture.

     “Series C Preferred Stock” shall mean all outstanding Capital Stock of the Borrower
that is issued as “Series C Preferred Stock”.

26

 

     “Series C Preferred Stock Redemption” shall mean the redemption of all outstanding
Series C Preferred Stock in accordance with the Articles of Incorporation of the Borrower and on
terms and conditions reasonably satisfactory to the Borrower and the Administrative Agent, and
otherwise in accordance with Applicable Law and the terms of the Series C Preferred Stock.

     “Shared Services Agreement” shall mean a shared services arrangement or other similar
arrangement pursuant to which two Persons owning separate television broadcast stations agree to
share the costs of certain services and procurements which they individually require in connection
with the ownership and operation of one television broadcast station, whether through the form of
joint or cooperative buying arrangements or the performance of certain functions relating to the
operation of one television broadcast station by employees of the owner and operator of the other
television broadcast station, including, but not limited to, the co-location of the studio,
non-managerial administrative and/or master control and technical facilities of such television
broadcast station and/or the sharing of maintenance, security and other services relating to such
facilities.

     “Standby Letter of Credit” shall mean a letter of credit issued to support obligations
of the Borrower or its Subsidiaries incurred in the ordinary course of business, and which is not a
Commercial Letter of Credit.

     “Station” shall mean, collectively (a) each of the television stations owned and
operated by the Borrower and its Subsidiaries on the Agreement Date as set forth in Schedule
2 attached hereto and (b) any television station acquired after the Agreement Date by the
Borrower or any of its Subsidiaries in accordance herewith.

     “Subordinated Indebtedness” shall mean, as of any date, the sum of (a) any
Indebtedness of the Borrower and its Subsidiaries under the Subordinated Note Indenture or any
agreements, notes, instruments or documents executed or delivered in connection therewith and (b)
all other Indebtedness of the Borrower the repayment of which is subordinated in right of payment
to the Obligations pursuant to a subordination agreement in form and substance satisfactory to the
Lead Arranger, in each case, as of such date.

     “Subordinated Note Indenture” shall mean that certain Indenture dated as of December
15, 2001 (as supplemented by that certain Supplemental Indenture dated as of September 10, 2002) by
and among the Borrower, all of its Subsidiaries and Deutsche Bank Trust Company Americas, formerly
known as Bankers Trust Company, in respect of the Senior Subordinated Notes, as the same may be
amended from time to time to the extent permitted hereunder.

     “Subsidiary” shall mean, as applied to any Person, (a) any corporation of which more
than fifty percent (50%) of the outstanding Capital Stock (other than directors’ qualifying shares)
having ordinary voting power to elect a majority of its board of directors, regardless of the
existence at the time of a right of the holders of any class or classes of securities of such
corporation to exercise such voting power by reason of the happening of any contingency, or any
partnership or limited liability company of which more than fifty percent (50%) of the outstanding
Capital Stock, is at the time owned directly or indirectly by such Person, or by one or more
Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such

27

 

Person, or (b) any other entity which is directly or indirectly controlled or capable of being
controlled by such Person, or by one or more Subsidiaries of such Person, or by such Person and one
or more Subsidiaries of such Person. “Subsidiaries” as used herein shall mean the Subsidiaries of
the Borrower unless otherwise specified.

     “Subsidiary Guaranty” shall mean that certain Guaranty Agreement dated as of the date
hereof, in favor of the Administrative Agent and the Secured Parties, given by the Subsidiaries of
the Borrower, attached hereto as Exhibit F, as amended, restated, supplemented or otherwise
modified.

     “Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

     “Term Loan B” shall mean, collectively, the amounts advanced by the Lenders to the
Borrower under the Term Loan B Commitment (which shall include the Initial Term Loan B Draw, the
Second Term Loan B Draw and the Third Term Loan B Draw).

     “Term Loan B Commitment” shall mean (a) as to any Lender, the several obligation of
such Lender to advance to the Borrower its respective portion of the Term Loan B, in accordance
with its respective Commitment Ratio and (b) as to all Lenders, the aggregate commitments of such
Lenders to make Term Loan B Advances. The aggregate Term Loan B Commitment of all the Lenders as
of the Agreement Date shall be $925,000,000.

     “Term Loan B Maturity Date” shall mean the earlier to occur of (a) December 31, 2014
and (b) such date as payment of the Term Loan B shall be due (whether by acceleration or
otherwise).

     “Term Loan B Notes” shall mean, collectively, those promissory notes issued to each of
the Lenders requesting a note pursuant to Section 2.7 by the Borrower with respect to the
Term Loan B Commitment, each one substantially in the form of Exhibit E-2 hereto, any other
promissory note issued by the Borrower to evidence the Term Loan B pursuant to this Agreement, and
any extensions, renewal, or amendments to, or replacements of, the foregoing.

     “Term Loan Commitment Fees” shall have the meaning assigned thereto in Section
2.4(a)(ii).

     “Third Term Loan B Draw” shall have the meaning assigned thereto in Section
2.1.

     “Third Term Loan B Draw Funding Date” shall have the meaning assigned thereto in
Section 2.1.

     “Total Indebtedness” shall mean, as of any date, the sum of, without duplication, (a)
all Indebtedness of the Borrower and its Subsidiaries for borrowed money, including, without
limitation, the Loans, (b) all Capitalized Lease Obligations of the Borrower and its Subsidiaries,
(c) all other Indebtedness of the Borrower or any of its Subsidiaries represented by notes or

28

 

drafts representing extensions of credit on which interest is typically charged, (d) all
obligations of the Borrower or any of its Subsidiaries evidenced by bonds, debentures, notes or
other similar instruments (including, without limitation, all such obligations to which any
property or asset owned by the Borrower or any of its Subsidiaries is subject, whether or not the
obligation secured thereby shall have been assumed), (e) all obligations of the Borrower or any of
its Subsidiaries under conditional sale or other title retention agreements relating to purchased
assets, (f) all obligations of the Borrower or any of its Subsidiaries which are incurred, issued
or assumed as the deferred purchase price of property or services and which are payable over a
period in excess of one (1) year (excluding Programming Obligations), (g) all obligations or
liabilities Guaranteed by the Borrower or any of its Subsidiaries, (h) at any time after the
occurrence and during the continuance of an event of default under any Interest Rate Hedge
Agreement, the aggregate amount payable by the Borrower or such Subsidiary under such agreement,
and (i) all obligations of the Borrower or any of its Subsidiaries as an account party to reimburse
any Person in respect of letters of credit (including, without limitation, all Letters of Credit)
or bankers’ acceptances, in each case, as of such date.

     “Treasury Stock” shall mean any Capital Stock of the Borrower held by the Borrower as
treasury stock.

     “United States” shall mean the United States of America.

     “Upstream Dividends” shall have the meaning ascribed thereto in Section 7.12.

     “WNDU Savings” shall mean the aggregate amount of savings realized by the Borrower in
connection with the acquisition of WNDU, calculated on a pro forma basis from the
date of such acquisition through December 31, 2006 assuming that such acquisition had been
consummated on January 1, 2006.

          Section 1.2 Interpretation. Except where otherwise specifically restricted, reference
to a party to this Agreement or any other Loan Document includes that party and its successors and
assigns. All capitalized terms used herein which are defined in Article 9 of the Uniform
Commercial Code in effect in the State of New York on the date hereof and which are not otherwise
defined herein shall have the same meanings herein as set forth therein. Whenever any agreement,
promissory note or other instrument or document is defined in this Agreement, such definition shall
be deemed to mean and include, from and after the date of any amendment, restatement, supplement,
confirmation or modification thereof, such agreement, promissory note or other instrument or
document as so amended, restated, supplemented, confirmed or modified. All terms defined in this
Agreement in the singular shall have comparable meanings when used in the plural and vice versa.
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement.

          Section 1.3 Cross References. Unless otherwise specified, references in this
Agreement and in each other Loan Document to any Article or Section are references to such Article
or Section of this Agreement or such other

29

 

Loan Document, as the case may be, and, unless otherwise specified, references in any Article,
Section or definition to any clause are references to such clause in such Article, Section or
definition.

          Section 1.4 Accounting Provisions. All accounting terms used in this Agreement which
are not expressly defined herein shall have the respective meanings given to them in accordance
with GAAP, all computations shall be made in accordance with GAAP, and all balance sheets and other
financial statements shall be prepared in accordance with GAAP. All financial or accounting
calculations or determinations required pursuant to this Agreement, unless otherwise expressly
provided, shall be made on a consolidated basis for the Borrower and its Subsidiaries.

ARTICLE 2

Loans and Letters of Credit

          Section 2.1 The Loans.

          (a) Revolving Loans. The Lenders who issued a Revolving Loan Commitment agree,
severally, in accordance with their respective Commitment Ratios and not jointly, upon the terms
and subject to the conditions of this Agreement to lend to the Borrower, prior to the Revolving
Loan Maturity Date, amounts not at any one time outstanding to exceed, the aggregate of the
Revolving Loan Commitments of all the Lenders as then in effect less the aggregate amount
of all Letter of Credit Obligations then outstanding. Subject to the terms and conditions hereof,
the Borrower may from time to time (i) Convert a Base Rate Advance into a LIBOR Advance or a LIBOR
Advance into a Base Rate Advance or (ii) Continue a LIBOR Advance as a LIBOR Advance.

          (b) Term Loan B. The Lenders who issued a Term Loan B Commitment agree severally, in
accordance with their respective Commitment Ratios, and not jointly, upon the terms and subject to
the conditions of this Agreement, to lend to the Borrower an aggregate principal amount which does
not exceed in the aggregate the Term Loan B Commitment of all the Lenders. The Term Loan B shall
be available in three (3) draws as requested by the Borrower in accordance with the terms of
Section 2.2 (the first of such draws, the “Initial Term Loan B Draw”, the second of
such draws, the “Second Term Loan B Draw”, and the third of such draws, the “Third Term
Loan B Draw”); provided that (a) the Initial Term Loan B Draw shall be made in an
aggregate principal amount equal to $610,000,000 on the Agreement Date, (b) the Second Term Loan B
Draw may be requested by the Borrower in an aggregate principal amount of up to $275,000,000 at any
time after the Agreement Date but in no event later than April 30, 2007 (the date upon which the
Second Term Loan B Draw is made, the “Second Term Loan B Draw Funding Date”), (c) the Third
Term Loan B Draw may be requested by the Borrower in an aggregate principal amount of up to
$40,000,000 at any time after the Agreement Date but in no event later than May 31, 2007 (the date
upon which the Third Term Loan B Draw is made, the “Third Term Loan B Draw Funding Date”),
(d) each Lender’s Term Loan B Commitment with regard to the Second Term Loan B Draw shall terminate
automatically upon the earlier of the Second Term Loan B Draw Funding Date and April 30, 2007 (regardless of (i) the failure of the
Borrower to request the Second Term Loan B Draw or (ii) the failure of the Borrower to borrow

30

 

the
total aggregate principal amount of the Second Term Loan B Draw) and (e) each Lender’s Term Loan B
Commitment with regard to the Third Term Loan B Draw shall terminate automatically upon the earlier
of the Third Term Loan B Draw Funding Date and May 31, 2007 (regardless of (i) the failure of the
Borrower to request the Third Term Loan B Draw or (ii) the failure of the Borrower to borrow the
total aggregate principal amount of the Third Term Loan B Draw). Each of the Initial Term Loan B
Draw, the Second Term Loan B Draw and the Third Term Loan B Draw shall be funded by each of the
Lenders who issued a Term Loan B Commitment in a principal amount equal to such Lenders’ Commitment
Ratio of the aggregate principal amount of the applicable portion of the Term Loan B. Subject to
the terms and conditions hereof, the Borrower may from time to time (i) Convert from a Base Rate
Advance into a LIBOR Advance or from a LIBOR Advance into a Base Rate Advance; or (ii) Continue a
LIBOR Advance as a LIBOR Advance.

          (c) The Letters of Credit. Subject to the terms and conditions of this Agreement, the
Issuing Bank agrees to issue Letters of Credit for the account of the Borrower (for itself and on
behalf of its Subsidiaries) pursuant to Section 2.13; provided that no Letter of Credit
shall be issued in an amount exceeding the Available Letter of Credit Commitment determined
immediately prior to giving effect to the issuance thereof.

          Section 2.2 Manner of Borrowing and Disbursement.

          (a) Choice of Interest Rate, Etc. Any Advance shall, at the option of the Borrower,
be made as a Base Rate Advance or a LIBOR Advance; provided, however, that at such
time as there shall have occurred and be continuing a Default hereunder, the Borrower shall not
have the right to receive, Convert an Advance to or Continue an Advance as a LIBOR Advance. Any
notice given to the Administrative Agent in connection with a Request for Advance hereunder shall
be given to the Administrative Agent prior to 11:00 a.m. (Charlotte, North Carolina time) on any
Business Day in order for such Business Day to count toward the minimum number of Business Days
required.

          (b) Base Rate Advances.

               (i) Advances; Conversion. The Borrower shall give the Administrative Agent, (A) in
the case of a request for a Base Rate Advance, irrevocable telephonic notice on the date of such
Advance and (B) in the case of a request to Convert a Base Rate Advance to a LIBOR Advance, at
least three (3) Business Days’ irrevocable prior telephonic notice, in each case, followed
immediately by a Request for Advance; provided, however, that the Borrower’s
failure to confirm any telephonic notice with a Request for Advance shall not invalidate any notice
so given if acted upon by the Administrative Agent. Upon receipt of such notice from the Borrower,
the Administrative Agent shall promptly notify each Lender by telephone or telecopy of the contents
thereof.

               (ii) Repayments and Reborrowings. Subject to Section 2.1, the Borrower may
repay or prepay a Base Rate Advance without regard to its Payment
Date and, (A) upon irrevocable telephonic notice on the date of such repayment or prepayment, as applicable,
followed immediately by a Request for Advance, reborrow all or a portion of the principal amount of
any Revolving Loans previously repaid or prepaid as a Base Rate Advance, (B) upon

31

 

at least three
(3) Business Days’ irrevocable prior telephonic notice followed immediately by a Request for
Advance, reborrow all or a portion of the principal of any Revolving Loan previously repaid or
prepaid as one or more LIBOR Advances, or (C) not reborrow all or any portion of such Base Rate
Advance. On the date indicated by the Borrower, such Base Rate Advance shall be so repaid and, as
applicable, reborrowed. The failure to give timely notice hereunder with respect to the Payment
Date of any Base Rate Advance shall be considered a request for a Base Rate Advance.

          (c) LIBOR Advances.

               (i) Advances. Upon request, the Administrative Agent, whose determination in absence
of manifest error shall be conclusive, shall determine the available LIBOR Basis and shall notify
the Borrower of such LIBOR Basis. The Borrower shall give the Administrative Agent in the case of
LIBOR Advances at least three (3) Business Days’ irrevocable prior telephonic notice followed
immediately by a Request for Advance; provided, however, that the Borrower’s
failure to confirm any telephonic notice with a Request for Advance shall not invalidate any notice
so given if acted upon by the Administrative Agent. Upon receipt of such notice from the Borrower,
the Administrative Agent shall promptly notify each Lender by telephone or telecopy of the contents
thereof.

               (ii) Repayments; Conversion; Continuation. Subject to Section 2.1, at least
three (3) Business Days prior to the Payment Date for each LIBOR Advance, the Borrower shall give
the Administrative Agent telephonic notice followed immediately by a Request for Advance specifying
whether all or a portion of such LIBOR Advance (A) is to be Continued in whole or in part as one or
more LIBOR Advances, (B) is to be Converted in whole or in part to a Base Rate Advance, or (C) is
to be repaid and not Continued or Converted. The failure to give such notice shall preclude the
Borrower from Continuing such Advance as a LIBOR Advance on its Payment Date and shall be
considered a request for a Conversion to a Base Rate Advance. Upon such Payment Date such LIBOR
Advance will, subject to the provisions hereof, be so repaid, Continued or Converted, as
applicable.

          (d) Notification of Lenders. Upon receipt of a Request for Advance, or a notice from
the Borrower with respect to any outstanding Advance prior to the Payment Date for such Advance,
the Administrative Agent shall promptly, but no later than, (i) with respect to LIBOR Advances, the
close of business on the day of such notice, and (ii) with respect to Base Rate Advances, 12:30
p.m. (Charlotte, North Carolina time) on the date of such notice, notify each applicable Lender
(or, in the case of an Advance under the Incremental Facility Commitment, each Lender having an
Incremental Facility Commitment) by telephone or telecopy of the contents thereof and the amount of
such Lender’s portion of the Advance. With respect to each Request for Advance, each applicable
Lender (or, in the case of an Advance under the Incremental Facility Commitment, each Lender having
an Incremental Facility Commitment) shall, not later than 2:00 p.m. (Charlotte, North Carolina
time) on the date of borrowing specified in such Request for Advance, make available to the
Administrative Agent at
the Administrative Agent’s Office, or at such account as the Administrative Agent shall designate,
the amount of its portion of any Advance which represents an additional borrowing hereunder in
immediately available funds.

32

 

          (e) Disbursement.

               (i) Prior to 3:00 p.m. (Charlotte, North Carolina time) on the date of an Advance hereunder,
the Administrative Agent shall, subject to the satisfaction of the conditions set forth in
Article 3, disburse the amounts made available to the Administrative Agent by the Lenders
in like funds by (A) transferring the amounts so made available by wire transfer pursuant to the
Borrower’s instructions or (B) in the absence of such instructions, crediting the amounts so made
available to the account of the Borrower maintained with the Administrative Agent and identified in
the most recent Notice of Account Designation received from the Borrower.

               (ii) Unless the Administrative Agent shall have received notice from a Lender prior to 2:00
p.m. (Charlotte, North Carolina time) on the date of any Advance that such Lender will not make
available to the Administrative Agent such Lender’s ratable portion of such Advance, the
Administrative Agent may assume that such Lender has made or will make such portion available to
the Administrative Agent on the date of such Advance and the Administrative Agent may in its sole
discretion and in reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent the Lender does not make such ratable portion available
to the Administrative Agent, such Lender agrees to repay to the Administrative Agent on demand such
corresponding amount together with interest thereon, for each day from the date such amount is made
available to the Borrower until the date such amount is repaid to the Administrative Agent, at the
Federal Funds Rate.

               (iii) If such Lender shall repay to the Administrative Agent such corresponding amount, such
amount so repaid shall constitute such Lender’s portion of the applicable Advance for purposes of
this Agreement. If such Lender does not repay such corresponding amount immediately upon the
Administrative Agent’s demand therefor, the Administrative Agent shall notify the Borrower and the
Borrower shall immediately pay such corresponding amount to the Administrative Agent, with interest
at the Federal Funds Rate, without prejudice to Borrower’s claims against such Lender. The failure
of any Lender to fund its portion of any Advance shall not relieve any other Lender of its
obligation, if any, hereunder to fund its respective portion of the Advance on the date of such
borrowing, but no Lender shall be responsible for any such failure of any other Lender.

          Section 2.3 Interest.

          (a) On Base Rate Advances. Interest on each Base Rate Advance based on the rate of
interest quoted by the Administrative Agent as its “prime rate” or “base rate” shall be computed on
the basis of a 365/366-day year for the actual number of days elapsed. Interest on each Base Rate
Advance based on the Federal Funds Rate shall be computed on the basis of a 360-day year for the
actual number of days elapsed. All Base Rate Advances shall be payable at
the Base Rate Basis for such Advance, in arrears on the applicable Payment Date. Interest on Base
Rate Advances then outstanding shall also be due and payable on the Maturity Date.

33

 

          (b) On LIBOR Advances. Interest on each LIBOR Advance and all fees payable hereunder
shall be computed on the basis of a 360-day year for the actual number of days elapsed and shall be
payable at the LIBOR Basis for such Advance, in arrears on the applicable Payment Date, and, in
addition, if the Interest Period for a LIBOR Advance exceeds three (3) months, interest on such
LIBOR Advance shall also be due and payable in arrears on every three-month anniversary of the
beginning of such Interest Period. Interest on LIBOR Advances then outstanding shall also be due
and payable on the Maturity Date.

          (c) Interest if No Notice of Selection of Interest Rate Basis. If the Borrower fails
to give the Administrative Agent timely notice of its selection of a LIBOR Basis, or if for any
reason a determination of a LIBOR Basis for any Advance is not timely concluded, the Base Rate
Basis shall apply to such Advance.

          (d) Interest Upon Default. Subject to Section 11.3, (i) automatically upon
the occurrence and during the continuation of any Event of Default under Section 8.1(b),
(g) or (h), or (ii) at the discretion of the Administrative Agent or as directed by
the Required Lenders, upon the occurrence and during the continuance of an Event of Default not
described in (i) above, (A) the Borrower shall no longer have the option to request, Convert any
Advance to, or continue an Advance as, a LIBOR Advance or request Letters of Credit, (B) all
outstanding LIBOR Advances shall bear interest at a rate per annum of two percent (2%) in excess of
the rate then applicable to LIBOR Advances until the end of the applicable Interest Period and
thereafter at a rate equal to two percent (2%) in excess of the rate then applicable to Base Rate
Advances and (C) all outstanding Base Rate Advances and other Obligations arising hereunder or
under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in
excess of the rate then applicable to Base Rate Advances or such other Obligations arising
hereunder or under any other Loan Document. Such interest shall be payable on demand by the
Required Lenders and shall accrue until the earlier of (x) waiver or cure of the applicable Event
of Default, (y) agreement by the Required Lenders to rescind the charging of interest at the
Default Rate or (z) payment in full of the Obligations. Interest shall continue to accrue on the
Obligations after the filing by or against the Borrower of any petition seeking any relief in
bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state,
federal or foreign.

          (e) LIBOR Contracts. At no time may the number of outstanding LIBOR Advances
hereunder exceed eight (8) in the aggregate.

          (f) Applicable Margin.

               (i) Revolving Loans. Until the third (3rd) Business Day after the
financial statements referred to in Section 6.1 and the Performance Certificate referred to
in Section 6.3 are furnished to the Administrative Agent for the fiscal quarter ending June
30, 2007, the Applicable Margin with respect to any Advance under the Revolving Loan Commitment
shall be 1.500% for LIBOR Advances and 0.250% for Base Rate Advances. Thereafter, the Applicable
Margin shall be determined by the Administrative Agent with respect to any Advance
under the Revolving Loan Commitment based upon the Leverage Ratio as of the end of the fiscal
quarter most recently ended, effective as of the third (3rd) Business Day after the financial
statements referred to in Section 6.1 or 6.2, as the case may be, and the
Performance Certificate

34

 

referred to in Section 6.3 are furnished to the Administrative
Agent for such fiscal quarter, as follows:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Applicable Margin	 	Applicable Margin for
	Level	 	Leverage Ratio	 	for LIBOR Advances	 	Base Rate Advances
	I

	 	Greater than or equal
to 7.50 to 1.00
	 	 	1.500	%	 	 	0.250	%
	 
	 	 	 	 	 	 	 	 	 	 
	II

	 	Greater than or equal
to 6.50 to 1.00 but
less than 7.50 to 1.00
	 	 	1.375	%	 	 	0.125	%
	 
	 	 	 	 	 	 	 	 	 	 
	III

	 	Greater than or equal
to 6.00 to 1.00 but
less than 6.50 to 1.00
	 	 	1.250	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 	 	 
	IV

	 	Greater than or equal
to 5.50 to 1.00 but
less than 6.00 to 1.00
	 	 	1.000	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 	 	 
	V

	 	Greater than or equal
to 5.00 to 1.00 but
less than 5.50 to 1.00
	 	 	0.750	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 	 	 
	VI

	 	Less than 5.00 to 1.00
	 	 	0.625	%	 	 	0.000	%

     Notwithstanding the foregoing, (A) if the Borrower shall fail to timely deliver to the
Administrative Agent the financial statements and Performance Certificate required for the
calculation of the Leverage Ratio for any fiscal quarter, then commencing with the Business Day
after the date such financial statements and Performance Certificate were due and continuing
through the third (3rd) Business Day following the date of delivery thereof, the Leverage Ratio for
such period shall be conclusively presumed to be, and the Applicable Margin shall be calculated
based upon, the highest Leverage Ratio level listed in the table set forth above, and (B) in the
event that any financial statement or any Performance Certificate delivered pursuant to Section
6.3 is shown to be inaccurate (regardless of whether this Agreement is in effect, the Revolving
Loan Commitments are in effect, or any Loan or Letter of Credit is outstanding when such inaccuracy
is discovered or such financial statement or Performance Certificate was delivered), and such
inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any
period than the Applicable Margin applied for such period, then (x) the Borrower shall immediately
deliver to the Administrative Agent a corrected Performance Certificate for such period, (y) the
Applicable Margin shall be determined based upon the corrected Performance Certificate, and (z) the
Borrower shall immediately pay to the Administrative Agent the accrued additional interest owing as
a result of such increased Applicable Margin for such period, which payment shall be promptly
applied by the Administrative Agent in accordance with Sections 2.8 and 2.10.
Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders with
respect to Sections 2.3(d) and 8.2.

35

 

               (ii) Term Loan B. The Applicable Margin with respect to any Advance under the Term
Loan B Commitment shall be 1.500% for all LIBOR Advances and 0.250% for all Base Rate Advances.

          Section 2.4 Fees

          (a) Commitment Fees.

               (i) Revolving Loan Commitment Fee. The Borrower agrees to pay to the Administrative
Agent for the account of each of the Lenders with a Revolving Loan Commitment, in accordance with
such Lender’s respective Commitment Ratio for the Revolving Loan Commitment, commitment fees
(“Revolving Commitment Fees”) on the Available Revolving Loan Commitment for each day from
the Agreement Date through the Revolving Loan Maturity Date. Until the third (3rd)
Business Day after the financial statements referred to in Section 6.1, and the
Performance Certificate referred to in Section 6.3 are furnished to the Administrative
Agent for the fiscal quarter ending June 30, 2007, such Revolving Commitment Fees shall be in an
amount equal to the product of (i) the Available Revolving Loan Commitment times (ii) 0.500% from
the Agreement Date and shall remain at that level. Thereafter, such Revolving Commitment Fees
shall be determined by the Administrative Agent based upon the Leverage Ratio as of the end of the
fiscal quarter most recently ended, effective as of the third (3rd) Business Day after the
financial statements referred to in Section 6.1 or 6.2, as the case may be, and the
Performance Certificate referred to in Section 6.3 are furnished to the Administrative
Agent for such fiscal quarter, as follows:

	 	 	 	 	 	 	 
	 	 	 	 	Revolving Commitment Fees -
	Level	 	Leverage Ratio	 	Percentage
	I

	 	Greater than or equal to 7.50 to 1.00
	 	 	0.500	%
	 
	 	 	 	 	 	 
	II

	 	Greater than or equal to 6.50 to 1.00
but less than 7.50 to 1.00
	 	 	0.375	%
	 
	 	 	 	 	 	 
	III

	 	Greater than or equal to 6.00 to 1.00
but less than 6.50 to 1.00
	 	 	0.375	%
	 
	 	 	 	 	 	 
	IV

	 	Greater than or equal to 5.50 to 1.00
but less than 6.00 to 1.00
	 	 	0.300	%
	 
	 	 	 	 	 	 
	V

	 	Greater than or equal to 5.00 to 1.00
but less than 5.50 to 1.00
	 	 	0.250	%
	 
	 	 	 	 	 	 
	VI

	 	Less than 5.00 to 1.00
	 	 	0.200	%

     Notwithstanding the foregoing, (A) if the Borrower shall fail to timely deliver to the
Administrative Agent the financial statements and Performance Certificate required for the
calculation of the Leverage Ratio for any fiscal quarter, then commencing with the Business Day
after the date such financial statements and Performance Certificate were due and continuing

36

 

through the third (3rd) Business Day following the date of delivery thereof, the Leverage Ratio for
such period shall be conclusively presumed to be, and the Revolving Commitment Fees shall be
calculated based upon, the highest Leverage Ratio level listed in the table set forth above, and
(B) in the event that any financial statement or any Performance Certificate delivered pursuant to
Section 6.3 is shown to be inaccurate (regardless of whether this Agreement is in effect or
the Revolving Loan Commitments are in effect), and such inaccuracy, if corrected, would have led to
the application of a higher Revolving Commitment Fee percentage for any period than the Revolving
Commitment Fee percentage applied for such period, then (x) the Borrower shall immediately deliver
to the Administrative Agent a corrected Performance Certificate for such period, (y) the Revolving
Commitment Fees shall be determined based on the corrected Performance Certificate and (z) the
Borrower shall immediately pay to the Administrative Agent the additional amount of the Revolving
Commitment Fees owing as a result of such increased Revolving Commitment Fee percentage for such
period, which payment shall be promptly applied by the Administrative Agent in accordance with
Sections 2.8 and 2.10. Nothing in this paragraph shall limit the rights of the
Administrative Agent and Lenders with respect to Sections 2.3(d) and 8.2.

               (ii) Term Loan Commitment Fees. The Borrower agrees to pay to the
Administrative Agent for the account of each of the Lenders with a Term Loan B Commitment, in
accordance with such Lender’s respective Commitment Ratio for the Term Loan B Commitment, a
commitment fee (“Term Loan Commitment Fees” and, together with the Revolving Commitment
Fees, the “Commitment Fees”) on the Available Term Loan B Commitment for each day from the
Agreement Date through the earlier of (A) the Third Term Loan B Draw Funding Date and (B) May 31,
2007, in an amount equal to the product of (i) the Available Term Loan B Commitment times
(ii) 0.500%.

          (b) Calculation and Payment of Commitment Fees. The Commitment Fees shall be computed
on the basis of a year of 360 days for the actual number of days elapsed, shall be payable
quarterly in arrears on the last Business Day of each fiscal quarter commencing March 31, 2007, and
shall be fully earned when due and non-refundable when paid. A final payment of all Commitment
Fees then payable shall also be due and payable on (i) the Revolving Loan Maturity Date in the case
of the Revolving Commitment Fees or (ii) the earlier of (x) the Third Term Loan B Draw Funding Date
or (y) May 31, 2007 in the case of the Term Loan Commitment Fees.

          (c) Letter of Credit Fees. The Letters of Credit shall be issued for a fee equal to
the Applicable Margin for LIBOR Advances for Revolving Loans on a per annum basis as in effect as
of the date of issuance times the face amount of each Letter of Credit, payable quarterly
in arrears. The fee shall be payable to the Administrative Agent for the benefit of the Lenders
who issued a Revolving Loan Commitment in accordance with their Commitment Ratios. If any Letter
of Credit is drawn upon prior to its expiration date, the Lenders shall reimburse to the Borrower
that portion of the fee allocable to the period from the date of the draw to the expiration date,
calculated in accordance with the Issuing Bank’s standard letter of credit procedures. In
addition, the Borrower shall pay to the Issuing Bank for its own account (i) a fronting fee in an
amount equal to 0.125% on a per annum basis times the face amount of each
Letter of Credit, payable quarterly in arrears and (ii) its standard charges for the issuance,
transfer or other administration of letters of credit and for draws upon letters of credit.

37

 

          (d) Other Fees. The Borrower shall pay such other fees as are set forth in any fee
letter executed by the Borrower in connection with this Agreement.

          Section 2.5 Voluntary Commitment Reductions. The Borrower shall have the right, at
any time and from time to time after the Agreement Date, upon at least five (5) Business Days’
prior written notice to the Administrative Agent, without premium or penalty, to cancel or reduce
permanently all or a portion of the Revolving Loan Commitment, on a pro rata basis
among the Lenders, provided, however, that any such partial reduction shall be made
in an amount not less than $5,000,000 and in integral multiples of not less than $1,000,000. As of
the date of cancellation or reduction set forth in such notice, the Revolving Loan Commitment shall
be permanently reduced to the amount stated in the Borrower’s notice for all purposes herein, and
the Borrower shall pay to the Administrative Agent for the Lenders the amount necessary to reduce
the principal amount of the Revolving Loans then outstanding to not more than the amount of the
Revolving Loan Commitment, as so reduced, together with accrued interest on the amount so prepaid
and Revolving Commitment Fees accrued through the date of the reduction with respect to the amount
reduced.

          Section 2.6 Prepayments and Repayments

          (a) Prepayments. The principal amount of any Base Rate Advance may be prepaid in full
or ratably in part at any time without penalty and without regard to the Payment Date for such
Advance upon written notice, or telephonic notice followed immediately by written notice, to the
Administrative Agent on the date of such prepayment; provided, however, that the
Borrower’s failure to confirm any telephonic notice with a written notice shall not invalidate any
notice so given if acted upon by the Administrative Agent. LIBOR Advances may be prepaid prior to
the applicable Payment Date, upon three (3) Business Days’ prior written notice, or telephonic
notice followed immediately by written notice, to the Administrative Agent; provided,
however, that the Borrower shall reimburse the Lenders and the Administrative Agent, on the
earlier of demand by the applicable Lender or the Maturity Date, for any loss or reasonable
out-of-pocket expense incurred by any Lender or the Administrative Agent in connection with such
prepayment, as set forth in Section 2.9; provided further, however,
that the Borrower’s failure to confirm any telephonic notice with a written notice shall not
invalidate any notice so given if acted upon by the Administrative Agent. Any partial prepayment
hereunder shall be in amounts of not less than $500,000 and in integral multiples of $250,000.
Revolving Loans prepaid pursuant to this Section 2.6(a) may be reborrowed, subject to the
terms and conditions hereof. Any Term Loan B or Incremental Facility Loan, as applicable, prepaid
pursuant to this Section 2.6(a) may not be reborrowed. Amounts prepaid shall be paid
together with accrued interest on the amount so prepaid accrued through the date of such
prepayment.

                    (b)  Repayments. The Borrower shall repay the Loans as follows:

                         (i)  Scheduled Repayments.

                              (A) Term Loan B. Commencing on March 31, 2008, the principal balance of the Term
Loan B outstanding on March 30, 2008 shall be repaid in

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consecutive quarterly installments on
the last day of each fiscal quarter ending during the periods set forth below until paid in
full in such amounts as follows:

	 	 	 	 	 
	 	 	Principal of the Term Loan B
	                            Repayment Dates	 	outstanding on March 30, 2008
	March 31, 2008, June 30, 2008,

September 30, 2008 and December 31, 2008

	 	 	0.25	%
	 
	 	 	 	 
	March 31, 2009, June 30, 2009,

September 30, 2009 and December 31, 2009

	 	 	0.25	%
	 
	 	 	 	 
	March 31, 2010, June 30, 2010,

September 30, 2010 and December 31, 2010

	 	 	0.25	%
	 
	 	 	 	 
	March 31, 2011, June 30, 2011,

September 30, 2011 and December 31, 2011

	 	 	0.25	%
	 
	 	 	 	 
	March 31, 2012, June 30, 2012,

September 30, 2012 and December 31, 2012

	 	 	0.25	%
	 
	 	 	 	 
	March 31, 2013, June 30, 2013, September 30,

2013 and December 31, 2013

	 	 	0.25	%
	 
	 	 	 	 
	March 31, 2014, June 30, 2014, September 30,

2014

	 	 	0.25	%
	 
	 	 	 	 
	Term Loan B Maturity Date

	 	 	93.25	%

               (ii) Revolving Loans in Excess of Revolving Loan Commitment. If, at any time,
the sum of the aggregate amount of the Revolving Loans and Letter of Credit Obligations outstanding
shall exceed the Revolving Loan Commitment, the Borrower shall make a repayment of the principal
amount of the Revolving Loans on such date in an aggregate amount equal to such excess, together
with any accrued interest with respect thereto.

               (iii) Repayments From Net Proceeds of Asset Sales or Insurance or Condemnation
Proceedings. Within three (3) Business Days following the date of receipt by the Borrower or
any of its Subsidiaries of any Net Proceeds (Asset Sales) (other than in connection with Asset
Sales permitted under Section 7.4(a)(i)), the Loans shall be automatically and permanently
prepaid in an amount equal to, in the aggregate, one-hundred percent (100%) of any Net Proceeds
(Asset Sales); provided, however, that no prepayment under this Section
2.6(b)(iii) shall occur if such Net Proceeds (Asset Sales) (A) are from an Asset Sale and are
reinvested in a Permitted Business, or other assets directly related thereto within the succeeding
two hundred seventy (270) day period or (B) are from an insurance or condemnation proceeding and
are reinvested in any Permitted Business or other assets directly related thereto within the
succeeding two hundred seventy (270) day period; and provided further, that so long
as (i) no Default or Event of Default shall have occurred and be continuing and (ii) the Borrower
and its Subsidiaries are and will be in pro forma compliance with Section 7.8, both before
and after giving effect to such Asset Sales, no prepayment shall be required on the first
$30,000,000 of
Net Proceeds (Asset Sales) during the term of this Agreement that are not reinvested pursuant to
clause (A) or (B), as applicable. Repayments under this Section 2.6(b)(iii) shall be
applied first,

39

 

pro rata, to the principal of the Term Loan B and, if
applicable, the Incremental Facility Loans (applied to reduce, on a pro rata basis, the remaining
scheduled principal installments of the Term Loan B and, if applicable, the Incremental Facility
Loans) and, second to the outstanding principal amount of the Revolving Loans. Accrued
interest on the principal amount of the Loans being repaid pursuant to this Section
2.6(b)(iii) to the date of such repayment (together with any additional amount owing under
Section 2.9) will be paid by the Borrower concurrently with such principal repayment.

               (iv) Excess Cash Flow. On or prior to April 15, 2009, and on or prior to each April
15 thereafter during the term of this Agreement, the Loans shall be repaid in the following
applicable amounts:

          (A) if the Leverage Ratio as of the end of the fiscal year ended on the immediately preceding
December 31 is equal to or greater than 7.00 to 1.00, an amount equal to the sum of (1) forty
percent (40%) of Excess Cash Flow for such fiscal year minus (2) $25,000,000; and

          (B) if the Leverage Ratio as of the end of the fiscal year ended on the immediately preceding
December 31 is equal to or greater than 6.50 to 1.00 but less than 7.00 to 1.00, an amount equal to
the sum of (1) twenty percent (25%) of Excess Cash Flow for such fiscal year minus (2)
$25,000,000;

          provided, that, if the Leverage Ratio as of the end of the fiscal year ended on the
immediately preceding December 31 is less than 6.50 to 1.00, no prepayment shall be required with
respect to the Excess Cash Flow for such fiscal year.

          Repayments under this Section 2.6(b)(iv) shall be applied first, pro
rata, to the principal of the Term Loan B and, if applicable, the Incremental Facility
Loans (applied to reduce, on a pro rata basis, the remaining scheduled principal
installments of the Term Loan B and, if applicable, the Incremental Facility Loans) and,
second, to the outstanding principal amount of the Revolving Loans. Accrued interest on
the principal amount of the Loans being repaid pursuant to this Section 2.6(b)(iv) to the
date of such repayment (together with any additional amount owing under Section 2.9) will
be paid by the Borrower concurrently with such principal repayment.

               (v) Issuance of Indebtedness. Within three (3) Business Days following the date of
receipt by the Borrower or any of its Subsidiaries of any Net Proceeds (Indebtedness) arising from
the issuance of Indebtedness issued by the Borrower or any of its Subsidiaries after the Agreement
Date (excluding Indebtedness permitted under any subsection of Section 7.1 other than (x)
Indebtedness incurred pursuant to subsection (c) of Section 7.1, and (y) any Permitted
Secured Indebtedness), the Loans shall be repaid in an amount equal to one hundred percent (100%)
of the Net Proceeds (Indebtedness) related thereto; provided, however, that no
prepayment under this Section 2.6(b)(v) shall occur if such Net Proceeds (Indebtedness):

     (A) (1) are from the incurrence of Subordinated Indebtedness issued either to: (I) pay
all or a portion of the purchase price in connection with an Acquisition or to consummate an
Investment, in each case as permitted pursuant to Section 7.6 or (II)

40

 

refinance,
renew, replace or extend any Subordinated Indebtedness, in each case as permitted pursuant
to Section 7.1(c)(i) and (2) the Borrower has complied with the requirements of
subsection (c) of Section 7.1 or

     (B) (1) are from the incurrence of Permitted Secured Indebtedness issued either to (I)
pay all or a portion of the purchase price in connection with an Acquisition permitted
pursuant to subsection (c) of Section 7.6 or (II) refinance, renew, replace or
extend any Permitted Secured Indebtedness in accordance with clause (b) of the definition
of “Permitted Secured Indebtedness”.

          Repayments under this Section 2.6(b)(v) shall be applied first, pro rata, to
the principal of the Term Loan B and, if applicable, the Incremental Facility Loans (applied to
reduce, on a pro rata basis, the remaining scheduled principal installments of the Term Loan B and,
if applicable, the Incremental Facility Loans) and, second to the outstanding principal
amount of the Revolving Loans. Accrued interest on the principal amount of the Loans being repaid
pursuant to this Section 2.6(b)(v) to the date of such repayment (together with any
additional amount owing under Section 2.9) will be paid by the Borrower concurrently with
such principal repayment.

               (vi) Notice; Refusal of Prepayments. Within two (2) Business Days following the
occurrence of any mandatory prepayment event under Section 2.6(b)(iii) through and
including (v) above, the Borrower shall notify the Administrative Agent (in writing or by
telephone followed immediately by written notice) and upon receipt of such notice, the
Administrative Agent shall promptly so notify the Lenders. Notwithstanding the terms of
Section 2.6(b)(iv) and (v) above to the contrary, upon the occurrence of any
mandatory prepayment event described therein and to the extent any principal of Loans under any
Incremental Non-Institutional Facility remain outstanding, each Lender holding the Term Loan B
shall have the right, upon written notice to the Administrative Agent, to refuse its pro
rata share of any such mandatory prepayment, at which time such refused amount shall be
applied pro rata to, if applicable, the principal of such Loans under each Incremental
Non-Institutional Facility (applied to reduce, on a pro rata basis, the remaining scheduled
principal installments of, if applicable, Loans under each Incremental Non-Institutional Facility).
Any Lender holding the Term Loan B which has not notified the Administrative Agent in writing of
its election to refuse such mandatory prepayment within two (2) Business Days following notice from
the Administrative Agent of such mandatory prepayment event shall be deemed to have waived its
right to refuse such mandatory prepayment.

               (vii) Revolving Loan Maturity Date. In addition to the foregoing, a final payment of
all Revolving Loans, together with accrued interest and fees with respect thereto, shall be due and
payable on the Revolving Loan Maturity Date.

               (viii) Term Loan B Maturity Date. In addition to the foregoing, a final payment of
the Term Loan B, together with accrued interest and fees with respect thereto, shall be due and
payable on the Term Loan B Maturity Date.

41

 

               (ix) Incremental Facility Maturity Date. If applicable, each Incremental Facility
Loan, together with accrued interest and fees with respect thereto, shall be due and payable on the
applicable Incremental Facility Maturity Date.

          (c) Term Loans. Any Term Loan B or Incremental Facility Loan, as applicable, repaid
pursuant to Section 2.6(b) may not be reborrowed.

          (d) Interest Rate Hedge Agreements. No repayment or prepayment pursuant to this
Section 2.6 shall affect any of the Borrower’s obligations under any Interest Rate Hedge
Agreement.

          Section 2.7 Evidence of Indebtedness; Loan Accounts.

          (a) Extensions of Credit. The Loans made by each Lender and the Letters of Credit
issued by the Issuing Bank shall be evidenced by one or more accounts or records maintained by such
Lender and by the Administrative Agent in the ordinary course of business. The accounts or records
maintained by the Administrative Agent, the Issuing Bank and each Lender shall be conclusive absent
manifest error of the amount of the Loans made by the Lenders to the Borrower or the amounts of
Letters of Credit issued by the Issuing Bank for the account of the Borrower and the interest and
payments thereon. Any failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to
the Obligations. In the event of any conflict between the accounts and records maintained by any
Lender or the Issuing Bank and the accounts and records of the Administrative Agent in respect of
such matters, the accounts and records of the Administrative Agent shall control in the absence of
manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower
shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Loan Note
or Term Note B and/or Incremental Facility Note, as applicable, which shall evidence such Lender’s
Revolving Loans, Term Loan B and/or Incremental Facility Loan, as applicable, in addition to such
accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date,
amount and maturity of its Loans and payments with respect thereto.

          (b) Participations. In addition to the accounts and records referred to in subsection
(a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice
accounts or records evidencing the purchases and sales by such Lender of participations in Letters
of Credit. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

          Section 2.8 Manner of Payment.

          (a) Each payment (including any prepayment) by the Borrower on account of the principal of or
interest on the Loans, Commitment Fees and any other amount owed to the Lenders or the
Administrative Agent or any of them under this Agreement or the Notes shall be made not later than
1:00 p.m. (Charlotte, North Carolina time) on the date specified for payment under this Agreement
to the Administrative Agent at the Administrative Agent’s Office, for the

42

 

account of the Lenders or
the Administrative Agent, as the case may be, in Dollars in immediately available funds. Any
payment received by the Administrative Agent after 1:00 p.m. (Charlotte, North Carolina time) shall
be deemed received on the next Business Day. Receipt by the Administrative Agent of any payment
intended for any Lender or Lenders hereunder prior to 1:00 p.m. (Charlotte, North Carolina time) on
any Business Day shall be deemed to constitute receipt by such Lender or Lenders on such Business
Day. In the case of a payment for the account of a Lender, the Administrative Agent will promptly,
but no later than the close of business on the date such payment is deemed received, thereafter
distribute the amount so received in like funds to such Lender. If the Administrative Agent shall
not have received any payment from the Borrower as and when due, the Administrative Agent will
promptly notify the Lenders accordingly. In the event that the Administrative Agent shall fail to
make distribution to any Lender as required under this Section 2.8, the Administrative
Agent agrees to pay such Lender interest from the date such payment was due until paid at the
Federal Funds Rate.

          (b) The Borrower agrees to pay principal, interest, fees and all other amounts due hereunder
or under the Notes without set-off or counterclaim or any deduction whatsoever.

          (c) Subject to any contrary provisions in the definition of Interest Period, if any payment
under this Agreement or any of the other Loan Documents is specified to be made on a day which is
not a Business Day, it shall be made on the next Business Day, and such extension of time shall in
such case be included in computing interest and fees, if any, in connection with such payment.

          Section 2.9 Reimbursement.

          (a) Whenever any Lender shall sustain or incur any losses or reasonable out-of-pocket expenses
in connection with (i) failure by the Borrower to borrow, Continue or Convert any LIBOR Advance
after having given notice of its intention to borrow, Continue or Convert such Advance in
accordance with Section 2.2 (whether by reason of the Borrower’s election not to proceed or
the non-fulfillment of any of the conditions set forth in Article 3 or for any other reason
other than the failure of such Lender to fund its portion of such Advance), or (ii) prepayment (or
failure to prepay after giving notice thereof) of any LIBOR Advance in whole or in part for any
reason, the Borrower agrees to pay to such Lender, upon the earlier of such Lender’s demand or the
Maturity Date, an amount sufficient to compensate such Lender for all such losses and out-of-pocket
expenses. Such Lender’s good faith determination of the amount of such losses or out-of-pocket
expenses, as set forth in writing and accompanied by
calculations in reasonable detail demonstrating the basis for its demand, shall be presumptively
correct absent manifest error.

          (b) Losses subject to reimbursement hereunder shall include, without limitation, expenses
incurred by any Lender or any participant of such Lender permitted hereunder in connection with the
re-employment of funds prepaid, paid, repaid, not borrowed, or not paid, as the case may be, and
will be payable whether the Maturity Date is changed by virtue of an amendment hereto (unless such
amendment expressly waives such payment) or as a result of acceleration of the Obligations.

43

 

          Section 2.10 Pro Rata Treatment.

          (a) Advances. Each Advance under the Revolving Loan Commitment and, if applicable,
the Delayed Term Loan B Draws or the Incremental Facility Commitments, from the Lenders hereunder
made on or after the Agreement Date, shall be made pro rata on the basis of the respective
Commitment Ratios of the Lenders. On the Agreement Date, each Advance from the Lenders under the
Initial Term Loan B Draw shall be made pro rata on the basis of the respective Commitment Ratios of
the Lenders.

          (b) Payments. Each payment and prepayment of principal of the Loans, and, except as
provided in each of Section 2.2(e) and Article 10, each payment of interest on the
Loans, shall be made to the Lenders pro rata on the basis of their respective
unpaid principal amounts outstanding immediately prior to such payment or prepayment.

          (c) Adjustments. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its
Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion
of the aggregate amount of its Loans and accrued interest thereon or other such obligations (other
than pursuant to Sections 2.9, 2.12, 5.11, 10.3 and 11.2)
greater than its pro rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (i) notify the Administrative Agent of such fact, and (ii)
purchase (for cash at face value) participations in the Loans and such other obligations of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Loans and other amounts owing them;
provided that

                    (i) if any such participations are purchased and all or any portion of the payment giving rise
thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest, and

                    (ii) the provisions of this paragraph shall not be construed to apply to (x) any payment made
by the Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Loans or participations in Letters of Credit to any assignee or participant, other than
to the Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall
apply).

     The Borrower and each Subsidiary consent to the foregoing and agree, to the extent they may
effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower and each Subsidiary rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower and each Subsidiary in the amount of such participation.

          Section 2.11 Capital Adequacy. If any Lender or the Issuing Bank determines that any
Change in Law affecting such Lender or the Issuing Bank or any lending office of such Lender or
such Lender’s or the Issuing Bank’s holding company, if any, regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital
or on the capital of such Lender’s or the

44

 

Issuing Bank’s holding company, if any, as a consequence
of this Agreement, the Revolving Loan Commitment of such Lender or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the
Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the
Issuing Bank’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the
Issuing Bank’s holding company with respect to capital adequacy), then from time to time upon
written request of such Lender or such Issuing Bank the Borrower shall promptly pay to such Lender
or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such
Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such
reduction suffered. Notwithstanding the foregoing, the Borrower shall only be obligated to
compensate such Lender or Issuing Bank for any amount under this subsection arising or occurring
during (i) in the case of each such request for compensation, any time or period commencing not
more than ninety (90) days prior to the date on which such Lender or Issuing Bank submits such
request and (ii) any other time or period during which, because of the unannounced retroactive
application of such law, regulation, interpretation, request or directive, such Lender or Issuing
Bank could not reasonably have known that the resulting reduction in return might arise.

          Section 2.12 Taxes.

          (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of
the Borrower hereunder or under any other Loan Document shall be made free and clear of and without
reduction or withholding for any Indemnified Taxes; provided that if the Borrower shall be
required by Applicable Law to deduct any Indemnified Taxes from such payments, then (i) the sum
payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) the Administrative Agent,
Lender or Issuing Bank, as the case may be, receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii)
the Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in
accordance with Applicable Law.

          (b) Payments of Other Taxes by the Borrower. Without limiting the provisions of
paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental
Authority in accordance with Applicable Law.

          (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent, each Lender and the Issuing Bank, within ten (10) days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) paid by the Administrative Agent, such Lender or the Issuing
Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or
with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender or the Issuing Bank (with a copy to the
Administrative Agent), or by the Administrative Agent on

45

 

its own behalf or on behalf of a Lender or
the Issuing Bank, shall be conclusive absent manifest error.

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

          (e) Status of Lenders. Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident
for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by Applicable Law or reasonably requested by
the Borrower or the Administrative Agent, such properly completed and executed documentation
prescribed by Applicable Law as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or
reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Without limiting the generality of the foregoing, in the event
that the Borrower is a resident for tax purposes in the United States, any Foreign Lender shall
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be
requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the request of the Borrower or the
Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of
the following is applicable:

                    (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for
benefits of an income tax treaty to which the United States is a party,

                    (ii) duly completed copies of Internal Revenue Service Form W-8ECI,

                    (iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender
is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly
completed copies of Internal Revenue Service Form W-8BEN, or

                    (iv) any other form prescribed by Applicable Law as a basis for claiming exemption from or a
reduction in United States federal withholding tax duly completed together with such supplementary
documentation as may be prescribed by Applicable Law to permit the Borrower to determine the
withholding or deduction required to be made.

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          (f) Treatment of Certain Refunds. If the Administrative Agent, a Lender or the Issuing
Bank determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes
as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses of the Administrative Agent, such Lender or the Issuing Bank, as
the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided that the Borrower, upon the request of the
Administrative Agent, such Lender or the Issuing Bank, agrees to repay the amount paid over to the
Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Administrative Agent, such Lender or the Issuing Bank in the event the
Administrative Agent, such Lender or the Issuing Bank is required to repay such refund to such
Governmental Authority. This paragraph shall not be construed to require the Administrative Agent,
any Lender or the Issuing Bank to make available its tax returns (or any other information relating
to its taxes which it deems confidential) to the Borrower or any other Person.

          (g) Survival. Without prejudice to the survival of any other agreement of the Borrower
hereunder, the obligations of the Borrower contained in this Section and arising in respect of
events occurring prior to payment in full of the Obligations and the termination of the Commitments
shall survive such payment and such termination.

          Section 2.13 Letters of Credit.

          (a) Subject to the terms and conditions hereof, the Issuing Bank, on behalf of the Lenders,
and in reliance on the agreements of the Lenders set forth in Section 2.13(d), hereby
agrees to issue one or more Letters of Credit in a face amount not to exceed the Available Letter
of Credit Commitment determined immediately prior to giving effect to the issuance thereof;
provided, however, that the Issuing Bank shall not issue any Letter of Credit
unless the conditions precedent to the issuance thereof set forth in Section 3.4 have been
satisfied, and shall have no obligation to issue any Letter of Credit if any Default then exists or
would be caused
thereby or if, after giving effect to such issuance, the Available Revolving Loan Commitment or the
Available Letter of Credit Commitment would be less than zero; and provided
further, however, that at no time shall the total Letter of Credit Obligations
outstanding hereunder exceed $50,000,000. Each Letter of Credit shall (i) be denominated in
Dollars, and (ii) expire no later than the earlier to occur of (A) the fifth (5th)
Business Day prior to the Revolving Loan Maturity Date or (B) one (1) year after its date of
issuance (but may contain provisions for automatic renewal; provided that no Default or
Event of Default exists on the renewal date or would be caused by such renewal). Each Letter of
Credit shall be subject to the Uniform Customs and Practice for Documentary Credits (1993
Revision), or the International Chamber of Commerce Publication No. 500, as applicable, and, to the
extent not inconsistent therewith, the laws of the State of New York. The Issuing Bank shall not
at any time be obligated to issue, or cause to be issued, any Letter of Credit if such issuance
would conflict with, or cause the Issuing Bank to exceed any limits imposed by, any Applicable Law.
If a Letter of Credit provides that it is automatically renewable unless notice is given by the
Issuing Bank that it will not be renewed,

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the Issuing Bank shall not be bound to give a notice of
non-renewal unless directed to do so by the Required Lenders at least sixty-five (65) days prior to
the then scheduled expiration date of such Letter of Credit. The Existing Letters of Credit shall
be deemed to be Letters of Credit issued and outstanding under this Agreement on and after the
Agreement Date.

          (b) The Borrower may from time to time request the issuance of, and be provided with by the
Issuing Bank, Letters of Credit. The Borrower shall execute and deliver to the Administrative
Agent and the Issuing Bank a Request for Issuance of Letter of Credit for each Letter of Credit to
be issued by the Issuing Bank, not later than 12:00 noon (Charlotte, North Carolina time) on the
fifth (5th) Business Day preceding the date on which the requested Letter of Credit is to be
issued, or such shorter notice as may be acceptable to the Issuing Bank and the Administrative
Agent. Upon receipt of any such Request for Issuance of Letter of Credit, subject to satisfaction
of all conditions precedent thereto as set forth in Section 3.5, the Issuing Bank shall
process such Request for Issuance of Letter of Credit and the certificates, documents and other
papers and information delivered to it in connection therewith in accordance with its customary
procedures and shall promptly issue the Letter of Credit requested thereby. The Issuing Bank shall
furnish a copy of such Letter of Credit to the Borrower and the Administrative Agent following the
issuance thereof. The Borrower shall pay or reimburse the Issuing Bank for normal and customary
costs and expenses incurred by the Issuing Bank in issuing, effecting payment under, amending or
otherwise administering the Letters of Credit.

          (c) At such time as the Administrative Agent shall be notified by the Issuing Bank that the
beneficiary under any Letter of Credit has drawn on the same, the Administrative Agent shall
promptly notify the Borrower and each Lender with a Revolving Loan Commitment, by telephone or
telecopy, of the amount of the draw and, in the case of each Lender with a Revolving Loan
Commitment, such Lender’s portion of such draw amount as calculated in accordance with its
Revolving Loan Commitment Ratio.

          (d) The Borrower hereby agrees to immediately reimburse the Issuing Bank for amounts paid by
the Issuing Bank in respect of draws under a Letter of Credit issued at the Borrower’s request. In
order to facilitate such repayment, the Borrower hereby irrevocably requests the Lenders having a
Revolving Loan Commitment, and such Lenders hereby severally
agree, on the terms and conditions of this Agreement (other than as provided in Article 2
with respect to the amounts of, the timing of requests for, and the repayment of Advances hereunder
and in Section 3.5 with respect to conditions precedent to Advances hereunder), with
respect to any drawing under a Letter of Credit prior to the occurrence of an event described in
Sections 8.1(g) or (h), to make an Advance (which Advance may be a LIBOR Advance if
the Borrower so requests in a timely manner or may be Converted to a LIBOR Advance as provided in
this Agreement) to the Borrower on each day on which a draw is made under any Letter of Credit and
in the amount of such draw, and to pay the proceeds of such Advance directly to the Issuing Bank to
reimburse the Issuing Bank for the amount paid by it upon such draw. Each Lender having a
Revolving Loan Commitment shall pay its share of such Advance by paying its portion of such Advance
to the Administrative Agent in accordance with Article 2 and its Revolving Loan Commitment
Ratio, without reduction for any set-off or counterclaim of any nature whatsoever and regardless of
whether any Default or Event of Default (other than with respect to an event described in
Sections 8.1 (g) or (h)) then exists or would be caused thereby. If at any

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time
that any Letters of Credit are outstanding, any of the events described in Sections 8.1 (g)
or (h) shall have occurred and be continuing, then each Lender having a Revolving Loan
Commitment shall, automatically upon the occurrence of any such event and without any action on the
part of the Issuing Bank, the Borrower, the Administrative Agent or such Lender, be deemed to have
purchased an undivided participation in the face amount of all Letters of Credit then outstanding
in an amount equal to such Lender’s Revolving Loan Commitment Ratio of such Letters of Credit, and
each Lender having a Revolving Loan Commitment shall, notwithstanding such Default or Event of
Default, upon a drawing under any Letter of Credit, immediately pay to the Administrative Agent for
the account of the Issuing Bank, in immediately available funds, the amount of such Lender’s
participation in such drawn amount (and the Issuing Bank shall deliver to such Lender a loan
participation certificate dated the date of the occurrence of such event and in the amount of such
Lender’s Revolving Loan Commitment Ratio). The disbursement of funds in connection with a draw
under a Letter of Credit pursuant to this Section 2.13(d) shall be subject to the terms and
conditions of Article 2. The obligation of each Lender having a Revolving Loan Commitment
to make payments to the Administrative Agent, for the account of the Issuing Bank, in accordance
with this Section 2.13 shall be absolute and unconditional and no such Lender shall be
relieved of its obligations to make such payments by reason of noncompliance by any other Person
with the terms of the Letter of Credit or for any other reason. The Administrative Agent shall
promptly remit to the Issuing Bank the amounts so received from the other Lenders. Any overdue
amounts payable by the Lenders having a Revolving Loan Commitment to the Issuing Bank in respect of
a draw under any Letter of Credit shall bear interest, payable on demand, at the Federal Funds
Rate.

          (e) The Borrower agrees that any action taken or omitted to be taken by the Issuing Bank in
connection with any Letter of Credit, except for such actions or omissions as shall constitute
gross negligence or willful misconduct on the part of the Issuing Bank, shall be binding on the
Borrower as between the Borrower and the Issuing Bank, and shall not result in any liability of the
Issuing Bank to the Borrower. The obligation of the Borrower to reimburse the Lenders for Advances
made to reimburse the Issuing Bank for draws under the Letter of Credit shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances whatsoever, including, without limitation, the following
circumstances:

               (i) any lack of validity or enforceability of any Loan Document;

               (ii) any amendment or waiver of or consent to any departure from any or all of the Loan
Documents;

               (iii) any improper use which may be made of any Letter of Credit or any improper acts or
omissions of any beneficiary or transferee of any Letter of Credit in connection therewith;

               (iv) the existence of any claim, set-off, defense or any right which the Borrower may have at
any time against any beneficiary or any transferee of any Letter of Credit (or Persons for whom any
such beneficiary or any such transferee may be acting) or any Lender (other than the defense of
payment to such Lender in accordance with the terms of this

49

 

Agreement) or any other Person, whether
in connection with any Letter of Credit, any transaction contemplated by any Letter of Credit, this
Agreement or any other Loan Document, or any unrelated transaction;

               (v) any statement or any other documents presented under any Letter of Credit proving to be
insufficient, forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect whatsoever;

               (vi) the insolvency of any Person issuing any documents in connection with any Letter of
Credit;

               (vii) any breach of any agreement between the Borrower and any beneficiary or transferee of
any Letter of Credit, provided that the same shall not have resulted from the gross
negligence or willful misconduct of the Issuing Bank;

               (viii) any irregularity in the transaction with respect to which any Letter of Credit is
issued, including, without limitation, any fraud by the beneficiary or any transferee of such
Letter of Credit, provided that the same shall not be the result of the gross negligence or
willful misconduct of the Issuing Bank;

               (ix) any errors, omissions, interruptions or delays in transmission or delivery of any
messages, by mail, cable, telegraph, wireless or otherwise, whether or not they are in code,
provided that the same shall not be the result of the gross negligence or willful
misconduct of the Issuing Bank;

               (x) any act, error, neglect, default, omission, insolvency or failure of business of any of
the correspondents of the Issuing Bank, provided that the same shall not have constituted
gross negligence or willful misconduct of the Issuing Bank;

               (xi) any other circumstances arising from causes beyond the control of the Issuing Bank;

               (xii) payment by the Issuing Bank under any Letter of Credit against presentation of a sight
draft or a certificate which does not comply with the terms of such Letter of Credit,
provided that such payment shall not have constituted gross negligence or willful
misconduct of the Issuing Bank; and

               (xiii) any other circumstance or happening whatsoever, whether or not similar to any of the
foregoing, provided that such other circumstances or happenings shall not have been the
result of gross negligence or willful misconduct of the Issuing Bank.

          (f) Each Lender having a Revolving Loan Commitment shall be responsible for its pro rata share
(based on such Lender’s Revolving Loan Commitment Ratio) of any and all reasonable out-of-pocket
costs, expenses (including, without limitation, reasonable legal fees) and disbursements which may
be incurred or made by the Issuing Bank in connection with the collection of any amounts due under,
the administration of, or the presentation or enforcement of

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any rights conferred by any Letter of
Credit, the Borrower’s or any guarantor’s obligations to reimburse or otherwise. In the event the
Borrower shall fail to pay such expenses of the Issuing Bank within ten (10) days after demand for
payment by the Issuing Bank, each Lender having a Revolving Loan Commitment shall thereupon pay to
the Issuing Bank its pro rata share (based on such Lender’s Revolving Loan Commitment Ratio) of
such expenses within five (5) days from the date of the Issuing Bank’s notice to the Lenders having
a Revolving Loan Commitment of the Borrower’s failure to pay; provided, however,
that if the Borrower or any guarantor shall thereafter pay such expense, the Issuing Bank will
repay to each Lender having a Revolving Loan Commitment Ratio the amounts received from such Lender
hereunder.

          (g) The Borrower agrees that each Advance by the Lenders having a Revolving Loan Commitment to
reimburse the Issuing Bank for draws under any Letter of Credit, shall, for all purposes hereunder,
be deemed to be an Advance under the Revolving Loan Commitment to the Borrower and shall be payable
and bear interest in accordance with all other Revolving Loans to the Borrower.

          Section 2.14 Incremental Facility Loans.

          (a) Subject to the terms and conditions of this Agreement, the Borrower may request
Incremental Facility Commitments; provided, that (i) the Borrower may not request any
Incremental Facility Commitment or any Incremental Facility Advance after the occurrence and during
the continuance of a Default, including, without limitation, any Default that would result after
giving effect to any Incremental Facility Advance; (ii) the total number of Incremental Facility
Commitments requested pursuant to this Section, together with all Optional Increases requested
pursuant to Section 2.15, shall not exceed ten (10) during the term of this Agreement
(although such commitments or increases may be from more than one Lender); (iii) each Incremental
Facility Commitment shall be in a minimum principal amount of $25,000,000, or if less, the
remaining principal amount permitted pursuant to this Section 2.14 after giving effect to
any prior Incremental Facility Commitments or Incremental Facility Loans made under this Section
and any prior Optional Increases under Section 2.15 and (iv) the sum of the principal
amounts of (A) all aggregate Incremental Facility Loans plus (B) all aggregate Incremental
Facility Commitments plus (C) all aggregate Optional Increases shall be in an aggregate principal
amount of no more than $600,000,000.

          (b) Subject to subsection (f) below, each Incremental Facility Maturity Date shall be a date
mutually agreed by the Borrower and the Administrative Agent and specified in the applicable Notice
of Incremental Facility Commitment; provided that no Incremental Facility Maturity Date
shall be prior to the Revolving Loan Maturity Date. No Incremental Facility Commitment shall
contain any representations, warranties or covenants more restrictive than those set forth herein.

          (c) Each Lender may, but shall not be obligated to, participate in any Incremental Facility
Commitment and the decision of any Lender to make an Incremental Facility Commitment to the
Borrower shall be at such Lender’s sole discretion and shall be made in writing. The Borrower may,
at its own expense, solicit Incremental Facility Commitments from third party financial
institutions reasonably acceptable to the Administrative Agent. Any

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such financial institution (if
not already a Lender hereunder) shall become a party to this Agreement as a Lender, pursuant to a
joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and the
Borrower.

          (d) Prior to the effectiveness of the Incremental Facility Commitment, the Borrower shall (i)
deliver to the Administrative Agent and the Lenders a Notice of Incremental Facility Commitment in
substantially the form of Exhibit I attached hereto; and (ii) provide revised projections
to the Administrative Agent and the Lenders, which shall be in form and substance reasonably
satisfactory to the Administrative Agent and which shall demonstrate the Borrower’s ability to
timely repay such Incremental Facility Commitment and any Incremental Facility Loans thereunder and
to comply with the covenant contained in Section 7.8.

          (e) Incremental Facility Loans shall be term loans which bear interest at the Base Rate or
LIBOR, in each case, plus an interest rate margin as agreed upon between the Borrower and the
Lenders holding such Incremental Facility Commitments. At the option of the Borrower, Incremental
Facility Loans may:

               (i) either:

          (A) rank pari passu with the Loans and other Obligations
outstanding hereunder immediately prior to incurrence of such Incremental Facility
Loans, including without limitation, for the purposes of Sections 2.8,
2.10 and 8.3 and with respect to Collateral securing such Loans and
other Obligations (in which case the Incremental Facility Loans shall be governed by
this Agreement and the other Loan Documents) or

          (B) be secured by a second priority Lien on the Collateral securing the Loans
and other Obligations outstanding hereunder immediately prior to incurrence of such
Incremental Facility Loans, subject to a customary intercreditor agreement and such
additional Loan Documents, in each case, as are
reasonably requested by, and in form and substance reasonably satisfactory to,
the Administrative Agent; and

               (ii) be structured as either;

          (A) an Incremental Institutional Facility; or

          (B) an Incremental Non-Institutional Facility, provided, that
notwithstanding anything to the contrary in this Agreement or any other Loan
Document, the sum of (x) the aggregate principal amount of each Incremental
Non-Institutional Facility requested pursuant to this Section plus (y) the
aggregate principal amount of all prior or simultaneous Optional Increases requested
pursuant to Section 2.15 shall not at any time exceed $200,000,000.

     Subject to Section 2.14(b), Incremental Facility Loans shall be repaid as agreed to by
the Borrower and each Lender making such Incremental Facility Loans.

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          (f) Incremental Facility Advances shall be requested by the Borrower pursuant to a request
(which shall be in substantially the form of a Request for Advance) delivered in the same manner as
a Request for Advance, but shall be funded pro rata only by those Lenders holding the Incremental
Facility Commitment.

          Section 2.15 Increases to the Revolving Loan Commitment.

     (a) Subject to the terms and conditions of this Agreement, the Borrower may request increases
to the Revolving Loan Commitment (each such request, an “Optional Increase”);
provided that (i) the Borrower may not request any increase to the Revolving Loan
Commitment after the occurrence and during the continuance of a Default, including, without
limitation, any Default that would result after giving effect to any Optional Increase; (ii) the
total number of Optional Increases requested pursuant to this Section, together with all
Incremental Facility Commitments requested pursuant to Section 2.14, shall not exceed ten
(10) during the term of this Agreement (although such Optional Increases may be from more than one
Lender); (iii) each Optional Increase shall be in a minimum principal amount of $25,000,000, or if
less, the remaining principal amount permitted pursuant to this Section 2.15 after giving
effect to any prior Optional Increases made under this Section and any prior Incremental Facility
Commitments or Incremental Facility Loans under Section 2.14; (iv) the sum of the principal
amounts of (A) all aggregate Incremental Facility Loans plus (B) all aggregate Incremental Facility
Commitments plus (C) all aggregate Optional Increases shall be in an aggregate principal amount of
no more than $600,000,000 and (v) the sum of (x) the aggregate principal amount of each Incremental
Non-Institutional Facility requested pursuant to Section 2.14 plus (y) the
aggregate principal amount of all prior or simultaneous Optional Increases requested pursuant to
this Section shall not at any time exceed $200,000,000.

     (b) Each Lender may, but shall not be obligated to, participate in any Optional Increase, and
the decision of any Lender to commit to an Optional Increase shall be at such
Lender’s sole discretion and shall be made in writing. The Borrower may, at its own expense,
solicit additional Revolving Loan Commitments from third party financial institutions reasonably
acceptable to the Administrative Agent. Any such financial institution (if not already a Lender
hereunder) shall become a party to this Agreement as a Lender, pursuant to a joinder agreement in
form and substance reasonably satisfactory to the Administrative Agent and the Borrower.

     (c) Prior to the effectiveness of any Optional Increase, the Borrower shall (i) deliver to the
Administrative Agent and the Lenders a Notice of Revolving Increase in the form of Exhibit
J and (ii) provide revised projections to the Administrative Agent and the Lenders, which shall
be in form and substance reasonably satisfactory to the Administrative Agent and which shall
demonstrate the Borrower’s ability to timely repay such Optional Increase and any Revolving Loans
made thereunder and to comply with the covenant contained in Section 7.8.

     (d) Each Optional Increase and all Revolving Loans made in connection with such Optional
Increase (i) shall be subject to the terms applicable to the Revolving Loan Commitment and
Revolving Loans in this Agreement (including, without limitation, the terms applicable to pricing
and maturity pursuant to Section 2.6(b)); (ii) shall for all purposes be Loans and

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Obligations hereunder and under the Loan Documents; (iii) shall if requested by the applicable
Lender be represented by a replacement Revolving Loan Note which shall be exchanged for the
Revolving Loan Note of any Lender committing to an increase in the Revolving Loan Commitment; and
(iv) shall rank pari passu with the other Loans for purposes of Sections
2.8, 2.10 and 8.3.

     (e) The outstanding Revolving Loans, Revolving Loan Commitment Ratios and each Lender’s share
of the Letter of Credit Obligations will be reallocated by the Administrative Agent on the
effective date of any Optional Increase among the Lenders in accordance with their revised
Revolving Loan Commitment Ratios.

ARTICLE 3

Conditions Precedent

          Section 3.1 Conditions Precedent to Effectiveness of Agreement. The obligation of the
Lenders to undertake the Commitments and the effectiveness of this Agreement are subject to the
prior or contemporaneous fulfillment of each of the following conditions:

          (a) The Administrative Agent and the Lenders shall have received each of the following:

               (i) this Agreement duly executed;

               (ii) duly executed Notes in favor of each Lender requesting a Note;

               (iii) duly executed Security Documents;

               (iv) the loan certificate of the Borrower dated as of the Agreement Date, in substantially the
form attached hereto as Exhibit G-1, including a certificate of incumbency with respect to
each Authorized Signatory of such Person, together with the following items: (A) a true, complete
and correct copy of the Articles of Incorporation of the Borrower as in effect on the Agreement
Date, (B) a true, complete and correct copy of the By-laws of the Borrower as in effect on the
Agreement Date, (C) certificates of good standing for the Borrower issued by the Secretary of State
or similar state official for the state of incorporation of the Borrower and, to the extent
requested by the Administrative Agent, for each state in which the Borrower is required to qualify
to do business, (D) a true, complete and correct copy of the corporate resolutions of the Borrower
authorizing the Borrower to execute, deliver and perform this Agreement and the other Loan
Documents and (E) a true, complete and correct copy of any shareholders’ agreements or voting
agreements in effect with respect to the Capital Stock of the Borrower;

               (v) a loan certificate of each Subsidiary of the Borrower (including all License Subs existing
as of the Agreement Date) dated as of the Agreement Date, in substantially the form attached hereto
as Exhibit G-2, including a certificate of incumbency with respect to each Authorized
Signatory of such Person, together with the following items: (A) a true,

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complete and correct copy
of the Articles or Certificate of Incorporation or Formation (or the equivalent) of such Person as
in effect on the Agreement Date, (B) a true, complete and correct copy of the By-laws or Operating
Agreement (or the equivalent) of such Person as in effect on the Agreement Date, (C) certificates
of good standing for such Person issued by the Secretary of State or similar state official for the
state of incorporation, organization or formation of such Person and, to the extent requested by
the Administrative Agent, for each state in which such Person is required to qualify to do
business, (D) a true, complete and correct copy of the resolutions of such Person (or another
appropriate Person) authorizing such Person to execute, deliver and perform the Loan Documents to
which it is a party and (E) a true, complete and correct copy of any shareholders’ agreements or
voting agreements in effect with respect to the Capital Stock of such Person;

               (vi) copies of insurance binders or certificates covering the assets of the Borrower and its
Subsidiaries, and otherwise meeting the requirements of Section 5.5;

               (vii) legal opinions of (A) Proskauer Rose LLP, corporate counsel to the Borrower and its
Subsidiaries, (B) FCC counsel to the Borrower and its Subsidiaries, and (C) such other legal
opinions as may be reasonably requested by the Administrative Agent (which shall include reliance
by successors and/or assigns of each Lender and the Administrative Agent) in each case, addressed
to each Lender and the Administrative Agent and dated as of the Agreement Date which shall be in
form and substance acceptable to the Administrative Agent;

               (viii) duly executed Certificate of Financial Condition for the Borrower and its Subsidiaries
on a consolidated basis as to the financial condition, solvency, pro forma covenant
compliance and related matters in form and substance reasonably satisfactory to the Administrative
Agent;

               (ix) projected financial statements and calculations of the Borrower and its Subsidiaries
covering the term of this Agreement, in form and substance satisfactory to the Administrative Agent
and the Lenders, specifically demonstrating the Borrower’s pro forma compliance with Section
7.8; provided that any updates or modifications to the projected financial statements
of the Borrower and its Subsidiaries previously received by the Administrative Agent shall be in
form and substance reasonably satisfactory to the Administrative Agent;

               (x) Uniform Commercial Code Lien and tax Lien search results with respect to the Borrower and
its Subsidiaries;

               (xi) evidence reasonably satisfactory to the Administrative Agent and the Lenders that there
exists no Indebtedness for borrowed money of the Borrower or its Subsidiaries (other than
Indebtedness permitted under Section 7.1) and no Liens existing except for Permitted Liens
and delivery to the Administrative Agent of pay-off letters and other documents requested by the
Administrative Agent in form and substance satisfactory to it evidencing repayment, termination,
reconveyance and release of such Indebtedness or Liens;

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               (xii) delivery to the Administrative Agent of all possessory collateral, including, without
limitation, any pledged notes or pledged stock, together with the undated stock powers or note
powers endorsed in blank, as applicable; and

               (xiii) all such other documents as the Administrative Agent may reasonably request, certified
by an appropriate governmental official or an Authorized Signatory if so requested.

          (b) The Administrative Agent and the Lenders shall have received evidence reasonably
satisfactory to them that all Necessary Authorizations to the (i) execution, delivery and
performance of this Agreement and the other Loan Documents and (ii) granting of Liens in all
Operating Agreements and other material contracts and leases of the Borrower and its Subsidiaries,
each of which shall be in form and substance satisfactory to the Administrative Agent, have been
obtained or made, are in full force and effect and are not subject to any pending or, to the
knowledge of the Borrower, overtly threatened reversal or cancellation.

          (c) The Borrower shall certify to the Administrative Agent and the Lenders that each of the
representations and warranties in Article 4 and each other Loan Document are true and
correct as of the Agreement Date and that no Default or Event of Default then exists or is
continuing.

          (d) (i) There shall not exist as of the Agreement Date any action, suit, proceeding or
investigation pending against, or, to the knowledge of the Borrower, overtly threatened against or
in any manner relating adversely to, the Borrower, any of its Subsidiaries, any of their respective
properties or the transactions contemplated hereby and (ii) no event shall have occurred and no
condition exist, in each case, which, in the reasonable judgment of the Required Lenders, has had
or could be expected to have a Materially Adverse Effect.

          (e) The Borrower shall have paid to the Administrative Agent for the account of itself and
each Lender the fees, expenses and other amounts due as set forth in the fee letter dated February
5, 2007.

          (f) The Borrower shall have paid in full all principal, interest and other amounts due and
outstanding in connection with the Prior Loan Agreement.

          (g) The Administrative Agent shall have received a Notice of Account Designation duly
completed and executed by an Authorized Signatory of the Borrower.

          (h) The Administrative Agent shall have received evidence satisfactory to it that the Borrower
has issued an irrevocable written notice to redeem all of the outstanding Senior Subordinated Notes
pursuant to and in accordance with the terms of the Subordinated Note Indenture and all Applicable
Laws, and otherwise on terms and conditions reasonably satisfactory to the Administrative Agent.

          Section 3.2 Conditions Precedent to Each Advance. The obligation of the Lenders to
make, Convert or Continue each Advance on or after the Agreement Date is subject

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to the fulfillment
of each of the following conditions immediately prior to or contemporaneously with such Advance:

          (a) All of the representations and warranties of the Borrower under this Agreement and the
other Loan Documents (including, without limitation, all representations and warranties with
respect to the Subsidiaries), which, pursuant to Section 4.2, are made at and as of the
time of such Advance (except to the extent previously fulfilled in accordance with the terms hereof
and to the extent relating specifically to a specific prior date), shall be true and correct at
such time in all material respects (except to the extent that any such representation and warranty
is qualified by materiality or Materially Adverse Effect, in which case such representation and
warranty shall be true and correct in all respects), both before and after giving effect to the
application of the proceeds of such Advance, and after giving effect to any updates to information
provided to the Lenders in accordance with the terms of such representations and warranties, and no
Default or Event of Default hereunder shall then exist or be caused thereby.

          (b) With respect to Advances which, if funded, would increase the aggregate principal amount
of the Loans outstanding hereunder, the Administrative Agent shall have received a duly executed
Request for Advance.

          (c) The Administrative Agent and the Lenders shall have received all such other certificates,
reports, statements, opinions of counsel (if such Advance is in connection with an Acquisition) or
other documents as the Administrative Agent or any Lender may reasonably request.

          (d) With respect to any Advance relating to any Acquisition or the formation of any Subsidiary
which is permitted hereunder, the Administrative Agent and the Lenders shall have received
certified documents and instruments relating to such Acquisition or such formation of a new
Subsidiary as are described in Section 5.13 or otherwise required herein.

          (e) No event shall have occurred and no condition exist, in each case, which, in the
reasonable judgment of the Required Lenders, has had or could be expected to have a Materially
Adverse Effect.

          (f) On the date of such Advance, after giving effect to the Advance requested, the Borrower
shall be in compliance on a pro forma basis with the covenant set forth in Section 7.8.

     The acceptance of proceeds of any Advance which would increase the aggregate principal amount
of Loans outstanding shall be deemed to be a representation and warranty by the Borrower as to
compliance with this Section 3.2 on the date any such Loan is made.

          Section 3.3 Conditions Precedent to Second Term Loan B Draw. The obligation of the
Lenders to make the Second Term Loan B Draw hereunder is subject to the fulfillment of each of the
following conditions immediately prior to or contemporaneously with such issuance:

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          (a) The Administrative Agent shall have reviewed to its reasonable satisfaction any and all
documentation relating to the Note Redemption.

          (b) To the extent applicable, the Administrative Agent and the Lenders shall have received
evidence satisfactory to them that all Necessary Authorizations required in connection with the
Note Redemption (each of which shall be in form and substance reasonably satisfactory to the
Administrative Agent) have been obtained or made, are in full force and effect and are not subject
to any pending or, to the knowledge of the Borrower, overtly threatened reversal or cancellation.

          (c) The Borrower shall have paid in full all principal, interest and other amounts due and
outstanding in connection with the Senior Subordinated Notes pursuant to the Note Redemption.

          Section 3.4 Conditions Precedent to Third Term Loan B Draw. The obligation of the
Lenders to make the Third Term Loan B Draw hereunder is subject to the fulfillment of each of the
following conditions immediately prior to or contemporaneously with such issuance (in addition to
the fulfillment of conditions precedent required under Section 3.2):

          (a) The Administrative Agent shall have reviewed to its reasonable satisfaction all
documentation relating to the Series C Preferred Stock Redemption.

          (b) To the extent applicable, the Administrative Agent and the Lenders shall have received
evidence satisfactory to them that all Necessary Authorizations required in connection with the
Series C Stock Redemption (each of which shall be in form and substance reasonably satisfactory to
the Administrative Agent) have been obtained or made, are in full force and effect and are not
subject to any pending or, to the knowledge of the Borrower, overtly threatened reversal or
cancellation.

          (c) Evidence reasonably satisfactory to Administrative Agent that all of the Series C
Preferred Stock has been redeemed in full or converted to common stock in accordance with its terms
and all Applicable Laws pursuant to the Series C Preferred Stock Redemption.

          Section 3.5 Conditions Precedent to Issuance of Letters of Credit. The obligation of
the Issuing Bank to issue each Letter of Credit hereunder is subject to the fulfillment of each of
the following conditions immediately prior to or contemporaneously with such issuance:

          (a) All of the representations and warranties of the Borrower under this Agreement and the
other Loan Documents (including, without limitation, all representations and warranties with
respect to the Subsidiaries), which, pursuant to Section 4.2, are made at and as of the
time of such Advance (except to the extent previously fulfilled in accordance with the terms hereof
and to the extent relating specifically to a specific prior date), shall be true and correct at
such time in all material respects (except to the extent that any such representation and warranty
is qualified by materiality or Materially Adverse Effect, in which case such representation and
warranty shall be true and correct in all respects), both before and after giving effect to the

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issuance of the Letter of Credit, and after giving effect to any updates to information provided to
the Lenders in accordance with the terms of such representations and warranties, and no Default or
Event of Default hereunder shall then exist or be caused thereby.

          (b) The Administrative Agent shall have received a duly executed Request for Issuance of
Letter of Credit.

          (c) The Administrative Agent and the Lenders shall have received all such other certificates,
reports, statements, opinions of counsel (if such Letter of Credit is in connection with an
Acquisition) or other documents as the Administrative Agent or any Lender may reasonably request.

          (d) No event shall have occurred and no condition exist, in each case, which, in the
reasonable judgment of the Required Lenders, has had or could be expected to have a Materially
Adverse Effect.

          (e) On the date of issuance of such Letter of Credit, after giving effect to the Letter of
Credit requested, the Borrower shall be in compliance on a pro forma basis with the covenant set
forth in Section 7.8 of this Agreement.

ARTICLE 4

Representations and Warranties

          Section 4.1 Representations and Warranties. The Borrower hereby represents and
warrants, upon the Agreement Date, in favor of the Administrative Agent and each Lender, that:

          (a) Organization; Ownership; Power; Qualification. The Borrower is a corporation duly
organized, validly existing and in good standing under the laws of the State of Georgia. The
Borrower has the corporate power and authority to own its properties and to carry on its business
as now being and as proposed hereafter to be conducted. Each Subsidiary of the Borrower is a
Person duly organized, validly existing and in good standing under the laws of the state of its
incorporation, organization or formation and has the power and authority to own its properties and
to carry on its business as now being and as proposed hereafter to be conducted. The Borrower and
its Subsidiaries are duly qualified, in good standing and authorized to do business in each
jurisdiction in which the character of their respective properties or the nature of their
respective businesses requires such qualification or authorization, except where failure to be so
qualified, in the aggregate, could not reasonably be expected to have a Materially Adverse Effect.

          (b) Borrower: Authorization; Enforceability. The Borrower has the corporate power and
has taken all necessary corporate action to authorize it to borrow hereunder, and the Borrower has
the corporate power and has taken all necessary corporate action to execute, deliver and perform
this Agreement and each of the other Loan Documents to which it is a party in accordance with their
respective terms, and to consummate the transactions contemplated

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hereby and thereby. This
Agreement and each of the other Loan Documents to which the Borrower is a party have been duly
executed and delivered by the Borrower and is a legal, valid and binding obligation of the
Borrower, enforceable against the Borrower, in accordance with its terms, subject, as to
enforcement of remedies, to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and
subject, as to enforceability, to general principles of equity (the “Bankruptcy
Exception”).

          (c) Subsidiaries: Authorization; Enforceability. The Borrower’s Subsidiaries, and
the Borrower’s direct and indirect ownership thereof, in each case as of the Agreement Date, are as
set forth on Schedule 4 attached hereto, and the Borrower has the unrestricted right to
vote the issued and outstanding Capital Stock of the Subsidiaries shown thereon; such Capital Stock
of such Subsidiaries has been duly authorized and issued and is fully paid and nonassessable. Each
Subsidiary of the Borrower has the power and has taken all necessary action to authorize it to
execute, deliver and perform each of the Loan Documents to which it is a party in accordance with
their respective terms and to consummate the transactions contemplated by this Agreement and by
such Loan Documents. Each of the Loan Documents to which any Subsidiary of the Borrower is a party
has been duly executed and delivered by such Subsidiary and is a legal, valid and binding
obligation of such Subsidiary enforceable against such Subsidiary in accordance with its terms,
subject, as to enforcement of remedies, to the Bankruptcy Exception. The Borrower’s Capital Stock
in each of its Subsidiaries represents a direct or indirect controlling interest of such Subsidiary
for purposes of directing or causing the direction of the management and policies of each
Subsidiary.

          (d) Compliance with Other Loan Documents and Contemplated Transactions. The
execution, delivery and performance, in accordance with their respective terms, by the Borrower of
this Agreement and by the Borrower and its Subsidiaries of each of the other Loan Documents and any
agreements delivered in connection with the Note Redemption and the
Series C Preferred Stock Redemption to which they are respectively party, and the consummation of
the transactions contemplated hereby and thereby, do not and will not (i) require any consent or
approval, governmental or otherwise, not already obtained, (ii) violate any Applicable Law
respecting the Borrower or any of its Subsidiaries, (iii) conflict with, result in a breach of, or
constitute a default under the certificate or articles of incorporation or by-laws or partnership
agreements or operating agreements or trust agreements (or the equivalents thereof), as the case
may be, as amended, of the Borrower or of any of its Subsidiaries, or under any material Operating
Agreement, or any other material indenture, agreement, or other instrument, to which the Borrower
or any of its Subsidiaries is a party or by which any of them or their respective properties may be
bound, including, without limitation, the Subordinated Note Indenture, or (iv) result in or require
the creation or imposition of any Lien upon or with respect to any property now owned or hereafter
acquired by the Borrower or any of its Subsidiaries, except for Permitted Liens.

          (e) Business. The Borrower, together with its Subsidiaries, is engaged only in the
Permitted Businesses.

          (f) Licenses; Operating Agreements.

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               (i) Each of the Borrower and its Subsidiaries has all requisite power and authority, material
Operating Agreements and Licenses to own and operate its properties and to carry on its businesses
as now conducted and as proposed to be conducted. Schedule 2 annexed hereto, as it may be
supplemented, correctly describes each of the Stations and each such Permitted Business and sets
forth all of the material Operating Agreements and Licenses of the Borrower and its Subsidiaries
and correctly sets forth the termination date, if any, of each such Operating Agreements and
License. A true, correct and complete copy of each material Operating Agreement and License set
forth in Schedule 2 has been made available to the Administrative Agent. Each material
Operating Agreement and License was duly and validly issued pursuant to procedures which comply in
all material respects with all requirements of Applicable Law. As of the Agreement Date and at all
times thereafter, the Borrower and its Subsidiaries have the right to use all material Licenses
required in the ordinary course of business for all Stations and any Permitted Business, and each
such License is in full force and effect. Each of the Borrower and its Subsidiaries has taken all
material actions and performed all of its material obligations that are necessary to maintain all
material Licenses without adverse modification or impairment. Except as shown on Schedule
2, no event has occurred which (i) results in, or after notice or lapse of time or both would
result in, revocation, suspension, adverse modification, non-renewal, impairment, restriction or
termination of or any order of forfeiture with respect to, any material License or (ii) materially
and adversely affects or could reasonably be expected in the future to materially adversely affect
any of the rights of the Borrower or any of its Subsidiaries thereunder. Except as set forth on
Schedule 2, each FCC License is held by a License Sub. Except as set forth in Schedule
2, none of the FCC Licenses requires that any present stockholder, director, officer or
employee of the Borrower or any of its Subsidiaries remain a stockholder or employee of such
Person, or that any transfer of control of such Person must be approved by any public or
governmental body other than the FCC.

               (ii) Except as shown on Schedule 2, neither the Borrower nor any of its Subsidiaries
is a party to or has knowledge of any investigation, notice of apparent liability, violation,
forfeiture or other order or complaint issued by or before any court or regulatory body, including
the FCC, or of any other proceedings (other than proceedings relating to the radio or television
industries generally) which could in any manner materially threaten or adversely affect the
validity or continued effectiveness of the Licenses of any such Person. Except as shown on
Schedule 2, neither the Borrower nor any of its Subsidiaries has any reason to believe that
any material Licenses listed and described in Schedule 2 will not be renewed in the
ordinary course. Each of the Borrower and its Subsidiaries, as applicable, (a) has duly filed in a
timely manner all material filings, reports, applications, documents, instruments and information
required to be filed by it under the Communication Act or pursuant to FCC Regulations or requests
of any regulatory body having jurisdiction over any of its Licenses, (b) has submitted to the FCC
on a timely basis all required equal employment opportunity reports, and (c) is in compliance in
all material respects with the Communications Act, including all FCC Regulations relating to the
broadcast of television signals, all FCC Regulations concerning the limits on the duration of
advertising in children’s programming and the record keeping obligations relating to such
advertising, the Children’s Television Act and all FCC Regulations promulgated thereunder and all
equal employment opportunity-related FCC Regulations. The Borrower and its Subsidiaries

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maintain
appropriate public files at the Stations and at any other Permitted Business in a manner that
complies in all material respects with all FCC Regulations.

               (iii) The Ownership Reports filed by the Borrower and its Subsidiaries with the FCC are true,
correct and complete in all material respects and there have been no material changes in the
ownership of the Borrower or any Subsidiary of the Borrower since the filing of such Ownership
Reports other than as described in information filed with the FCC and made available for
examination by the Administrative Agent.

          (g) Compliance with Law. The Borrower and its Subsidiaries are in compliance with all
Applicable Law, except where the failure to be in compliance would not individually or in the
aggregate have a Materially Adverse Effect.

          (h) Title to Assets. The Borrower and its Subsidiaries have good, legal and
marketable title to, or a valid leasehold interest in, all of their respective material assets.
None of the properties or assets of the Borrower or any of its Subsidiaries is subject to any
Liens, except for Permitted Liens. Except for financing statements evidencing Permitted Liens, no
financing statement under the Uniform Commercial Code as in effect in any jurisdiction and no other
filing which names the Borrower or any of its Subsidiaries as debtor or which covers or purports to
cover any of the assets of the Borrower or any of its Subsidiaries is currently effective and on
file in any state or other jurisdiction, and neither the Borrower nor any of its Subsidiaries has
signed any such financing statement or filing or any security agreement authorizing any secured
party thereunder to file any such financing statement or filing.

          (i) Litigation. Except as set forth on Schedule 3 hereto, there is no action,
suit, proceeding or investigation pending against, or, to the knowledge of the Borrower, overtly
threatened against or in any other manner relating adversely to, the Borrower or any of its
Subsidiaries or any of their respective properties, including, without limitation, the Licenses, in
any court or before any arbitrator of any kind or before or by any governmental body which could
reasonably be expected to have a Materially Adverse Effect. No action, suit, proceeding or
investigation (i) calls into question the validity of this Agreement or any other Loan Document, or
(ii) individually or collectively involves the possibility of any judgment or liability not fully
covered by insurance which, if determined adversely to the Borrower or any of its Subsidiaries,
would have a Materially Adverse Effect.

          (j) Taxes. All federal, state and other material tax returns of the Borrower, each of
its Subsidiaries required by law to be filed have been duly filed and all federal, state and other
taxes, including, without limitation, withholding taxes, assessments and other governmental charges
or levies required to be paid by the Borrower or by any of its Subsidiaries or imposed upon the
Borrower or any of its Subsidiaries or any of their respective properties, income, profits or
assets, which are due and payable, have been paid, except any such taxes (i) (A) the payment of
which the Borrower or any of its Subsidiaries is diligently contesting in good faith by appropriate
proceedings, (B) for which adequate reserves have been provided on the books of the Borrower or the
Subsidiary of the Borrower involved, and (C) as to which no Lien other than a Permitted Lien has
attached and no foreclosure, distraint, sale or similar proceedings have been commenced, or (ii)
which may result from audits not yet conducted. The charges,

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accruals and reserves on the books of
the Borrower and each of its Subsidiaries in respect of taxes are, in the reasonable judgment of
the Borrower, adequate.

          (k) Financial Statements; Projections.

               (i) The Borrower has furnished or caused to be furnished to the Administrative Agent and the
Lenders a Form 10-K for the Borrower and its Subsidiaries on a consolidated basis for the fiscal
year ended December 31, 2005 and unaudited financial statements for the quarter ended September 30,
2006 which, together with other financial statements furnished to the Lenders subsequent to the
Agreement Date have been prepared in accordance with GAAP and present fairly in all material
respects the financial position of the Borrower and its Subsidiaries on a consolidated and
consolidating basis, as the case may be, on and as at such dates and the results of operations for
the periods then ended (subject, in the case of unaudited financial statements, to normal year-end
and audit adjustments). None of the Borrower or any of its Subsidiaries has any material
liabilities, contingent or otherwise, other than as disclosed in the financial statements most
recently delivered on the Agreement Date or pursuant to Sections 6.1, 6.2 or
6.3, and there are no material unrealized losses of the Borrower and its Subsidiaries, taken as
a whole, and no material anticipated losses of the Borrower and its Subsidiaries, taken as a whole,
other than those which have been previously disclosed in writing to the Administrative Agent and
the Lenders and identified as such.

               (ii) The Borrower has delivered to the Administrative Agent and the Lenders projections for
fiscal years 2007 through 2014. Such projections were prepared by the Borrower in good faith on
the basis of assumptions the Borrower believes were reasonable in light of the conditions existing
at the time of preparation thereof and remain reasonable as of the date hereof, and as of the date
hereof there are no facts which are known to the Borrower which the Borrower believes would cause a
material adverse change in such projections. It is acknowledged and understood that the
projections as they relate to future events are not to be
viewed as representations and warranties that such events will occur and actual results may differ
significantly from the projected results.

          (l) No Material Adverse Change. There has occurred no event since December 31, 2005
which has or which could reasonably be expected to have a Materially Adverse Effect.

          (m) ERISA. The Borrower and each of its Subsidiaries and each of their respective
Plans are in material compliance with ERISA and the Code, and neither the Borrower nor any of its
ERISA Affiliates, including its Subsidiaries, has incurred any material accumulated funding
deficiency with respect to any such Plan within the meaning of ERISA or the Code. Neither the
Borrower nor any of its Subsidiaries has made any promises of retirement or other benefits to
employees, except as set forth in the Plans, in written agreements with such employees, or in the
Borrower’s employee handbook and memoranda to employees. Neither the Borrower nor any of its ERISA
Affiliates, including its Subsidiaries, has incurred any material liability to PBGC (other than
premium payments) in connection with any such Plan. Except as set forth in the Borrower’s annual
report on Form 10-K for fiscal year ended December 31, 2005, the present value of all “benefit
liabilities” (within the meaning of Section 4001(a)(16) of

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ERISA) based on the actuarial
assumptions used for funding purposes as set forth in Financial Accounting Standards Board SFAS No.
87 (“FASB 87”) using the methodology under FASB 87 to calculate the accumulated benefit obligation,
did not exceed as of the most recent Pension Plan actuarial valuation date the then current fair
market value of the assets of such Pension Plan. No Reportable Event has occurred and is
continuing with respect to any such Plan. No such Plan or trust created thereunder, or party in
interest (as defined in Section 3(14) of ERISA), or any fiduciary (as defined in Section 3(21) of
ERISA), has engaged in a “prohibited transaction” (as such term is defined in Section 406 of ERISA
or Section 4975 of the Code) which would subject such Plan or any other Plan of the Borrower or any
of its Subsidiaries, any trust created thereunder, or any such party in interest or fiduciary, or
any party dealing with any such Plan or any such trust, to a material tax or penalty on “prohibited
transactions” imposed by Section 502 of ERISA or Section 4975 of the Code. Neither the Borrower
nor any of its ERISA Affiliates, including its Subsidiaries, is or has been obligated to make any
payment to a Multiemployer Plan.

          (n) Compliance with Regulations T, U and X. Neither the Borrower nor any of its
Subsidiaries is engaged principally or as one of its important activities in the business of
extending credit for the purpose of purchasing or carrying, and neither the Borrower nor any of its
Subsidiaries owns or presently intends to acquire, any “margin security” or “margin stock” (the
“margin stock”) as defined in Regulations T, U, and X (12 C.F.R. Parts 220, 221 and 224) of
the Board of Governors of the Federal Reserve System (the “Fed Regulations”) which would
result in any violation of the Fed Regulations. None of the proceeds of the Loans will be used,
directly or indirectly, for the purpose of purchasing or carrying any margin stock or for the
purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry
margin stock or for any other purpose which might constitute this transaction a “purpose credit”
within the meaning of said Regulations, in each case which would result in any violation of the Fed
Regulations. The Borrower has not taken, caused or authorized to be taken, and will not take any
action which might cause this Agreement to violate any Fed Regulation or any other
regulation of the Board of Governors of the Federal Reserve System or to violate the Securities
Exchange Act of 1934, in each case as now in effect or as the same may hereafter be in effect. If
so requested by the Administrative Agent, the Borrower will furnish the Administrative Agent with
(i) a statement or statements in conformity with the requirements of the applicable Federal Reserve
Forms referred to in Regulation U of said Board of Governors and (ii) other documents evidencing
its compliance with the margin regulations, reasonably requested by the Administrative Agent.
Neither the making of the Loans nor the use of proceeds thereof will violate, or be inconsistent
with, the provisions of any Fed Regulation.

          (o) Investment Company Act. Neither the Borrower nor any of its Subsidiaries is
required to register under the provisions of the Investment Company Act of 1940, as amended, and
neither the entering into or performance by the Borrower and its Subsidiaries of this Agreement and
the Loan Documents violates any provision of such Act or requires any consent, approval or
authorization of, or registration with, the United States Securities and Exchange Commission or any
other governmental or public body or authority pursuant to any provisions of such Act.

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          (p) Governmental Regulation. Neither the Borrower nor any of its Subsidiaries is
required to obtain any consent, approval, authorization, permit or license which has not already
been obtained from, or effect any filing or registration which has not already been effected with,
any federal, state or local regulatory authority in connection with the execution, delivery and
performance of this Agreement, any other Loan Document or any agreements delivered in connection
with the Note Redemption or the Series C Preferred Stock Redemption, except for (i) the filing with
the FCC of a copy of this Agreement as required by Section 73.3613 of the FCC’s regulations and
(ii) the filing of appropriate Uniform Commercial Code financing statements and mortgages.

          (q) Absence of Default, Etc. The Borrower and its Subsidiaries are in material
compliance in all respects with all of the provisions of their respective partnership agreements,
operating agreements, certificates or articles of incorporation and by-laws (or the equivalents
thereof), as the case may be, and no event has occurred or failed to occur (including, without
limitation, any matter which could create a Default hereunder by cross default) which has not been
remedied or waived, the occurrence or non-occurrence of which constitutes, (i) a Default or (ii) a
material default by the Borrower or any of its Subsidiaries under any indenture, agreement or other
instrument relating to Indebtedness of the Borrower or any of its Subsidiaries in the amount of
$5,000,000 or more in the aggregate, any material license, or any judgment, decree or order to
which the Borrower or any of its Subsidiaries is a party or by which the Borrower or any of its
Subsidiaries or any of their respective properties may be bound or affected.

          (r) Accuracy and Completeness of Information. All material information, reports,
prospectuses and other papers and data relating to the Borrower or any of its Subsidiaries and
furnished by or on behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or
the Lenders, taken as a whole, were, at the time furnished, true, complete and correct in all
material respects to the extent necessary to give the Administrative Agent and the Lenders true and
accurate knowledge of the subject matter. Any projections and pro forma financial
information contained in such materials are based upon good faith estimates and assumptions
believed by the Borrower to be reasonable and attainable at the time made, it being recognized by
the Lenders that such projections as to future events are not to be viewed as facts and that actual
results during the period or periods covered by any such projections may differ from the projected
results.

          (s) Agreements with Affiliates. Except for agreements or arrangements with Affiliates
wherein the Borrower or one or more of its Subsidiaries provides services to such Affiliates for
fair consideration or which are set forth on Schedule 5 attached hereto, neither the
Borrower nor any of its Subsidiaries has (i) any written agreements or binding arrangements of any
kind with any Affiliate or (ii) any management or consulting agreements of any kind with any
Affiliate.

          (t) Payment of Wages. The Borrower and each of its Subsidiaries are in compliance
with the Fair Labor Standards Act, as amended, in all material respects, and to the knowledge of
the Borrower and each of its Subsidiaries, such Persons have paid all minimum and overtime wages
required by law to be paid to their respective employees.

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          (u) Priority. The Security Interest is a valid and perfected first priority security
interest (subject to Permitted Liens) in the Collateral in favor of the Administrative Agent, for
the benefit of itself and the Secured Parties, securing in accordance with the terms of the
Security Documents, the Obligations, and the Collateral is subject to no Liens other than Permitted
Liens. The Liens created by the Security Documents are enforceable as security for the Obligations
in accordance with their terms with respect to the Collateral subject, as to enforcement of
remedies, to the following qualifications: (i) an order of specific performance and an injunction
are discretionary remedies and, in particular, may not be available where damages are considered an
adequate remedy at law, and (ii) enforcement may be limited by the Bankruptcy Exception (insofar as
it relates to the bankruptcy, insolvency or similar event of the Borrower or any of its
Subsidiaries, as the case may be).

          (v) Indebtedness. Except as described on Schedule 6 attached hereto none of
the Borrower nor any of its Subsidiaries has outstanding, as of the Agreement Date, and after
giving effect to the initial Advances hereunder on the Agreement Date, any Indebtedness.

          (w) Solvency. As of the Agreement Date and after giving effect to the transactions
contemplated by the Loan Documents (i) the property of the Borrower, at a fair valuation, will
exceed its debt; (ii) the capital of the Borrower will not be unreasonably small to conduct its
business; (iii) the Borrower will not have incurred debts, or have intended to incur debts, beyond
its ability to pay such debts as they mature; and (iv) the present fair salable value of the assets
of the Borrower will be greater than the amount that will be required to pay its probable
liabilities (including debts) as they become absolute and matured. For purposes of this
Section 4.1(w), “debt” means any liability on a claim, and “claim” means
(i) the right to payment, whether or not such right is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, undisputed, legal, equitable, secured or
unsecured, or (ii) the right to an equitable remedy for breach of performance if such breach gives
rise to a right to
payment, whether or not such right to an equitable remedy is reduced to judgment, fixed,
contingent, matured, unmatured, undisputed, secured or unsecured.

          (x) Patents, Trademarks, Franchises, etc. The Borrower and each of its Subsidiaries
owns, possesses, or has the right to use all necessary patents, trademarks, trademark rights, trade
names, trade name rights, service marks, copyrights and franchises, and rights with respect
thereof, necessary to conduct its respective business as now conducted, without known conflict with
any patent, trademark, trade name, service mark, franchise, or copyright of any other Person, and
in each case, subject to no mortgage, pledge, Lien, lease, encumbrance, charge, security interest,
title retention agreement or option, other than Permitted Liens. All such patents, trademarks,
trademark rights, trade names, trade name rights, service marks, copyrights, and franchises are
listed as of the Agreement Date on Schedule 7 attached hereto and are in full force and
effect, the holder thereof is in full compliance in all material respects with all of the
provisions thereof, and no such asset or agreement is subject to any pending or, to the Borrower’s
knowledge, threatened attack or revocation.

          (y) Collective Bargaining. None of the employees of the Borrower or any of its
Subsidiaries is a party to any collective bargaining agreement with the Borrower or any of its

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Subsidiaries except as set forth on Schedule 8 attached hereto, and, to the knowledge of
the Borrower and its officers, there are no material grievances, disputes, or controversies with
any union or any other organization of the employees of the Borrower or any of its Subsidiaries or
threats of strikes, work stoppages, or any asserted pending demands for collective bargaining by
any union or other organization except as set forth on Schedule 8 attached hereto.

          (z) Environmental Protection.

               (i) Except as set forth in Schedule 9 attached hereto, neither the Borrower nor any of
its Subsidiaries nor any of their respective Real Property or operations are subject to any
outstanding written order, consent decree or settlement agreement with any Person relating to (A)
any Environmental Law, (B) any Environmental Claim or (C) any Hazardous Materials Activity;

               (ii) Neither the Borrower nor any of its Subsidiaries has received any letter or written
request for information under Section 104 of the Comprehensive Environmental Response, Compensation
and Liability Act (42 U.S.C. § 9604) or any comparable state law.

               (iii) There are no and, to the Borrower’s knowledge, have been no conditions, occurrences, or
Hazardous Materials Activities which could reasonably be expected to form the basis of an
Environmental Claim against the Borrower or any of its Subsidiaries that, individually or in the
aggregate, could reasonably be expected to have a Materially Adverse Effect;

               (iv) Neither the Borrower nor any of its Subsidiaries, nor, to the Borrower’s knowledge, any
predecessor of the Borrower or any of its Subsidiaries has filed any notice under any Environmental
Law indicating past or present Release of Hazardous Materials on any Real Property, and neither the
Borrower nor any of its Subsidiaries’ operations involves
the generation, transportation, treatment, storage or disposal of hazardous waste (other than
hazardous waste generated in the ordinary course of business, and which is not reasonably likely to
materially adversely affect the Real Property or have a Materially Adverse Effect), as defined
under 40 C.F.R. Parts 260-270 or any state equivalent; and

               (v) Compliance with all current requirements pursuant to or under Environmental Laws will not,
individually or in the aggregate, have a reasonable possibility of giving rise to a Materially
Adverse Effect.

     Notwithstanding anything in this Section 4.1(z) to the contrary, to the knowledge of
Borrower or any of its Subsidiaries, no event or condition has occurred or is occurring with
respect to the Borrower or any of its Subsidiaries relating to any Environmental Law, any Release
of Hazardous Materials, or any Hazardous Materials Activity which individually or in the aggregate
has had or could reasonably be expected to have a Materially Adverse Effect.

          (aa) OFAC. None of the Borrower, any Subsidiary of the Borrower or any Affiliate of
the Borrower: (i) is a Sanctioned Person, (ii) has a substantial portion of its assets in
Sanctioned Entities, or (iii) derives a substantial portion of its operating income from

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investments in, or transactions with Sanctioned Persons or Sanctioned Entities. The proceeds of
any Loan will not be used and have not been used to fund any operations in, finance any investments
or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

     Section 4.2 Survival of Representations and Warranties, etc. All representations and
warranties made under this Agreement and any other Loan Document shall be deemed to be made, and
shall be true and correct in all material respects (except, to the extent that any such
representation and warranty is qualified by materiality or Materially Adverse Effect, in which case
such representation and warranty shall be true and correct in all respects), at and as of the
Agreement Date and on the date of the making, Continuation or Conversion of each Advance or
issuance of Letter of Credit, except to the extent relating specifically to the Agreement Date or
an earlier date. All representations and warranties made under this Agreement and the other Loan
Documents shall survive, and not be waived by, the execution hereof by the Lenders and the
Administrative Agent, any investigation or inquiry by any Lender or the Administrative Agent, or
the making, Continuation or Conversion of any Advance under this Agreement.

ARTICLE 5

General Covenants

     So long as any of the Obligations is outstanding and unpaid (other than contingent indemnity
and expense reimbursement obligations for which no claim has been made) or the Lenders have an
obligation to fund Advances hereunder (whether or not the conditions to borrowing have been or can
be fulfilled), and unless the Required Lenders, or such greater number of Lenders as may be
expressly provided herein, shall otherwise consent in writing:

          Section 5.1 Preservation of Existence and Similar Matters. Except as permitted under
Section 7.4, the Borrower will, and will cause each of its Subsidiaries to:

          (a) preserve and maintain its existence, and its material rights, franchises, Licenses and
privileges; and

          (b) qualify and remain qualified and authorized to do business in each jurisdiction in which
the character of its properties or the nature of its business requires such qualification or
authorization, except for such failure to so qualify and be so authorized as could not reasonably
be expected to have a Materially Adverse Effect.

          Section 5.2 Business; Compliance with Applicable Law. The Borrower will, and will
cause each of its Subsidiaries to, (a) engage only in Permitted Businesses and (b) comply in all
material respects with the requirements of all Applicable Law.

          Section 5.3 Maintenance of Properties. The Borrower will, and will cause each of its
Subsidiaries to, maintain or cause to be maintained in the ordinary course of business in good
repair, working order and condition (reasonable wear and tear excepted) all properties

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used in
their respective businesses (whether owned or held under lease), other than obsolete equipment or
unused assets, and from time to time make or cause to be made all needed and appropriate repairs,
renewals, replacements, additions, betterments and improvements thereto.

          Section 5.4 Accounting Methods and Financial Records. The Borrower will, and will
cause each of its Subsidiaries on a consolidated and consolidating basis to, maintain a system of
accounting established and administered in accordance with GAAP, keep adequate records and books of
account in which complete entries will be made in accordance with GAAP and reflecting all
transactions required to be reflected by GAAP and keep accurate and complete records of their
respective properties and assets. The Borrower and its Subsidiaries will maintain a fiscal year
ending on December 31st.

          Section 5.5 Insurance. The Borrower will, and will cause each of its Subsidiaries to:

          (a) maintain insurance, including, without limitation, business interruption coverage and
public liability coverage insurance from responsible companies in such amounts and against such
risks to the Borrower and each of its Subsidiaries as is prudent for similarly situated companies
engaged in the television broadcast industry or same industry as any other Permitted Business, as
applicable, and as is reasonably acceptable to the Administrative Agent;

          (b) keep their respective assets insured by insurers on terms and in a manner reasonably
acceptable to the Administrative Agent against loss or damage by fire, theft, burglary, loss in
transit, explosions and hazards insured against by extended coverage, in amounts which are prudent
for companies in similarly situated industries and reasonably satisfactory to the Administrative
Agent, all premiums thereon to be paid by the Borrower and its Subsidiaries; and

          (c) require that each insurance policy provide for at least thirty (30) days’ prior written
notice to the Administrative Agent of any termination of or proposed cancellation or nonrenewal of
such policy, and name the Administrative Agent as additional named lender loss payee and, as
appropriate, additional insured, to the extent of the Obligations.

     In addition to the foregoing, in the event that any insurer distributes insurance proceeds, a
condemnation award, or any other disbursement in connection with any of the foregoing insurance
policies, the Administrative Agent is authorized to collect such distribution and, if received by
the Borrower or any of its Subsidiaries after the occurrence and during the continuation of an
Event of Default, such distribution shall be paid over to the Administrative Agent. Any such
distribution shall be applied to prepay the Loans as set forth in Section 2.6(b)(iii).

          Section 5.6 Payment of Taxes and Claims. The Borrower will, and will cause each of
its Subsidiaries to, pay and discharge all taxes, including, without limitation, withholding taxes,
assessments and governmental charges or levies required to be paid by them or imposed upon them or
their income or profits or upon any properties belonging to them, prior to the date on which
penalties attach thereto, and all lawful claims for labor, materials and supplies which, if unpaid,
might become a Lien or charge upon any of their properties; provided, however, that
no
 

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such tax, assessment, charge, levy or claim need be paid which is being diligently contested in
good faith by appropriate proceedings and for which adequate reserves shall have been set aside on
the appropriate books, but only so long as such tax, assessment, charge, levy or claim does not
become a Lien or charge other than a Permitted Lien and no foreclosure, distraint, sale or similar
proceedings shall have been commenced. The Borrower will, and will cause each of its Subsidiaries
to, timely file all information returns required by federal, state or local tax authorities.

          Section 5.7 Compliance with ERISA.

          (a) The Borrower will, and will cause its Subsidiaries to, make all contributions to any Plan
when such contributions are due and not incur any “accumulated funding deficiency” within the
meaning of Section 412(a) of the Code, whether or not waived, and will otherwise comply with the
requirements of the Code and ERISA with respect to the operation of all Plans, except to the extent
that the failure to so comply could not have a Materially Adverse Effect.

          (b) The Borrower will furnish to Administrative Agent (i) within thirty (30) days after any
officer of the Borrower obtains knowledge that a “prohibited transaction” (within the meaning of
Section 406 of ERISA or Section 4975 of the Code) has occurred with respect to any material Plan of
the Borrower or its ERISA Affiliates, including its Subsidiaries, that any Reportable Event has
occurred with respect to any Plan or that PBGC has instituted or will institute proceedings under
Title IV of ERISA to terminate any Plan or to appoint a trustee to administer any Plan, a statement
setting forth the details as to such prohibited transaction, Reportable Event or termination or
appointment proceedings and the action which it (or any other Plan sponsor if other than the
Borrower) proposes to take with respect thereto, together with a copy of the notice of such
Reportable Event given to PBGC if a copy of such notice is
available to the Borrower, any of its Subsidiaries or any of its ERISA Affiliates, (ii) promptly
after receipt thereof, a copy of any notice the Borrower, any of its Subsidiaries or any of its
ERISA Affiliates or the sponsor of any Plan receives from PBGC, or the Internal Revenue Service or
the Department of Labor which sets forth or proposes any action or determination with respect to
such Plan, (iii) promptly upon the Administrative Agent’s or any Lender’s request therefor, any
annual report required to be filed pursuant to ERISA in connection with each Plan maintained by the
Borrower or any of its ERISA Affiliates, including the Subsidiaries, and (iv) promptly upon the
Administrative Agent’s request therefor, such additional information concerning any such Plan as
may be reasonably requested by the Administrative Agent.

          (c) The Borrower will promptly notify the Administrative Agent of any excise taxes which have
been assessed or which the Borrower, any of its Subsidiaries or any of its ERISA Affiliates has
reason to believe may be assessed against the Borrower, any of its Subsidiaries or any of its ERISA
Affiliates by the Internal Revenue Service or the Department of Labor with respect to any Plan of
the Borrower or its ERISA Affiliates, including its Subsidiaries.

          (d) Within the time required for notice to the PBGC under Section 302(f)(4)(A) of ERISA, the
Borrower will notify the Administrative Agent of any Lien arising under Section 302(f) of ERISA in
favor of any Plan of the Borrower or its ERISA Affiliates, including its Subsidiaries.

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          (e) The Borrower will not, and will not permit any of its Subsidiaries or any of its ERISA
Affiliates to take any of the following actions or permit any of the following events to occur if
such action or event together with all other such actions or events would subject the Borrower, any
of its Subsidiaries, or any of its ERISA Affiliates to any tax, penalty, or other liabilities which
could have a Materially Adverse Effect:

          (i) engage in any transaction in connection with which the Borrower, any of its
Subsidiaries or any ERISA Affiliate could be subject to either a civil penalty assessed
pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Code;

          (ii) terminate any Plan in a manner, or take any other action, which could result in
any liability of the Borrower, any of its Subsidiaries or any ERISA Affiliate to the PBGC;

          (iii) fail to make full payment when due of all amounts which, under the provisions of
any Plan, the Borrower, any of its Subsidiaries or any ERISA Affiliate is required to pay as
contributions thereto, or permit to exist any accumulated funding deficiency within the
meaning of Section 412(a) of the Code, whether or not waived, with respect to any Plan; or

          (iv) permit the present value of all benefit liabilities under all Plans which are
subject to Title IV of ERISA to exceed the present value of the assets of such Plans
allocable to such benefit liabilities (within the meaning of Section 4041 of ERISA),
except as may be permitted under actuarial funding standards adopted in accordance with
Section 412 of the Code.

          Section 5.8 Visits and Inspections. The Borrower will, and will cause each of its
Subsidiaries to, permit representatives of the Administrative Agent and any of the Lenders, prior
to the occurrence of an Event of Default upon reasonable prior notice and at any time upon the
occurrence and during the continuance of an Event of Default, to (a) visit and inspect the
properties of the Borrower or any of its Subsidiaries during business hours, (b) inspect and make
extracts from and copies of their respective books and records, and (c) discuss with their
respective principal officers their respective businesses, assets, liabilities, financial
positions, results of operations and business prospects. The Borrower and each of its Subsidiaries
will also permit representatives of the Administrative Agent and any of the Lenders to discuss with
their respective accountants the Borrower’s and its Subsidiaries’ businesses, assets, liabilities,
financial positions, results of operations and business prospects. Notwithstanding the foregoing,
with respect to environmental inspections of the properties of the Borrower or any of its
Subsidiaries, representatives of the Administrative Agent shall only have the right to inspect
twice every twelve (12) months, unless the Administrative Agent has a reasonable basis to believe
that a condition exists or an event has occurred which reasonably could give rise to material
liability to the Borrower or its Subsidiaries under applicable Environmental Laws, or an Event of
Default has occurred.

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          Section 5.9 Payment of Indebtedness; Loans. Subject to any provisions herein or in
any other Loan Document, the Borrower will, and will cause each of its Subsidiaries to, pay any and
all of their respective Indebtedness when and as it becomes due, other than amounts diligently
disputed in good faith and for which adequate reserves have been set aside in accordance with GAAP.

          Section 5.10 Use of Proceeds. The Borrower will use the aggregate proceeds of all
Advances under the Loans directly or indirectly: (a) to refinance, repurchase or redeem existing
Indebtedness of the Borrower including, without limitation, (i) Indebtedness under the Prior Loan
Agreement and (ii) the Note Redemption; (b) to finance the Series C Preferred Stock Redemption; and
(c) to the extent permitted hereunder, for working capital needs, Capital Expenditures,
Acquisitions, Investments, Restricted Payments, and other general corporate purposes of the
Borrower and its Subsidiaries which do not otherwise conflict with this Section 5.10
(including, without limitation, the payment of the fees and expenses incurred in connection with
the execution and delivery of this Agreement, the refinancing of the Prior Loan Agreement and the
Note Redemption and the Series C Preferred Stock Redemption); provided, that (x) the
proceeds of the Second Term Loan B Draw may be used solely to finance the Note Redemption, pay fees
and expenses related to the Note Redemption and, to the extent any excess proceeds remain after
such Note Redemption, to prepay any outstanding Revolving Loans and (y) the proceeds of the Third
Term Loan B Draw may be used solely to finance the Series C Preferred Stock Redemption, pay fees
and expenses related to the Series C Preferred Stock Redemption (including payment of all accrued
and unpaid dividends thereon) and, to the extent any excess proceeds remain after such Series C
Preferred Stock Redemption, to prepay any outstanding Revolving Loans. No proceeds of Advances
hereunder shall be used for the purchase or carrying or the extension of credit for the purpose of
purchasing or carrying, any margin stock which would result in the violation of the Fed
Regulations.

          Section 5.11 Indemnity

          (a) Indemnification by the Borrower. The Borrower shall indemnify the Lead Arranger,
Administrative Agent (and any sub-agent thereof), each Lender and the Issuing Bank, and each
Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, and shall pay or reimburse
any such Indemnitee for, any and all losses, claims (including, without limitation, any
Environmental Claims or civil penalties or fines assessed by OFAC), damages, liabilities and
related expenses (including the reasonable fees, charges and disbursements of any counsel for any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the
Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii)
any actual or alleged presence or Release of Hazardous Materials on or from any property owned or
operated by the Borrower or any of its Subsidiaries, or any Environmental Claim related in any way
to the Borrower or any of its Subsidiaries, (iv) any

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actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory, whether brought by a third party or by the Borrower, and regardless of whether
any Indemnitee is a party thereto, or (v) any claim, investigation, litigation or other proceeding
(whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and
defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other
Loan Document, or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby, including without limitation, reasonable attorneys and
consultant’s fees, provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a
claim brought by the Borrower or any other Subsidiary against an Indemnitee for breach in bad faith
of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or
such Subsidiary has obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction.

          (b) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
Applicable Law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the
proceeds thereof. No Indemnitee referred to in clause (a) above shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by
it through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby,
unless such use of information or other materials by unintended recipients is determined by a court
of competent jurisdiction, by a final nonappealable judgment, to have resulted from the gross
negligence or willful misconduct of such Indemnitee.

          Section 5.12 Interest Rate Hedging. Within ninety (90) days immediately following the
Agreement Date, and at all times until the third (3rd) anniversary of the Agreement
Date, the Borrower shall maintain one (1) or more Interest Rate Hedge Agreements, or otherwise fix
the interest rate, with respect to the Borrower’s interest obligations on an aggregate principal
amount of not less than fifty percent (50%) of Total Indebtedness outstanding (but excluding
Indebtedness consisting of the outstanding Revolving Loan Commitment) from time to time as
determined in a manner reasonably satisfactory to the Administrative Agent. Such Interest Rate
Hedge Agreements shall provide interest rate protection in conformity with International Swap
Dealers Association standards. All Interest Rate Hedge Obligations of the Borrower pursuant to any
Interest Rate Hedge Agreement permitted hereunder and all Liens granted to secure such Obligations
shall rank pari passu with all other Obligations and Liens securing such other
Obligations; and any Interest Rate Hedge Agreement between the Borrower and any other Person shall
be unsecured.

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          Section 5.13 Covenants Regarding Formation of Subsidiaries and Acquisitions; Partnership,
Subsidiaries. At the time or within thirty (30) days (or such later time as determined by the
Administrative Agent in its sole discretion) of (i) any Acquisition permitted hereunder, (ii) the
purchase by the Borrower or any of its Subsidiaries of any interests in any Subsidiary of the
Borrower, or (iii) the formation of any new Subsidiary of the Borrower or any of its Subsidiaries
which is permitted under this Agreement, the Borrower will, and will cause its Subsidiaries, as
appropriate, to: (a) provide to the Administrative Agent an executed supplement to the Collateral
Agreement for any new Subsidiary, which shall authorize the filing of appropriate Uniform
Commercial Code financing statements, as well as an executed supplement to the Subsidiary Guaranty
for such new Subsidiary, which shall constitute both Security Documents and Loan Documents for
purposes of this Agreement, as well as a loan certificate for such new Subsidiary, substantially in
the form of Exhibit G-2 attached hereto, together with appropriate attachments; (b) deliver
to the Administrative Agent such original Capital Stock or other certificates and stock or other
transfer powers evidencing the Capital Stock of such Person, (c) deliver to the Administrative
Agent an updated Schedule 4 to this Agreement and such other updated Schedules to the Loan
Documents as may be necessary to make the representations and warranties contained in the Loan
Documents true and correct as of the date such Person is joined to any applicable Loan Document,
and (d) provide to the Administrative Agent all other documentation, including one or more opinions
of counsel, which are satisfactory to the Administrative Agent and which in its opinion is
appropriate with respect to such Acquisition and such Person. Any document, agreement or
instrument executed or issued pursuant to this Section 5.13 shall be a “Loan
Document” for purposes of this Agreement.

          Section 5.14 Payment of Wages. The Borrower will, and will cause each of its
Subsidiaries to, at all times comply in all material respects, with the material requirements of
the Fair Labor Standards Act, as amended, including, without limitation, the provisions of such Act
relating to the payment of minimum and overtime wages as the same may become due from time to time.

          Section 5.15 Further Assurances. The Borrower will promptly cure, or cause to be
cured, defects in the execution and delivery of the Loan Documents (including this Agreement),
resulting from any acts or failure to act by the Borrower or any of its Subsidiaries or any
employee or officer thereof. The Borrower, at its expense, will promptly execute and deliver to
the Administrative Agent and the Lenders, or cause to be executed and delivered to the
Administrative Agent and the Lenders, all such other and further documents, agreements and
instruments in compliance with or accomplishment of the covenants and agreements of the Borrower
and its Subsidiaries in the Loan Documents, including, without limitation, this Agreement, or to
correct any omissions in the Loan Documents, or more fully to state the obligations set out herein
or in any of the Loan Documents, or to obtain any consents, all as may be necessary or appropriate
in connection therewith and as may be reasonably requested.

          Section 5.16 License Subs. At the time of any Acquisition permitted hereunder, the
Borrower shall cause each of the FCC Licenses being acquired by the Borrower or any of its
Subsidiaries to be transferred to one or more License Subs, each of which License Subs shall have
as its sole asset or assets the FCC Licenses of the Borrower or any of its Subsidiaries and a
management agreement with the Borrower and such of its Subsidiaries subject to such FCC

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License or
FCC Licenses, such that from and after such applicable date neither the Borrower nor its
Subsidiaries (other than License Subs) shall hold any FCC Licenses other than through one or more
duly created and existing License Subs. The Borrower shall not permit the License Subs to have any
business activities, operations, assets, Indebtedness, Guaranties or Liens (other than holding FCC
Licenses and owning the Capital Stock of other License Subs, and other than pursuant to a
Subsidiary Guaranty and Collateral Agreement issued in connection herewith or any agreement
referred to in the preceding sentence). Promptly after the transfer of the FCC Licenses to the
License Subs, the Borrower shall provide to the Administrative Agent copies of any required
consents to such transfer from the FCC and any other governmental authority, together with a
certificate of an Authorized Signatory stating that all Necessary Authorizations relating to such
transfer have been obtained or made, are in full force and effect and are not subject to any
pending or threatened reversal or cancellation.

          Section 5.17 Maintenance of Network Affiliations; Operating Agreements. The Borrower
will, and will cause each of its Subsidiaries to, maintain a network affiliation with ABC, CBS,
NBC, FOX, the CW, ION or other network reasonably satisfactory to the Required Lenders at all times
for each Station. The Borrower will, and will cause each of its Subsidiaries to maintain, and not
breach or violate, any and all Operating Agreements and other material contracts and rights
necessary to operate the Stations and any other Permitted Business in all material respects.

          Section 5.18 Ownership Reports. The Borrower will file Ownership Reports for any
Station acquired after the Agreement Date (reflecting such Acquisition by the Borrower) with the
FCC within thirty (30) days after the date of the consummation of such Acquisition.

          Section 5.19 Environmental Compliance.

          (a) The Borrower will, and will cause each of its Subsidiaries to, comply in all material
respects with all applicable Environmental Laws, including, without limitation, all applicable
Environmental Laws in jurisdictions in which the Borrower or any of its Subsidiaries owns or
operates a facility or site, arranges for disposal or treatment of Hazardous Materials, accepts for
transport any Hazardous Materials, or holds any interest in real property. Neither the Borrower
nor any of its Subsidiaries shall cause or allow the release of Hazardous Materials, solid waste or
other wastes on, under or to any Real Property in which the Borrower or such Subsidiary holds any
interest or performs any of its operations, in material violation of any applicable Environmental
Law. The Borrower shall notify the Lenders promptly after its receipt of notice thereof, of any
Environmental Claim which the Borrower receives involving any potential or actual material
liability of the Borrower or any of its Subsidiaries arising in connection with any noncompliance
with or violation of the requirements of any Environmental Law or a material Release or threatened
Release of any Hazardous Materials, into the environment in violation of applicable Environmental
Law. The Borrower shall promptly notify the Lenders (i) of any material Release of Hazardous
Material on, under or from the Real Property in which the Borrower or any of its Subsidiaries holds
or has held an interest, upon the Borrower’s learning thereof by receipt of notice that the
Borrower or any of its Subsidiaries is or may be liable to any Person as a result of such Release
or that the Borrower or such Subsidiary has been identified as potentially responsible for, or is
subject to investigation by any

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Governmental Authority relating to, such Release, and (ii) of the
commencement or overt threat of any judicial or administrative proceeding alleging a material
violation of any Environmental Laws.

          (b) If the Administrative Agent at any time has a reasonable basis to believe that there may
be a violation of any Environmental Law by, or any liability arising thereunder of, the Borrower or
any of its Subsidiaries or related to any real property owned, leased or operated by the Borrower
or any of its Subsidiaries, which violation or liability could reasonably be expected to have a
Materially Adverse Effect, then the Borrower shall, upon written request from the Administrative
Agent, provide the Administrative Agent with such reports, certificates, engineering studies or
other written material or data as the Administrative Agent reasonably may require so as to
reasonably satisfy the Administrative Agent that the Borrower or such Subsidiary is in material
compliance with all applicable Environmental Laws.

          Section 5.20 Series C Preferred Stock Redemption; Note Redemption.

          (a) On or before April 30, 2007, the Borrower shall have issued an irrevocable written notice
to redeem any outstanding Series C Preferred Stock, in accordance with its terms and all Applicable
Laws.

          (b) The Borrower shall, in good faith, use its commercially reasonable best efforts to take
the following actions:

          (i) complete the Series C Preferred Stock Redemption on or before May 31, 2007, and

          (ii) complete the Note Redemption, in accordance with the terms of the Senior
Subordinated Note Indenture and any Applicable Laws, on or before April 30, 2007.

          Section 5.21 Covenants Regarding Post-Closing Deliveries. No later than May 31, 2007,
as such date may be extended by the Administrative Agent in its sole discretion, the Administrative
Agent shall have received delivery of the following, in each case in form and substance reasonably
satisfactory to the Administrative Agent:

          (a) control agreements executed by the Borrower and/or one of its Subsidiaries (as
applicable), the Administrative Agent and the applicable depositary bank or securities intermediary
with respect to all Deposit Accounts or Securities Accounts (in each case as defined in the
Collateral Agreement) of the Borrower and its Subsidiaries identified on Schedules 3.10 or 3.13 of
the Collateral Agreement (other than certain excluded accounts referred to in the Collateral
Agreement or as determined by the Administrative Agent);

          (b) all documentation to be filed with the United States Patent and Trademark Office (or other
applicable office) as the Administrative Agent reasonably deems necessary to evidence the
Administrative Agent’s security interest with respect to each item of intellectual property set
forth on Schedule 3.11 of the Collateral Agreement;

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          (c) originals of each Instrument (as defined in the Collateral Agreement) to be pledged
pursuant to the Collateral Agreement and identified on Schedule 3.14 of the Collateral Agreement,
together with an Effective Endorsement and Assignment (as defined in the Collateral Agreement).

ARTICLE 6

Information Covenants

     So long as any of the Obligations is outstanding and unpaid (other than contingent indemnity
and expense reimbursement obligations for which no claim has been made) or the Lenders have an
obligation to fund Advances hereunder (whether or not the conditions to borrowing have been or can
be fulfilled), and unless the Required Lenders shall otherwise consent in writing, the Borrower
will furnish or cause to be furnished to the Administrative
Agent (with, for the reports required under Sections 6.1, 6.2, and 6.3,
sufficient copies for each Lender):

          Section 6.1 Quarterly Financial Statements and Information. Within fifty (50) days
(or five (5) days following such shorter period as required by Applicable Law) after the last day
of each of the first three (3) quarters of each fiscal year of the Borrower (a) the balance sheets
and the related statements of operations of the Borrower and its Subsidiaries on a consolidated and
consolidating basis as at the end of such quarter and as of the end of the preceding fiscal year
and (b) the related statements of cash flows of the Borrower on a consolidated basis with its
Subsidiaries for such quarter and for the elapsed portion of the year ended with the last day of
such quarter, each of which shall set forth in comparative form such figures as at the end of and
for such quarter and appropriate prior period and shall be certified by the chief financial
officer, chief accounting officer or controller of the Borrower to have been prepared in accordance
with GAAP and to present fairly in all material respects the financial position of the Borrower on
a consolidated and consolidating basis with its Subsidiaries, as at the end of such period and the
results of operations for such period, and for the elapsed portion of the year ended with the last
day of such period, subject only to normal year-end and audit adjustments; and

          Section 6.2 Annual Financial Statements and Information. Within ninety-five (95) days
(or five (5) days following such shorter period as required by Applicable Law) after the end of
each fiscal year of the Borrower: (a) the audited consolidated balance sheet of the Borrower and
its Subsidiaries as of the end of such fiscal year and the related audited consolidated statements
of operations for such fiscal year and for the previous fiscal year, the related audited
consolidated statements of cash flow and members’ equity for such fiscal year and for the previous
fiscal year, each of which shall be accompanied by an opinion of independent certified public
accountants of recognized national standing acceptable to the Administrative Agent (without a
“going concern” or like qualification or exception and without any qualification or exception as to
the scope of the audit) and (b) the unaudited consolidating balance sheet of the Borrower and its
Subsidiaries as of the end of such fiscal year and the related unaudited consolidating statements
of operations for such fiscal year and for the previous

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fiscal year, the related unaudited
consolidating statement of members’ equity for such fiscal year and for the previous fiscal year,
each of which shall set forth in comparative form such figures as at the end of and for such fiscal
year and appropriate prior period and shall be certified by the chief financial officer or
controller of the Borrower to have been prepared in accordance with GAAP and to present fairly in
all material respects the financial position of the Borrower on a consolidated and consolidating
basis with its Subsidiaries as at the end of such period and the results of operations for such
period, subject only to the absence of footnotes and normal year-end and audit adjustments.

          Section 6.3 Performance Certificates. At the time the financial statements are
furnished pursuant to Sections 6.1 and 6.2 and at such other times as the
Administrative Agent shall reasonably request, a certificate of the president, chief financial
officer, chief accounting officer or controller of the Borrower as to its financial performance, in
substantially the form attached hereto as Exhibit H (each, a “Performance
Certificate”):

          (a) setting forth as and at the end of such quarterly period or fiscal year, as the case may
be, the arithmetical calculations required to establish (i) any adjustment to the Applicable
Margins, as provided for in Section 2.3(f) or the Commitment Fees, as provided for in
Section 2.4(a) and (ii) whether or not the Borrower was in compliance with the requirements
of Section 7.8;

          (b) stating that, to his or her knowledge, no Default has occurred as at the end of such
quarterly period or year, as the case may be, or, if a Default has occurred, disclosing each such
Default and its nature, when it occurred, whether it is continuing and the steps being taken by the
Borrower with respect to such Default; and

          (c) containing a list of all Acquisitions, Investments (other than Cash Equivalents),
Restricted Payments and Asset Sales, in each case, which exceed $5,000,000 per transaction or
series of related transactions, for the eight (8) quarter period then ended or most recently ended,
together with the total amount for each of the foregoing categories.

          Section 6.4 Copies of Other Reports.

          (a) Promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower by
the Borrower’s independent public accountants regarding the Borrower, including, without
limitation, any management report submitted to the board of directors of the Borrower prepared in
connection with the annual audit referred to in Section 6.2.

          (b) From time to time and promptly upon each request, such data, certificates, reports,
statements, documents or further information regarding the business, assets, liabilities, financial
position, projections, results of operations or business prospects of the Borrower or any of its
Subsidiaries, as the Administrative Agent or any Lender may reasonably request.

          (c) Annually, certificates of insurance indicating that the requirements of Section
5.5 remain satisfied for such fiscal year, together with, upon request, copies of any new or
replacement insurance policies obtained during such year.

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          (d) Within sixty (60) days of the beginning of each fiscal year, the annual budget for the
Borrower and its Subsidiaries on a quarter by quarter basis.

          (e) Promptly upon their becoming available, copies of (i) all financial statements, reports,
notices and proxy statements sent or made available generally by the Borrower to its security
holders or by any Subsidiary to its security holders other than the Borrower or another Subsidiary,
(ii) all regular and periodic reports and all registration statements (other than on Form S-8 or a
similar form) and prospectuses, if any, filed by the Borrower or any of its Subsidiaries with any
securities exchange or with the United States Securities and Exchange Commission or any
governmental or private regulatory authority, (iii) all press releases and other statements made
available generally by the Borrower or any of its Subsidiaries to the public concerning material
developments in the business of the Borrower or
any of its Subsidiaries, (iv) any material non-routine correspondence or official notices received
by the Borrower, or any of its Subsidiaries from the FCC or other communications regulatory
authority, and (v) all material information filed by the Borrower or any of its Subsidiaries with
the FCC (including all Ownership Reports and amendments or supplements to any Ownership Report).

          (f) Promptly upon (i) receipt of notice of (A) any forfeiture, non-renewal, cancellation,
termination, revocation, suspension, impairment or material modification of any material License
held by the Borrower or any of its Subsidiaries, or any notice of default or forfeiture with
respect to any such License, or (B) any refusal by any Governmental Authority or agency (including
the FCC) to renew or extend any such License, a certificate specifying the nature of such event,
the period of existence thereof, and what action the Borrower and its Subsidiaries are taking and
propose to take with respect thereto, and (ii) any Acquisition of any Station, a written notice
setting forth with respect to such Station all of the data required to be set forth in Schedule
2 with respect to such Stations and the Licenses required in connection with the ownership and
operation of such Station (it being understood that such written notice shall be deemed to
supplement Schedule 2 attached hereto for all purposes of this Agreement).

          Section 6.5 Notice of Litigation and Other Matters. Notice specifying the nature and
status of any of the following events, promptly, but in any event not later than fifteen (15) days
after the occurrence of any of the following events becomes known to the Borrower:

          (a) the commencement of all proceedings and investigations by or before any Governmental
Authority and all actions and proceedings in any court or before any arbitrator against the
Borrower or any Subsidiary, or, to the extent known to the Borrower, which could reasonably be
expected to have a Materially Adverse Effect;

          (b) any material adverse change with respect to the business, assets, liabilities, financial
position, annual budget, results of operations, business prospects or projections of the Borrower
and its Subsidiaries, taken as a whole, other than changes in the ordinary course of business which
have not had and would not reasonably be expected to have a Materially Adverse Effect and other
than changes in the industry in which the Borrower or any of its Subsidiaries operate which would
not reasonably be expected to have a Materially Adverse Effect;

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          (c) any Default or the occurrence or non-occurrence of any event (i) which constitutes, or
which with the passage of time or giving of notice or both would constitute a default by the
Borrower or any of its Subsidiaries under any material agreement other than this Agreement and the
other Loan Documents to which the Borrower or any Subsidiary is party or by which any of their
respective properties may be bound, including, without limitation, the Subordinated Note Indenture
or any License, Operating Agreement or other material contract, or (ii) which could have a
Materially Adverse Effect, giving in each case a description thereof and specifying the action
proposed to be taken with respect thereto;

          (d) the institution or threatened institution by PBGC of proceedings under ERISA to terminate
or to partially terminate any Plan or the commencement or overtly
threatened commencement of any litigation regarding any such Plan or naming it or the trustee of
any such Plan with respect to such Plan or any action taken by the Borrower, any Subsidiary of the
Borrower or any ERISA Affiliate of the Borrower to withdraw or partially withdraw from any Plan or
to terminate any Plan;

          (e) the occurrence of any event subsequent to the Agreement Date which, if such event had
occurred prior to the Agreement Date, would have constituted an exception to the representation and
warranty in Section 4.1(m) of this Agreement; and

          (f) the occurrence of any action, event, investigation, notice or other item that could
reasonably be expected to restrain, prevent or impose any material adverse conditions on the Series
C Preferred Stock Redemption or the Note Redemption contemplated by Section 5.20.

     Documents required to be delivered pursuant to Section 6.1 or 6.2 (to the
extent any such documents are included in materials otherwise filed with the United States
Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the website address listed in
Section 11.1; or (ii) on which such documents are posted on the Borrower’s behalf on an
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent);
provided that: (x) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a
written request to cease delivering paper copies is given by the Administrative Agent or such
Lender and (y) the Borrower shall notify the Administrative Agent and each Lender (by telecopier or
electronic mail) of the posting of any such documents and provide to the Administrative Agent by
electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding
anything contained herein, in every instance the Borrower shall be required to provide paper copies
of the Performance Certificates required by Section 6.3 to the Administrative Agent.
Except for such Performance Certificates, the Administrative Agent shall have no obligation to
request the delivery or to maintain copies of the documents referred to above, and in any event
shall have no responsibility to monitor compliance by the Borrower with any such request for
delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

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     The Borrower hereby acknowledges that the Administrative Agent and/or the Lead Arranger will
make available to the Lenders and the Issuing Bank, subject to Section 11.5(f), materials
and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on SyndTrak Online or another similar electronic
system (the “Platform”). The Borrower will cooperate with the Administrative Agent in
connection with the publication of Borrower Materials pursuant to this Article 6 and will
designate Borrower Materials (a) that are either available to the public or not material with
respect to the Borrower and its Subsidiaries or any of their respective securities for purposes of
United States federal and state securities laws, as “Public Information” and (b) that are
not Public Information as “Private Information”.

ARTICLE 7

Negative Covenants

     So long as any of the Obligations is outstanding and unpaid (other than contingent indemnity
and expense reimbursement obligations for which no claim has been made) or the Lenders have an
obligation to fund Advances hereunder (whether or not the conditions to borrowing have been or can
be fulfilled), and unless the Required Lenders, or such greater number of Lenders as may be
expressly provided herein, shall otherwise give their prior consent in writing:

          Section 7.1 Indebtedness of the Borrower and its Subsidiaries. The Borrower shall
not, and shall not permit any of its Subsidiaries to, create, assume, incur or otherwise become or
remain obligated in respect of, or permit to be outstanding, any Indebtedness except:

     (a) the Obligations (excluding Interest Rate Hedge Obligations permitted pursuant to
Section 7.1(b)) and any Incremental Facility Loans permitted hereunder;

     (b) Indebtedness incurred in connection with any Interest Rate Hedge Agreement (i) with a
counterparty and upon terms and conditions (including interest rate) reasonably satisfactory to the
Administrative Agent or (ii) required pursuant to Section 5.12; provided that any
counterparty that is a Lender or an Affiliate of a Lender shall be deemed satisfactory to the
Administrative Agent;

     (c) Subordinated Indebtedness incurred on terms and conditions satisfactory to the
Administrative Agent; provided that any Subordinated Indebtedness incurred to refinance,
replace, renew or extend the Subordinated Indebtedness existing on the Agreement Date and that is
on terms and conditions substantially similar to the Subordinated Indebtedness being refinanced,
replaced, renewed or extended shall be deemed satisfactory to the Administrative Agent; and
provided further that, in each case, the Net Proceeds (Indebtedness) of such
Subordinated Indebtedness in excess of any such Subordinated Indebtedness being refinanced,
replaced, renewed or extended in connection therewith, shall be applied pursuant to Section
2.6(b)(v), other than the Net Proceeds (Indebtedness) of any Subordinated Indebtedness incurred
to pay all or a portion of the purchase price in connection with an Acquisition or to consummate

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an
Investment, in each case as permitted pursuant to Section 7.6 (provided that (i)
the Administrative Agent has received prior written notice of the incurrence of such Subordinated
Indebtedness at the time of any notice required pursuant to Section 7.6, (ii) such
Subordinated Indebtedness is incurred not more than 60 days prior to the consummation of such
Acquisition or Investment and (iii) no Default or Event of Default has occurred and is continuing
at the time of such incurrence or would exist after giving effect thereto);

     (d) Indebtedness existing on the Agreement Date and set forth on Schedule 6, and, so
long as no Default or Event of Default shall have occurred and be continuing or would result
therefrom, any refinancings, refundings, renewals or extensions thereof; provided that such
refinancings, refundings, renewals or extensions shall be (A) no more restrictive on the Borrower
and its Subsidiaries than the Indebtedness being refinanced, refunded, renewed or extended and
(B) in an amount not greater than the amount outstanding at the time of such refinancing,
refunding, renewal or extension plus an amount equal to a reasonable premium or other reasonable
amount paid, and fees (including prepayment fees) and expenses reasonably incurred, in connection
with such refinancing, refunding, renewal or extension; and

     (e) other Indebtedness; provided that (i) the Borrower and its Subsidiaries shall be
in pro forma compliance with the financial covenant set forth in Section
7.8 both before and after giving effect to the incurrence of such Indebtedness, (ii) no Default
or Event of Default has occurred and is continuing both before and after giving effect to the
incurrence of such Indebtedness and (iii) the Administrative Agent shall have approved the terms
and conditions for each incurrence of Indebtedness in excess of $25,000,000 (other than Permitted
Secured Indebtedness), which approval shall not be unreasonably withheld, delayed or conditioned.

          Section 7.2 Limitation on Liens. The Borrower shall not, and shall not permit any of
its Subsidiaries to, create, assume, incur or permit to exist or to be created, assumed, incurred
or permitted to exist, directly or indirectly, any Lien on any of its properties or assets, whether
now owned or hereafter acquired, except for Permitted Liens. The Borrower shall not, and shall not
permit any of its Subsidiaries to undertake, covenant or agree with any third party that it will
not create, assume, incur or permit to exist any Lien in the favor the Administrative Agent or the
Lenders securing the Obligations on any of its assets or properties, whether now owned or hereafter
acquired, except for any such undertakings, covenants or agreements in connection with Permitted
Liens.

          Section 7.3 Amendment and Waiver. The Borrower shall not, and shall not permit any of
its Subsidiaries to, enter into any amendment of, or agree to or accept or consent to any waiver of
any of the provisions of its articles or certificate of incorporation, or its partnership agreement
or its by-laws, as appropriate, any License or Operating Agreement or any of the documents
evidencing Subordinated Indebtedness, in each case, in any respect materially adverse to the
Administrative Agent or any Lender or any of their rights or claims under any of the Loan
Documents.

          Section 7.4 Liquidation, Merger or Disposition of Assets.

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          (a) Disposition of Assets. The Borrower shall not, and shall not permit any of its
Subsidiaries to, make any Asset Sale; provided, however, that the Borrower and its
Subsidiaries, or any of them, may make Asset Sales if such Asset Sales:

               (i) are in the ordinary course of business of assets held for resale in the ordinary course of
business or the trade in or replacement of assets in the ordinary course of business,

               (ii) consist of assets in exchange for which the Borrower or any Subsidiary receives property
or other consideration at least equal to the fair market value of the assets so exchanged as
determined by the board of directors of the Borrower; provided that at least ten
(10) days prior to the completion of such exchange, the Borrower shall provide to the
Administrative Agent (in each case in form and substance reasonably satisfactory to the
Administrative Agent):

               (A) a written notification of such exchange describing the assets to be exchanged and
the proposed closing date of the exchange;

               (B) a certificate, executed by an Authorized Signatory of the Borrower, (x) certifying
that the board of directors has determined that the property or other consideration received
by the Borrower and its Subsidiaries is at least equal to the fair market value of the
assets so exchanged, (y) attaching calculations evidencing that the property or other
consideration received by the Borrower and its Subsidiaries is at least equal to the fair
market value of the assets so exchanged and (z) attaching any other information considered
by the board of directors and evidencing the board of directors’ analysis of the attached
calculations in making the determination that the property or other consideration received
by the Borrower and its Subsidiaries is at least equal to the fair market value of the
assets so exchanged;

               (C) such other documentation as the Administrative Agent shall reasonably request;

          provided further, that any cash or Cash Equivalents that are received by the Borrower
or any Subsidiary in connection with any asset exchange pursuant to this Section
7.4(a)(ii) shall be applied pursuant to Section 2.6(b)(iii),

               (iii) do not exceed $25,000,000 in the aggregate per fiscal year, so long as:

               (A) at least seventy-five percent (75%) of the consideration received in each such
Asset Sale (or series of related Asset Sales) is in the form of cash or Cash Equivalents;
and

               (B) the proceeds of such Asset Sale (or series of related Asset Sales) are applied
pursuant to Section 2.6(b)(iii);

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     provided that the aggregate amount of any cash or Cash Equivalents that are received
by the Borrower or any Subsidiary pursuant to an Asset Sale made during such fiscal year and
permitted under Section 7.4(a)(ii) shall be included in determining the amounts of Asset
Sales permitted under this Section 7.4(a)(iii),

               (iv) consist of the sale or discount without recourse by the Borrower or any Subsidiary
thereof of accounts receivable arising in the ordinary course of business in connection with the
compromise or collection thereof,

               (v) consist of leases, subleases or licenses granted by the Borrower or any of its
Subsidiaries to third Persons in the ordinary course of business that do not interfere in any
material respect with the business of the Borrower or any of its Subsidiaries or

               (vi) arise on account of the disposition of any Interest Rate Hedge Agreement.

          (b) Liquidation or Merger. The Borrower shall not, and shall not permit any of its
Subsidiaries to, at any time liquidate or dissolve itself (or suffer any liquidation or
dissolution) or otherwise wind up, or enter into any merger, other than (so long as no Default
exists or would be caused thereby): (i) a merger or consolidation among the Borrower and one or
more of its Subsidiaries, provided that (other than a merger of Gray with and into a New
Borrower in connection with a Holding Company Reorganization) the Borrower is the surviving
corporation, or (ii) a merger solely between or among two or more Subsidiaries of the Borrower, or
(iii) in connection with an Acquisition permitted hereunder effected by a merger in which the
Borrower or, in a merger in which the Borrower is not a party, a Subsidiary of the Borrower is the
surviving corporation or the surviving corporation becomes a Subsidiary of the Borrower and
complies with the requirements of Section 5.13, or (iv) in connection with a Holding
Company Reorganization.

          Section 7.5 Limitation on Guaranties. The Borrower shall not, and shall not permit
any of its Subsidiaries to, at any time Guaranty, assume, be obligated with respect to, or permit
to be outstanding any Guaranty of, any obligation of any other Person other than: (a) a guaranty
by endorsement of negotiable instruments for collection in the ordinary course of business; (b) as
may be contained in any Loan Document; (c) Guaranties of Indebtedness incurred as permitted
pursuant to Section 7.1 (provided, in each case of a Guaranty under this clause
(c), that (i) any Guaranty of Subordinated Indebtedness shall be subordinated to the Obligations on
terms and conditions satisfactory to the Administrative Agent and (ii) the Borrower shall have
provided to the Administrative Agent and the Lenders calculations in form and substance reasonably
satisfactory to the Administrative Agent, specifically demonstrating compliance with Section
7.8 after giving effect to such Guaranty) or (d) Guaranties existing on the Agreement Date and
identified on Schedule 12.

          Section 7.6 Investments and Acquisitions. The Borrower shall not, and shall not
permit any of its Subsidiaries to, directly or indirectly make any Acquisition or Investment;
provided, however, that so long as no Default or Event of Default exists or would
be caused thereby the Borrower and its Subsidiaries may:

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          (a) make Investments in Cash Equivalents;

          (b) make Investments in Subsidiaries that are party to the Subsidiary Guaranty;

          (c) make Acquisitions subject to satisfaction of the following conditions:

               (i) such Acquisition is in a Permitted Business;

               (ii) the Borrower complies with Sections 5.13 and 5.16; and

               (iii) for any Acquisition with aggregate consideration (including all cash payments,
equity issuances and Indebtedness in connection therewith) in excess of $25,000,000:

               (A) the Borrower shall have given to the Administrative Agent written notice of
such Acquisition at least fifteen (15) days prior to executing any binding
commitment with respect thereto, which notice shall state the additional amounts, if
any, of Liens to be incurred in connection therewith, and the structure of the
transaction shall be in form and substance reasonably acceptable to the
Administrative Agent;

               (B) the Borrower shall have provided to the Administrative Agent five (5) days
prior to the consummation of the proposed Acquisition the agreement governing such
Acquisition (and all related documents and instruments to the extent reasonably
requested by the Administrative Agent); and

               (C) the Borrower shall have provided to the Administrative Agent and the
Lenders within ten (10) days prior to the consummation of the proposed Acquisition
an acquisition report signed by an executive officer of the Borrower, in form and
substance reasonably satisfactory to the Administrative Agent, which shall include,
without limitation, (X) financial calculations specifically demonstrating the
Borrower’s pro forma compliance with Section 7.8 after giving effect to such
Acquisition and (Y) financial projections for the Borrower for a five (5) year
period after the closing of such Acquisition after giving effect to such
Acquisition, including, without limitation, a statement of sources and uses of funds
for such Acquisition showing, among other things, the sources of financing for such
Acquisition, and demonstrating Borrower’s ability to meet its repayment obligations
hereunder through the Maturity Date;

          (d) make Investments in the form of Interest Rate Hedge Agreements permitted pursuant to
Section 7.1;

          (e) make deposits, prepayments and other credits to suppliers, lessors and landlords made in
the ordinary course of business;

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          (f) make advances by the Borrower or any Subsidiary to employees for moving and travel
expenses and similar expenses in an aggregate amount not to exceed $1,000,000 at any one time;

          (g) make other Investments in joint ventures or similar business arrangements;
provided, that on or prior to the consummation of any such Investment or series of related
Investments in excess of $10,000,000, the Borrower shall provide to the Administrative Agent, (i)
in form and substance reasonably satisfactory to the Administrative Agent, financial calculations
specifically demonstrating the Borrower’s pro forma compliance with Section
7.8 after giving effect to such Investment, (ii) in form and substance reasonably satisfactory
to the Administrative Agent, financial projections for the Borrower for a five (5) year period
after the
closing of such Investment after giving effect to such Investment, including, without limitation, a
statement of sources and uses of funds for such Investment showing, among other things, the sources
of financing for such Investment, and demonstrating Borrower’s ability to meet its repayment
obligations hereunder through the Maturity Date, (iii) certification that no Default or Event of
Default exists or will be caused by such Investment and (iv) copies of the documentation governing
such Investment;

          (h) acquire and hold promissory notes and/or Capital Stock issued by the purchaser or
purchasers in connection with an Asset Sale permitted under Section 7.4; provided,
that such promissory notes and/or Capital Stock shall be pledged to the Administrative Agent for
the ratable benefit of itself and the other Secured Parties in accordance with the Collateral
Agreement or

          (i) in the ordinary course of business, make Investments in Capital Expenditures.

          Section 7.7 Restricted Payments. The Borrower shall not, and shall not permit any of
its Subsidiaries to, directly or indirectly declare or make any Restricted Payment;
provided, however, that:

          (a) any Subsidiary of the Borrower may make Restricted Payments to the Borrower or to a wholly
owned Subsidiary of the Borrower;

          (b) the Borrower may purchase subordinated notes in the open market issued in connection with
any Subordinated Indebtedness, so long as no Default or Event of Default exists at the time of
making such purchase or would exist after giving effect thereto;

          (c) the Borrower may make payments of current interest on any Subordinated Indebtedness,
subject to the subordination terms thereof;

          (d) the Borrower may make payments of Indebtedness solely by issuance of the Capital Stock of
the Borrower;

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          (e) the Borrower may redeem the Series C Preferred Stock in connection with the Series C
Preferred Stock Redemption;

          (f) the Borrower may redeem all of the Senior Subordinated Notes in connection with the Note
Redemption, in accordance with the terms of Section 5.20;

          (g) so long as no Default or Event of Default has occurred and is continuing or would result
after giving effect to such Restricted Payment, the Borrower may pay dividends to holders of its
Capital Stock (including, without limitation, after the completion of a Holding Company
Reorganization, dividends to the Holding Company or any Intermediate Holding Company to enable the
Holding Company to (A) make dividends to holders of its Capital Stock or (B) fund payments of
current interest on any Permitted Holding Company Indebtedness) (any such dividend payments, the
“Designated Dividends”); provided that the aggregate amount of all
such Restricted Payments made pursuant to this Section 7.7(g) shall not exceed $15,000,000
in any fiscal year;

          (h) so long as no Default or Event of Default has occurred and is continuing or would result
after giving effect to such Restricted Payment, the Borrower may (i) make Designated Dividends (in
addition to the Designated Dividends permitted pursuant to Section 7.7(g)) and (ii)
repurchase its Capital Stock (or, after the completion of a Holding Company Reorganization make
Restricted Payments to the Holding Company, or any Intermediate Holding Company, to fund
repurchases of the Capital Stock of the Holding Company) in an aggregate amount not to exceed
$150,000,000 during the term of this Agreement; provided, that Restricted Payments of the
type referred to in this Section 7.7(h) made (i) on or after December 31, 2010 and (ii) at
a time that the Leverage Ratio of the Borrower and its Subsidiaries is less than or equal to 6.00
to 1.00 (calculated both before and after giving pro forma effect to such Restricted Payment) shall
not count against the $150,000,000 limitation set forth in this Section 7.7(h); and

          (i) after the completion of a Holding Company Reorganization, the Borrower may make Restricted
Payments, directly or indirectly, to the Holding Company to pay (i) taxes attributable to the
operations of the Borrower and its Subsidiaries and (ii) Holding Company Overhead Expenses.

          Section 7.8 Leverage Ratio. At all times, the Borrower shall not permit its Leverage
Ratio to exceed the ratios set forth below during the periods indicated.

	 	 	 	 	 
	                                    Period	 	Leverage Ratio
	Agreement Date through June 29, 2008
	 	 	8.25 : 1.00	 
	 
	June 30, 2008 through December 30, 2008
	 	 	7.75 : 1.00	 
	December 31, 2008 through December 30, 2009
	 	 	7.25 : 1.00	 
	December 31, 2009 through December 30, 2010
	 	 	7.00 : 1.00	 
	December 31, 2010 and thereafter
	 	 	6.50 : 1.00	 

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          Section 7.9 Affiliate Transactions. Except as specifically provided herein and as may
be described on Schedule 5 attached hereto, the Borrower shall not, and shall not permit
any of its Subsidiaries to, at any time engage in any transaction with an Affiliate, or make an
assignment or other transfer of any of its properties or assets to any Affiliate on terms no less
advantageous to the Borrower or such Subsidiary than would be the case if such transaction had been
effected with a non-Affiliate.

          Section 7.10 Real Estate. Neither the Borrower nor any of its Subsidiaries shall
purchase any real estate or enter into any sale-leaseback transaction except (a) as contemplated in
an Acquisition permitted under Section 7.6 and (b) real estate purchases useful in
connection with the Borrower’s business made in the ordinary course of business.

          Section 7.11 ERISA Liabilities. The Borrower shall not, and shall cause each of its
ERISA Affiliates not to, enter into any Multiemployer Plan.

          Section 7.12 No Limitation on Upstream Dividends by Subsidiaries. The Borrower shall
not permit any Subsidiary to enter into or agree, or otherwise become subject (other than pursuant
to Applicable Law), to any agreement, contract or other arrangement with any Person pursuant to the
terms of which (a) such Subsidiary is or would be prohibited from or limited in declaring or paying
any cash dividends or distributions on any class of its Capital Stock owned directly or indirectly
by the Borrower or from making any other distribution on account of any class of any such Capital
Stock (herein referred to as “Upstream Dividends”) or (b) the declaration or payment of
Upstream Dividends by a Subsidiary to the Borrower or to another Subsidiary, on an annual or
cumulative or other basis, is or would be otherwise limited or restricted.

          Section 7.13 Nature of Business.

          (a) The Borrower shall not, and shall cause each of its Subsidiaries not to alter in any
material respect the character or conduct of the business conducted by the Borrower and its
Subsidiaries as of the Agreement Date.

          (b) With respect to the Holding Company or Intermediate Holding Company (if any), engage in
any business, operations or activities other than holding all of the Capital Stock of an
Intermediate Holding Company or the Borrower (as applicable) owned thereby, incurrence of Permitted
Holding Company Indebtedness and activities reasonably complementary and incidental thereto.

ARTICLE 8

Default

          Section 8.1 Events of Default. Each of the following shall constitute an Event of
Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment or order of any court or any order, rule
or regulation of any governmental or non-governmental body:

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          (a) Any representation or warranty made under this Agreement shall prove incorrect or
misleading in any material respect (or any representation or warranty made under this Agreement
that is qualified by materiality or Materially Adverse Effect shall prove incorrect or misleading
in any respect) when made or deemed to be made pursuant to Section 4.2;

          (b) The Borrower shall default in the payment of: (i) any interest on the Loans or fees or
other amounts payable to the Lenders and the Administrative Agent under any of the Loan Documents,
or any of them, when due, and such Default shall not be cured by
payment in full within three (3) Business Days from the due date; or (ii) any principal on the
Loans when due;

          (c) The Borrower, any Intermediate Holding Company or the Holding Company (as applicable)
shall default in the performance or observance of any agreement or covenant contained in
Sections 5.1(a), 5.10, 5.13, 5.16, 5.20(a), 5.21 or
6.5(c) or in Article 7;

          (d) The Borrower shall default in the performance or observance of any agreement or covenant
contained in Article 6 (other than Section 6.5(c)), and such default shall not be
cured within a period of ten (10) days from the occurrence of such Default;

          (e) The Borrower shall default in the performance or observance of any other agreement or
covenant contained in this Agreement not specifically referred to elsewhere in this Section
8.1, and such default shall not be cured within a period of thirty (30) days from the
occurrence of such Default;

          (f) There shall occur any default in the performance or observance of any agreement or
covenant or breach of any representation or warranty contained in any of the Loan Documents (other
than this Agreement or as otherwise provided in Section 8.1) by the Borrower, any of its
Subsidiaries, or any other obligor thereunder, which shall not be cured within a period of thirty
(30) days from the occurrence of such Default;

          (g) There shall be entered and remain unstayed a decree or order for relief in respect of the
Borrower or any of its Subsidiaries under Title 11 of the United States Code, as now constituted or
hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official
of the Borrower or any of its Subsidiaries, or of any substantial part of their respective
properties, or ordering the winding-up or liquidation of the affairs of the Borrower, or any of its
Subsidiaries; or an involuntary petition shall be filed against the Borrower or any of its
Subsidiaries and a temporary stay entered, and (i) such petition and stay shall not be diligently
contested, or (ii) any such petition and stay shall continue undismissed for a period of sixty (60)
consecutive days;

          (h) The Borrower or any of its Subsidiaries shall file a petition, answer or consent seeking
relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any
other applicable federal or state bankruptcy law or other similar law, or the Borrower or any of
its Subsidiaries shall consent to the institution of proceedings thereunder or

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to the filing of any
such petition or to the appointment or taking of possession of a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Borrower or any of its
Subsidiaries or of any substantial part of their respective properties, or the Borrower or any of
its Subsidiaries shall fail generally to pay their respective debts as they become due or shall be
adjudicated insolvent; the Borrower shall suspend or discontinue its business; the Borrower or any
of its Subsidiaries shall have concealed, removed any of its property with the intent to hinder or
defraud its creditors or shall have made a fraudulent or preferential transfer under any applicable
fraudulent conveyance or bankruptcy law, or the Borrower or any of its Subsidiaries shall take any
action in furtherance of any such action;

          (i) The occurrence of either of the following events:

               (1) judgments which have not been paid or discharged or stayed pending appeal or removed to
bond either (A) within thirty (30) days after the entry thereof or (B) after the expiration of any
stay (as applicable), which are not covered by insurance or indemnification (where the indemnifying
party has agreed to indemnify and is financially able to do so) shall be entered by any court
against the Borrower or any of its Subsidiaries for the payment of money which exceeds either:

     (x) $15,000,000 for any such individual judgment, or

     (y) $25,000,000 in the aggregate for all such judgments referred to in this
Section 8.1(i)(1) plus the amount of all property of the Borrower or its
Subsidiaries that is subject to all issuances, levies or similar processes described in
clause (2) below, or

               (2) warrants of attachment or execution or similar processes which have not been paid or
discharged or stayed pending appeal or removed to bond either (A) within thirty (30) days after the
issuance or levy thereof or (B) after the expiration of any stay (as applicable), which are not
covered by insurance or indemnification (where the indemnifying party has agreed to indemnify and
is financially able to do so) shall be issued or levied against property of the Borrower or any of
its Subsidiaries which, together with all other such property of the Borrower or any of its
Subsidiaries subject to other such process, exceeds in value either:

     (x) $15,000,000 for each such individual issuance or levy, or

     (y) $25,000,000 in the aggregate for all such issuances, levies or similar processes
referred to in this Section 8.1(i)(2), plus all judgments described in
clause (1) above;

          (j) Except as could not reasonably be expected to have a Materially Adverse Effect:

          there shall be at any time any “accumulated funding deficiency,” as defined in ERISA or
in Section 412 of the Code, with respect to any Plan maintained by the Borrower or any of
its Restricted Subsidiaries or any ERISA Affiliate, or to which the Borrower or any of its
Restricted Subsidiaries or any ERISA Affiliate has any liabilities, or any trust created
thereunder; or

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          a trustee shall be appointed by a United States District Court to administer any such
Plan; or

          the PBGC shall institute proceedings to terminate any such Plan; or

          the Borrower or any of its Restricted Subsidiaries or any ERISA Affiliate shall incur
any liability to PBGC in connection with the termination of any such Plan; or

          any Plan or trust created under any Plan of the Borrower or any of its Restricted
Subsidiaries or any ERISA Affiliate shall engage in a “prohibited transaction” (as such
term is defined in Section 406 of ERISA or Section 4975 of the Code) which would subject any
such Plan, any trust created thereunder, any trustee or administrator thereof, or any party
dealing with any such Plan or trust to the tax or penalty on “prohibited transactions”
imposed by Section 502 of ERISA or Section 4975 of the Code;

          (k) There shall occur (i) any default under any instrument, document or agreement relating to
any Indebtedness of the Borrower or any of its Subsidiaries in an aggregate principal amount
exceeding $25,000,000; (ii) any event or condition the occurrence of which would permit
acceleration of such Indebtedness, or which, as a result of a failure to comply with the terms
thereof, would make such Indebtedness otherwise due and payable, and which event or condition has
not been cured within any applicable cure period or waived in writing prior to any declaration of
an Event of Default or acceleration of the Loans hereunder; or (iii) any material default under any
Interest Rate Hedge Agreement which would permit the obligation of the Borrower to make payments to
the counterparty thereunder to be then due and payable, and such default has not been cured within
any applicable cure period or waived in writing prior to any declaration of an Event of Default or
acceleration of the Loans hereunder;

          (l) Any Loan Document or any material provision thereof, shall at any time and for any reason
be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be
commenced by the Borrower or any of its Subsidiaries or by any governmental authority having
jurisdiction over the Borrower or any of its Subsidiaries seeking to establish the invalidity or
unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or
the Borrower or any of its Subsidiaries shall deny that it has any liability or obligation for the
payment of principal or interest purported to be created under any Loan Document;

          (m) Any Security Document shall for any reason, fail or cease (except by reason of lapse of
time) to create a valid and perfected and first-priority Lien on or Security Interest in any
portion of the Collateral purported to be covered thereby other than as a result of the action or
inaction of the Administrative Agent or the Lenders, subject only to Permitted Liens;

     (n) (i) At any time prior to a Holding Company Reorganization, (A) any Person (or group
of Persons) is or becomes the “beneficial owner” (within the meaning of Rules 13d-3 and
13d-5 under the federal Securities Exchange Act of 1934, as amended),

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directly or
indirectly, of a percentage of the voting Capital Stock of the Borrower greater than
thirty-five percent (35%), other than any Permitted Holder; or (B) during any period of
twenty-four (24) consecutive months, individuals who at the beginning of such period
constituted the Board of Directors of the Borrower (together with any new directors whose
election by such Board or whose nomination for election by the stockholders of the Borrower
was approved by a majority of the directors then still in office who were either directors
at the beginning of such period or whose election or nomination for election was previously
so approved) cease for any reason to constitute a majority of the Board of Directors then in
office; or (C) except as permitted pursuant to this Agreement, the Borrower shall cease or
fail to own, directly or indirectly, beneficial and legal title to
all of the issued and outstanding Capital Stock of each of its Subsidiaries or any
Subsidiary of the Borrower shall cease to be a wholly owned Subsidiary of the Borrower; and

     (ii) At any time after a Holding Company Reorganization, (A) any Person (or group of
Persons) is or becomes the “beneficial owner” (within the meaning of Rules 13d-3 and 13d-5
under the federal Securities Exchange Act of 1934, as amended), directly or indirectly, of a
percentage of the voting Capital Stock of the Holding Company greater than thirty-five
percent (35%), other than any Permitted Holder; or (B) during any period of twenty-four (24)
consecutive months, individuals who at the beginning of such period constituted the Board of
Directors of the Holding Company (together with any new directors whose election by such
Board or whose nomination for election by the stockholders of the Holding Company was
approved by a majority of the directors then still in office who were either directors at
the beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of Directors then in
office; or (C) except as permitted pursuant to this Agreement, the Holding Company shall
cease or fail to own, directly (or indirectly through one or more Intermediate Holding
Companies), beneficial and legal title to all of the issued and outstanding Capital Stock of
the Borrower; or (D) except as permitted pursuant to this Agreement, the Borrower shall
cease or fail to own, directly or indirectly, beneficial and legal title to all of the
issued and outstanding Capital Stock of each of its Subsidiaries or any Subsidiary of the
Borrower shall cease to be a wholly owned Subsidiary of the Borrower;

          (o) Any material License shall be cancelled, terminated, rescinded, revoked, suspended,
impaired, otherwise finally denied renewal, or otherwise modified in any material adverse respect,
or shall be renewed on terms that materially and adversely affect the economic or commercial value
or usefulness thereof; or any material License shall cease to be in full force and effect; or the
grant of any material License shall have been stayed, vacated or reversed, or modified in any
material adverse respect by judicial or administrative proceedings; or any administrative law judge
or other representative of the FCC shall have issued an initial decision in any non-comparative
material License renewal, material License revocation or any comparative (multiple applicant)
proceeding to the effect that any material License should be revoked or not be renewed; or any
other proceeding shall have been instituted by the FCC or shall have been commenced before any
court, the FCC or any other regulatory body that could reasonably be expected to result in (i)
cancellation, termination, rescission, revocation, material impairment, suspension or denial of
renewal of a material License, (ii) a modification of a

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material License in a material adverse
respect or a renewal thereof on terms that materially and adversely affect the economic or
commercial value or usefulness thereof or (iii) the forfeiture (within the meaning of 47 C.F.R.
Setion 1.80 of the FCC Regulations) or other materially adverse effect on or with respect to any
material License that would result in a Materially Adverse Effect on the Borrower as a result of
the failure by the Borrower or any Subsidiary thereof to comply with any FCC Regulation regarding
digital television broadcasting;

          (p) Any Operating Agreement or any other agreement which is necessary to the operation of a
Station or any other Permitted Business shall be revoked or terminated or
materially, adversely modified and not replaced by a substitute reasonably acceptable to the
Required Lenders within thirty (30) days of such revocation, termination or modification;

          (q) The Borrower’s on-the-air broadcast operations at any Station shall be interrupted at any
time for more than forty-eight (48) hours, whether or not consecutive, during any period of five
(5) consecutive days, and such interruption could reasonably be expected to have a Materially
Adverse Effect; or

          (r) The Borrower shall fail to comply with any agreement or instrument governing or evidencing
any Subordinated Indebtedness or any separate subordination agreement, and the Administrative Agent
shall have determined that such failure to comply could reasonably be expected to have a material
adverse effect on the Borrower or any of its Subsidiaries or on its ability to perform its
obligations hereunder or under any of the Loan Documents or on the rights and remedies of the
Administrative Agent and the Lenders hereunder or under the Loan Documents.

          Section 8.2 Remedies.

          (a) If an Event of Default specified in Section 8.1 (other than an Event of Default
under Section 8.1(g) or (h)) shall have occurred and shall be continuing, the
Administrative Agent, at the request of the Required Lenders subject to Section 9.9, shall
(i) (A) terminate the Commitments, and/or (B) declare the principal of and interest on the Loans
and all other amounts owed to the Lenders and the Administrative Agent under this Agreement, the
Notes and any other Loan Documents to be forthwith due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived, to the extent
permitted by Applicable Law, anything in this Agreement, the Notes or any other Loan Document to
the contrary notwithstanding, and the Commitments shall thereupon forthwith terminate and (ii)
require the Borrower to, and the Borrower shall thereupon, deposit in an interest bearing account
with the Administrative Agent, as cash collateral for the Obligations, an amount equal to the
maximum amount currently or at any time thereafter to be drawn on all outstanding Letters of
Credit, and the Borrower hereby pledges to the Administrative Agent, the Lenders and the Issuing
Bank and grants to them a security interest in, all such cash as security for the Obligations.

          (b) Upon the occurrence and continuance of an Event of Default specified in Section
8.1(g) or (h), all principal, interest and other amounts due hereunder, and all other
Obligations (other than Interest Rate Hedge Obligations), shall thereupon and concurrently

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therewith become due and payable and the Commitments shall forthwith terminate and the principal
amount of the Loans outstanding hereunder shall bear interest at the Default Rate, and the Borrower
shall thereupon, deposit in an interest bearing account with the Administrative Agent, as cash
collateral for the Obligations, an amount equal to the maximum amount currently or at any time
thereafter to be drawn on all outstanding Letters of Credit, all without any action by the
Administrative Agent, the Lenders, the Required Lenders and the Issuing Bank, or any of them, and
without presentment, demand, protest or other notice of any kind, all of which are expressly
waived, to the extent permitted by Applicable Law, anything in this Agreement or in
the other Loan Documents to the contrary notwithstanding, and the Borrower hereby pledges to the
Administrative Agent, the Lenders and the Issuing Bank and grants to them a security interest in,
all such cash as security for the Obligations.

          (c) Upon acceleration of the Obligations (other than Interest Rate Hedge Obligations), as
provided in subsection (a) or (b) of this Section 8.2, the Administrative Agent and the
Lenders shall have all of the post-default rights granted to them, or any of them, as applicable
under the Loan Documents and under Applicable Law.

          (d) Upon acceleration of the Obligations (other than Interest Rate Hedge Obligations), as
provided in subsection (a) or (b) of this Section 8.2, the Administrative Agent shall have
the right (but not the obligation) upon the request of the Lenders to operate the business of the
Borrower and its Subsidiaries in accordance with the terms of the Licenses and pursuant to the
terms and subject to any limitations contained in the Security Documents and, within guidelines
established by the Required Lenders, to make any and all payments and expenditures necessary or
desirable in connection therewith, including, without limitation, payment of wages as required
under the Fair Labor Standards Act, as amended, and of any necessary withholding taxes to state or
federal authorities. In the event the Required Lenders fail to agree upon the guidelines referred
to in the preceding sentence within six (6) Business Days after the Administrative Agent has begun
to operate the business of the Borrower, the Administrative Agent may, after giving three (3) days’
prior written notice to the Lenders of its intention to do so, make such payments and expenditures
as it deems reasonable and advisable in its sole discretion to maintain the normal day-to-day
operation of such business. Such payments and expenditures in excess of receipts shall constitute
Advances under this Agreement, not in excess of the amount of the Commitments. Advances made
pursuant to this Section 8.2(d) shall bear interest as provided in Section 2.3(d)
and shall be payable on demand. The making of one or more Advances under this Section
8.2(d) shall not create any obligation on the part of the Lenders to make any additional
Advances hereunder. No exercise by the Administrative Agent of the rights granted to it under this
Section 8.2(d) shall constitute a waiver of any other rights and remedies granted to the
Administrative Agent and the Lenders, or any of them, under this Agreement or at law. The Borrower
hereby irrevocably appoints the Administrative Agent as agent for the Lenders, the true and lawful
attorney of the Borrower, in its name and stead and on its behalf, to execute, receipt for or
otherwise act in connection with any and all contracts, instruments or other documents in
connection with the operation of the Borrower’s business in the exercise of the Administrative
Agent’s and the Lenders’ rights under this Section 8.2(d). Such power of attorney is
coupled with an interest and is irrevocable. The rights of the Administrative Agent under this
Section 8.2(d) shall be subject to its prior compliance with Applicable Law to the extent
applicable to the exercise of such rights.

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          (e) Upon acceleration of the Obligations (other than Interest Rate Hedge Obligations), as
provided in subsection (a) or (b) of this Section 8.2, the Administrative
Agent, upon request of the Required Lenders, shall have the right to the appointment of a receiver
for the properties and assets of the Borrower and its Subsidiaries, and the Borrower, for itself
and on behalf of its Subsidiaries, hereby consents to such rights and such appointment and hereby
waives any objection the Borrower or any Subsidiary may have thereto or the right to have a bond or
other security posted by the Administrative Agent on behalf of the Lenders, in
connection therewith. The rights of the Administrative Agent under this Section 8.2(e)
shall be subject to its prior compliance with Applicable Law to the extent applicable to the
exercise of such rights.

          Section 8.3 Payments Subsequent to Declaration of Event of Default. Subsequent to the
acceleration of the Loans under Section 8.2, payments and prepayments under this Agreement
made to the Administrative Agent and the Lenders or otherwise received by any of such Persons (from
realization on Collateral for the Obligations or otherwise) shall be paid over to the
Administrative Agent (if necessary) and distributed by the Administrative Agent as follows:
first, to the Administrative Agent’s reasonable costs and expenses, if any, incurred in
connection with the collection of such payment or prepayment, including, without limitation, any
reasonable costs incurred by it in connection with the sale or disposition of any Collateral for
the Obligations and all amounts under Section 11.2(b); second, to the Lenders, the
Issuing Bank or the Administrative Agent on a pro rata basis, based on all such
amounts then due and payable for any fees and expenses hereunder or under any of the other Loan
Documents then due and payable; third, to the Lenders pro rata, the payment
of any unpaid interest which may have accrued on the Obligations; fourth, to the Lenders on
a pro rata basis, based on the Loans and Letter of Credit Obligations then
outstanding until all Loans and Letter of Credit Obligations have been paid in full (and, for
purposes of this clause, Interest Rate Hedge Obligations shall be paid to the counterparty thereof
on a pro rata basis with the Loans); provided that the portion of such
payment allocated to any outstanding undrawn Letters of Credit shall be deposited as set forth in
Section 8.2(a) or (b); fifth, to the Lenders on a pro rata
basis, based on the Loans outstanding to the payment of any other unpaid Obligations;
sixth, to damages incurred by the Administrative Agent, the Issuing Bank and the Lenders,
or any of them, by reason of any breach hereof or of any other Loan Document (on a pro
rata basis, based on all such amounts then due and payable); and seventh, to the
Borrower or as otherwise required by law.

          Section 8.4 Administrative Agent May File Proofs of Claim. In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Borrower or any of its Subsidiaries, the
Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit
Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

          (a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, Letter of Credit Obligations and all other Obligations that are
owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders and the Administrative Agent (including any claim for the reasonable

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compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and
their respective agents and counsel and all other amounts due the Lenders and the Administrative
Agent under Sections 2.4, 5.11, 9.9 and 11.2) allowed in such
judicial proceeding; and

          (b) to file and prove a claim for the whole amount of the principal to collect and
receive any monies or other property payable or deliverable on any such claims and to distribute
the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 2.4,
5.11, 9.9 and 11.2. Nothing contained herein shall be deemed to authorize
the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the
rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of
any Lender in any such proceeding.

ARTICLE 9

The Administrative Agent

          Section 9.1 Appointment and Authority. Each of the Lenders and the Issuing Bank
hereby irrevocably appoints Wachovia to act on its behalf as the Administrative Agent hereunder and
under the other Loan Documents and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and
the Issuing Bank, and neither the Borrower nor any Subsidiary shall have rights as a third party
beneficiary of any of such provisions.

          Section 9.2 Rights as a Lender. The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and
may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the
financial advisor or in any other advisory capacity for and generally engage in any kind of
business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not
the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

          Section 9.3 Exculpatory Provisions. The Administrative Agent shall not have any
duties or obligations except those expressly set forth herein and in the other Loan Documents.
Without limiting the generality of the foregoing, the Administrative Agent:

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          (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

          (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that the Administrative Agent shall not be
required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law; and

          (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of their Affiliates that is communicated to or obtained by the Person serving
as the Administrative Agent or any of its Affiliates in any capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 11.5(g) and Section 8.2)
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court
of competent jurisdiction by final nonappealable judgment. The Administrative Agent shall be
deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Borrower, a Lender or the Issuing Bank.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article 3 or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

          Section 9.4 Reliance by the Administrative Agent. The Administrative Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to have
been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance of a
Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the
Issuing Bank, the Administrative Agent may presume that such condition is

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satisfactory to such
Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the
contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance of
such Letter of Credit. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

          Section 9.5 Delegation of Duties. The Administrative Agent may perform any and all of
its duties and exercise its rights and powers hereunder or under any other Loan Document by or
through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers by
or through their respective Related Parties. The exculpatory provisions of this Article shall
apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such
sub-agent, and shall apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative Agent.

          Section 9.6 Resignation of Administrative Agent.

     (a) The Administrative Agent may at any time give notice of its resignation to the Lenders,
the Issuing Bank and the Borrower. Upon receipt of any such notice of resignation, the Required
Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which
shall be a bank with an office in the United States, or an Affiliate of any such bank with an
office in the United States. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation, then the retiring Administrative Agent may, in consultation
with the Borrower (provided that no such consultation shall be required if an Event of
Default has occurred and is continuing), on behalf of the Lenders and the Issuing Bank, appoint a
successor Administrative Agent meeting the qualifications set forth above provided that if the
Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (i) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or the Issuing Bank under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (ii) all payments,
communications and determinations provided to be made by, to or through the Administrative Agent
shall instead be made by or to each Lender and the Issuing Bank directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph.
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if
not already discharged therefrom as provided above in this paragraph). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the

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other Loan Documents, the provisions of this Article
and Sections 5.11 and 11.2 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Administrative Agent was acting as Administrative Agent.

     (b) Any resignation by Wachovia as Administrative Agent pursuant to this Section shall also
constitute its resignation as Issuing Bank. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of
the rights, powers, privileges and duties of the retiring Issuing Bank, (ii) the retiring Issuing
Bank shall be discharged from all of their respective duties and obligations hereunder or under the
other Loan Documents, and (iii) the successor Issuing Bank shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangement satisfactory to the retiring Issuing Bank to effectively assume the obligations
of the retiring Issuing Bank with respect to such Letters of Credit.

          Section 9.7 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and
the Issuing Bank acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender and the Issuing Bank also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

          Section 9.8 No Other Duties, etc. Anything herein to the contrary notwithstanding,
none of the syndication agent, documentation agents, co-agents, book manager, lead manager,
arranger, Lead Arranger or co-arranger listed on the cover page or signature pages hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the
Issuing Bank hereunder.

          Section 9.9 Indemnification . To the extent that the Borrower for any reason
fails to pay any amount required under Section 5.11 or Section 11.2 of this Agreement to be paid by
it to the Administrative Agent (or any sub-agent thereof), the Issuing Bank or any Related Party of
any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the Issuing Bank or such Related Party, as the case may be, such Lender’s pro rata
share (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent) or the Issuing Bank in its capacity as such, or
against any Related Party of any of the foregoing acting for the Administrative Agent (or any such
sub-agent) or Issuing Bank in connection with such capacity. The obligations of the Lenders under
this Section are subject to the provisions of Section 11.18.

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          Section 9.10 Collateral and Guaranty Matters. The Lenders irrevocably authorize the
Administrative Agent, at its option and in its discretion,

          (a) to release any Lien on any Collateral granted to or held by the Administrative Agent, for
the ratable benefit of itself and the Lenders, under any Loan Document (i) upon repayment of the
outstanding principal of and all accrued interest on the Loans, payment of all outstanding fees and
expenses hereunder, the termination of the Lenders’ Commitments and the expiration or termination
of all Letters of Credit, (ii) that is sold or to be sold as part of or in connection with any sale
permitted hereunder or under any other Loan Document, or (iii) subject to Section 11.5(i),
if approved, authorized or ratified in writing by the Required Lenders; and

          (b) to subordinate any Lien on any Collateral granted to or held by the Administrative Agent
under any Loan Document to the holder of any Lien on such Collateral that is permitted by clause
(l) of the definition of “Permitted Liens”;

          (c) to release any Subsidiary from its obligations under the Subsidiary Guaranty if such
Subsidiary ceases to be a Subsidiary as a result of a transaction permitted hereunder; and

          (d) to negotiate and enter into any necessary and customary intercreditor agreements with the
holders of any senior Indebtedness issued pursuant to the terms of Section 2.14.

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing
the Administrative Agent’s authority to release or subordinate its interest in particular types or
items of property, or to release any Subsidiary from its obligations under the Subsidiary Guaranty
pursuant to this Section.

ARTICLE 10

Change in Circumstances Affecting LIBOR Advances

          Section 10.1 LIBOR Basis Determination Inadequate or Unfair. If with respect to any
proposed LIBOR Advance for any Interest Period, the Administrative Agent determines after
consultation with the Lenders that deposits in Dollars (in the applicable amount) are not being
offered to each of the Lenders in the relevant market for such Interest Period, the Administrative
Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the
Administrative Agent notifies the Borrower that the circumstances giving rise to such situation no
longer exist (which notice shall be promptly given following the Administrative Agent’s knowledge
of the termination of any such circumstance), the obligations of any affected Lender to make its
portion of such LIBOR Advances shall be suspended.

          Section 10.2 Illegality. If after the date hereof, the adoption of any Applicable
Law, or any change in any Applicable Law (whether adopted before or after the Agreement Date), or
any change in interpretation or administration thereof by any governmental authority, central bank
or comparable agency charged with the interpretation or administration thereof, or

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compliance by
any Lender with any directive (whether or not having the force of law) of any such authority,
central bank or comparable agency, shall make it unlawful or impossible for any Lender to make,
maintain or
fund its portion of LIBOR Advances, such Lender shall so notify the Administrative Agent, and the
Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrower.
Before giving any notice to the Administrative Agent pursuant to this Section 10.2, such
Lender shall designate a different lending office if such designation will avoid the need for
giving such notice and will not, in the sole reasonable judgment of such Lender, be otherwise
materially disadvantageous to such Lender. Upon receipt of such notice, notwithstanding anything
contained in Article 2, the Borrower shall repay in full the then outstanding principal
amount of such Lender’s portion of each affected LIBOR Advance, together with accrued interest
thereon, on either (a) the last day of the then current Interest Period applicable to such affected
LIBOR Advances if such Lender may lawfully continue to maintain and fund its portion of such LIBOR
Advance to such day or (b) immediately if such Lender may not lawfully continue to fund and
maintain its portion of such affected LIBOR Advances to such day. Concurrently with repaying such
portion of each affected LIBOR Advance, the Borrower may borrow a Base Rate Advance from such
Lender, whether or not it would have been entitled to effect such borrowing and such Lender shall
make such Advance, if so requested, in an amount such that the outstanding principal amount of the
affected Loan held by such Lender shall equal the outstanding principal amount of such Loan or
Loans immediately prior to such repayment.

          Section 10.3  Increased Costs .

          (a)  Increased Costs Generally. If any Change in Law shall:

               (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or advances,
loans or other credit extended or participated in by, any Lender (except any reserve requirement
reflected in the LIBOR Basis) or the Issuing Bank;

               (ii) subject any Lender or the Issuing Bank to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBOR Advance
made by it, or change the basis of taxation of payments to such Lender or the Issuing Bank in
respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.12 and
the imposition of, or any change in the rate of any Excluded Tax payable by such Lender or the
Issuing Bank); or

               (iii) impose on any Lender or the Issuing Bank or the London interbank market any other
condition, cost or expense affecting this Agreement or LIBOR Advances made by such Lender or any
Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making,
converting into or maintaining any LIBOR Advance (or of maintaining its obligation to make any such
Loan), or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue
any Letter of Credit), or to reduce the amount of any sum received or receivable by such

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Lender or
the Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon written
request of such Lender or the Issuing Bank, the Borrower shall promptly pay to any
such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will
compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred
or reduction suffered.

          (b) Certificates for Reimbursement. A certificate of a Lender or the Issuing Bank
setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its
holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and
delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such
Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate
within thirty (30) days after receipt thereof.

          (c) Delay in Requests. Failure or delay on the part of any Lender or the Issuing Bank
to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or
the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not
be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased
costs incurred or reductions suffered more than ninety (90) days prior to the date that such Lender
or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim
compensation therefor (except that if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the ninety-day period referred to above shall be extended to
include the period of retroactive effect thereof if such Lender or Issuing Bank could not
reasonably have known that such resulting increased costs or reductions might arise).

          Section 10.4 Effect On Other Advances. If notice has been given pursuant to
Section 10.1, 10.2 or 10.3 suspending the obligation of any Lender to make
its portion of any type of LIBOR Advance, or requiring such Lender’s portion of LIBOR Advances to
be repaid or prepaid, then, unless and until such Lender notifies the Borrower that the
circumstances giving rise to such repayment no longer apply, all amounts which would otherwise be
made by such Lender as its portion of LIBOR Advances shall, unless otherwise notified by the
Borrower, be made instead as Base Rate Advances.

          Section 10.5 Claims for Increased Costs and Taxes. In the event that any Lender (a)
shall decline to make LIBOR Advances pursuant to Sections 10.1 and 10.2, (b) shall
have notified the Borrower that it is entitled to claim compensation pursuant to Sections
10.3, 2.11 or 2.12, (c) is unable to complete the form required or subject to
withholding as provided in Section 2.12 or (d) has failed to consent to a proposed
amendment, waiver, discharge or termination which, pursuant to the terms of Section 11.12
or any other provision of any Loan Document, requires the consent of all Lenders or all affected
Lenders and with respect to which the Required Lenders shall have granted their consent (each such
lender being an “Affected Lender”), the Borrower at its own cost and expense may designate
a replacement lender (a “Replacement Lender”) to assume the Commitment and the obligations
of any such Affected Lender hereunder, and to purchase the outstanding Loans of such Affected
Lender and such Affected Lender’s rights hereunder and with respect thereto, and within ten (10)
Business Days

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of such designation the Affected Lender shall (a) sell to such Replacement Lender,
without recourse upon, warranty by or expense to such Affected Lender, by way of an
Assignment and Assumption Agreement substantially in the form of Exhibit A attached hereto,
for a purchase price equal to (unless such Lender agrees to a lesser amount) the outstanding
principal amount of the Loans of such Affected Lender, plus all interest accrued and unpaid thereon
and all other amounts owing to such Affected Lender hereunder, and (b) assign the Commitment of
such Affected Lender and upon such assumption and purchase by the Replacement Lender, such
Replacement Lender shall be deemed to be a “Lender” for purposes of this Agreement and such
Affected Lender shall cease to be a “Lender” for purposes of this Agreement and shall no
longer have any obligations or rights hereunder (other than any obligations or rights which
according to this Agreement shall survive the termination of the Commitment).

ARTICLE 11

Miscellaneous

          Section 11.1 Notices.

          (a) Except as otherwise expressly provided herein, all notices and other communications under
this Agreement and the other Loan Documents (unless otherwise specifically stated therein) shall be
in writing and shall be deemed to have been given three (3) Business Days after deposit in the
mail, designated as certified mail, return receipt requested, postage-prepaid, or one (1) Business
Day after being entrusted to a reputable commercial overnight delivery service for next day
delivery, or when sent on a Business Day prior to 5:00 p.m. (Charlotte, North Carolina time) by
telecopy addressed to the party to which such notice is directed at its address determined as
provided in this Section 11.1. All notices and other communications under this Agreement
shall be given to the parties hereto at the following addresses:

	 	(i)	 	If to the Borrower, to it at:
	 
	 	 	 	Gray Television, Inc.

4370 Peachtree Road, N.E.

Atlanta, Georgia 30319

Attention: James C. Ryan

Telecopy: (404) 261-9607

Website: http://www.gray.tv

	 
	 	 	 	with a copy to:
	 
	 	 	 	Proskauer Rose LLP

1585 Broadway

New York, New York 10036-8299

Attention: Janice K. Smith

Telephone: (212) 969-3000

Telecopy: (212) 969-2900

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	 	(ii)	 	If to the Administrative Agent, to it at:
	 
	 	 	 	Wachovia Bank, National Association

Charlotte Plaza, CP-8

201 South College Street

Charlotte, North Carolina 28288-0680

Attention: Syndication Agency Services

Telephone: (704) 374-2698

Telecopy: (704) 383-0288

	 
	 	 	 	with a copy to:
	 
	 	 	 	Wachovia Bank, National Association

Portfolio Management

301 South College Street, 15th Floor

Charlotte, North Carolina 28288-0760

Attention: Joe Mynatt

Telephone: (704) 383-9270

Telecopy: (704) 383-6647

          (iii) If to the Lenders, to them at the addresses set forth in the Register.

The failure to provide copies shall not affect the validity of the notice given to the primary
recipient.

          (b) Any party hereto may change the address to which notices shall be directed under this
Section 11.1 by giving ten (10) days’ written notice of such change to the other parties.

          Section 11.2 Expenses.

          (a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent) in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses
incurred by the Administrative Agent, any Lender or the Issuing Bank (including the fees, charges
and disbursements of any counsel for the Administrative Agent, any Lender or the Issuing Bank) in
connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with
the Loans made or Letters of

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Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit.

          (b) Payments. All amounts due under this Section and Section 5.11 shall be
payable promptly after written demand therefor.

          Section 11.3 Waivers. The rights and remedies of the Administrative Agent and the
Lenders under this Agreement and the other Loan Documents shall be cumulative and not exclusive of
any rights or remedies which they would otherwise have. No failure or delay by the Administrative
Agent, the Required Lenders, or the Lenders, or any of them, in exercising any right, shall operate
as a waiver of such right. The Administrative Agent and the Lenders expressly reserve the right to
require strict compliance with the terms of this Agreement in connection with any future funding of
a Request for Advance. In the event the Lenders decide to fund a Request for Advance at a time
when the Borrower is not in strict compliance with the terms of this Agreement, such decision by
the Lenders shall not be deemed to constitute an undertaking by the Lenders to fund any further
Request for Advance or preclude the Lenders or the Administrative Agent from exercising any rights
available under the Loan Documents or at law or equity. Any waiver or indulgence granted by the
Administrative Agent, the Lenders, or the Required Lenders, shall not constitute a modification of
this Agreement or any other Loan Document, except to the extent expressly provided in such waiver
or indulgence, or constitute a course of dealing at variance with the terms of this Agreement or
any other Loan Document such as to require further notice of their intent to require strict
adherence to the terms of this Agreement or any other Loan Document in the future.

          Section 11.4 Set-Off. If an Event of Default shall have occurred and be continuing,
each Secured Party, the Issuing Bank and each of their respective Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing
by such Secured Party, the Issuing Bank or any such Affiliate to or for the credit or the account
of the Borrower or any Subsidiary against any and all of the obligations of the Borrower or such
Subsidiary now or hereafter existing under this Agreement or any other Loan Document to such
Secured Party or the Issuing Bank, irrespective of whether or not such Secured Party or the Issuing
Bank shall have made any demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Subsidiary may be contingent or unmatured or are owed to a
branch or office of such Secured Party or the Issuing Bank different from the branch or office
holding such deposit or obligated on such indebtedness. The rights of each Secured Party, the
Issuing Bank and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Secured Party, the Issuing Bank or their
respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrower and
the Administrative Agent promptly after any such setoff and application; provided that the
failure to give such notice shall not affect the validity of such setoff and application.

          Section 11.5 Successors and Assigns; Participations.

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          (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that, other than pursuant to Article 13 hereof, neither the
Borrower nor any Subsidiary may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender and no
Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
Eligible Assignee in accordance with the provisions of paragraph (b) of this Section 11.5,
(ii) by way of participation in accordance with the provisions of paragraph (d) of this Section
11.5 or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of paragraph (f) of this Section 11.5 (and any other attempted assignment or transfer by
any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this
Section 11.5 and, to the extent expressly contemplated hereby, the Related Parties of each
of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or
by reason of this Agreement.

          (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees (such Person, a “Purchasing Lender”) all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans at the
time owing to it); provided that:

               (i) except in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a
Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the
applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than
$1,000,000, unless (A) such assignment is made to an existing Lender, to an Affiliate thereof, or
(with respect to any Term Loan) to an Approved Fund, in which case no minimum amount shall apply,
or (B) each of the Administrative Agent and, so long as no Event of Default has occurred and is
continuing, the Borrower otherwise consent (each such consent not to be unreasonably withheld or
delayed); provided that the Borrower shall be deemed to have given its consent five (5)
Business Days after the date written notice thereof has been delivered by the assigning Lender
(through the Administrative Agent) unless such consent is expressly refused by the Borrower prior
to such fifth (5th) Business Day; provided further that all simultaneous
assignments to any proposed assignee and any Approved Funds that are Affiliates of such assignee
shall be aggregated and treated as a single assignment for purposes of determining compliance with
the minimum assignment amount specified in this paragraph ;

               (ii) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or
the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning
all or a portion of its rights and obligations among separate facilities on a non-pro
rata basis;

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               (iii) no consent shall be required for any assignment except to the extent required by
Section 11.5(b)(i) and, in addition: (A) the consent of the Borrower (such consent not to
be unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred
and is continuing at the time of such assignment or (y) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund; (B) the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of
(x) the Revolving Loans if such assignment is to a Person that is not a Lender with a Revolving
Loan Commitment, an Affiliate of such a Lender or an Approved Fund with respect to such Lender or
(y) the Term Facility to a Person who is not a Lender, an Affiliate of a Lender or an Approved
Fund; and (C) the consent of the Issuing Lender (such consent not to be unreasonably withheld or
delayed) shall be required for any assignment that increases the obligation of the assignee to
participate in exposure under one or more Letters of Credit (whether or not then outstanding) or
for any assignment in respect of the Revolving Loan Facility; and

               (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500, and the
Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire.

No such assignment shall be made to (i) the Borrower or any of the Borrower’s Affiliates or
Subsidiaries or (ii) a natural person. Subject to acceptance and recording thereof by the
Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to
this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all
of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to
be a party hereto) but shall continue to be entitled to the benefits of Sections 2.9,
2.11, 2.12, 5.11 and 11.2 and Article 10 with respect to
facts and circumstances occurring prior to the effective date of such assignment. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with paragraph (d) of this Section.

          (c) Register. The Administrative Agent, acting solely for this purpose as an agent of
the Borrower, shall maintain at one of its offices in Charlotte, North Carolina, a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrower and any Lender (but only to the extent of any
entries applicable to such Lender), at any reasonable time and from time to time upon reasonable
prior notice.

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          (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans owing to it);
provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver or modification described in
Section 11.12 that directly affects such Participant. Subject to paragraph (e) of this
Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.9, 2.11, 2.12 and Article 10 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits
of Section 11.4 as though it were a Lender, provided such Participant agrees to be subject
to Section 2.10 as though it were a Lender.

          (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Sections 2.11, 2.12, 10.3 and
10.5 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that is organized under the laws of
a jurisdiction outside the United States shall not be entitled to the benefits of Section
10.3 unless the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Section 10.5 as though
it were a Lender.

          (f) Disclosure of Information; Confidentiality. Each of the Administrative Agent and
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by,
or required to be disclosed to, any rating agency, or regulatory or similar authority (including
any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to
the extent required by Applicable Laws or regulations or by any subpoena or similar legal process,
(d) to any other party hereto acting in its capacity as such, (e) in connection with the exercise
of any remedies under this Agreement or under any other Loan Document (or any Interest Rate Hedge
Agreement with a Lender or the Administrative Agent) or any action or proceeding relating to this
Agreement or any other Loan Document (or any Interest Rate Hedge Agreement with a Lender or the
Administrative Agent) or the enforcement of rights hereunder or thereunder, (f) subject to an
agreement containing provisions

108

 

substantially the same as those of this Section, to (i) any Purchasing Lender, proposed Purchasing
Lender, Participant or proposed Participant, (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (iii)
to an investor or prospective investor in an Approved Fund that also agrees that Information shall
be used solely for the purpose of evaluating an investment in such Approved Fund, (iv) to a
trustee, collateral manager, servicer, backup servicer, noteholder or secured party in an Approved
Fund in connection with the administration, servicing and reporting on the assets serving as
collateral for an Approved Fund, or (v) to a nationally recognized rating agency that requires
access to information regarding the Borrower and its Subsidiaries, the Loans and Loan Documents in
connection with ratings issued with respect to an Approved Fund, (g) with the consent of the
Borrower, (h) to Gold Sheets and other similar bank trade publications, such information to
consist of deal terms and other information customarily found in such publications, or (i) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this
Section or (y) becomes available to the Administrative Agent or any Lender on a nonconfidential
basis from a source other than the Borrower or (j) to governmental regulatory authorities in
connection with any regulatory examination of the Administrative Agent or any Lender or in
accordance with the Administrative Agent’s or any Lender’s regulatory compliance policy if the
Administrative Agent or such Lender deems necessary for the mitigation of claims by those
authorities against the Administrative Agent or such Lender or any of its subsidiaries or
affiliates. For purposes of this Section, “Information” means all information received
from the Borrower or its Subsidiaries relating to the Borrower or its Subsidiaries or any of their
respective businesses, other than any such information that is available to the Administrative
Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or its
Subsidiaries; provided that, in the case of information received from the Borrower or its
Subsidiaries after the date hereof, such information is clearly identified at the time of delivery
as confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

          (g) Certain Pledges or Assignments. Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement or any other Loan
Document to secure obligations of such Lender, including without limitation any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or
assignment shall release such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.

          Section 11.6 Accounting Principles. All references in this Agreement to GAAP shall be
to such principles as in effect from time to time. All accounting terms used herein without
definition shall be used as defined under GAAP. All references to the financial statements of the
Borrower and to its Total Indebtedness, and other such terms shall be deemed to refer to such items
of the Borrower and its Subsidiaries, on a fully consolidated basis.

          Section 11.7 Counterparts. This Agreement may be executed in any number of
counterparts (including by virtue of an Authorization), each of which shall be deemed to be an
original, but all such separate
counterparts shall together constitute but one and the same instrument. Delivery of an
executed counterpart of a signature page of this Agreement or an

109

 

Authorization shall be effective
as delivery of a manually executed counterpart of this Agreement and delivery of or any document or
instrument delivered in connection herewith by telecopy shall be effective as delivery of a
manually executed counterpart of such other document or instrument, as applicable.

          Section 11.8 Governing Law. This Agreement, and the other Loan Documents, unless
otherwise expressly set forth therein, shall be governed by, construed and enforced in accordance
with the laws of the State of New York applicable to agreements made to be performed in New York.
If any action or proceeding shall be brought by the Administrative Agent or any Lender hereunder or
under any other Loan Document in order to enforce any right or remedy under this Agreement or any
other Loan Document, the Borrower hereby consents and will, and the Borrower will cause each
Subsidiary to, submit to the jurisdiction of any state or federal court of competent jurisdiction
sitting in the county of New York on the date of this Agreement. The Borrower, for itself and on
behalf of its Subsidiaries, hereby agrees that, to the extent permitted by Applicable Law, service
of the summons and complaint and all other process which may be served in any such suit, action or
proceeding may be effected by mailing by registered mail a copy of such process to the offices of
the Borrower at the address given in Section 11.1 and that personal service of process
shall not be required. Nothing herein shall be construed to prohibit service of process by any
other method permitted by law, or the bringing of any suit, action or proceeding in any other
jurisdiction. The Borrower agrees that final judgment in such suit, action or proceeding shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other
manner provided by Applicable Law.

          Section 11.9 Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof in that jurisdiction or
affecting the validity or enforceability of such provision in any other jurisdiction.

          Section 11.10 Interest.

          (a) In no event shall the amount of interest due or payable hereunder exceed the maximum rate
of interest allowed by Applicable Law, and in the event any such payment is inadvertently made by
the Borrower or inadvertently received by the Administrative Agent or any Lender, then such excess
sum shall be credited as a payment of principal, unless the Borrower shall notify the
Administrative Agent or such Lender, in writing, that it elects to have such excess sum returned
forthwith. It is the express intent hereof that the Borrower not pay and the Administrative Agent
and the Lenders not receive, directly or indirectly in any manner whatsoever, interest in excess of
that which may legally be paid by the Borrower under Applicable Law.

          (b) Notwithstanding the use by the Lenders of the Base Rate and the LIBOR as reference rates
for the determination of interest on the Loans, the Lenders shall be under no
obligation to obtain funds from any particular source in order to charge interest to the Borrower
at interest rates related to such reference rates.

110

 

          Section 11.11 Table of Contents and Headings. The Table of Contents and the headings
of the various subdivisions used in this Agreement are for convenience only and shall not in any
way modify or amend any of the terms or provisions hereof, nor be used in connection with the
interpretation of any provision hereof.

          Section 11.12 Amendment and Waiver. Except as set forth below or as specifically
provided in any Loan Document, any term, covenant, agreement or condition of this Agreement or any
of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the
Lenders, if, but only if, such amendment, waiver or consent is in writing signed by the Required
Lenders (or by the Administrative Agent with the consent of the Required Lenders) and delivered to
the Administrative Agent and, in the case of an amendment, signed by the Borrower;
provided, that no amendment, waiver or consent shall:

          (a) waive any condition set forth in Section 3.1 or Section 3.3 without the
written consent of each Lender directly affected thereby;

          (b) amend, modify or waive Section 3.2, or waive any Default or Event of Default for
the purpose of waiving the requirements of Section 3.2, or amend, modify or waive any other
provision of this Agreement, to require the Lenders with a Revolving Loan Commitment to make
Revolving Loans when such Lenders would not otherwise be required to do so without the prior
written consent of the Required Revolving Lenders;

          (c) amend, extend or increase any Commitment of any Lender (or reinstate any Revolving Loan
Commitment terminated pursuant to Section 8.2) or the amount of Loans of any Lender without
the written consent of such Lender;

          (d) postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders
(or any of them) without the written consent of each Lender directly affected thereby;

          (e) reduce the principal of, or the rate of interest specified herein on, any Loan or payment
owed under Section 2.13(d), or (subject to clause (ii) of the second proviso to this
Section) any fees or other amounts payable hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby; provided that only the consent of
the Required Lenders shall be necessary to (i) waive any obligation of the Borrower to pay interest
at the Default Rate during the continuance of any Event of Default or (ii) amend any financial
covenant hereunder (or any defined term used therein) even if the effect of such amendment would be
to reduce the rate of interest on any Loan or payment owed under Section 2.13(d), or to
reduce any fee payable hereunder;

          (f) change Section 2.9, or Section 8.3 in a manner that would alter the
pro rata sharing of payments required thereby without the written consent of each
Lender directly affected thereby;

111

 

          (g) change Section 2.6(b)(iii), (iv), (v) or (vi) in a manner
that would alter the order of application of amounts prepaid pursuant thereto in a manner
materially adverse to any Lender without the written consent of such Lender;

          (h) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender directly affected thereby;

          (i) release all of the guarantors or release guarantors comprising substantially all of the
credit support for the Obligations, in either case, from the Subsidiary Guaranty Agreement (other
than as authorized in Section 9.10), without the written consent of each Lender; or

          (j) release all or a material portion of the Collateral or release any Security Document
(other than as authorized in Section 9.10 or as otherwise specifically permitted or
contemplated in this Agreement or the applicable Security Document) without the written consent of
each Lender;

provided further, that (i) no amendment, waiver or consent shall, unless in writing
and signed by the Issuing Bank in addition to the Lenders required above, affect the rights or
duties of the Issuing Bank under this Agreement or any Request for Issuance of Letter of Credit
relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent
shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; and (iii) the Fee Letter may be amended, or rights or privileges thereunder waived,
in a writing executed only by the parties thereto. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or
consent hereunder, except that the Revolving Loan Commitment of such Lender may not be increased or
extended without the consent of such Lender.

     Notwithstanding anything in this Agreement to the contrary, each Lender hereby irrevocably
authorizes the Administrative Agent on behalf of such Lender and without further action or consent
by such Lender, to enter into amendments or modifications to this Agreement (including, without
limitation, amendments to this Section 11.12) or any of the other Loan Documents or to
enter into additional Loan Documents as the Administrative Agent reasonably deems appropriate in
order to effectuate the terms of Sections 2.14, 2.15 or Article 13 of this
Agreement (including, without limitation, as applicable, (1) to permit the Incremental Facility
Commitments and Incremental Facility Loans to share ratably in the benefits of this Agreement and
the other Loan Documents, (2) to permit the Incremental Facility Commitments and the Incremental
Facility Loans to be structured as second lien credit facilities or Incremental Non-Institutional
Facilities (including amendments to Section 2.6(b)), and (3) to include the Lenders with an
Incremental Facility Commitment or outstanding Incremental Facility Loans in any
determination of Required Lenders); provided that no amendment or modification shall result
in any increase in the amount of any Lender’s Commitment or any increase in any Lender’s Commitment
Ratio, in each case, without the written consent of such affected Lender.

112

 

          Section 11.13 Entire Agreement. Except as otherwise expressly provided herein, this
Agreement and the other documents described or contemplated herein will embody the entire agreement
and understanding among the parties hereto and thereto and supersede all prior agreements and
understandings relating to the subject matter hereof and thereof.

          Section 11.14 Other Relationships. No relationship created hereunder or under any
other Loan Document shall in any way affect the ability of the Administrative Agent and each Lender
to enter into or maintain business relationships with the Borrower or any of its Affiliates beyond
the relationships specifically contemplated by this Agreement and the other Loan Documents.

          Section 11.15 Directly or Indirectly. If any provision in this Agreement refers to
any action taken or to be taken by any Person, or which such Person is prohibited from taking, such
provision shall be applicable whether such action is taken directly or indirectly by such Person,
whether or not expressly specified in such provision.

          Section 11.16 Reliance on and Survival of Various Provisions. All covenants,
agreements, statements, representations and warranties made herein or in any certificate delivered
pursuant hereto (a) shall be deemed to have been relied upon by the Administrative Agent and each
of the Lenders notwithstanding any investigation heretofore or hereafter made by them, and (b)
shall survive the execution and delivery of the Loan Documents and shall continue in full force and
effect so long as any Obligation is outstanding and unpaid. Any right to indemnification
hereunder, including, without limitation, rights pursuant to Sections 2.9, 2.11,
2.12, 5.11, 10.3 and 11.2, shall survive the termination of this
Agreement and the payment and performance of all Obligations.

          Section 11.17 Senior Indebtedness. The Obligations are secured by the Security
Documents and are intended by the parties hereto to be in parity with the Interest Rate Hedge
Agreements and senior in right of payment to all other Indebtedness of the Borrower.

          Section 11.18 Obligations Several. The obligations of the Administrative Agent and
each of the Lenders hereunder are several, not joint.

          Section 11.19 Survival of Indemnities. Notwithstanding any termination of this
Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the
provisions of Section 5.11 and this Article 11 and any other provision of this
Agreement and the other Loan Documents shall continue in full force and effect and shall protect
the Administrative Agent and the Lenders
against claims arising after such termination (in respect of events occurring prior to such
termination) as well as before.

          Section 11.20 Term of Agreement. This Agreement shall remain in effect from the
Agreement Date through and including the date upon which all Obligations arising hereunder or under
any other Loan Document shall have been paid and satisfied in full (other than contingent and
expense obligations for which no claim has been made) and all Commitments have been terminated.
The Administrative Agent is hereby permitted to release all Liens on the Collateral in favor of the
Administrative Agent, for the ratable benefit of itself and the Lenders,

113

 

upon repayment of the
outstanding principal of and all accrued interest on the Loans, payment of all outstanding fees and
expenses hereunder and the termination of the Lender’s Commitments unless the Administrative Agent
has received written notice prior to such release from the holder of any Interest Rate Hedge
Obligations that such Interest Rate Hedge Obligation remains outstanding. No termination of this
Agreement shall affect the rights and obligations of the parties hereto arising prior to such
termination or in respect of any provision of this Agreement which survives such termination.

          Section 11.21 Advice of Counsel. Each of the parties represents to each other party
hereto that it has discussed this Agreement with its counsel.

          Section 11.22 No Strict Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement.

          Section 11.23 USA Patriot Act. The Administrative Agent and each Lender hereby
notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies the Borrower which information includes the name and address
of each Borrower and other information that will allow such Lender to identify such Borrower in
accordance with such Act.

ARTICLE 12

Waiver of Jury Trial

          Section 12.1 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

ARTICLE 13

Holding Company Reorganization

114

 

          Section 13.1 Holding Company Reorganization. Notwithstanding anything to the contrary
contained in this Agreement or the other Loan Documents, the parties hereto acknowledge and agree
that (i) so long as no Default or Event of Default has occurred and is continuing and (ii) the
Borrower is in pro forma compliance with the financial covenant set forth in Section 7.8 after
giving effect to such Holding Company Reorganization, the Borrower and its Subsidiaries may
complete a Holding Company Reorganization. In furtherance of this Section 13.1, each
Lender hereby irrevocably authorizes the Administrative Agent, on behalf of such Lender and without
further action or consent by such Lender, to enter into amendments or modifications to this
Agreement or to enter into additional Loan Documents as the Administrative Agent reasonably deems
appropriate in order to effectuate the terms of such Holding Company Reorganization;
provided that:

          (a) the Administrative Agent shall have received written notice, in form and substance
reasonably satisfactory to the Administrative Agent, of such Holding Company Reorganization (which
notice shall describe in reasonable detail the terms and structure of all proposed steps to
effectuate such Holding Company Reorganization), not less than thirty (30) days prior to the
completion of such Holding Company Reorganization;

          (b) concurrently with the completion of such Holding Company Reorganization, the
Administrative Agent shall have received (i) a reaffirmation agreement from each guarantor (and, to
the extent that Gray remains the Borrower hereunder, Gray) reaffirming such Person’s obligations
under the Loan Documents to which it is a party and (ii) an agreement, in form and substance
reasonably satisfactory to the Administrative Agent, executed by each New Borrower, each
Intermediate Holding Company and the Holding Company (as applicable) which such agreement shall
provide for (A) the assumption by the New Borrower of all of the obligations of Gray (to the extent
that Gray is no longer the Borrower) as the “Borrower” hereunder and under the other Loan
Documents, in each case, immediately prior to the completion of such Holding Company Reorganization
and (B) the acknowledgement and agreement by each Holding Company and each Intermediate Holding
Company of its obligations hereunder;

          (c) concurrently with the completion of such Holding Company Reorganization the Administrative
Agent shall have received each of the following, in form and substance reasonably satisfactory to
the Administrative Agent: (i) an executed supplement to the
Collateral Agreement for the Holding Company and each Intermediate Holding Company, which shall
authorize the filing of appropriate Uniform Commercial Code financing statements; (ii) guaranty
agreements executed by the Holding Company and each Intermediate Holding Company, in form and
substance reasonably satisfactory to the Administrative Agent; (iii) a loan certificate for the
Holding Company, each Intermediate Holding Company and the Borrower, substantially in the form of
Exhibit G-2 attached hereto, together with appropriate attachments; (iv) such original
Capital Stock or other certificates and stock or other transfer powers evidencing the Capital Stock
of the Borrower; and (v) updated Schedules to this Agreement and such other updated Schedules to
the Loan Documents as may be necessary to make the representations and warranties contained in the
Loan Documents true and correct in all material respects as of the date such Person is joined to
any applicable Loan Document (except to the

115

 

extent that any such representation and warranty is
qualified by materiality or Materially Adverse Effect, in which case such representation and
warranty shall be true and correct in all respects); and

          (d) concurrently with the completion of such Holding Company Reorganization, the
Administrative Agent shall have received all other documentation, including one or more opinions of
counsel, which are reasonably satisfactory to the Administrative Agent and which in its opinion is
appropriate with respect to such Holding Company Reorganization, the Borrower, each Intermediate
Holding Company and the Holding Company.

          (e) The parties hereto acknowledge and agree that each document, agreement or instrument
executed or issued pursuant to this Section 13.1 will be a “Loan Document” for purposes of
this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

116

 

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

	 	 	 	 	 
	 	BORROWER:

GRAY TELEVISION, INC.

 	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 

[Credit Agreement — Gray Television, Inc.]

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT AND LENDERS:

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent, as an Issuing Bank and as a

Lender, on behalf of itself and the other Lenders

party to the Credit Agreement pursuant to the

Authorizations

 	 
	 	By:  	/s/ Joe Mynatt
 	 
	 	 	Name:  	Joe Mynatt 	 
	 	 	Title:  	Director 	 
	 

[Credit Agreement — Gray Television, Inc.]EX-10.2 COLLATERAL AGREEMENT DATED MARCH 19, 2007

 

Exhibit 10.2

 

COLLATERAL AGREEMENT

dated as of March 19, 2007

by and among

GRAY TELEVISION, INC.

and certain of its Subsidiaries

as Grantors,

in favor of

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

 

Table of Contents

		 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I DEFINED TERMS	 	 	1	 
	 
	 	 	 	 	 	 
	SECTION 1.1
	 	Terms Defined in the Uniform Commercial Code.	 	 	1	 
	SECTION 1.2
	 	Definitions	 	 	2	 
	SECTION 1.3
	 	Other Definitional Provisions	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE II SECURITY INTEREST	 	 	5	 
	SECTION 2.1
	 	Grant of Security Interest	 	 	5	 
	SECTION 2.2
	 	Grantors Remain Liable	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES	 	 	7	 
	SECTION 3.1
	 	Existence	 	 	7	 
	SECTION 3.2
	 	Authorization of Agreement; No Conflict	 	 	7	 
	SECTION 3.3
	 	Consents	 	 	8	 
	SECTION 3.4
	 	Perfected First Priority Liens	 	 	8	 
	SECTION 3.5
	 	Title, No Other Liens	 	 	8	 
	SECTION 3.6
	 	State of Organization; Location of Inventory, Equipment and Fixtures; other Information	 	 	9	 
	SECTION 3.7
	 	Accounts	 	 	9	 
	SECTION 3.8
	 	Chattel Paper	 	 	10	 
	SECTION 3.9
	 	Commercial Tort Claims	 	 	10	 
	SECTION 3.10
	 	Deposit Accounts	 	 	10	 
	SECTION 3.11
	 	Intellectual Property	 	 	10	 
	SECTION 3.12
	 	Inventory	 	 	10	 
	SECTION 3.13
	 	Investment Property; Partnership/LLC Interests	 	 	10	 
	SECTION 3.14
	 	Instruments	 	 	11	 
	SECTION 3.15
	 	Farm Products	 	 	11	 
	SECTION 3.16
	 	Government Contracts	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE IV COVENANTS	 	 	11	 
	SECTION 4.1
	 	Maintenance of Perfected Security Interest; Further Information	 	 	11	 
	SECTION 4.2
	 	Maintenance of Insurance	 	 	11	 
	SECTION 4.3
	 	Changes in Locations; Changes in Name or Structure	 	 	12	 
	SECTION 4.4
	 	Required Notifications	 	 	12	 
	SECTION 4.5
	 	Delivery Covenants	 	 	12	 
	SECTION 4.6
	 	Control Covenants	 	 	13	 
	SECTION 4.7
	 	Filing Covenants	 	 	14	 
	SECTION 4.8
	 	Accounts	 	 	14	 
	SECTION 4.9
	 	Intellectual Property	 	 	14	 
	SECTION 4.10
	 	Investment Property; Partnership/LLC Interests.	 	 	15	 
	SECTION 4.11
	 	Equipment	 	 	16	 
	SECTION 4.12
	 	Vehicles	 	 	16	 
	SECTION 4.13
	 	Government Contracts	 	 	16	 
	SECTION 4.14
	 	Further Assurances	 	 	16	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE V REMEDIAL PROVISIONS	 	 	17	 
	SECTION 5.1
	 	General Remedies	 	 	17	 
	SECTION 5.2
	 	Specific Remedies	 	 	18	 
	SECTION 5.3
	 	Registration Rights	 	 	20	 
	SECTION 5.4
	 	Application of Proceeds	 	 	20	 
	SECTION 5.5
	 	Waiver, Deficiency	 	 	21	 
	SECTION 5.6
	 	FCC Licenses	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE VI THE ADMINISTRATIVE AGENT	 	 	21	 
	SECTION 6.1
	 	Administrative Agent’s Appointment as Attorney-In-Fact	 	 	22	 
	SECTION 6.2
	 	Duty of Administrative Agent	 	 	23	 
	SECTION 6.3
	 	Authority of Administrative Agent	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE VII MISCELLANEOUS	 	 	24	 
	SECTION 7.1
	 	Amendments in Writing	 	 	24	 
	SECTION 7.2
	 	Notices	 	 	24	 
	SECTION 7.3
	 	No Waiver by Course of Conduct, Cumulative Remedies	 	 	24	 
	SECTION 7.4
	 	Enforcement Expenses, Indemnification	 	 	24	 
	SECTION 7.5
	 	Waiver of Jury Trial	 	 	25	 
	SECTION 7.6
	 	Successors and Assigns	 	 	25	 
	SECTION 7.7
	 	Set-Off	 	 	26	 
	SECTION 7.8
	 	Counterparts	 	 	26	 
	SECTION 7.9
	 	Severability	 	 	26	 
	SECTION 7.10
	 	Section Heading	 	 	26	 
	SECTION 7.11
	 	Integration	 	 	26	 
	SECTION 7.12
	 	Governing Law	 	 	27	 
	SECTION 7.13
	 	Consent to Jurisdiction	 	 	27	 
	SECTION 7.14
	 	Acknowledgements	 	 	27	 
	SECTION 7.15
	 	Additional Grantors	 	 	27	 
	SECTION 7.16
	 	Releases	 	 	27	 

ii

 

	 	 	 
	SCHEDULES:	 	 
	Schedule 3.6
	 	Exact Legal Name; Jurisdiction of
Organization; Taxpayer Identification Number; Registered Organization Number; Mailing Address; Chief Executive Office and other Locations
	Schedule 3.9
	 	Commercial Tort Claims
	Schedule 3.10
	 	Deposit Accounts
	Schedule 3.11
	 	Intellectual Property
	Schedule 3.13
	 	Investment Property and Partnership/LLC Interests
	Schedule 3.14
	 	Instruments

iii

 

     COLLATERAL AGREEMENT (this “Agreement”), dated as of March 19, 2007, by and among GRAY
TELEVISION, INC., a Georgia corporation (the “Borrower”), certain of its Subsidiaries as
identified on the signature pages hereto and any Additional Grantor (as defined below) who may
become party to this Agreement (such Subsidiaries and Additional Grantors, collectively, with the
Borrower, the “Grantors”), in favor of WACHOVIA BANK, NATIONAL ASSOCIATION, as
Administrative Agent (in such capacity, the “Administrative Agent”) for the ratable benefit
of itself and the other Secured Parties.

STATEMENT OF PURPOSE

     Pursuant to the Credit Agreement dated as of the date hereof (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) by and among the Borrower,
the financial institutions from time to time party hereto (the “Lenders”) and the
Administrative Agent, the Lenders have agreed to make Advances to the Borrower upon the terms and
subject to the conditions set forth therein.

     Pursuant to the terms of a Subsidiary Guaranty Agreement of even date, certain Subsidiaries of
the Borrower who are parties hereto have guaranteed the payment and performance of the Obligations.

     It is a condition precedent to the obligation of the Lenders to make their respective Advances
to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this
Agreement to the Administrative Agent, for the ratable benefit of itself and the other Secured
Parties.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, and to induce the Administrative Agent and the Lenders
to enter into the Credit Agreement and to induce the Lenders to make their respective Advances to
the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable
benefit of itself and the other Secured Parties, as follows:

ARTICLE I

DEFINED TERMS

     SECTION 1.1 Terms Defined in the Uniform Commercial Code.

     (a) The following terms when used in this Agreement shall have the meanings assigned to them
in the UCC (as defined herein) as in effect from time to time: “Account”, “Account
Debtor”, “Chattel Paper”; “Commercial Tort Claim”, “Deposit Account”,
“Documents”, “Electronic Chattel Paper”, “Equipment”, “Farm
Products” “Fixture”, “General Intangible”, “Instrument”,
“Inventory”, “Investment Property”, “Letter-of-Credit Rights”,
“Proceeds”, “Record”, “Registered Organization”, “Securities
Account”, “Securities Intermediary”, “Supporting Obligation” and “Tangible
Chattel Paper”.

     (b) Terms defined in the UCC and not otherwise defined herein or in the Credit Agreement shall
have the meaning assigned in the UCC as in effect from time to time.

 

     SECTION 1.2 Definitions. The following terms when used in this Agreement shall have
the meanings assigned to them below:

     “Additional Grantor” means each Subsidiary of the Borrower which hereafter becomes a
Grantor pursuant to Section 7.15 (as required pursuant to Section 5.13 of the
Credit Agreement).

     “Applicable Insolvency Laws” means all Applicable Laws governing bankruptcy,
reorganization, arrangement, adjustment of debts, relief of debtors, dissolution, insolvency,
fraudulent transfers or conveyances or other similar laws (including, without limitation, 11 U.S.C.
Sections 547, 548 and 550 and other “avoidance” provisions of Title 11 of the United States Code).

     “Assignment of Claims Act” means the Assignment of Claims Act of 1940 (41 U.S.C.
Section 15, 31 U.S.C. Section 3737, and 31 U.S.C. Section 3727), including all amendments thereto
and regulations promulgated thereunder.

     “Collateral” has the meaning assigned thereto in Section 2.1.

     “Collateral Account” means any collateral account established by the Administrative
Agent as provided in Section 5.2.

     “Control” means the manner in which “control” is achieved under the UCC with respect
to any Collateral for which the UCC specifies a method of achieving “control”.

     “Controlled Depository” has the meaning assigned thereto in Section 4.6.

     “Controlled Intermediary” has the meaning assigned thereto in Section 4.6.

     “Copyrights” means collectively, all of the following of any Grantor: (a) all
copyrights, rights and interests in copyrights, works protectable by copyright, copyright
registrations and copyright applications anywhere in the world, including, without limitation,
those listed on Schedule 3.11 hereto, (b) all reissues, extensions, continuations (in whole
or in part) and renewals of any of the foregoing, (c) all income, royalties, damages and payments
now or hereafter due and/or payable under any of the foregoing or with respect to any of the
foregoing, including, without limitation, damages or payments for past, present or future
infringements of any of the foregoing, (d) the right to sue for past, present or future
infringements of any of the foregoing and (e) all rights corresponding to any of the foregoing
throughout the world.

     “Copyright Licenses” means any written agreement naming any Grantor as licensor or
licensee, including, without limitation, those listed in Schedule 3.11, granting any right
under any Copyright, including, without limitation, the grant of rights to manufacture, distribute,
exploit and sell materials derived from any Copyright.

     “Effective Endorsement and Assignment” means, with respect to any specific type of
Collateral, all such endorsements, assignments and other instruments of transfer reasonably
requested by the Administrative Agent with respect to the Security Interest granted in such
Collateral, and in each case, in form and substance reasonably satisfactory to the
Administrative Agent.

2

 

     “Excluded Deposit Account” means Deposit Accounts established solely for the purpose
of funding payroll and other compensation and benefits to employees.

     “Government Contract” means a contract between any Grantor and an agency, department
or instrumentality of the United States or any state, municipal or local Governmental Authority
located in the United States or all obligations of any such Governmental Authority arising under
any Account now or hereafter owing by any such Governmental Authority, as account debtor, to any
Grantor.

     “Intellectual Property” means collectively, all of the following of any Grantor: (a)
all systems software, applications software and internet rights, including, without limitation,
screen displays and formats, internet domain names, web sites (including web links), program
structures, sequence and organization, all documentation for such software, including, without
limitation, user manuals, flowcharts, programmer’s notes, functional specifications, and operations
manuals, all formulas, processes, ideas and know-how embodied in any of the foregoing, and all
program materials, flowcharts, notes and outlines created in connection with any of the foregoing,
whether or not patentable or copyrightable, (b) concepts, discoveries, improvements and ideas, (c)
any useful information relating to the items described in clause (a) or (b), including know-how,
technology, engineering drawings, reports, design information, trade secrets, practices, laboratory
notebooks, specifications, test procedures, maintenance manuals, research, development,
manufacturing, marketing, merchandising, selling, purchasing and accounting, (d) Patents and Patent
Licenses, Copyrights and Copyright Licenses, Trademarks and Trademark Licenses, and (e) other
licenses to use any of the items described in the foregoing clauses (a), (b), (c) and (d) or any
other similar items of such Grantor necessary for the conduct of its business.

     “Issuer” means any issuer of any Investment Property or Partnership/LLC Interests
(including, without limitation, any Issuer as defined in the UCC).

     “Margin Stock” means “margin security” or “margin stock” as defined in Regulations T,
U and X (12 C.F.R. Parts 220, 221 and 224) of the Board of Governors of the Federal Reserve System.

     “Partnership/LLC Interests” means, with respect to any Grantor, the entire partnership
interest, membership interest or limited liability company interest, as applicable, of such Grantor
in each partnership, limited partnership or limited liability company owned thereby, including,
without limitation, such Grantor’s capital account, its interest as a partner or member, as
applicable, in the net cash flow, net profit and net loss, and items of income, gain, loss,
deduction and credit of any such partnership, limited partnership or limited liability company, as
applicable, such Grantor’s interest in all distributions made or to be made by any such
partnership, limited partnership or limited liability company, as applicable, to such Grantor and
all of the other economic rights, titles and interests of such Grantor as a partner or member, as
applicable, of any such partnership, limited partnership or limited liability company, as
applicable, whether set forth in the partnership agreement or membership agreement, as
applicable, of such partnership, limited partnership or limited liability company, as
applicable, by separate agreement or otherwise.

3

 

     “Patents” means collectively, all of the following of any Grantor: (a) all patents,
rights and interests in patents, patentable inventions and patent applications anywhere in the
world, including, without limitation, those listed on Schedule 3.11 hereto, (b) all
reissues, extensions, continuations (in whole or in part) and renewals of any of the foregoing, (c)
all income, royalties, damages or payments now or hereafter due and/or payable under any of the
foregoing or with respect to any of the foregoing, including, without limitation, damages or
payments for past, present or future infringements of any of the foregoing, (d) the right to sue
for past, present and future infringements of any of the foregoing and (e) all rights corresponding
to any of the foregoing throughout the world.

     “Patent License” means all agreements now or hereafter in existence, whether written,
implied or oral, providing for the grant by or to any Grantor of any right to manufacture, use or
sell any invention covered in whole or in part by a Patent, including, without limitation, any of
the foregoing referred to in Schedule 3.11 hereto.

     “Restricted Securities Collateral” means any portion of the Collateral as to which a
registration under the provisions of the Securities Act would be necessary or advisable in order
for the Administrative Agent to exercise its right to sell such Collateral.

     “Securities Act” means the Securities Act of 1933, including all amendments thereto
and regulations promulgated thereunder.

     “Trademarks” means collectively all of the following of any Grantor: (a) all
trademarks, rights and interests in trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos, other business
identifiers, prints and labels on which any of the foregoing have appeared or appear, whether
registered or unregistered, all registrations and recordings thereof, and all applications in
connection therewith (other than each application to register any trademark or service mark prior
to the filing under Applicable Law of a verified statement of use for such trademark or service
mark) anywhere in the world, including, without limitation, those listed on Schedule 3.11
hereto, (b) all reissues, extensions, continuations (in whole or in part) and renewals of any of
the foregoing, (c) all income, royalties, damages and payments now or hereafter due and/or payable
under any of the foregoing or with respect to any of the foregoing, including, without limitation,
damages or payments for past, present or future infringements of any of the foregoing, (d) the
right to sue for past, present or future infringements of any of the foregoing and (e) all rights
corresponding to any of the foregoing (including the goodwill) throughout the world.

     “Trademark License” means any agreement now or hereafter in existence, whether written
or oral, providing for the grant by or to any Grantor of any right to use any Trademark, including,
without limitation, any of the foregoing referred to in Schedule 3.11.

     “UCC” means means the Uniform Commercial Code as in effect in the State of New York,
as amended or modified from time to time.

     “Vehicles” means all cars, trucks, trailers, construction and earth moving equipment
and other vehicles covered by a certificate of title under the laws of any state, all tires and all
other appurtenances to any of the foregoing.

4

 

     SECTION 1.3 Other Definitional Provisions. Terms defined in the Credit Agreement and
not otherwise defined herein shall have the meaning assigned thereto in the Credit Agreement. With
reference to this Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the word
“will” shall be construed to have the same meaning and effect as the word “shall”, (e) any
definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document, as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (f) any reference herein to any Person shall be construed to
include such Person’s permitted successors and assigns, (g) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (h) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement, (i) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights, (j) the term “documents”
includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form, (k) in
the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word
“through” means “to and including”, (l) Section headings herein and in the other Loan Documents are
included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document and (k) where the context requires, terms relating to the
Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s
Collateral or the relevant part thereof.

ARTICLE II

SECURITY INTEREST

     SECTION 2.1 Grant of Security Interest. Each Grantor hereby grants, pledges and
collaterally assigns to the Administrative Agent, for the ratable benefit of itself and the other
Secured Parties, a security interest in all of such Grantor’s right, title and interest in the
following property, now owned or at any time hereafter acquired by such Grantor or in which such
Grantor now has or at any time in the future may acquire any right, title or interest, and wherever
located or deemed located (collectively, the
“Collateral”), as collateral security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or otherwise) of the
Obligations:

     (a) all Accounts;

     (b) all cash and currency;

5

 

     (c) all Chattel Paper;

     (d) all Commercial Tort Claims identified on Schedule 3.9;

     (e) all Deposit Accounts;

     (f) all Documents;

     (g) all Equipment;

     (h) all Fixtures;

     (i) all General Intangibles;

     (j) all Instruments;

     (k) all Intellectual Property;

     (l) all Inventory;

     (m) all Investment Property;

     (n) all Letter-of-Credit Rights;

     (o) all Vehicles;

     (p) all other personal property not otherwise described above;

     (q) all books and records pertaining to the Collateral; and

     (r) to the extent not otherwise included, all Proceeds and products of any and all of the
foregoing and all collateral security and Supporting Obligations (as now or hereafter defined in
the UCC) given by any Person with respect to any of the foregoing; provided, that the
Security Interests granted herein shall not extend to, and the term “Collateral” shall not include,
(A) any Margin Stock, (B) any rights under any lease, contract or agreement (including, without
limitation, any license for Intellectual Property) to the extent that the granting of a security
interest therein is specifically prohibited in writing by, or would constitute an event of default
under or would grant a party a termination right under, any agreement governing such right, unless
such prohibition is not enforceable or is otherwise ineffective under Applicable Law or (C) any
license or authorization issued by the FCC or any successor or similar regulatory authority to the
extent that the granting of a security interest therein is specifically prohibited under Applicable
Law (provided that, notwithstanding the foregoing, the Security Interests
granted herein shall extend to, and the term “Collateral” shall include, all proceeds received
upon any sale, transfer or other disposition of any such license or authorization).
Notwithstanding any of the foregoing, such proviso shall not affect, limit, restrict or impair the
grant by any Grantor of a Security Interest in any Account or any money or other amounts due and
payable to any Grantor or to become due and payable to any Grantor under any lease, contract or
agreement described in clause (B) above.

6

 

     Notwithstanding the foregoing, the payment and performance of the Obligations shall not be
secured by any Interest Rate Hedge Agreement between any Grantor and any Secured Party.

     SECTION 2.2 Grantors Remain Liable. Anything herein to the contrary notwithstanding:
(a) each Grantor shall remain liable to perform all of its duties and obligations under the
contracts and agreements included in the Collateral to the same extent as if this Agreement had not
been executed, (b) the exercise by Administrative Agent of any of the rights hereunder shall not
release any Grantor from any of its duties or obligations under the contracts and agreements
included in the Collateral, (c) neither the Administrative Agent nor any other Secured Party shall
have any obligation or liability under the contracts and agreements included in the Collateral by
reason of this Agreement, nor shall the Administrative Agent or any other Secured Party be
obligated to perform any of the obligations or duties of any Grantor thereunder or to take any
action to collect or enforce any claim for payment assigned hereunder, and (d) neither the
Administrative Agent nor any other Secured Party shall have any liability in contract or tort for
any Grantor’s acts or omissions.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective Advances to the Borrower thereunder, each Grantor
hereby represents and warrants to the Administrative Agent and the other Secured Parties that:

     SECTION 3.1 Existence. Such Grantor is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or formation. Such Grantor has
the requisite power and authority to own its properties and to carry on its business as now being
and hereafter proposed to be conducted. Such Grantor is duly qualified, in good standing and
authorized to do business in each jurisdiction in which the character of its properties or the
nature of its business requires such qualification and authorization, except where failure to be so
qualified, in the aggregate, could not reasonably be expected to have a Materially Adverse Effect.

     SECTION 3.2 Authorization of Agreement; No Conflict. Such Grantor has the power and
has taken all necessary corporate and other action to authorize the execution, delivery and
performance of this Agreement and the transactions contemplated hereby. This Agreement, and each
other Loan Document to which it is a party, has
been duly executed and delivered by the duly authorized officers of such Grantor and is a
legal, valid and binding obligation of the Grantors enforceable against such Grantor in accordance
with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally and subject, as to enforceability, to general principles of equity. The
execution, delivery and performance by the Grantors of this Agreement and the transactions
contemplated hereby will not (a) violate any Applicable Law respecting any Grantor, (b) conflict
with, result in a breach of, or constitute a default under the certificate or articles of
incorporation or by-laws or partnership agreements or operating agreements or trust agreements (or
the equivalents thereof),

7

 

as the case may be, as amended, of any Grantor, or under any material
Operating Agreement, or any other material indenture, agreement, or other instrument, to which any
Grantor is a party or by which any of them or their respective properties may be bound or (c)
result in or require the creation or imposition of any Lien upon or with respect to any property
now owned or hereafter acquired by the Grantors, except for Permitted Liens.

     SECTION 3.3 Consents. No approval, consent, exemption, authorization or other action
by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or
required in connection with the execution, delivery or performance of this Agreement by, or
enforcement of this Agreement against, any Grantor or any Issuer, except (a) as may be required by
laws affecting the offering and sale of securities generally, (b) filings with the United States
Copyright Office and/or the United States Patent and Trademark Office, (c) filings under the UCC
and/or the Assignment of Claims Act, (d) the filing with the FCC of a copy of this Agreement as
required by Section 73.3613 of the FCC’s rules, (e) the FCC’s prior consent, to the extent that the
exercise by the Administrative Agent or the other Secured Parties of certain of their rights,
powers, privileges and remedies hereunder may constitute a de jure or de facto voluntary or
involuntary assignment of a Station’s FCC License or a voluntary or involuntary transfer of de jure
or de facto control of the holder of any such Station’s FCC License and (f) as may be required with
respect to Vehicles represented by a certificate of title.

     SECTION 3.4 Perfected First Priority Liens. Each financing statement naming any
Grantor as a debtor is in appropriate form for filing in the appropriate filing offices of the
states specified on Schedule 3.6. The Security Interests granted pursuant to this
Agreement (a) constitute valid security interests in all of the Collateral in favor of the
Administrative Agent, for the ratable benefit of itself and the other Secured Parties, as
collateral security for the Obligations, and (b) (i) when UCC financing statements containing an
adequate description of the Collateral shall have been filed in the offices specified in
Schedule 3.6, the Security Interests will constitute perfected security interests in all
right, title and interest of such Grantor in the Collateral to the extent that a security interest
therein may be perfected by filing pursuant to the UCC, prior to all other Liens and rights of
others therein except for Permitted Liens; (ii) when each Copyright security agreement has been
filed with the United States Copyright Office, the Security Interests will constitute perfected
security interests in all right, title and interest of such Grantor in the Intellectual Property
therein described, prior to all other Liens and rights of others therein except for Permitted
Liens; and (iii) when each control agreement has been executed and delivered to the Administrative
Agent, the
Security Interests will constitute perfected security interests in all right, title and
interest of the Grantors in the Deposit Accounts and Securities Accounts, as applicable, subject
thereto, prior to all other Liens and rights of others therein and subject to no adverse claims
except for Permitted Liens.

     SECTION 3.5 Title, No Other Liens. The Grantors have good, legal and marketable title
to, or a valid leasehold interest in, all of their respective material assets. None of the
properties or assets of the Grantors is subject to any Liens, except for Permitted Liens. Except
for financing statements evidencing Permitted Liens, no financing statement under the Uniform
Commercial Code as in effect in any jurisdiction and no other filing which names any Grantor as
debtor or which covers or purports to cover any of the assets of any Grantor is currently effective
and on file in any state or other jurisdiction, and no Grantor has signed any such financing
statement or filing or any security agreement authorizing any secured party

8

 

thereunder to file any
such financing statement or filing. No Collateral is in the possession or Control of any Person
asserting any claim thereto or security interest therein, except that (a) the Administrative Agent
or its designee may have possession or Control of Collateral as contemplated hereby, (b) a
depositary bank may have Control of a Deposit Account owned by a Grantor at such depositary bank
and a Securities Intermediary may have Control over a Securities Account owned by a Grantor at such
Securities Intermediary, in each case subject to the terms of any Deposit Account control agreement
or Securities Account control agreement, as applicable and to the extent required by Section
4.6, in favor of the Administrative Agent, and (c) a bailee, consignee or other Person may have
possession of the Collateral as contemplated by, and so long as, the applicable Grantors have
complied to the satisfaction of the Administrative Agent with the applicable provisions of
Section 4.6(c).

     SECTION 3.6 State of Organization; Location of Inventory, Equipment and Fixtures; other
Information.

     (a) The exact legal name of each Grantor is set forth on Schedule 3.6 (as such
schedule may be updated from time to time pursuant to Section 4.3).

     (b) Each Grantor is a Registered Organization organized under the laws of the state identified
on Schedule 3.6 under such Grantor’s name (as such schedule may be updated from time to
time pursuant to Section 4.3). The taxpayer identification number and Registered
Organization number of each Grantor is set forth on Schedule 3.6 under such Grantor’s name
(as such schedule may be updated from time to time pursuant to Section 4.3).

     (c) All Collateral consisting of Inventory, Equipment and Fixtures (whether now owned or
hereafter acquired) is (or will be) located at the locations specified on Schedule 3.6,
except as otherwise permitted hereunder.

     (d) The mailing address, chief place of business, chief executive office and office where each
Grantor keeps its books and records relating to the Accounts, Documents, General Intangibles,
Instruments and Investment Property in which it has any interest is located at the
locations specified on Schedule 3.6 under such Grantor’s name. No Grantor has any
other places of business except those separately set forth on Schedule 3.6 under such
Grantor’s name. No Grantor does business nor has done business during the past five years under
any trade name or fictitious business name except as disclosed on Schedule 3.6 under such
Grantor’s name. Except as disclosed on Schedule 3.6 under such Grantor’s name, no Grantor
has acquired assets from any Person, other than assets acquired in the ordinary course of such
Grantor’s business, during the past five years.

     SECTION 3.7 Accounts. Each existing Account constitutes, and each hereafter arising
Account will constitute, the legally valid and binding obligation of the applicable Account Debtor.
The amount represented by each Grantor to the Administrative Agent as owing by each Account Debtor
is, or will be, the correct amount actually and unconditionally owing, except for ordinary course
cash discounts and allowances where applicable. No Account Debtor has any defense, set-off, claim
or counterclaim against any Grantor that can be asserted against the Administrative Agent, whether
in any proceeding to enforce the Administrative Agent’s rights in the Collateral or otherwise
except defenses, setoffs, claims or counterclaims that are not,

9

 

in the aggregate, material to the
value of the Accounts. None of the Accounts is, nor will any hereafter arising Account be,
evidenced by a promissory note or other Instrument (other than a check) that has not been pledged
to the Administrative Agent in accordance with the terms hereof.

     SECTION 3.8 Chattel Paper. As of the date hereof, no Grantor holds any Chattel Paper
in the ordinary course of its business.

     SECTION 3.9 Commercial Tort Claims. As of the date hereof, all Commercial Tort Claims
owned by any Grantor are listed on Schedule 3.9.

     SECTION 3.10 Deposit Accounts. As of the date hereof, all Deposit Accounts
(including, without limitation, cash management accounts that are Deposit Accounts), securities
accounts and lockboxes including the: (a) owner of the account, (b) name and address of financial
institution or securities broker where such accounts are located, (c) account numbers and (d)
purpose or use of such account owned by any Grantor are listed on Schedule 3.10.

     SECTION 3.11 Intellectual Property.

     (a) As of the date hereof, all Copyright registrations, Copyright applications, issued
Patents, Patent applications, Trademark registrations and Trademark applications owned by any
Grantor in its own name on the date hereof is listed on Schedule 3.11 (as such
schedule may be updated from time to time pursuant to Section 4.3).

     (b) Except as set forth in Schedule 3.11 on the date hereof (as such schedule may be
updated from time to time pursuant to Section 4.3), none of the Intellectual Property owned
by any Grantor is the subject of any written licensing or franchise agreement pursuant to which
such Grantor is the licensor or franchisor, except as could not reasonably be expected to have a
Materially Adverse Effect.

     SECTION 3.12 Inventory. Collateral consisting of Inventory is of good and
merchantable quality, free from any material defects. To the knowledge of each Grantor, none of
such Inventory is subject to any licensing, Patent, Trademark, trade name or Copyright with any
Person that restricts any Grantor’s ability to manufacture and/or sell such Inventory. The
completion of the manufacturing process of such Inventory by a Person other than the applicable
Grantor would be permitted under any contract to which such Grantor is a party or to which the
Inventory is subject.

     SECTION 3.13 Investment Property; Partnership/LLC Interests.

     (a) As of the date hereof, all Investment Property (including, without limitation, Securities
Accounts and cash management accounts that are Investment Property) and all Partnership/LLC
Interests owned by any Grantor are listed on Schedule 3.13 (as such schedule may be updated
from time to time pursuant to Section 4.3).

     (b) All Investment Property and all Partnership/LLC Interests issued by any Issuer to any
Grantor (i) have been duly and validly issued and are fully paid and nonassessable, (ii) are

10

 

beneficially owned as of record by such Grantor and (ii) constitute all the issued and outstanding
shares of all classes of the capital stock of such Issuer issued to such Grantor.

     (c) None of the Partnership/LLC Interests (i) are traded on a Securities exchange or in
Securities markets, (ii) by their terms expressly provide that they are Securities governed by
Article 8 of the UCC, (iii) are Investment Company Securities or (iv) are held in a Securities
Account.

     SECTION 3.14 Instruments.

     As of the date hereof, no Grantor holds any Instruments, or is named a payee of any promissory
note or other evidence of indebtedness, other than the Instruments, promissory notes or other
evidence of indebtedness listed on Schedule 3.14.

     SECTION 3.15 Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm Products.

     SECTION 3.16 Government Contracts. As of the date hereof, no Grantor is party to any
contract with a Governmental Authority under which such Governmental Authority, as account debtor,
owes a monetary obligation to any Grantor under any account.

ARTICLE IV

COVENANTS

     Until the Obligations shall have been paid in full (other than contingent and expense
reimbursement claims for which no demand has been made) and the Commitments terminated, unless
consent has been obtained in the manner provided for in Section 7.1, each Grantor covenants
and agrees that:

     SECTION 4.1 Maintenance of Perfected Security Interest; Further Information.

     (a) Each Grantor shall maintain the Security Interest created by this Agreement as a first
priority perfected Security Interest (other than Permitted Liens) and shall defend such Security
Interest against the claims and demands of all Persons whomsoever (other than Permitted Liens).

     (b) Each Grantor will furnish to the Administrative Agent and the other Secured Parties, upon
the Administrative Agent’s reasonable request, from time to time (but, unless a Default or Event of
Default shall have occurred and be continuing, Grantors shall only be required to provide such
information twice in any twelve (12) month period), statements and schedules further identifying
and describing the assets and property of such Grantor and such other reports in connection
therewith as the Administrative Agent may reasonably request, all in reasonable detail.

     SECTION 4.2 Maintenance of Insurance.

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     (a) Each Grantor will maintain insurance with financially sound and reputable companies as
required by Section 5.5 of the Credit Agreement, and will meet all other obligations and
requirements of Section 5.5 of the Credit Agreement as if such Grantor were a party to the
Credit Agreement.

     (b) Upon the request of the Administrative Agent from time to time, each Grantor shall deliver
to the Administrative Agent and the Lenders periodic information from a reputable insurance broker
with respect to the insurance referred to in this Section 4.2.

     SECTION 4.3 Changes in Locations; Changes in Name or Structure. No Grantor will, except upon thirty (30) days’ prior written notice to the Administrative
Agent and delivery to the Administrative Agent of (a) all additional financing statements (executed
if necessary for any particular filing jurisdiction) and other instruments and documents reasonably
requested by the Administrative Agent to maintain the validity, perfection and priority of the
Security Interests and (b) if applicable, a written supplement to the Schedules of this Agreement:

     (i) permit any Deposit Account (other than Excluded Deposit Accounts) to be held by or at a
depositary bank other than the depositary bank that held such Deposit Account as of the date hereof
as set forth on Schedule 3.10;

     (ii) permit any Investment Property (other than Certificated Securities delivered to the
Administrative Agent pursuant to Section 4.5) to be held by a Securities Intermediary other
than the Securities Intermediary that held such Investment Property as of the date hereof as set
forth on Schedule 3.13;

     (iii) change its jurisdiction of organization or the location of its chief executive office
from that identified on Schedule 3.6; or

     (iv) change its name, identity or corporate or organizational structure to such an extent that
any financing statement filed by the Administrative Agent in connection with this Agreement would
become misleading.

     SECTION 4.4 Required Notifications. Each Grantor shall promptly notify the
Administrative Agent, in writing, of: (a) any Lien (other than the Security Interests or Permitted
Liens) on any of the Collateral which would adversely affect the ability of the Administrative
Agent to exercise any of its remedies hereunder, (b) the occurrence of any other event which could
reasonably be expected to have a Materially Adverse Effect on the aggregate value of the Collateral
or on the Security Interests, (c) any Collateral which, to the knowledge of such Grantor,
constitutes a Government Contract, and (d) the acquisition or ownership by such Grantor of any (i)
Commercial Tort Claim, (ii) Deposit Account (other than Excluded Deposit Accounts) or (iii)
Investment Property after the date hereof.

     SECTION 4.5 Delivery Covenants. Each Grantor will deliver and pledge to the
Administrative Agent, for the ratable benefit of itself and the other Secured Parties, all
Certificated Securities, Partnership/LLC Interests evidenced by a certificate, negotiable
Documents, Instruments, and Tangible Chattel Paper owned or held by such Grantor, in each case,
together with an Effective Endorsement and Assignment and all Supporting Obligations, as

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applicable, unless such delivery and pledge has been waived in writing by the Administrative Agent.

     SECTION 4.6 Control Covenants.

     (a) Each Grantor shall instruct (and otherwise use its commercially reasonable efforts) to
cause (i) each depositary bank (other than the Administrative Agent) holding a Deposit Account
(other than Excluded Deposit Accounts) owned by such Grantor and (ii) each Securities Intermediary
holding any Investment Property owned by such Grantor, to execute and deliver a control agreement,
sufficient to provide the Administrative Agent with Control of such Deposit Account or Investment
Property and otherwise in form and substance reasonably satisfactory to the Administrative Agent
(any such depositary bank executing and delivering any such control agreement, a “Controlled
Depositary”, and any such Securities Intermediary executing and delivering any such control
agreement, a “Controlled Intermediary”). In the event any such depositary bank or
Securities Intermediary refuses to execute and deliver such control agreement, the Administrative
Agent, in its sole discretion, may require the applicable Deposit Account and Investment Property
to be transferred to the Administrative Agent or a Controlled Depositary or Controlled
Intermediary, as applicable. After the date hereof, all Deposit Accounts (other than Excluded
Deposit Accounts) and all Investment Property will be maintained with the Administrative Agent or
with a Controlled Depository or a Controlled Intermediary, as applicable.

     (b) Each Grantor will take such actions and deliver all such agreements as are reasonably
requested by the Administrative Agent to provide the Administrative Agent with Control of all
Letter-of-Credit Rights and Electronic Chattel Paper owned or held by such Grantor, including,
without limitation, with respect to any such Electronic Chattel Paper, by having the Administrative
Agent identified as the assignee of the Record(s) pertaining to the single authoritative copy
thereof.

     (c) If any Collateral (other than Collateral specifically subject to the provisions of
Section 4.6(a) and Section 4.6(b)) exceeding in value $50,000 in the aggregate
(such Collateral exceeding such amount, the “Excess Collateral”) is at any time in the
possession or control of any consignee, warehouseman, bailee (other than a carrier transporting
Inventory to a purchaser in the ordinary course of business), processor, or any other third party,
such Grantor shall notify in writing such Person of the Security Interests created hereby, shall
use its commercially reasonable efforts to obtain such Person’s written agreement in writing to
hold all such Collateral for the Administrative Agent’s account subject to the Administrative
Agent’s instructions; provided that if such Grantor is not able to obtain such agreement
and cause the delivery of such items, the Administrative Agent, in its sole discretion, may require
such Excess Collateral to be moved to another location specified thereby. Further, each Grantor
shall perfect and protect such Grantor’s ownership interests in all Inventory stored with a
consignee against creditors of the consignee by filing and maintaining financing statements against
the consignee reflecting the consignment arrangement filed in all appropriate filing offices,
providing any written notices required to notify any prior creditors of the consignee of the
consignment arrangement, and taking such other actions as may be appropriate to perfect and protect
such Grantor’s interests in such inventory under Section 2-326, Section 9-103, Section 9-324 and
Section 9-505 of the UCC or otherwise. All such financing statements filed pursuant to this
Section 4.6(c) shall be

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assigned, on the face thereof, to the Administrative Agent, for the
ratable benefit of itself and the other Secured Parties.

     SECTION 4.7 Filing Covenants. Pursuant to Section 9-509 of the UCC and any other Applicable Law, each Grantor authorizes
the Administrative Agent to file or record financing statements and other filing or recording
documents or instruments with respect to the Collateral without the signature of such Grantor in
such form and in such offices as the Administrative Agent determines appropriate to perfect the
Security Interests of the Administrative Agent under this Agreement (with copies thereof to be
promptly delivered to the Borrower). Such financing statements may describe the Collateral in the
same manner as described herein. Further, a photographic or other reproduction of this Agreement
shall be sufficient as a financing statement or other filing or recording document or instrument
for filing or recording in any jurisdiction. Grantor hereby authorizes, ratifies and confirms all
financing statements and other filing or recording documents or instruments filed by Administrative
Agent prior to the date of this Agreement.

     SECTION 4.8 Accounts.

     (a) Other than in the ordinary course of business consistent with its past practice, no
Grantor will (i) grant any extension of the time of payment of any Account, (ii) compromise or
settle any Account for less than the full amount thereof, (iii) release, wholly or partially, any
Account Debtor, (iv) allow any credit or discount whatsoever on any Account or (v) amend,
supplement or modify any Account in any manner that could reasonably be likely to adversely affect
the value thereof.

     (b) Each Grantor will deliver to the Administrative Agent a copy of each material demand,
notice or document received by it that questions or calls into doubt the validity or enforceability
of any material Account.

     (c) At any time and from time to time, upon the Administrative Agent’s reasonable request and
at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or
others reasonably satisfactory to the Administrative Agent to furnish to the Administrative Agent
reports showing reconciliations, aging and test verifications of, and trial balances for, the
Accounts; provided that, unless a Default or Event of Default shall have occurred and be
continuing, such Grantor shall only be required to provide such information twice in any twelve
(12) month period.

     SECTION 4.9 Intellectual Property.

     (a) Except as could not reasonably be expected to have a Materially Adverse Effect, each
Grantor (either itself or through licensees) (i) will to use each registered Trademark (owned by
such Grantor) and Trademark for which an application (owned by such Grantor) is pending, to the
extent reasonably necessary to maintain such Trademark in full force free from any claim of
abandonment for non-use, (ii) will maintain products and services offered under such Trademark at a
level substantially consistent with the quality of such products and services as of the date
hereof, (iii) will not (and will not permit any licensee or sublicensee thereof to) do any act or
knowingly omit to do any act whereby such Trademark could reasonably be expected to

14

 

become
invalidated or impaired in any way, (iv) will not do any act, or knowingly omit to do any
act, whereby any issued Patent owned by such Grantor would reasonably be expected to become
forfeited, abandoned or dedicated to the public, (v) will not (and will not permit any licensee or
sublicensee thereof to) do any act or knowingly omit to do any act whereby any registered Copyright
owned by such Grantor or Copyright for which an application is pending (owned by such Grantor)
could reasonably be expected to become invalidated or otherwise impaired and (vi) will not (either
itself or through licensees) do any act whereby any material portion of the Copyrights may fall
into the public domain.

     (b) Each Grantor will notify the Administrative Agent and the Lenders promptly if it knows, or
has reason to know, that any application or registration relating to any material Intellectual
Property owned by such Grantor may become forfeited, abandoned or dedicated to the public, or of
any adverse determination or development (including, without limitation, the institution of, or any
such determination or development in, any proceeding in the United States Patent and Trademark
Office, the United States Copyright Office or any court or tribunal in any country) regarding such
Grantor’s ownership of, or the validity of, any material Intellectual Property owned by such
Grantor or such Grantor’s right to register the same or to own and maintain the same.

     (c) Whenever such Grantor, either by itself or through any agent, employee, licensee or
designee, shall file an application for the registration of any Intellectual Property with the
United States Patent and Trademark Office, the United States Copyright Office or any similar office
or agency in any other country or any political subdivision thereof, such Grantor shall report such
filing to the Administrative Agent within five (5) Business Days after the last day of the fiscal
quarter in which such filing occurs. Upon request of the Administrative Agent, such Grantor shall
execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers
as the Administrative Agent may reasonably request to evidence the Administrative Agent’s and the
other Secured Parties’ security interest in any material Copyright, Patent or Trademark and the
goodwill and General Intangibles of such Grantor relating thereto or represented thereby.

     (d) Each Grantor will take all reasonable and necessary steps, at such Grantor’s sole cost and
expense, including, without limitation, in any proceeding before the United States Patent and
Trademark Office, the United States Copyright Office or any similar office or agency in any other
country or any political subdivision thereof, to maintain and pursue each application (and to
obtain the relevant registration) and to maintain each registration of the material Intellectual
Property, including, without limitation, filing of applications for renewal, affidavits of use and
affidavits of incontestability.

     (e) In the event that any material Intellectual Property owned by a Grantor is infringed,
misappropriated or diluted by a third party, the applicable Grantor shall (i) at such Grantor’s
sole cost and expense, take such actions as such Grantor shall reasonably deem appropriate under
the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is
of material economic value, promptly notify the Administrative Agent after it learns of such
infringement, misappropriation or dilution.

     SECTION 4.10 Investment Property; Partnership/LLC Interests.

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     (a) Without the prior written consent of the Administrative Agent, no Grantor will (i) vote to
enable, or take any other action to permit, any applicable Issuer to issue any Investment Property
or Partnership/LLC Interests to such Grantor, except for such those additional Investment Property
or Partnership/LLC Interests issued to such Grantor that will be subject to the Security Interest
granted herein in favor of the Administrative Agent, or (ii) enter into any agreement or
undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell,
assign or transfer any Investment Property or Partnership/LLC Interests or Proceeds thereof. The
Grantors will defend the right, title and interest of the Administrative Agent in and to any
Investment Property and Partnership/LLC Interests against the claims and demands of all Persons
whomsoever.

     (b) If any Grantor shall become entitled to receive or shall receive (i) any Certificated
Securities (including, without limitation, any certificate representing a stock dividend or a
distribution in connection with any reclassification, increase or reduction of capital or any
certificate issued in connection with any reorganization), option or rights in respect of the
ownership interests of any Issuer, whether in addition to, in substitution of, as a conversion of,
or in exchange for, any Investment Property, or otherwise in respect thereof, or (ii) any sums paid
upon or in respect of any Investment Property upon the liquidation or dissolution of any Issuer,
such Grantor shall accept the same as the agent of the Administrative Agent and the other Secured
Parties, hold the same in trust for the Administrative Agent and the other Secured Parties,
segregated from other funds of such Grantor, and promptly deliver the same to the Administrative
Agent in accordance with the terms hereof.

     SECTION 4.11 Equipment. Each Grantor will maintain each item of Equipment in good
working order and condition (reasonable wear and tear and obsolescence excepted), and generally in
accordance with any manufacturer’s manual, except for such failures that would not have a
Materially Adverse Effect.

     SECTION 4.12 Vehicles. Upon the request of the Administrative Agent upon the
occurrence and during the continuance of an Event of Default, all applications for certificates of
title or ownership indicating the Administrative Agent’s first priority Lien on the Vehicles
(subject to any Permitted Liens) covered by such certificates, and any other necessary
documentation, shall be filed in each office in each jurisdiction which the Administrative Agent
shall deem reasonably advisable to perfect its Liens on the Vehicles; provided that with respect to
Vehicles subject to Permitted Liens, no such application or other documentation shall be required.
Prior thereto, each certificate of title or ownership relating to each Vehicle shall be maintained
by the applicable Grantor in accordance with Applicable Law to reflect the ownership interest of
such Grantor.

     SECTION 4.13 Government Contracts. Each Grantor shall promptly notify the Administrative Agent, in writing, if it enters into
any contract with a Governmental Authority under which such Governmental Authority, as account
debtor, owes a material monetary obligation to any Grantor under any Account.

     SECTION 4.14 Further Assurances. Upon the request of the Administrative Agent and at
the sole expense of the Grantors, each Grantor will promptly and duly execute and deliver, and have
recorded, such further instruments and documents and take such further actions as the

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Administrative Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including, without
limitation, (i) the assignment of any material contract, (ii) with respect to Government Contracts,
assignment agreements and notices of assignment, in form and substance satisfactory to the
Administrative Agent, duly executed by any Grantors party to such Government Contract in compliance
with the Assignment of Claims Act (or analogous state Applicable Law), and (iii) all applications,
certificates, instruments, registration statements, and all other documents and papers the
Administrative Agent may reasonably request and as may be required by law in connection with the
obtaining of any consent, approval, registration, qualification, or authorization of any Person
deemed necessary or appropriate for the effective exercise of any rights under this Agreement.

ARTICLE V

REMEDIAL PROVISIONS

     SECTION 5.1 General Remedies. If an Event of Default shall occur and be continuing,
the Administrative Agent, on behalf of itself and the other Secured Parties, may exercise, in
addition to all other rights and remedies granted to them in this Agreement and in any other
instrument or agreement securing, evidencing or relating to the Obligations, all rights and
remedies of a secured party under the UCC or any other Applicable Law. Without limiting the
generality of the foregoing, the Administrative Agent, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any notice required by
law referred to below) to or upon any Grantor or any other Person (all and each of which demands,
defenses, advertisements and notices are hereby waived), may in such circumstances forthwith
collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and
deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more
parcels at public or private sale or sales, at any exchange, broker’s board or office of the
Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may deem
advisable and at such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. The Administrative Agent may disclaim any warranties in
connection with any sale or other disposition of the Collateral, including, without limitation, any
warranties of title, possession, quiet enjoyment and the like. The Administrative Agent or any
other Secured Party shall have the right upon any such public sale or sales, and, to the extent
permitted by law, upon any such private sale or sales, to purchase the whole or any part of the
Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity
is hereby waived and
released. Each Grantor further agrees, at the Administrative Agent’s request, to assemble the
Collateral and make it available to the Administrative Agent at places which the Administrative
Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. To the extent
permitted by Applicable Law, each Grantor waives all claims, damages and demands it may acquire
against the Administrative Agent or any other Secured Party arising out of the exercise by them of
any rights hereunder except to the extent any such claims, damages, or demands result solely from
the gross negligence or willful misconduct of the Administrative Agent or any other Secured Party,
in each case against whom such claim is asserted. If any notice of a proposed sale or other
disposition of Collateral shall be required by

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law, such notice shall be deemed reasonable and
proper if given at least ten (10) days before such sale or other disposition.

     SECTION 5.2 Specific Remedies.

     (a) The Administrative Agent hereby authorizes each Grantor to collect such Grantor’s
Accounts, under the Administrative Agent’s direction and control; provided that, the
Administrative Agent may curtail or terminate such authority at any time after the occurrence and
during the continuance of an Event of Default.

     (b) Upon the occurrence and during the continuance of an Event of Default:

     (i) the Administrative Agent may communicate with Account Debtors of any Account
subject to a Security Interest and upon the request of the Administrative Agent, each
Grantor shall notify (such notice to be in form and substance satisfactory to the
Administrative Agent) its Account Debtors and parties to the material contracts subject to a
Security Interest that such Accounts and the material contracts have been assigned to the
Administrative Agent, for the ratable benefit of itself and the other Secured Parties;

     (ii) each Grantor shall forward to the Administrative Agent, on the last Business Day
of each week, deposit slips related to all cash, money, checks or any other similar items of
payment received by the Grantor during such week, and, if requested by the Administrative
Agent, copies of such checks or any other similar items of payment, together with a
statement showing the application of all payments on the Collateral during such week and a
collection report with regard thereto, in form and substance satisfactory to the
Administrative Agent;

     (iii) whenever any Grantor shall receive any cash, money, checks or any other similar
items of payment relating to any Collateral (including any Proceeds of any Collateral),
subject to the terms of any Permitted Liens, such Grantor agrees that it will, within one
(1) Business Day of such receipt, deposit all such items of payment into the Collateral
Account or in a Deposit Account (other than an Excluded Deposit Account) at a Controlled
Depositary, until such Grantor shall deposit such cash, money, checks or any other similar
items of payment in the Collateral Account or in a Deposit Account (other than an Excluded
Deposit Account) at a Controlled Depositary, such Grantor shall hold such cash, money,
checks or any other similar items of payment in trust for the
Administrative Agent and the other Secured Parties and as property of the
Administrative Agent and the other Secured Parties, separate from the other funds of such
Grantor, and the Administrative Agent shall have the right to transfer or direct the
transfer of the balance of each Deposit Account to the Collateral Account. All such
Collateral and Proceeds of Collateral received by the Administrative Agent hereunder shall
be held by the Administrative Agent in the Collateral Account as collateral security for all
the Obligations and shall not constitute payment thereof until applied as provided in
Section 5.4;

     (iv) the Administrative Agent shall have the right to receive any and all cash
dividends, payments or distributions made in respect of any Investment Property or

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Partnership/LLC Interests or other Proceeds paid in respect of any Investment Property or
Partnership/LLC Interests, and any or all of any Investment Property or Partnership/LLC
Interests shall be registered in the name of the Administrative Agent or its nominee, and
the Administrative Agent or its nominee may thereafter exercise (A) all voting, corporate
and other rights pertaining to such Investment Property or Partnership/LLC Interests at any
meeting of shareholders, partners or members of the relevant Issuers, subject to Section
5.6 and (B) any and all rights of conversion, exchange and subscription and any other
rights, privileges or options pertaining to such Investment Property or Partnership/LLC
Interests as if it were the absolute owner thereof (including, without limitation, the right
to exchange at its discretion any and all of the Investment Property or Partnership/LLC
Interests upon the merger, consolidation, reorganization, recapitalization or other
fundamental change in the corporate, partnership or company structure of any Issuer or upon
the exercise by any Grantor or the Administrative Agent of any right, privilege or option
pertaining to such Investment Property or Partnership/LLC Interests, and in connection
therewith, the right to deposit and deliver any and all of the Investment Property or
Partnership/LLC Interests with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as the Administrative Agent may determine),
all without liability except to account for property actually received by it; but the
Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege
or option and the Administrative Agent and the other Secured Parties shall not be
responsible for any failure to do so or delay in so doing. In furtherance thereof, each
Grantor hereby authorizes and instructs each Issuer with respect to any Collateral
consisting of Investment Property and Partnership/LLC Interests to (i) comply with any
instruction received by it from the Administrative Agent in writing that (A) states that an
Event of Default has occurred and is continuing and (B) is otherwise in accordance with the
terms of this Agreement, without any other or further instructions from such Grantor, and
each Grantor agrees that each Issuer shall be fully protected in so complying following
receipt of such notice and prior to notice that such Event of Default is no longer
continuing, and (ii) except as otherwise expressly permitted hereby, pay any dividends,
distributions or other payments with respect to any Investment Property or Partnership/LLC
Interests directly to the Administrative Agent; and

     (v) the Administrative Agent shall be entitled to (but shall not be required to): (A)
proceed to perform any and all obligations of the applicable Grantor under any material
contract and exercise all rights of such Grantor thereunder as fully as such Grantor itself
could, (B) do all other acts which the Administrative Agent may deem
necessary or proper to protect its Security Interest granted hereunder, provided such
acts are not inconsistent with or in violation of the terms of any of the Credit Agreement,
of the other Loan Documents or Applicable Law, and (C) sell, assign or otherwise transfer
any material contract in accordance with the Credit Agreement, the other Loan Documents and
Applicable Law, subject, however, to the prior approval of each other party to such material
contract, to the extent required under the material contract.

     (c) Unless an Event of Default shall have occurred and be continuing and the Administrative
Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to
exercise its corresponding rights pursuant to Section 5.2(b), each Grantor shall be
permitted to receive all cash dividends, payments or other distributions made in respect of any

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Investment Property and Partnership/LLC Interests, in each case paid in the normal course of
business of the relevant Issuer and consistent with past practice, to the extent permitted in the
Credit Agreement, and to exercise all voting and other corporate, company and partnership rights
with respect to any Investment Property and Partnership/LLC Interests, subject to Section
5.6; provided that, no vote shall be cast or other corporate, company and partnership
right exercised or other action taken which, in the Administrative Agent’s reasonable judgment,
would impair the Collateral in any material respect or which would result in a Default or Event of
Default under any provision of the Credit Agreement, this Agreement or any other Loan Document.

     SECTION 5.3 Registration Rights.

     (a) Each Grantor recognizes that the Administrative Agent may be unable to effect a public
sale of any or all the Restricted Securities Collateral, by reason of certain prohibitions
contained in the Securities Act and applicable state securities laws or otherwise, and may be
compelled to resort to one or more private sales thereof to a restricted group of purchasers which
will be obliged to agree, among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges
and agrees that any such private sale may result in prices and other terms less favorable than if
such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall be deemed to have been made in a commercially reasonable manner. The Administrative
Agent shall be under no obligation to delay a sale of any of the Restricted Securities Collateral
for the period of time necessary to permit the Issuer thereof to register such securities for
public sale under the Securities Act, or under applicable state securities laws, even if such
Issuer would agree to do so.

     (b) Each Grantor agrees to use its commercially reasonable efforts to do or cause to be done
all such other acts as may be necessary to make such sale or sales of all or any portion of the
Restricted Securities Collateral valid and binding and in compliance with any and all other
Applicable Laws. Each Grantor further agrees that a breach of any of the covenants contained in
this Section 5.3 will cause irreparable injury to the Administrative Agent and the other
Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate
remedy at law in respect of such breach and, as a consequence, that each and every covenant
contained in this Section 5.3 shall be specifically enforceable against such Grantor, and
such Grantor hereby waives and agrees not to assert any defenses against an action for specific
performance of such
covenants except for a defense that no Event of Default has occurred under the Credit
Agreement.

     SECTION 5.4 Application of Proceeds. At such intervals as may be agreed upon by the
Borrower and the Administrative Agent, or, if an Event of Default shall have occurred and be
continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply
all or any part of the Collateral or any Proceeds of the Collateral in payment in whole or in part
of the Obligations (after deducting all reasonable costs and expenses of every kind incurred in
connection therewith or incidental to the care or safekeeping of any of the Collateral or in any
way relating to the Collateral or the rights of the Administrative Agent and the other Secured
Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements) in
accordance with Section 8.3 of the Credit Agreement. Only after (i) the payment by the
Administrative Agent of any other amount required by any provision of Applicable Law,

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including,
without limitation, Section 9-610 and Section 9-615 of the UCC and (ii) the payment in full of the
Obligations and the termination of the Commitments, shall the Administrative Agent account for the
surplus, if any, to any Grantor, or to whomever may be lawfully entitled to receive the same (if
such Person is not a Grantor).

     SECTION 5.5 Waiver, Deficiency. Each Grantor hereby waives, to the extent permitted
by Applicable Law, all rights of redemption, appraisement, valuation, stay, extension or moratorium
now or hereafter in force under any Applicable Law in order to prevent or delay the enforcement of
this Agreement or the absolute sale of the Collateral or any portion thereof. Each Grantor shall
remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by
the Administrative Agent or any other Secured Party to collect such deficiency.

     SECTION 5.6 FCC Licenses. Notwithstanding anything herein which may be construed to the
contrary, no action shall be taken by any of the Secured Parties with respect to the FCC Licenses
(or any pledged Collateral relating to such licenses) unless and until all requirements of
Applicable Law, including, without limitation, any state law, or any required approval under the
Communications Act, and any applicable rules and regulations thereunder, requiring the consent to
or approval of such action by the FCC or any governmental or other authority, have been satisfied.
Without limiting the generality of the foregoing and notwithstanding anything to the contrary
herein, the Administrative Agent (on behalf of itself and the other Secured Parties) hereby agrees
that voting rights in the ownership interests of the Grantors in the Stations will remain with the
holders of such voting rights upon and following the occurrence of an Event of Default unless and
until any required prior approvals of the FCC to the transfer of such voting rights shall have been
obtained. The Grantors covenant that, upon request of any of the Secured Parties after and during
the continuance of an Event of Default, they will cause to be filed such applications and take such
other action as may be requested by such Person or Persons to obtain consent or approval of the FCC
or any governmental or other authority which has granted any FCC License
to any Grantor to any action contemplated by this Agreement and to give effect to the Security
Interest of the Administrative Agent, including, without limitation, the execution of an
application for consent by the FCC to a change in ownership or control pursuant to the provisions
of the Communications Act. To the extent permitted by Applicable Law, the Administrative Agent is
hereby irrevocably appointed the true and lawful attorney-in-fact of each Grantor, in its name and
stead, to execute and file, upon the occurrence and during the continuance of an Event of Default
after ten (10) Business Days’ prior notice to the Borrower, all necessary applications with the FCC
and with any governmental or other authority. The power of attorney granted herein is coupled with
an interest and shall be irrevocable for so long as any of the Obligations remains unpaid or
unperformed or any of the Lenders have any obligation to make Advances under the Credit Agreement,
regardless of whether the conditions precedent to the making of any such Advances has been or can
be fulfilled.

ARTICLE VI

THE ADMINISTRATIVE AGENT

21

 

     SECTION 6.1 Administrative Agent’s Appointment as Attorney-In-Fact.

     (a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of such Grantor and in the name of
such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to
take any and all appropriate action and to execute any and all documents and instruments which may
be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the
generality of the foregoing, each Grantor hereby gives the Administrative Agent the power and
right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of
the following upon the occurrence and during the continuation of an Event of Default:

     (i) in the name of such Grantor or its own name, or otherwise, take possession of and
indorse and collect any checks, drafts, notes, acceptances or other instruments for the
payment of moneys due under any Account or material contract subject to a Security Interest
or with respect to any other Collateral and file any claim or take any other action or
proceeding in any court of law or equity or otherwise deemed appropriate by the
Administrative Agent for the purpose of collecting any and all such moneys due under any
Account or material contract subject to a Security Interest or with respect to any other
Collateral whenever payable;

     (ii) in the case of any Intellectual Property, execute and deliver, and have recorded,
any and all agreements, instruments, documents and papers as the Administrative Agent may
request to evidence the Administrative Agent’s and the other Secured Parties’ security
interest in such Intellectual Property and the goodwill and General Intangibles of such
Grantor relating thereto or represented thereby;

     (iii) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repairs or any insurance called for by the terms of this Agreement
and pay all or any part of the premiums therefor and the costs thereof;

     (iv) execute, in connection with any sale provided for in this Agreement, any
endorsements, assignments or other instruments of conveyance or transfer with respect to the
Collateral; and

     (v) (A) direct any party liable for any payment under any of the Collateral to make
payment of any and all moneys due or to become due thereunder directly to the Administrative
Agent or as the Administrative Agent shall direct; (B) ask or demand for, collect, and
receive payment of and receipt for, any and all moneys, claims and other amounts due or to
become due at any time in respect of or arising out of any Collateral; (C) sign and indorse
any invoices, freight or express bills, bills of lading, storage or warehouse receipts,
drafts against debtors, assignments, verifications, notices and other documents in
connection with any of the Collateral; (D) commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect the
Collateral or any portion thereof and to enforce any other right in respect of any
Collateral; (E) defend any suit, action or proceeding brought against such Grantor

22

 

with
respect to any Collateral; (F) settle, compromise or adjust any such suit, action or
proceeding and, in connection therewith, give such discharges or releases as the
Administrative Agent may deem appropriate; (G) assign any Copyright, Patent or Trademark
(along with the goodwill of the business to which any such Copyright, Patent or Trademark
pertains), for such term or terms, on such conditions, and in such manner, as the
Administrative Agent shall in its sole discretion determine; and (H) generally, sell,
transfer, pledge and make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though the Administrative Agent were the absolute
owner thereof for all purposes, and do, at the Administrative Agent’s option and such
Grantor’s expense, at any time, or from time to time, all acts and things which the
Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and
the Administrative Agent’s and the other Secured Parties’ Security Interests therein and to
effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

     (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the
Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or
otherwise cause performance or compliance, with such agreement in accordance with the provisions of
Section 6.1(a).

     (c) The reasonable expenses of the Administrative Agent incurred in connection with actions
taken pursuant to the terms of this Agreement, together with interest thereon at a rate per annum
equal to the highest rate per annum at which interest would then be payable on any category of past
due Base Rate Loans under the Credit Agreement, from the date of payment by the Administrative
Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the
Administrative Agent on demand.

     (d) Each Grantor hereby ratifies only those actions and things that said attorneys shall
lawfully do or cause to be done in the exercise of the power of attorney granted hereunder in
accordance with Section 6.1(a). All powers, authorizations and agencies contained in this
Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and
the Security Interests created hereby are released.

     SECTION 6.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with
respect to the custody, safekeeping and physical preservation of the Collateral in its possession,
under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the
Administrative Agent deals with similar property for its own account. Neither the Administrative
Agent, any other Secured Party nor any of their respective officers, directors, employees or agents
shall be liable for failure to demand, collect or realize upon any of the Collateral or for any
delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of any Grantor or any other Person or to take any other action whatsoever with
regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and
the other Secured Parties hereunder are solely to protect the Administrative Agent’s and the other
Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative
Agent or any other Secured Party to exercise any such powers. The Administrative Agent and the
other Secured Parties shall be accountable only for amounts that they actually receive as a result
of the exercise of such powers, and neither they nor

23

 

any of their officers, directors, employees or
agents shall be responsible to any Grantor for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct.

     SECTION 6.3 Authority of Administrative Agent. Each Grantor acknowledges that the
rights and responsibilities of the Administrative Agent under this Agreement with respect to any
action taken by the Administrative Agent or the exercise or non-exercise by the Administrative
Agent of any option, voting right, request, judgment or other right or remedy provided for herein
or resulting or arising out of this Agreement shall, as between the Administrative Agent and the
other Secured Parties, be governed by the Credit Agreement and by such other agreements with
respect thereto as may exist from time to time among them, but, as between the Administrative Agent
and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for
itself and the other Secured Parties with full and valid authority so to act or refrain from
acting, and no Grantor shall be under any obligation, or entitlement to make any inquiry respecting
such authority.

ARTICLE VII

MISCELLANEOUS

     SECTION 7.1 Amendments in Writing. None of the terms or provisions of this Agreement
may be waived, amended, supplemented or otherwise modified except in accordance with Section
11.12 of the Credit Agreement.

     SECTION 7.2 Notices. All notices, requests and demands to or upon the Administrative
Agent or any Grantor hereunder shall be effected in the manner provided for in Section 11.1
of the Credit Agreement.

     SECTION 7.3 No Waiver by Course of Conduct, Cumulative Remedies. The rights and
remedies of the Administrative Agent and the other Secured Parties under this Agreement and the
other Loan Documents shall be cumulative and not exclusive of any rights or remedies which they
would otherwise have. No failure or delay by the Administrative Agent, the Required Lenders, the
other Secured Parties, or any of them in exercising any right shall operate as a waiver of such
right. The Administrative Agent and the other Secured Parties expressly reserve the right to
require strict compliance with the terms of this Agreement in connection with any future funding of
a Request for Advance. In the event the Lenders decide to fund a Request for Advance at a time
when the Borrower is not in strict compliance with the terms of this Agreement, such decision by
the Lenders shall not be deemed to constitute an undertaking by the Lenders to fund any further
Request for Advance or preclude the Secured Parties from exercising any rights available under the
Loan Documents or at law or equity. Any waiver or indulgence granted by the Administrative Agent,
the Lenders, or the Required Lenders, shall not constitute a modification of this Agreement or any
other Loan Document, except to the extent expressly provided in such waiver or indulgence, or
constitute a course of dealing at variance with the terms of this Agreement or any other Loan
Document such as to require further notice of their intent to require strict adherence to the terms
of this Agreement or any other Loan Document in the future.

     SECTION 7.4 Enforcement Expenses, Indemnification.

24

 

     (a) Each Grantor agrees to pay or reimburse each Secured Party for all its costs and expenses
incurred in connection with enforcing or preserving any rights under this Agreement and the other
Loan Documents to which such Grantor is a party, (including, without limitation, in connection with
any workout, restructuring, bankruptcy or other similar proceeding) including, without limitation,
the reasonable fees and disbursements of counsel to each Secured Party.

     (b) Each Grantor agrees to pay, and to save the Administrative Agent and the other Secured
Parties harmless from, any and all liabilities with respect to, or resulting from any delay in
paying, any and all stamp, excise, sales or other taxes (in each case, subject to Section
2.12 of the Credit Agreement) which may be payable or determined to be payable with respect to
any of the Collateral or in connection with any of the transactions contemplated by this Agreement.

     (c) Each Grantor agrees to pay, and to save the Administrative Agent and the other Secured
Parties harmless from any and all liabilities, obligations, losses, damages, penalties, costs and
expenses in connection with actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever with respect to the execution, delivery, enforcement, performance and
administration of this Agreement to the extent any Grantor would be required to do so pursuant to
Sections 5.11 and 11.2 of the Credit Agreement.

     (d) The agreements in this Section 7.4 shall survive termination of the Commitments
and repayment of the Obligations and all other amounts payable under the Credit Agreement and the
other Loan Documents. To the extent that any conflict may exist between this Section 7.4
and Sections 5.11 and 11.2 of the Credit Agreement, then Sections 5.11 and
11.2 of the Credit Agreement shall control.

     SECTION 7.5 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     SECTION 7.6 Successors and Assigns. This Agreement shall be binding upon the
successors and permitted assigns of each Grantor and shall inure to the benefit of each Grantor
(and shall bind all Persons who become bound as a Grantor to this Collateral Agreement), the
Administrative Agent and the other Secured Parties and their successors and permitted assigns;
provided that no Grantor may assign, transfer or delegate any of its rights or

25

 

obligations
under this Agreement without the prior written consent of the Administrative Agent (given in
accordance with Section 7.1).

     SECTION 7.7 Set-Off. Each Grantor hereby irrevocably authorizes the Administrative
Agent and each Secured Party at any time and from time to time pursuant to Section 11.4 of
the Credit Agreement, without notice to such Grantor or any other Grantor, any such notice being
expressly waived by each Grantor, to the fullest extent permitted by Applicable Law, to set off and
apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by such
Secured Party, the Issuing Bank or any such Affiliate to or for the credit or the account of such
Grantor, against any and all of the obligations of the Grantor now or hereafter existing under this
Agreement or any other Loan Document to such Secured Party or the Issuing Bank, irrespective of
whether or not such Secured Party or the Issuing Bank shall have made any demand under this
Agreement or any other Loan Document and although such obligations of the Grantor may be contingent
or unmatured or are owed to a branch or office of such Secured Party or the Issuing Bank different
from the branch or office holding such deposit or obligated on such indebtedness. The rights of
each Secured Party, the Issuing Bank and their respective Affiliates under this Section
7.7 are in addition to other rights and remedies (including other rights of setoff) that such
Secured Party, the Issuing Bank or their respective Affiliates may have. Each Lender and the
Issuing Bank agrees to notify the Grantor and the Administrative Agent promptly after any such
setoff and application; provided that the failure to give such notice shall not affect the
validity of such setoff and application. To the extent that any conflict may exist between this
Section 7.7 and Section 11.4 of the Credit Agreement, then Section 11.4 of
the Credit Agreement shall control.

     SECTION 7.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such separate counterparts
shall together constitute but one and the same instrument. Delivery of an executed counterpart of
a signature page of this Agreement shall be effective as delivery of a manually executed
counterpart of this Agreement and delivery of or any document or instrument delivered in connection
herewith by telecopy shall be effective as delivery of a manually executed counterpart of such
other document or instrument, as applicable.

     SECTION 7.9 Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof in that jurisdiction or
affecting the validity or enforceability of such provision in any other jurisdiction.

     SECTION 7.10 Section Heading. The Section headings of the various subdivisions used
in this Agreement are for convenience only and shall not in any way modify or amend any of the
terms or provisions hereof, nor be used in connection with the interpretation of any provision
hereof.

     SECTION 7.11 Integration. Except as otherwise expressly provided herein, this
Agreement, the Loan Documents and the other documents described or contemplated in the Credit
Agreement will embody the entire agreement and understanding among the parties hereto and thereto
and supersede all prior agreements and understandings relating to the subject matter

26

 

hereof and
thereof except as expressly set forth or referred to herein or in the other Loan Documents.

     SECTION 7.12 Governing Law. This Agreement shall be governed by, construed and
enforced in accordance with the laws of the State of New York applicable to agreements made to be
performed in New York.

     SECTION 7.13 Consent to Jurisdiction. If any action or proceeding shall be brought by
the Administrative Agent or any Lender hereunder or under any other Loan Document in order to
enforce any right or remedy under this
Agreement or any other Loan Document, the Grantors hereby consent, and will cause their
subsidiaries to submit, to the jurisdiction of any state or federal court of competent jurisdiction
sitting in the county of New York on the date of this Agreement. The Grantors hereby agree that,
to the extent permitted by Applicable Law, service of the summons and complaint and all other
process which may be served in any such suit, action or proceeding may be effected by mailing by
registered mail a copy of such process to the offices of the Borrower at the address given in
Section 11.1 of the Credit Agreement and that personal service of process shall not be
required. Nothing herein shall be construed to prohibit service of process by any other method
permitted by law, or the bringing of any suit, action or proceeding in any other jurisdiction. The
Grantors agree that final judgment in such suit, action or proceeding shall be conclusive and may
be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by
Applicable Law.

     SECTION 7.14 Acknowledgements.

     (a) Each Grantor hereby acknowledges that: (i) it has been advised by counsel in the
negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a
party, (ii) neither the Administrative Agent nor any Lender has any fiduciary relationship with or
duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan
Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent
and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor, and (iii) no joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby or thereby among the Lenders or among the
Grantors and the Lenders.

     (b) Each Issuer party to this Agreement acknowledges receipt of a copy of this Agreement and
agrees to be bound thereby and to comply with the terms thereof insofar as such terms are
applicable to it. Each Issuer agrees to provide such notices to the Administrative Agent as may be
necessary to give full effect to the provisions of this Agreement.

     SECTION 7.15 Additional Grantors. Each Subsidiary of the Borrower that is required to
become a party to this Agreement pursuant to Section 5.13 of the Credit Agreement shall
become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary
of a joinder agreement in form and substance satisfactory to the Administrative Agent.

     SECTION 7.16 Releases.

27

 

     (a) At such time as the Obligations shall have been paid in full (other than contingent and
expense reimbursement obligations for which no demand has been made) and the Commitments have been
terminated, the Collateral shall be released from the Liens created hereby, and this Agreement and
all obligations (other than those expressly stated to survive such termination) of the
Administrative Agent and each Grantor 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 Grantors. At the request and sole expense of any Grantor following
any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by
the Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such
Grantor shall reasonably request to evidence such termination.

     (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any
Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the
request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or
other documents reasonably necessary or desirable for the release of the Liens created hereby on
such Collateral. In the event that all the Capital Stock or all of the assets of any Grantor shall
be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement,
then, at the request of the Borrower and at the expense of the Grantors, such Grantor shall be
released from its obligations hereunder; provided that the Borrower shall have delivered to
the Administrative Agent, at least ten (10) Business Days prior to the date of the proposed
release, a written request for release identifying the relevant Grantor and the terms of the sale
or other disposition in reasonable detail, including the price thereof and any expenses in
connection therewith, together with a certification by the Borrower stating that such transaction
is in compliance with the Credit Agreement and the other Loan Documents.

[Signature Pages to Follow]

28

 

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

	 	 	 	 	 
	 	GRAY TELEVISION, INC., as Grantor

 	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan   	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	WVLT-TV, INC., as Grantor and Issuer 

 	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan   	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	GRAY TELEVISION GROUP, INC., as Grantor and Issuer  	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan   	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	GRAY TELEVISION LICENSEE, INC., as Grantor and Issuer  	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan   	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Signature Pages Continue]

[Gray
Television Collateral Agreement]

 

	 	 	 	 	 
	 	GRAY TEXAS L.P., as Grantor and Issuer

By Gray Television Group, Inc., its General Partner

 	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	GRAY TEXAS, LLC, as Grantor and Issuer

 	 
	 	By:  	/s/ James C. Ryan
 	 
	 	 	Name:  	James C. Ryan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Signature Pages Continue]

[Gray
Television Collateral Agreement]

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL	 	 
	 	 	ASSOCIATION, as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Joe Mynatt
 

Joe Mynatt
	 	  
	 

	 	Title:
	 	Director	 	 

[Gray
Television Collateral Agreement]

 

SCHEDULE 3.6

to

Collateral Agreement

Exact Legal Name; Jurisdiction of Organization; Taxpayer Identification Number; Registered

Organization Number; Mailing Address; Chief Executive Office and other Locations

 

SCHEDULE 3.9

to

Collateral Agreement

Commercial Tort Claims

 

SCHEDULE 3.10

to

Collateral Agreement

Deposit Accounts

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Address of Financial	 	 
	Grantor	 	Financial Institution	 	Account Number	 	Institution	 	Account Purpose
	 

	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

 

SCHEDULE 3.11

to

Collateral Agreement

Intellectual Property

     1. The listing of Trademarks (as defined in the Collateral Agreement) should include: (a) the
Trademark; (b) Registration Number or Serial Number; (c) the Owner; (d) the Filing Date; (e) the
Registration Date (if applicable); (f) the Date Affidavit of Use and/or Renewal is Due; and (g)
Whether the Affidavit of Use and/or Renewal has been filed.

     2. The listing of Trademark Licenses (as defined in the Collateral Agreement) should include:
(a) Name and Address of Licensee/Licensor; (b) Date; (c) List of each Trademark Licensed/Assigned;
and (d) Description of product to which license/assignment applies.

     3. The listing of Patents (as defined in the Collateral Agreement) should include: (a)
Country; (b) Patent Number; (c) Issue Date; (d) Inventor(s); (e) Title of Invention; (f) Dates on
which Maintenance Fees were paid; and (g) Identity of Party Paying Maintenance Fees.

     4. The listing of Patent (as defined in the Collateral Agreement) applications should include:
(a) Application Number; (b) Filing Date; (c) Inventors; and (d) Title of Invention.

     5. The listing of Patent Licenses (as defined in the Collateral Agreement) should include:
(a) Name and Address of Licensee/Licensor; (b) Date; (c) List of each Patent Licensed/Assigned; and
(d) Description of product to which license/assignment applies

     6. The listing of Copyrights (as defined in the Collateral Agreement) should include: (a)
Registration Number; (b) Registration Date; (c) Title as listed in Registration; (d) Publication
Date; (e) Creation Date; (f) Author; and(g) Subject Matter Covered.

     7. The listing of Copyright Licenses (as defined in the Collateral Agreement) should include:
(a) Name and Address of Licensee/Licensor; (b) Date; (c) Work Licensed or Assigned.

 

SCHEDULE 3.13

to

Collateral Agreement

Investment Property and Partnership/LLC Interests

     Certificated Securities:

     [Grantor]:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Percentage of
	 	 	 	 	 	 	 	 	Ownership Interests of
	Name of Issuer	 	Class and Series	 	Par Value	 	Certificate Number	 	such Class and Series
	 

	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

     Securities Accounts (including cash management accounts that are Investment Property) and
Uncertificated Securities:

     [Grantor]:

	 	 	 	 	 	 	 
	 	 	 	 	Address of Financial	 	 
	Financial Institution	 	Account Number	 	Institution	 	Account Purpose
	 

	 	 
	 	 
	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Percentage of Ownership
	Name of Issuer	 	Class and Series	 	Par Value	 	Interests of such Class and Series
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

     Partnerships/LLC Interests:

     [Grantor]:

	 	 	 	 	 	 	 
	Name of Issuer	 	 	 	 	 	 
	(including identification of	 	 	 	Certificate Number	 	Percentage of Ownership
	type of entity)	 	Type of Ownership Interest	 	(if any)	 	Interests of such Type
	 

	 	 
	 	 
	 	 

 

SCHEDULE 3.14

to

Collateral Agreement

Instruments

	 	 	 	 	 	 	 	 	 
	Payor	 	Payee	 	Amount	 	Date	 	Maturity

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