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EXHIBIT 10.12.7    
  

CREDIT
AGREEMENT 

among 

UNIVISION
COMMUNICATIONS INC., 

THE
LENDERS PARTIES HERETO, 

and

GOLDMAN
SACHS CREDIT PARTNERS, L.P.

as Sole Advisor, Arranger, Book Manager, Administrative Agent and Syndication Agent 

Dated
as of June 8, 2001 

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	SECTION 1. DEFINITIONS	 	1
	 	1.1	 	Defined Terms	 	1
	 	1.2	 	Other Definitional Provisions	 	17
	SECTION 2. AMOUNT AND TERMS OF LOANS; COMMITMENT AMOUNTS	 	17
	 	2.1	 	Loans; Commitment Amounts	 	17
	 	2.2	 	Optional Prepayments	 	19
	 	2.3	 	Mandatory Prepayments	 	19
	 	2.4	 	Conversion and Continuation Options	 	20
	 	2.5	 	Minimum Amounts of Tranches	 	21
	 	2.6	 	Interest Rates and Payment Dates of Principal and Interest	 	21
	 	2.7	 	Computation of Interest and Fees	 	22
	 	2.8	 	Inability to Determine Interest Rate	 	22
	 	2.9	 	Pro Rata Treatment and Payments	 	22
	 	2.10	 	Illegality	 	23
	 	2.11	 	Increased Costs	 	23
	 	2.12	 	Taxes	 	24
	 	2.13	 	Indemnity	 	25
	 	2.14	 	Fees	 	25
	 	2.15	 	Mitigation of Costs	 	25
	SECTION 3. REPRESENTATIONS AND WARRANTIES	 	25
	 	3.1	 	Financial Condition	 	25
	 	3.2	 	No Change	 	25
	 	3.3	 	Corporate Existence; Compliance with Law	 	26
	 	3.4	 	Corporate/Partnership Power; Authorization; Enforceable Obligations	 	26
	 	3.5	 	No Legal Bar	 	26
	 	3.6	 	No Material Litigation	 	27
	 	3.7	 	Ownership of Property; Liens	 	27
	 	3.8	 	Intellectual Property	 	27
	 	3.9	 	Taxes	 	27
	 	3.10	 	Federal Regulations	 	27
	 	3.11	 	ERISA	 	28
	 	3.12	 	Investment Company Act; Other Regulations	 	28
	 	3.13	 	Material Agreements	 	28
	 	3.14	 	Subsidiaries	 	28
	 	3.15	 	Purpose of Loans	 	28
	 	3.16	 	Environmental Matters	 	29
	 	3.17	 	Accuracy and Completeness of Information	 	29
	 	3.18	 	Permits, Etc. 	 	29
	 	3.19	 	Copyright Act Requirements	 	30
	 	3.20	 	Nature of Business	 	30
	 	3.21	 	FCC Matters; Media Licenses	 	30
	 	3.22	 	Ranking of Loans	 	30
	 	3.23	 	Insolvency	 	30
	 	3.24	 	Labor Matters	 	31
	 	3.25	 	Condemnation	 	31
	 	3.26	 	Leases, Licenses, Permits, Site Use Agreements and Other Occupancy Agreements	 	31

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	 	3.27	 	Corporate Organization	 	31
	SECTION 4. CONDITIONS PRECEDENT	 	31
	 	4.1	 	Conditions to Closing Date	 	31
	 	4.2	 	Conditions to Initial Loans for the USA Broadcasting Acquisition	 	34
	 	4.3	 	Conditions to Each Loan	 	35
	SECTION 5. AFFIRMATIVE COVENANTS	 	36
	 	5.1	 	Financial Statements	 	36
	 	5.2	 	Certificates; Other Information	 	37
	 	5.3	 	Payment of Obligations	 	39
	 	5.4	 	Conduct of Business and Maintenance of Existence	 	39
	 	5.5	 	Maintenance of Property; Insurance	 	39
	 	5.6	 	Inspection of Property; Books and Records; Discussions	 	40
	 	5.7	 	Environmental Laws	 	40
	 	5.8	 	Use of Proceeds	 	40
	 	5.9	 	Compliance With Laws, Etc. 	 	40
	 	5.10	 	Media Licenses	 	41
	 	5.11	 	Leases and Licenses	 	41
	 	5.12	 	Notices	 	41
	 	5.13	 	Security Interests	 	41
	SECTION 6. NEGATIVE COVENANTS	 	42
	 	6.1	 	Financial Condition Covenants	 	42
	 	6.2	 	Limitation on Indebtedness	 	42
	 	6.3	 	Limitation on Liens	 	43
	 	6.4	 	Limitation on Fundamental Changes	 	44
	 	6.5	 	Limitation on Sale of Assets	 	44
	 	6.6	 	Limitation on Dividends	 	45
	 	6.7	 	Limitation on Investments, Loans and Advances	 	45
	 	6.8	 	Limitation on Modifications of Debt Instruments; Repurchase of Junior Subordinated Notes; Etc. 	 	47
	 	6.9	 	Transactions with Affiliates	 	47
	 	6.10	 	Fiscal Year	 	47
	 	6.11	 	Restrictions Affecting Subsidiaries	 	47
	 	6.12	 	Lease Obligations	 	47
	 	6.13	 	Unfunded Liabilities	 	47
	 	6.14	 	Management Fees	 	47
	 	6.15	 	Material Agreements	 	47
	 	6.16	 	Limitation on Negative Pledge Clauses	 	48
	 	6.17	 	Limitation on Modifications of USA Acquisition Agreement	 	48
	 	6.18	 	Limitation on Equity Offerings	 	48
	 	6.19	 	Limitation on Activities of Newco	 	48
	SECTION 7. EVENTS OF DEFAULT	 	49
	SECTION 8. THE ADMINISTRATIVE AGENT AND THE ARRANGER	 	51
	 	8.1	 	Appointment	 	51
	 	8.2	 	Delegation of Duties	 	51
	 	8.3	 	Exculpatory Provisions	 	52
	 	8.4	 	Reliance by Administrative Agent and Arranger	 	52
	 	8.5	 	Notice of Default	 	52
	 	8.6	 	Non-Reliance on Administrative Agent, Arranger and Other Lenders	 	53

–ii–

 

	 	8.7	 	Indemnification	 	53
	 	8.8	 	Administrative Agent and Arranger in Their Individual Capacities	 	53
	 	8.9	 	Successor Administrative Agent or Arranger	 	54
	 	8.10	 	Arranger	 	54
	SECTION 9. MISCELLANEOUS	 	54
	 	9.1	 	Amendments and Waivers	 	54
	 	9.2	 	Notices	 	55
	 	9.3	 	No Waiver; Cumulative Remedies	 	56
	 	9.4	 	Survival of Representations and Warranties	 	57
	 	9.5	 	Payment of Expenses and Taxes	 	57
	 	9.6	 	Successors and Assigns; Participations; Purchasing Lenders	 	57
	 	9.7	 	Adjustments; Set-Off	 	60
	 	9.8	 	Counterparts	 	60
	 	9.9	 	Severability	 	60
	 	9.10	 	Integration	 	60
	 	9.11	 	Governing Law	 	61
	 	9.12	 	Submission to Jurisdiction; Waivers; Appointment of Process Agent	 	61
	 	9.13	 	Acknowledgements	 	61
	 	9.14	 	Waivers of Jury Trial, Damages Waivers	 	61
	 	9.15	 	Headings	 	61
	 	9.16	 	Conflict of Terms	 	61
	 	9.17	 	Copies of Certificates, Etc. 	 	62
	 	9.18	 	Confidentiality	 	62
	 	9.19	 	Publicity	 	62
	 	9.20	 	Limitation of Interest	 	62
	 	9.21	 	Margin Stock	 	63
	Exhibits	 	 	 	 
	 	A	 	Form of Note	 	 
	 	B	 	Form of Assignment and Acceptance	 	 
	 	C	 	Form of No Default/Representation Certificate	 	 
	 	D	 	Form of Covenant Compliance Certificate	 	 
	 	E	 	Form of Continuation Notice	 	 
	Schedules	 	 	 	 
	 	1.1(a)	 	Acquired Business	 	 
	 	1.1(b)	 	First USA Acquisition Closing Subsidiaries	 	 
	 	2.1	 	Commitments	 	 
	 	3.14	 	Borrower Subsidiaries	 	 
	 	3.15	 	Proposed and Pending Acquisitions	 	 
	 	3.21(a)	 	Borrower Authorizations	 	 
	 	3.21(b)	 	USA Broadcasting Authorizations	 	 
	 	3.21(c)	 	Exceptions Regarding Borrower Authorizations	 	 
	 	3.27	 	Corporate Organization of Borrower	 	 
	 	6.7(f)	 	Borrowers' and Subsidiaries' Investments	 	 
	 	9.2	 	Lender Notice Addresses	 	 

–iii–

 
 

CREDIT AGREEMENT    
  

    THIS CREDIT AGREEMENT, dated as of June 8, 2001, among (1) UNIVISION COMMUNICATIONS INC., a Delaware corporation (the  "Borrower"), (2) the
several banks and other financial institutions from time to time parties to this Agreement (the  "Lenders"), and (3) GOLDMAN SACHS CREDIT PARTNERS, L.P. ("GSCP"), as sole advisor, book manager and
syndication agent, as sole lead arranger for
the Lenders hereunder (in such capacity, the "Arranger") and as sole administrative agent for the Lenders hereunder (in such capacity, the  "Administrative Agent"). 

W
I T N E S S E T H: 

    WHEREAS,
the Borrower has entered into that certain Credit Agreement dated as of October 13, 2000 with BNP Paribas and The Chase Manhattan Bank, as Joint Advisers, Joint Lead
Arrangers, and Joint Book Managers, The Chase Manhattan Bank, as Administrative Agent, and the banks and other financial institutions parties thereto, as lenders (the "$100
Million Credit Agreement"), pursuant to which a credit facility in the maximum amount of $100,000,000 was made available to the Borrower; 

    WHEREAS,
the Borrower has requested that the Lenders extend to it a multiple-draw term loan facility for use by it in, refinancing in whole the $100 Million Credit
Agreement, in making certain acquisitions, and for general corporate purposes of the Borrower and its subsidiaries, in each case on the terms and conditions set forth below; 

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows: 

SECTION
1. DEFINITIONS 

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

    "Accountants":  Arthur Andersen LLP or such other firm of independent certified public accountants of recognized
national standing as shall be selected by the Borrower and satisfactory to the Arranger. 

    "Acquired Business":  the Subsidiaries of USA Broadcasting identified on Schedule 1.1(a) to be acquired by the
Borrower pursuant to the USA Acquisition Agreement. 

    "Acquisitions":  (i) the acquisition by, or investment in, any Media/Communications Business by the Borrower or
its Subsidiaries or (ii) the entering into by the Borrower or its Subsidiaries of any Program Services Agreement, in each case as permitted by Section 6.7(k) or (l). 

    "Additional Entravision Investment":  the Borrower's $110,000,000 equity investment in Entravision existing on the
Closing Date (which shall be in addition to (i) the Borrower's $10,000,000 equity investment permitted by Section 6.7(j) and (ii) additional investments by the Borrower in
Entravision permitted by Section 6.7(k)). 

    "Administrative Agent":  as defined in the preamble hereto. 

    "Affiliate":  as to any Person, (a) any other Person (other than a Subsidiary) which, directly or indirectly, is
in control of, is controlled by, or is under common control with, such Person or (b) any Person who is a director, officer, shareholder or partner (i) of such Person, (ii) of any
Subsidiary of such Person or (iii) of any Person described in the preceding clause (a). For purposes of this definition, "control" of a Person means the power, directly or indirectly,
either to (i) vote securities having 10% or more of the ordinary voting power for the election of directors of such Person or (ii) direct or cause the direction of the management and
policies of such Person whether by contract or otherwise; provided, however, that Perenchio, his Permitted Transferees and each of their respective
Affiliates shall be deemed to be Affiliates of the Borrower and each other Loan Party. 

    "Affiliated Stations":  those television stations and cable television systems with which Network from time to time has
Affiliation Agreements. 

 

    "Affiliation Agreements":  the Affiliation Agreements between Network and the Affiliated Stations, as such agreements
may be amended or otherwise modified from time to time. 

    "Aggregate Available Commitment":  the sum of the Available Commitments of each Lender. 

    "Aggregate Commitment":  the sum of the Commitments of each Lender, namely $500,000,000 on the Closing Date. 

    "Agreement":  this Credit Agreement, as amended, waived, supplemented or otherwise modified from time to time. 

    "Alternate Base Rate":  for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of
1%) equal to the greater of (a) the Prime Commercial Lending Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.  "Prime Commercial
Lending Rate" shall mean the rate of interest per annum quoted in The Wall Street
Journal as the prime rate in effect for such day. "Federal Funds Effective Rate" shall mean, for any day, the weighted average
of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent
from three federal funds brokers of recognized standing selected by it. If, for any reason, the Administrative Agent shall have determined (which determination shall be conclusive absent manifest
error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, including, without limitation, the inability or failure of the Administrative Agent to obtain sufficient
quotations in accordance with the terms hereof, the Alternate Base Rate shall be determined without regard to clause (b) of the first sentence of this definition until the circumstances giving
rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Commercial Lending Rate or the Federal Funds Effective Rate shall be effective on the
effective date of such change in the Prime Commercial Lending Rate or the Federal Funds Effective Rate, respectively. 

    "Alternate Base Rate Loans":  Loans the rate of interest applicable to which is based upon the Alternate Base Rate. 

    "Amendment to the Existing Credit Agreement":  an amendment to the Existing Credit Agreement executed and delivered by
the Borrower and the requisite lenders thereunder after the Loan Commitment Date that will permit the consummation of the transactions contemplated by the USA Acquisition Agreement and the Loan
Documents (including the making of the mandatory prepayments contemplated by Section 2.3(c)), in form and substance satisfactory to GSCP. 

    "Applicable Lending Office":  for any Lender, its offices for LIBOR Loans and Alternate Base Rate Loans specified in
Schedule 9.2 or in the Assignment and Acceptance pursuant to which it became a party hereto, as the case may be, any of which offices may, upon 10 days' prior written notice to the
Administrative Agent and the Borrower, be changed by such Lender. 

    "Applicable Margin":  (1) for each LIBOR Loan (i) for the period beginning on the third month anniversary
of the Loan Commitment Date, 0.25% per annum, (ii) for the period beginning on the first
day following the third month anniversary of the Loan Commitment Date, 1.00% per annum, and (iii) following the Commitment Expiration Date, such Applicable Margin as determined necessary by
GSCP, in its sole and absolute discretion based upon then prevailing market conditions, to successfully syndicate the Loans; and (2) for each Alternate Base Rate Loan (i) for the period
beginning on the third month anniversary of the Loan Commitment Date, 0.00% per annum, (ii) for the period beginning on the first day following the third month anniversary of the Loan
Commitment Date, 0.00% per annum, and (iii) following the Commitment Expiration Date, such Applicable Margin as 

–2–

 

determined necessary by GSCP, in its sole and absolute discretion based upon then prevailing market conditions, to successfully syndicate the Loans. 

    "Arranger":  as defined in the preamble hereto. 

    "Asset Disposition":  the sale, sale and leaseback, transfer, conveyance, exchange, long-term lease accorded
sales treatment under GAAP or similar disposition (including by means of a merger, consolidation, amalgamation, joint venture or other substantive combination) of any of the Properties, business or
assets (other than marketable securities, including "margin stock" within the meaning of Regulation U, liquid investments and other financial instruments but, including, without limitation, the
assignment of any lease, license or permit relating to the Properties) of the Borrower or any of its Subsidiaries to any Person or Persons other than to the Borrower or any of its Subsidiaries;  provided
that Asset Dispositions shall not include (i) the sale in the ordinary course of business of equipment and vehicles, the proceeds of
sale of which are used within 90 days after the sale date to refinance Indebtedness (including the Loans) incurred to purchase or to commit to purchase replacement equipment and vehicles to be
used in the ordinary course of business, (ii) other sales of assets in the ordinary course of business which do not have a fair market value exceeding $5,000,000 in the aggregate in any fiscal
year and (iii) the disposition, pursuant to an exercise by USA Broadcasting of its remedies under the AT Pledge Agreement following the occurrence of an event of default thereunder, of
(x) the Capital Stock of any Subsidiary acquired by Newco with the Net Proceeds of an AT Note or (y) the 1.0% general partnership interest of any licensee general partner in which any
such Subsidiary directly owns the corresponding 99.0% general partnership interest. 

    "Assignment and Acceptance":  an Assignment and Acceptance in the form of Exhibit B. 

    "AT Note":  each promissory note to be entered into by Newco in favor of USA Broadcasting pursuant to Section 1.3
of the Second Amendment to the USA Acquisition Agreement, as in effect on the date hereof, in each case in the form attached as Exhibit E to the USA Acquisition Agreement, as in effect on the
date hereof. 

    "AT Pledge Agreement":  the pledge agreement to be entered into by Newco in favor of USA Broadcasting pursuant to
Section 1.3 of the Second Amendment to the USA Acquisition Agreement, as in effect on the date hereof, in the form attached as Exhibit F to the USA Acquisition Agreement, as in effect on
the date hereof. 

    "Authorizations":  as defined in Section 3.21. 

    "Available Commitment":  with respect to each Lender, the amount by which (a) the Commitment of such Lender on
such date exceeds (b) the principal sum of such Lender's Loans outstanding. 

    "Borrower":  as defined in the preamble hereto. 

    "Borrower Authorizations":  as defined in Section 3.21. 

    "Borrower Stock Purchase":  the purchase by the Borrower, from time to time, of shares of its common stock in accordance
with the terms of this Agreement. 

    "Business Day":  a day other than a Saturday, Sunday or other day on which commercial banks in New York City or the
State of California are authorized or required by law to close and which, in the case of a LIBOR Loan, is a Eurodollar Business Day. 

    "Capital Expenditures":  for any period, collectively, for any Person, the aggregate of all expenditures which are made
during such period (whether paid in cash or accrued as liabilities), and all contractual commitments for such expenditures which are entered into during such period
(provided that if any such commitment is included in one fiscal year, the actual payment in a later fiscal year 

–3–

 

shall not be included in such later fiscal year), by such Person, for property, plant or equipment and which would be reflected as additions to property, plant or equipment on a balance sheet of such
Person prepared in accordance with GAAP (including, without limitation, all such property held under capital leases); provided, however, that Capital
Expenditures shall exclude (i) any expenditures which arise from Program Rights Obligations and (ii) any expenditures permitted hereunder with respect to Transponder Leases. 

    "Capitalized Lease Obligations":  obligations for the payment of rent for any real or personal property under leases or
agreements to lease that, in accordance with GAAP, have been or should be capitalized on the books of the lessee and, for purposes hereof, the amount of any such obligation shall be the capitalized
amount thereof determined in accordance with GAAP; provided, that "Capitalized Lease Obligations" shall not include any such obligations relating to
Transponder Leases. 

    "Capital Stock":  any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), any and all warrants, options or rights to purchase or any other securities convertible into
any of the foregoing. 

    "Cash Income Taxes":  cash income taxes paid by the Borrower and its consolidated Subsidiaries during the fiscal quarter
most recently ended and the immediately preceding three fiscal quarters. 

    "Change in Control":  (a) any "person" or "group" (as such terms are used for purposes of Sections 13(d) and
14(d) of the Securities Exchange Act of 1934 (as in effect from time to time), whether or not applicable), other than Perenchio and any Person or group of Persons that are Permitted Transferees of
Perenchio or are as of the date hereof Affiliates of Perenchio, is or becomes the beneficial owner, directly or indirectly, of more than 50% of the total Voting Power of the Borrower or (b) the
Borrower shall cease to be the beneficial owner, directly or indirectly, of 100% of the total Voting Power of Network and each other Subsidiary set forth on Schedule 3.14 attached hereto. 

    "Closing Date":  the date on which the conditions precedent set forth in Section 4.1 have been satisfied. 

    "Code":  the Internal Revenue Code of 1986, as amended from time to time. 

    "Commitment":  the commitment of each Lender listed on Schedule 2.1 to make Loans hereunder through its
Applicable Lending Office as set forth in Schedule 9.2, as the same may be adjusted pursuant to the provisions hereof. 

    "Commitment Expiration Date":  December 1, 2001 or such earlier date as the Aggregate Commitment shall expire
(whether by acceleration, reduction to zero or otherwise). 

    "Commitment Letter":  that certain Commitment Letter, dated June 4, 2001, by and between the Lenders and the
Borrower, as amended, modified or supplemented from time to time. 

    "Commitment Percentage":  with respect to each Lender, the percentage equivalent of the ratio which such Lender's
Commitment bears to the Aggregate Commitment. 

    "Commonly Controlled Entity":  as to any Person, an entity, whether or not incorporated, which is under common control
with such Person within the meaning of Section 4001 of ERISA or is part of a group which includes such Person and which is treated as a single employer under Section 414 of the Code. 

    "Communications Act":  the Communications Act of 1934, as amended, and the rules and regulations issued thereunder, as
from time to time in effect. 

–4–

 

    "Continuation Notice":  a request for continuation or conversion of a Loan as set forth in Section 2.4,
substantially in the form of Exhibit E. 

    "Contractual Obligation":  as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

    "Covenant Compliance Certificate":  a certificate of the Chief Financial Officer of the Borrower substantially in the
form of Exhibit D, as modified to the extent necessary to reflect changes made pursuant to Section 6.18 in the covenants contained in Section 6. 

    "Default":  any of the events specified in Section 7, whether or not any requirement for the giving of notice,
the lapse of time, or both, or any other condition, has been satisfied. 

    "Dennevar B.V.":  Dennevar B.V., a Dutch corporation wholly-owned indirectly by Venevision. 

    "Dollars" and "$":  lawful currency of the United States. 

    "EBITDA":  for any period, for the fiscal quarter most recently ended and the immediately preceding three fiscal
quarters, Net Income after eliminating extraordinary gains and losses, plus (i) provisions for taxes, (ii) depreciation and amortization
(including amortization of Program Rights Payments),
(iii) Interest Expense, (iv) permitted termination payments paid by the Borrower or its Subsidiaries resulting from early termination of a time brokerage agreement, local marketing
agreement or similar agreement, (v) payments made pursuant to Non-Compete Agreements and (vi) other non-cash charges, all to the extent deducted in computing Net
Income, but after deducting (A) Program Rights Payments made or scheduled to be made, (B) non-cash revenues (to the extent included in the calculation of Net Income) and
(C) principal payments for Transponder Leases. For purposes of pro forma calculations hereunder, calculations shall be made after giving effect to acquisitions, exchanges and dispositions of
assets during such period as if such acquisition, exchange or disposition had occurred on the first day of such period. 

    "Engagement Letter":  that certain Engagement Letter, dated June 4, 2001, by and between Goldman, Sachs &
Co. and the Borrower, as amended, modified or supplemented from time to time. 

    "Entravision":  Entravision Communications Corporation, a Delaware corporation. 

    "Environmental Laws":  any and all foreign, federal, state, local or municipal laws, rules, orders, regulations,
statutes, ordinances, codes, decrees, requirements of any Governmental Authority or Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct
concerning protection of human health or the environment, as now or at any time hereafter in effect. 

    "ERISA":  the Employee Retirement Income Security Act of 1974, as amended from time to time. 

    "ERISA Affiliate":  as to any Person, each trade or business including such Person, whether or not incorporated, which
together with such Person would be treated as a single employer under Section 4001(a)(14) of ERISA. 

    "Eurodollar Business Day":  shall mean any day on which banks are open for dealings in Dollar deposits in the London
Interbank Market. 

    "Event of Default":  any of the events specified in Section 7,  provided that any requirement for the giving of notice,
the lapse of time, or both, or any other condition, has been satisfied. 

    "Excess Cash Flow":  for any period, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to
EBITDA (provided that Program Rights Payments deducted in the calculation 

–5–

 

thereof shall be limited to Program Rights Payments actually made) for such period, less, during such period (in each case, without duplication), (i) Total Debt Service, (ii) Cash Income
Taxes, (iii) Capital Expenditures of the Borrower and its Subsidiaries, (iv) increases (or plus decreases) in Net Working Investment and (v) Restricted Payments permitted under
Section 6.6(i) and Section 6.6(ii). 

    "Excluded Taxes":  all taxes imposed on or by reference to the net income of the Administrative Agent, the Arranger or
any Lender or its Applicable Lending Office and all franchise taxes, taxes on doing business or taxes measured by capital or net worth imposed on any Lender or its Applicable Lending Office, in each
case, imposed: 

     (i) by
the jurisdiction in which the Applicable Lending Office or other branch of such Person is located or in which such Person is organized or has its principal or
registered office; or 

    (ii) by
reason of the failure of any Lender to provide accurate documentation required to be provided by such Lender pursuant to Section 2.12(b) or
Section 9.6. 

    "Existing Credit Agreement":  that certain Credit Agreement dated as of September 26, 1996 with BNP Paribas and
The Chase Manhattan Bank, as Managing Agents, The Chase Manhattan Bank, as Administrative Agent, and the banks and other financial institutions parties thereto, as lenders, as amended by the First
Amendment to Credit Agreement dated as of April 10, 1997, the Second Amendment to Credit Agreement dated as of November 6, 1998, the Third Amendment to Credit Agreement dated as of
December 20, 1999, the Fourth Amendment to Credit Agreement dated as of October 10, 2000, and the Fifth Amendment to the Credit Agreement dated as of June 1, 2001, it being
understood that as used herein, such term shall refer to such Agreement as in existence on the Closing Date without giving effect to any amendments, modifications or supplements thereto made on or
after the Closing Date unless consented to by the Majority Lenders in writing. 

    "Existing Credit Agreement Closing Date":  September 30, 1996. 

    "FCC":  the Federal Communications Commission or any successor thereto. 

    "Federal Funds Effective Rate":  as defined in the definition of "Alternate Base
Rate" contained in this Section 1.1. 

    "Fee Letter":  that certain Fee Letter, dated June 4, 2001, by and between GSCP and the Borrower, as amended,
modified or supplemented form time to time. 

    "Financial Statements":  as defined in Section 3.1(a). 

    "First USA Acquisition Closing":  the first closing of the USA Broadcasting Acquisition by which the Borrower will
acquire the capital stock of the companies listed on Schedule 1.1(b) pursuant to the USA Acquisition Agreement for approximately $288,000,000, in cash. 

    "Fixed Charge Coverage Ratio":  for the Borrower and its Subsidiaries on a consolidated basis, the ratio of EBITDA for
the fiscal quarter most recently ended and the immediately preceding three fiscal quarters to the sum of (i) Total Debt Service for the fiscal quarter most recently ended and the immediately
preceding three fiscal quarters, (ii) Capital Expenditures for the fiscal quarter most recently ended and the immediately preceding three fiscal quarters, (iii) Cash Income Taxes for the
fiscal quarter most recently ended and the immediately preceding three fiscal quarters and (iv) Restricted Payments permitted under Section 6.6(ii) (other than those made by the
Borrower to effect a Borrower Stock Purchase) paid by the Borrower or any Subsidiary for the fiscal quarter most recently ended and the immediately preceding three fiscal quarters. 

–6–

 

    "Funded Debt":  the sum of (x) the outstanding principal balance of all Capitalized Lease Obligations of the
Borrower and its Subsidiaries and (y) all Indebtedness of the Borrower and its Subsidiaries other than Indebtedness described in clauses (f),
(h), (i), (j), (k) and (l) of Section 6.2. 

    "GAAP":  generally accepted accounting principles in the United States in effect from time to time. If, at any time,
GAAP changes in a manner which will materially affect the calculations determining compliance by the Borrower with any of its covenants in Section 6.1, such covenants shall continue to be
calculated in accordance with GAAP in effect prior to such changes in GAAP. 

    "Governmental Authority":  any nation or government, any federal, state or other political subdivision thereof and any
federal, state or local entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

    "GSCP":  as defined in the preamble hereto. 

    "Guarantee Obligation":  as to any Person (the "guaranteeing person"),
any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing
person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the
"primary obligations") of any other third Person (the "primary obligor") in any manner, whether directly
or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds for the purchase or payment of any such primary obligation or to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against
loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection
in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lesser of (a) an amount equal to the stated or determinable
amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the
instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the
amount of such Guarantee Obligation shall be such guaranteeing person's maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 

    "Indebtedness":  of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services (other than (i) current trade liabilities incurred in the ordinary course of business and payable in accordance with customary
practices and (ii) current income taxes) or which is evidenced by a note, bond, debenture or similar instrument, excluding Program Rights Obligations, (b) all obligations of such Person
under Capitalized Lease Obligations, (c) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (d) all liabilities secured by any
Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (e) all obligations of such Person, whether absolute or
contingent, in respect of letters of credit opened for the account of such Person (other than any letters of credit opened for the purpose of facilitating the purchase of goods and services in the
ordinary course of business and having a term of not more than 360 days), (f) all obligations of such Person under Non-Compete Agreements and Interest Rate Agreements and
(g) all Guarantee Obligations of such Person in respect of any indebtedness, obligations or liabilities of any other Person of the type referred to in clauses (a) through 

–7–

 

(f) of this definition; provided that "Indebtedness" shall not include payments (to the extent included above) to be made by Network pursuant to
the Program License Agreements or payments made to Affiliated Stations under the Affiliation Agreements. 

    "Insolvency":  with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 

    "Insolvent":  pertaining to a condition of Insolvency. 

    "Intellectual Property":  as defined in Section 3.8. 

    "Interest Expense":  as of any date, for the fiscal quarter most recently ended and the immediately preceding three
fiscal quarters, (A) the sum of (i) the amount of all interest on Funded Debt (or, with respect to clause (y) of the definition of Funded Debt, dividends) which was paid, payable
and/or accrued for such period (without duplication of previous amounts), (ii) all commitment, letter of credit or line of credit fees paid, payable and/or accrued for such period (without
duplication of previous amounts) to any lender in exchange for such lender's commitment to lend or otherwise extend credit and (iii) net amounts payable (or receivable) under all Interest Rate
Agreements, less (B) all interest income. 

    "Interest Payment Date":  (a) as to any Alternate Base Rate Loan, the last day of each March, June, September and
December to occur while such Loan is outstanding, (b) as to any LIBOR Loan, the last day of each Interest Period to occur while such Loan is outstanding, and (c) for each of
(a) and (b) above, the day on which the Loans become due and payable in full or are paid or prepaid in full. 

    "Interest Period":  with respect to any LIBOR Loan: 

    (a) initially,
the period commencing on the borrowing or conversion date, as the case may be, with respect to such LIBOR Loan and ending one or three months thereafter,
as selected by the Borrower in its notice of borrowing or its Continuation Notice, as the case may be, given with respect thereto; and 

    (b) thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to such LIBOR Loan and ending one or three months thereafter, as
selected by the Borrower by irrevocable notice to the Administrative Agent not less than three Eurodollar Business Days prior to the last day of the then current Interest Period with respect thereto;  provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

     (i) if
any Interest Period pertaining to a LIBOR Loan would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately
preceding Business Day; 

    (ii) any
Interest Period that would otherwise extend beyond the date final payment is due on the Loans shall end on the date of such final payment; and 

    (iii) any
Interest Period pertaining to a LIBOR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

–8–

 

    "Interest Rate Agreement":  any interest rate protection agreement, interest rate future, interest rate option, interest
rate swap, interest rate cap or other interest rate hedge or arrangement under which the Borrower is a party or a beneficiary. 

    "International Program Rights Agreement":  the International Program Rights Agreement dated as of October 2, 1996
among the Borrower, Televisa and Venevision, as such agreement may be amended or otherwise modified from time to time in accordance with the terms hereof. 

    "Investment Company Act":  as defined in Section 3.12. 

    "Junior Subordinated Notes":  collectively, (i) those certain Subordinated Ten Year Notes due 2002 issued by
Network Holding in an aggregate original amount of $61,094,000 pursuant to an Indenture dated as of December 17, 1992 executed by Network Holding to First Trust National Association, as
Trustee, the obligations under which have been assumed by the Borrower and (ii) those certain Subordinated Ten Year Notes due 2002 issued by PTI Holdings in an original aggregate amount of
$10,306,000 pursuant to an Indenture dated as of December 17, 1992 executed by PTI Holdings to First Trust National Association, as Trustee, as such notes and/or such Indentures may be amended
or otherwise modified from time to time in accordance with the terms hereof. 

    "Lenders":  as defined in the preamble hereto and Section 8.8. 

    "LIBOR Rate":  with respect to any Interest Period for any LIBOR Loan, (a) the rate per annum (rounded to the
nearest 1/100 of 1%) equal to the rate determined by GSCP to be the offered rate which appears on the page of the Telerate Screen which displays an average British Bankers Association Interest
Settlement Rate (such page currently being page number 3740 or 3750, as applicable) for deposits (for delivery on the first day of such period) with a term equivalent to such
period in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Eurodollar Business Days prior to the first day of each Interest Period, or (b) in the event the
rate referenced in the preceding clause (a) does not appear on such page or service or if such page or service shall cease to be available, the rate per annum (rounded to the nearest 1/100 of
1%) equal to the rate determined by GSCP to be the offered rate on such other page or other service which displays an average British Bankers Association Interest Settlement Rate for deposits (for
delivery on the first day of such period) with a term equivalent to such periods in Dollars, determined as of approximately 11:00 a.m. (London, England time) two Eurodollar Business Days prior
to the first day of such Interest Period, or (c) in the event the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum (rounded to the
nearest 1/100 of 1%) equal to the offered quotation rate to first class banks in the London Interbank Market as determined by GSCP for deposits (for delivery in the first day of the relevant period)
in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of GSCP, in its capacity as a Lender, for which the LIBOR Rate is then being determined with
maturities comparable to such period as of approximately 11:00 a.m. (London, England time) two Eurodollar Business Days prior to the first day of each Interest Period." 

    "LIBOR Loans":  Loans the rate of interest applicable to which is based upon the LIBOR Rate. 

    "LIBOR Reserve Requirements":  for any day as applied to a LIBOR Loan, the aggregate (without duplication) of the
maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations
of the Board of Governors of the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding
(currently referred to as "Eurocurrency Liabilities" in Regulation D of such Board) maintained by a member bank of such Federal Reserve System. As at the Closing Date, there are no such reserve
requirements. 

–9–

 

    "License Fee Guaranties":  collectively, (i) the Guaranty dated as of October 1, 1996 executed by the
Borrower in favor of Univisa with respect to Network's obligations under the Program License Agreement with Univisa and (ii) the Guaranty dated as of October 1, 1996 executed by the
Borrower in favor of Dennevar B.V. with respect to Network's obligations under the Program License Agreement with Dennevar B.V., as such Guaranties may be amended or otherwise modified from time to
time in accordance with the terms of the Loan Documents, and which Guaranties shall be unsecured. 

    "Lien":  any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention
agreement, any Capitalized Lease Obligation having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or
comparable law of any jurisdiction in respect of any of the foregoing). 

    "Loan":  as defined in Section 2.1(a). 

    "Loan Commitment Date":  the date of execution and delivery of the Commitment Letter, namely June 4, 2001. 

    "Loan Documents":  this Agreement, the Notes, the Security Documents, and any other agreement executed by a Loan Party
in connection therewith and herewith, as such agreements and documents may be amended, supplemented and otherwise modified from time to time in accordance with the terms hereof. 

    "Loan Parties":  collectively, as applicable (i) the Borrower and its Subsidiaries and (ii) any other
Person, if any, that is required to enter into one or more Security Documents pursuant to Section 5.13. 

    "Majority Lenders":  Lenders having Commitments equal to or more than 51% of the Aggregate Commitment, or, if any
Commitment has terminated, with respect to such Commitment, Lenders with outstanding Loans having an unpaid principal balance equal to or more than 51% of the unpaid principal balance of all Loans
outstanding, excluding from such calculation Lenders which have failed or refused to fund a Loan when required to do so. 

    "Margin Stock":  as defined in Regulation U. 

    "Material Adverse Effect":  a material adverse effect on (a) the business, operations, property, condition or
prospects (financial or otherwise) of the Borrower and its Subsidiaries (including, without limitation, the Acquired Business) taken as a whole, (b) the ability of any Loan Party to perform its
obligations under the Loan Documents, (c) the validity or enforceability of the Loan Documents or the rights or remedies of the Administrative Agent, the Arranger or the Lenders hereunder or
thereunder or (d) from and after the Security Documents Effective Date, the validity, enforceability or priority of the Liens purported to be created by the Security Documents. 

    "Material Agreements":  the Program License Agreements, the Participation Agreement, the International Program Rights
Agreement and the Existing Credit Agreement. 

    "Maturity Date":  April 1, 2004 or such earlier date as the Loans shall become due and payable (whether by
acceleration or otherwise). 

–10–

       "Media/Communications Business":  the ownership and operation of radio and television stations, cable networks, cable
programming, television programming and syndication, interactive television, direct broadcast satellite, pay-per-view television, sports promotion and sports team ownership,
home shopping, print and on-line publishing or broadcasting, billboards and recorded music and music publishing; provided that to the extent
any of the foregoing involve assets located, or businesses operating, outside of the United States, aggregate EBITDA derived from such assets or businesses shall not exceed 20% of EBITDA (based on the
most recently ended twelve month period) for the Borrower and its Subsidiaries on a consolidated basis; and provided, further, that acquisition of, or
investment in, recorded music and/or music publishing shall not exceed $100,000,000 in the aggregate between the Existing Credit Agreement Closing Date and the Maturity Date, inclusive. With respect
to an investment made by the Borrower or its Subsidiaries in the form of an equity investment (such as through the purchase of stock, partnership interests or otherwise), as opposed to acquisition of
such assets or businesses directly, the calculation of EBITDA for purposes of the first proviso of this definition shall be made as if such assets and businesses were owned directly by the Borrower or
its Subsidiaries. 

    "Media Licenses":  any franchise, license, permit, certificate, ordinance, approval or other authorization, or any
renewal or extension thereof, from any federal, state or local government or governmental agency, department or body that is necessary for the broadcast or other operations of the Borrower or any of
its Subsidiaries. 

    "Multiemployer Plan":  a plan which is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

    "Net Income":  for the Borrower and its Subsidiaries on a consolidated basis, net income as determined in accordance
with GAAP and in a manner consistent with the calculation of net income as set forth in the Financial Statements. 

    "Net Proceeds":  (A) with respect to any Asset Disposition, the net amount equal to the aggregate amount received
in cash (including any cash received by way of deferred payment pursuant to a note receivable, other non-cash consideration or otherwise, but only as and when such cash is so received) in
connection with such Asset Disposition minus the sum of (a) the reasonable fees, commissions and other out-of-pocket
expenses incurred by the Borrower or any of its Subsidiaries in connection with such Asset Disposition (other than amounts payable to Affiliates of the Person making such disposition),
(b) Indebtedness, other than the Loans, required to be paid as a result of such Asset Disposition and (c) federal, state and local taxes incurred and paid in connection with such Asset
Disposition; and (B) with respect to any Securities Offering, the net amount equal to the aggregate amount received in cash (including any cash received by way of deferred payment pursuant to a
note receivable, other non-cash consideration or otherwise, but only as and when such cash is so received) in connection with such Securities Offering  minus the reasonable fees, commissions and other
out-of-pocket expenses
incurred by the Borrower in connection with such Securities Offering (other than amounts payable to Affiliates of the Person making such Securities Offering). 

    "Network":  The Univision Network Limited Partnership, a Delaware limited partnership. 

    "Network Holding":  The Univision Network Holding Limited Partnership, a Delaware limited partnership. 

    "Net Working Investment":  for the Borrower on a consolidated basis, (i) current assets (excluding cash and
investments permitted under Section 6.7(b)) less (ii) current liabilities (excluding the current portion of Funded Debt). 

–11–

 

    "Newco"  means a wholly-owned Subsidiary of the Borrower to be organized under the laws of any State of the United
States of America for the sole purpose of acquiring the Capital Stock of one or more Subsidiaries of USA Broadcasting with the Net Proceeds of the AT Note(s);  provided that Newco: 

    (1) has
no Indebtedness other than Non-Recourse Indebtedness; 

    (2) is
not party to any agreement, contract, arrangement or understanding with the Borrower or any other Subsidiary of the Borrower unless the terms of any such
agreement, contract, arrangement or understanding are no less favorable to the Borrower or such other Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of
the Borrower; 

    (3) is
a Person with respect to which neither the Borrower nor any of its other Subsidiaries has any direct or indirect obligation (a) to subscribe for
additional equity interests or (b) to maintain or preserve such Person's financial condition or to cause such Person to achieve any specified levels of operating results; and 

    (4) has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Borrower or any of its other Subsidiaries. 

    "New Credit Agreement":  collectively, one or more credit facilities, including the new credit facility contemplated by
the Commitment Letter, to be entered into after the Closing Date by the Borrower and/or one or more of its Subsidiaries and certain lenders, and providing for the aggregate extension of credit to the
Borrower in an amount equal to not less than the sum of (i) the total obligations outstanding under the Existing Credit Agreement as of the date of this Agreement and (ii) $500,000,000. 

    "New Investments":  collectively, the Additional Entravision Investment and Other Media/Communications Investments, and
"New Investment" means any one of the foregoing. 

    "Non-Compete Agreements":  all agreements pursuant to which the Borrower, any of its Subsidiaries or any
Station has agreed to make payments (whether in cash or in kind) to another Person for the agreement of such Person not to compete with the Borrower, such Subsidiary or such Station in a given area. 

    "Non-Recourse Indebtedness"  means Indebtedness of Newco: 

    (1) as
to which neither the Borrower nor any of its Subsidiaries (other than Newco) (a) provides credit support of any kind (including any undertaking, agreement
or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender in respect thereof; 

    (2) no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against Newco) would permit upon
notice, lapse of time or both any holder of any other Indebtedness (other than the Indebtedness created hereunder) of the Borrower or any of its Subsidiaries (other than Newco) to declare a default on
such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its stated maturity; and 

    (3) as
to which the lenders in respect thereof have been notified in writing that they will not have any recourse to the stock or assets of the Borrower or any of its
Subsidiaries (other than the Capital Stock of each Subsidiary of USA Broadcasting acquired by Newco with the Net Proceeds of the AT Note(s)). 

    "Note":  as defined in Section 2.1(d). 

    "Obligations":  the unpaid principal of and interest on (including, without limitation, interest accruing after the
maturity of the Loans and interest accruing on or after the filing of any petition in 

–12–

 

bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest
is allowed in such proceeding and whether or not at a default rate) the Notes and all other obligations and liabilities of the Borrower to the Administrative Agent, the Arranger and the Lenders,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, the Notes, any
other Loan Document and any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs,
expenses (including, without limitation, all reasonable fees and disbursements of counsel, and the allocated reasonable cost of internal counsel, to the Administrative Agent, the Arranger or the
Lenders that are required to be paid by the Borrower pursuant to the terms of this Agreement) or otherwise. 

    "Occupancy Agreements":  as defined in Section 5.11. 

    "Other Media/Communications Investments":  investments of the Borrower or its Subsidiaries made in businesses in the
Media/Communications Business in an aggregate amount not exceeding $800,000,000 between the Existing Credit Agreement Closing Date and the Maturity Date, inclusive. 

    "Participation Agreement":  the Participation Agreement dated as of October 2, 1996 among the Borrower,
Perenchio, Televisa, Gustavo A. Cisneros, Ricardo J. Cisneros and Venevision, as such agreement may be amended or otherwise modified from time to time in accordance with the terms hereof. 

    "Participant":  as defined in Section 9.6(b). 

    "PBGC":  the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any
successor thereto. 

    "Perenchio":  A. Jerrold Perenchio. 

    "Permitted Transferees":  (i) Perenchio's spouse and lineal descendants, (ii) Perenchio's personal
representatives and heirs, (iii) any trustee of any trust created primarily for the benefit of any, some or all of such spouse and lineal descendants or of any revocable trust created by
Perenchio, (iv) following the death of Perenchio, all beneficiaries under any such trust, (v) Perenchio, in the case of a transfer from any transferee back to Perenchio and
(vi) any entity, all of the equity of which is directly or indirectly owned by any of the foregoing which is not an Affiliate of any other Person. 

    "Person":  any individual, firm, partnership, limited liability company, joint venture, corporation, association,
business enterprise trust, unincorporated organization, government or department or agency thereof or other entity, whether acting in an individual, fiduciary or other capacity. 

    "PIK Interest":  with respect to any Funded Debt of the Borrower, all interest on such Funded Debt which interest is
paid by the issuance of additional Funded Debt (and not paid in cash) having no principal payable thereon on or before December 31, 2003. 

    "Plan":  as to any Person, any employee benefit plan within the meaning of Section 3(3) of ERISA maintained for
employees of such Person or any ERISA Affiliate of such Person (and any such plan no longer maintained by such Person or any of such Person's ERISA Affiliates to which such Person or any of such
Person's ERISA Affiliates has made or was required to make any contributions within any of the five preceding years). 

    "Primary Station":  any full power television station now or hereafter owned, leased or operated by the Borrower or any
of its Subsidiaries; provided such term shall not include any Station, any translator or other television station owned, leased or operated by Entravision so long as Entravision is not a Subsidiary. 

–13–

 

    "Program License Agreements":  collectively, (i) that certain Amended and Restated Program License Agreement
dated as of October 1, 1996, between Univisa and Network, pursuant to which Univisa makes certain current and library programming available to Network, and the Guaranty dated as of
October 1, 1996 by Televisa in favor of Network, guaranteeing the obligations of Univisa thereunder and (ii) that certain Amended and Restated Program License Agreement dated as of
October 1, 1996, between Dennevar B.V. and Network, pursuant to which Dennevar makes certain current and library programming available to Network, and the Guaranty dated as of October 2,
1996 by Venevision in favor of Network, guaranteeing the obligations of Dennevar B.V. thereunder, as such Agreements and Guaranties may be amended or modified from time to time in accordance with the
terms hereof. 

    "Program Rights Obligations":  all obligations, whether fixed or contingent, of the Borrower and its Subsidiaries in
respect of the right to broadcast programs and films produced or supplied by any Person (other than a Loan Party, Televisa, Venevision or their respective Affiliates pursuant to Program License
Agreements). 

    "Program Rights Payments":  for any period, the sum (determined on a consolidated basis and without duplication) of all
payments by the Borrower and its Subsidiaries made or scheduled to be made during such period in respect of Program Rights Obligations; provided that
(a) if the payment schedule for a Program Rights Obligation is modified at no cost (including, but not limited to, interest costs) to the Borrower or any of its Subsidiaries, then the payments
with respect to such Program Rights Obligation shall be deemed to be scheduled to be made pursuant to such modified schedule and (b) any down payment on a Program Rights Obligation shall be
equally allocated over the term of the payment period for such Program Rights Obligation in an amount per month during such payment period equal to the amount of such down payment divided by the
number of months during such payment period. 

    "Program Services Agreements":  any local marketing agreement, time brokerage agreement, program services agreement or
similar agreement providing for the Borrower or any of its Subsidiaries to program or sell advertising on all or any portion of the broadcast time of any television or radio station. 

    "Properties":  the collective reference to the real and personal property owned, leased, used, occupied or operated,
under license or permit, by the Borrower or any of its Subsidiaries. 

    "PTI Holdings":  PTI Holdings, Inc., a Delaware corporation. 

    "Purchasing Lenders":  as defined in Section 9.6(c). 

    "Register":  as defined in Section 9.6(d). 

    "Regulation D":  Regulation D of the Board of Governors of the Federal Reserve System, as the same is from time
to time in effect, and all official rulings and interpretations thereunder or thereof and any successor regulation thereto. 

    "Regulation U":  Regulation U of the Board of Governors of the Federal Reserve System, as the same is from time
to time in effect, and all official rulings and interpretations thereunder or thereof and any successor regulation thereto. 

    "Reorganization":  with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the
meaning of Section 4241 of ERISA. 

    "Reportable Event":  any of the events set forth in Section 4043(b) of ERISA, other than those events as to which
the thirty day notice period is waived under PBGC regulations. 

–14–

 

    "Requirement of Law":  as to any Person, the Certificate of Incorporation and By-Laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation, determination or policy statement or interpretation of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

    "Responsible Officer":  as to any Person, the chief executive officer, the president, the vice-chairman, any
executive vice president, any senior vice president or any vice president of such Person or, with respect to financial matters, the chief financial officer, treasurer or controller of such Person. 

    "Restricted Payments":  as defined in Section 6.6. 

    "Securities Offerings":  any direct or indirect public offering or private placement of any debt, equity, convertible,
hybrid or other securities by the Borrower, or any Subsidiary of the Borrower. 

    "Security Documents":  the collective references to all pledge and security documents or mortgages or deeds of trust
hereafter delivered or required to be delivered to the Administrative Agent granting, or purporting to grant, a Lien on any property of any Person to secure the obligations and liabilities of any Loan
Party under any Loan Document (including, without limitation, under Section 5.13). 

    "Security Documents Effective Date":  the date on which the Existing Credit Agreement is terminated or expires. 

    "Senior Debt":  Funded Debt other than Subordinated Indebtedness. 

    "Single Employer Plan":  any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan. 

    "Solvent":  when used with respect to any Person, that: 

     (i) the
present fair salable value of such Person's assets is in excess of the total amount of the probable liability on such Person's liabilities; 

    (ii) such
Person is able to pay its debts as they become due; and 

    (iii) such
Person does not have unreasonably small capital to carry on such Person's business as theretofore operated and all businesses in which such Person is about
to engage. 

For
purposes of the definition of "Solvent", (i) "debt" means liability on a "claim", and (ii) "claim" means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) 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 or unmatured, disputed, undisputed,
secured or unsecured. 

    "Station":  any full power television station, any low power television station and any translator now or hereafter
owned or operated by the Borrower or any of its Subsidiaries; provided such term shall not include any Station, any translator or other television
station owned or operated by Entravision (or any subsidiary of Entravision) so long as Entravision is not a Subsidiary. 

    "Subordinated Indebtedness":  the Junior Subordinated Notes referred to in clause (i) of the definition thereof
contained in Section 1.1. 

    "Subsidiary":  as to any Person at any time of determination, a corporation, partnership or other entity of which shares
of stock or other ownership interests having ordinary Voting Power (other than stock or such other ownership interests having such power only by reason of the happening of a 

–15–

 

contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled,
directly or indirectly through one or more intermediaries or Subsidiaries, or both, by such Person. Unless otherwise qualified, all references to a "subsidiary" or to "subsidiaries" in this Agreement
shall refer to a Subsidiary or Subsidiaries of the Borrower. 

    "Taxes":  as defined in Section 2.12(a). 

    "Televisa":  Grupo Televisa S.A. de C.V. 

    "Termination Event":  (i) a Reportable Event, (ii) the institution of proceedings to terminate a Single
Employer Plan by the PBGC under Section 4042 of ERISA, (iii) the appointment by the PBGC of a trustee to administer any Single Employer Plan or (iv) the existence of any other
event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment by the PBGC of a trustee to administer, any
Single Employer Plan. 

    "Total Debt Ratio":  for the Borrower and its Subsidiaries on a consolidated basis, the ratio of Funded Debt outstanding
at such time to EBITDA for the fiscal quarter most recently ended and the immediately preceding three fiscal quarters. 

    "Total Debt Service":  as of any date, for the fiscal quarter most recently ended and the immediately preceding three
fiscal quarters, the sum of (i) all Interest Expense and (ii) all regularly scheduled principal payments due on Funded Debt (which result in permanent reductions in availability) (other
than payments made pursuant to Section 2.2 and 2.3, or Section 2.5 and 2.6 of the Existing Credit Agreement). 

    "Total Interest Coverage Ratio":  the ratio of EBITDA to Interest Expense for the fiscal quarter most recently ended and
the immediately preceding three fiscal quarters. 

    "Tranche":  the collective reference to LIBOR Loans the Interest Periods with respect to all of which begin on the same
date and end on the same later date (whether or not such LIBOR Loans shall originally have been made on the same day). 

    "Transferee":  as defined in Section 9.6(f). 

    "Transponder Leases":  collectively, the long-term capital leases for Network of satellite transponders for
the distribution of programming. 

    "Type":  as to any Loan, its nature as an Alternate Base Rate Loan or a LIBOR Loan. 

    "Univisa":  Univisa, Inc., a Delaware corporation. 

    "USA Acquisition Agreement":  the Stock Purchase Agreement, dated as of January 17, 2001, between the Borrower
and USA Broadcasting, as amended by the First Amendment to Stock Purchase Agreement dated as of May 9, 2001 and the Second Amendment to Stock Purchase Agreement dated as of June 7, 2001,
as it may be further amended, modified or supplemented from time to time in accordance with the terms hereof. 

    "USA Broadcasting":  USA Broadcasting, Inc., a Delaware corporation. 

    "USA Broadcasting Acquisition":  the acquisition by the Borrower of the Subsidiaries of USA Broadcasting listed on
Schedule 1.1(a) pursuant to, and in accordance with, the USA Acquisition Agreement. 

    "Venevision":  Corporacion Venezolana de Television (Venevision) C.A., a Venezuelan corporation. 

–16–

 

    "Voting Power":  the aggregate number of votes of all classes of Capital Stock of such Person which ordinarily has
voting power for the election of directors of such Person. 

    1.2  Other Definitional Provisions.  (a) Unless otherwise specified therein, all terms defined in
this Agreement shall have the defined meanings when used in the Notes, any other Loan Document or any certificate or other document made or delivered pursuant hereto or thereto. 

    (b) As
used herein, in the Notes, in any other Loan Document, and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms
not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. 

    (c) 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, and Section, subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

    (d) The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

    (e) The
words "including" and "includes" and words of similar import when used in this Agreement shall not be limiting and shall mean "including without limitation" or
"includes without limitation", as the case may be. 

SECTION
2. AMOUNT AND TERMS OF LOANS; COMMITMENT AMOUNTS 

    2.1  Loans; Commitment Amounts.  (a) Subject to the terms and conditions hereof, each Lender
severally agrees to make term loans (each a "Loan" and, collectively, the "Loans") through its
Applicable Lending Office to the Borrower from time to time from and including the Closing Date to but excluding the Commitment Expiration Date in accordance with the provisions of this Agreement;  provided,
however, that the aggregate principal amount of all Loans outstanding shall not exceed the Aggregate Commitment at any time;
provided, further, that each borrowing of Loans hereunder shall be in a minimum aggregate principal amount equal to the lesser of (i) $50,000,000
or a whole multiple of $1,000,000 in excess thereof and (ii) the Aggregate Available Commitment. 

    (b) The
principal amount of each Lender's Loan shall be in an amount equal to the product of (i) such Lender's Commitment Percentage (expressed as a fraction)
and (ii) the total amount of the Loans requested; provided that in no event shall any Lender be obligated to make a Loan if after giving effect
to such Loan such Lender's Loans outstanding would exceed its Commitment or if the amount of such requested Loan is in excess of such Lender's Available Commitment. 

    (c) Subject
to Sections 2.8, 2.9 and 2.10, the Loans may from time to time be (i) LIBOR Loans, (ii) Alternate Base Rate Loans or (iii) a
combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with either Section 2.1(d) or 2.4. Each Lender may make or maintain its Loans to or for
the account of the Borrower by or through any Applicable Lending Office. 

    (d) The
Loans made by each Lender to the Borrower shall be evidenced by a promissory note of the Borrower, substantially in the form of Exhibit A (a
"Note"), with appropriate insertions therein as to payee, date and principal amount, payable to the order of such Lender and representing the obligation
of the Borrower to pay the aggregate unpaid principal amount of all Loans made by such Lender to the Borrower pursuant to Section 2.1(a), with interest thereon as prescribed in Sections 2.6 and
2.7. Each Lender is hereby authorized (but not required) to record the date and amount of each payment or prepayment of principal of its Loans made to the Borrower, each continuation thereof, each
conversion of all or a portion thereof to another Type and, in the case of LIBOR Loans, the length of each Interest Period with respect thereto, in the 

–17–

 

books and records of such Lender, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded. The
failure of any Lender to make any such recordation or notation in the books and records of the Lender (or any error in such recordation or notation) shall not affect the obligations of the Borrower
hereunder or under the Notes. Each Note shall (i) be dated the Closing Date, (ii) provide for the payment of interest in accordance with Sections 2.6 and 2.7 and (iii) be stated
to be payable on the Maturity Date. 

    (e) The
Borrower shall give the Administrative Agent irrevocable written notice (which notice must be received by the Administrative Agent prior to 10:00 A.M.,
New York City time, one Business Day prior to each proposed borrowing date or, if all or any part of the Loans are requested to be made as LIBOR Loans, three Eurodollar Business Days prior to each
proposed borrowing date) requesting that the Lenders make the Loans on the proposed borrowing date and specifying (i) subject to Section 2.1(a), the aggregate amount of Loans requested
to be made, (ii) subject to Section 2.1(c), whether the Loans are to be LIBOR Loans, Alternate Base Rate Loans or a combination thereof and (iii) if the Loans are to be entirely
or partly LIBOR Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Periods therefor. If all or any part of the requested Loans are to be used by
the Borrower for a Borrower Stock Purchase, such notice shall further (i) specify (A) the amount of requested Loans to be used for such Borrower Stock Purchase, (B) the aggregate
amount of Loans used for Borrower Stock Purchases since the Closing Date, (C) the aggregate consideration paid for Borrower Stock Purchases since the Closing Date, (D) the aggregate
number of shares of the Borrower purchased by the Borrower since the Closing Date and (E) the total number of issued and outstanding shares of the Borrower of any class, and (ii) include
a representation and warranty that the use of the requested Loans for such Borrower Stock Purchase shall not cause the aggregate consideration paid for Borrower Stock Purchases to exceed $50,000,000
or cause the aggregate percentage of such purchased stock to exceed 10% of issued common stock of the Borrower outstanding on the Closing Date. On receipt of such notice, the Administrative Agent
shall promptly notify each Lender thereof not later than 11:00 A.M., New York City time on the date of receipt of such notice. On the proposed borrowing date, not later than 12:00 noon, New
York City time, each Lender shall make available to the Administrative Agent at its office specified in Section 9.2 the amount of such Lender's pro rata share of the aggregate borrowing amount
(as determined in accordance with the second paragraph of Section 2.1(a)) in immediately available funds. The Administrative Agent may, in the absence of notification from any Lender that such
Lender has not made its pro rata share available to the Administrative Agent, on such date, credit the account of the Borrower on the books of such office of the Administrative Agent with the
aggregate amount of Loans. 

     (f) At
the Borrower's option and upon at least five Business Days' prior irrevocable written notice to the Administrative Agent, with such notice specifying the amount
and the date of such reduction, the Borrower may permanently reduce the Aggregate Commitment in whole at any time or in part from time to time; provided,
however, that each partial reduction of the Aggregate Commitment shall be in an aggregate amount equal to at least $5,000,000 or an integral multiple of $1,000,000. The
Administrative Agent shall promptly notify each Lender (by telecopy or by telephone) of such requested Aggregate Commitment reduction. 

    (g) Reductions
of the Aggregate Commitment pursuant to this Section 2.1 shall automatically effect a reduction of the Commitment of each Lender to an amount
equal to the product of (i) the Aggregate Commitment of all Lenders, as reduced pursuant to this Section 2.1 and (ii) the Commitment Percentage of such Lender, in each case
determined immediately prior to such reduction of the Aggregate Commitment on such date. 

    (h) Upon
each reduction of the Aggregate Commitment, the Borrower shall (i) prepay the amount, if any, by which the aggregate unpaid principal amount of the
Loans exceeds the amount 

–18–

 

of the Aggregate Commitment as so reduced, together with accrued interest on the amount being prepaid to the date of such prepayment and (ii) compensate the Lenders for their funding costs, if
any, in accordance with Section 2.13. 

     (i) Neither
the Administrative Agent, the Arranger nor any Lender shall be responsible for the obligation or Available Commitment of any other Lender hereunder, nor
will the failure of any Lender to comply with the terms of this Agreement relieve any other Lender or the Borrower of its obligations under this Agreement and the Notes. Nothing herein shall be deemed
to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender
hereunder. 

     (j) The
Commitment of each Lender and the Aggregate Commitment shall terminate on the Commitment Expiration Date. 

    2.2  Optional Prepayments.  The Borrower may on the last day of any Interest Period with respect thereto,
in the case of LIBOR Loans, or at any time and from time to time, in the case of Alternate Base Rate Loans, prepay the Loans, in whole or in part, without premium or penalty, upon at least five Days'
irrevocable written notice from the Borrower to the Administrative Agent, specifying the date and amount of prepayment and whether the prepayment is of LIBOR Loans, Alternate Base Rate Loans or a
combination thereof, and, if of a combination thereof, the amount allocable to each. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender
thereof. If any such notice is given, the amount specified in such notice shall be due and payable by the Borrower on the date specified therein, together with accrued interest to such date on the
amount prepaid and amounts payable pursuant to Section 2.13. Amounts prepaid on account of the Loans may not be reborrowed. Partial prepayments of Loans shall be in an aggregate principal
amount of $5,000,000 or an integral multiple of $1,000,000. 

    2.3  Mandatory Prepayments.  (a) Within one Business Day following receipt by the Borrower or the
applicable Subsidiary of such Net Proceeds, the Borrower shall prepay the Loans ratably in accordance with the aggregate outstanding principal balances thereof with the Net Proceeds of (i) any
Securities Offering by the Borrower or any Subsidiary issued on or after the Closing Date; and (ii) any borrowings on or after the Closing Date by the Borrower or any Subsidiary of the Borrower
under any debt instrument, excluding borrowings under the Existing Credit Agreement up to $318,150,000 in the aggregate, but including borrowings under the Existing Credit Agreement in excess of
$318,150,000 in the aggregate, and further excluding borrowings under any AT Note permitted under Section 6.2(l), in each case to the extent not required to be applied to the repayment of
obligations outstanding under Sections 2.6(d) and 2.6(e) of the Existing Credit Agreement, as in effect as of the Loan Commitment Date. 

    (b) Within
one Business Day following receipt by the Borrower or any applicable Subsidiary of such Net Proceeds, the Borrower shall prepay the Loans ratably in
accordance with the aggregate outstanding principal balances thereof with the Net Proceeds from any Asset Disposition by the Borrower or any Subsidiary of the Borrower to the extent not required to be
applied to the repayment of obligations outstanding under Section 6.5 of the Existing Credit Agreement, as in effect as of the Loan Commitment Date. 

    (c) Within
one Business Day following receipt by the Borrower of any applicable Subsidiary of such Net Proceeds, the Borrower shall repay the Loans ratably in
accordance with the aggregate outstanding principal balances thereof with the Excess Cash Flow existing at the end of any fiscal year of the Borrower in an amount equal to (x) if the Total Debt
Ratio as of the end of such fiscal year is greater than or equal to 4:00:1, 662/3% of such Excess Cash Flow, or (y) if the Total Debt Ratio as of the end of such fiscal year is
less than 4:00:1, 50% of such Excess Cash Flow, commencing with the year ended December 31, 2001, to the extent not required to be applied to 

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the repayment of Obligations outstanding under the Existing Credit Agreement, as in effect as of the Loan Commitment Date. 

    (d) Notwithstanding
clauses (a), (b) and (c) of this Section 2.3, from and after the first to occur of (x) the execution and delivery of
such Security Documents as may be necessary to provide for the collateralization of the Obligations of the Loan Parties under the Loan Documents on a pari
passu basis with the obligations under the Existing Credit Agreement, and (y) the termination or expiration of the Existing Credit Agreement, the Borrower shall prepay
the Loans ratably in accordance with the aggregate outstanding principal balances thereof with (i) the Net Proceeds from any Securities Offering by the Borrower or any Subsidiary of the
Borrower issued on or after such date, (ii) the Net Proceeds of any borrowings on or after such date by the Borrower or any Subsidiary of the Borrower under any debt instrument, other than
borrowings under the Existing Credit Agreement and borrowings under any AT Note permitted under Section 6.2(l), (iii) the Net Proceeds of
any Asset Disposition by the Borrower or any Subsidiary of the Borrower on or after the Closing Date; and (iv) Excess Cash Flow existing at the end of any fiscal year of the Borrower in an
amount equal to (x) if the Total Debt Ratio as of the end of such fiscal year is greater than or equal to 4:00:1, 662/3% of such Excess Cash Flow, or (y) if the
Total Debt Ratio as of the end of such fiscal year is less than 4:00:1, 50% of such Excess Cash Flow. All such mandatory prepayments shall be made within one Business Day following the end of such
fiscal year or receipt by the Borrower or the applicable Subsidiary of such Net Proceeds, as applicable. 

    (e) Notwithstanding
anything to the contrary in this Section 2.3, on the day of receipt by the Borrower or any applicable Subsidiary of such Net Proceeds, the
Borrower shall repay all Obligations outstanding under this Agreement in full with the Net Proceeds from the initial borrowings under the New Credit Agreement and shall terminate the Commitments
hereunder and this Agreement. 

     (f) Amounts
prepaid on account of the Loans may not be reborrowed and the Aggregate Commitments shall be permanently reduced by the amounts of such prepayments. Each
prepayment shall be accompanied by payment in full of all accrued and unpaid interest thereto and including the date of such prepayment, together with any additional amounts owing pursuant to
Section 2.13. 

    2.4  Conversion and Continuation Options.  

    (a) The
Borrower may elect from time to time to convert LIBOR Loans to Alternate Base Rate Loans, by the Borrower giving the Administrative Agent at least three
Business Days' prior irrevocable written notice of such election pursuant to a Continuation Notice, provided that any such conversion of LIBOR Loans may
only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert Alternate Base Rate Loans to LIBOR Loans by the Borrower giving the
Administrative Agent at least three Eurodollar Business Days' prior irrevocable written notice of such election pursuant to a Continuation Notice. Upon receipt of any such notice the Administrative
Agent shall promptly notify each Lender thereof. All or any part of outstanding LIBOR Loans and Alternate Base Rate Loans may be converted as provided herein,  provided that (i) any such conversion
may only be made if, after giving effect thereto, Section 2.5 shall not have been contravened,
(ii) no Loan may be converted into a LIBOR Loan after the date that is one month prior to the Maturity Date and (iii) the Borrower shall not have the right to elect to continue at the
end of the applicable Interest Period, or to convert to, a LIBOR Loan if a Default shall have occurred and be continuing. 

–20–

  

    (b) Any
LIBOR Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving notice to the
Administrative Agent thereof, provided that no LIBOR Loan may be continued as such (i) if, after giving effect thereto, Section 2.5 would
be contravened, (ii) after the date that is one month prior to the Maturity Date or (iii) if a Default shall have occurred and be continuing and, provided,
further, that if the Borrower shall fail to give any required notice as described above in this Section or if such continuation is not permitted pursuant to the preceding
proviso, such Loans shall be automatically converted to Alternate Base Rate Loans on the last day of such then-expiring Interest Period. 

    2.5  Minimum Amounts of Tranches.  All borrowings, conversions and continuations of Loans hereunder and
all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of the Loans
comprising each Tranche shall be equal to $1,000,000 or a whole multiple of $1,000,000 in excess thereof and, in any case, there shall not be more than 10 Tranches. 

    2.6  Interest Rates and Payment Dates of Principal and Interest.  (a) Each LIBOR Loan shall bear
interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBOR Rate plus the Applicable Margin; provided,
however, that, subject to clause (c) of this Section 2.6, the interest rate on such Loans shall in no event exceed (a) if the Borrower's
long-term senior unsecured indebtedness is rated BB- or above by Standard & Poor's Rating Services and Ba3 or above by Moody's Investors Service, Inc., as of the
date of issuance, the LIBOR Rate plus 800 basis points per annum, and (b) the LIBOR Rate plus 1000 basis points per annum in all other cases;  provided, that GSCP shall use commercially reasonable
efforts to determine the applicable interest rate after giving effect to the Applicable Margin
such that the LIBOR Loans shall be syndicated at a price equal to approximately 100% of the principal amount of the LIBOR Loans; provided further, that
the total principal amount and other terms and conditions of the LIBOR Loans remain unchanged. 

    (b) Each
Alternate Base Rate Loan shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin; provided,
however, that, subject to clause (c) of this Section 2.6, the interest rate on such Loans shall in no event exceed (a) if the Borrower's
long-term senior unsecured indebtedness is rated BB- or above by Standard & Poor's Rating Services and Ba3 or above by Moody's Investors Service, Inc., as of the
date of issuance, Alternate Base Rate plus 700 basis points per annum, and (b) Alternate Base Rate plus 900 basis points per annum in all other cases;  provided, that GSCP shall use commercially
reasonable efforts to determine the applicable interest rate after giving effect to the Applicable Margin
such that the Alternate Base Rate Loans shall be syndicated at a price equal to approximately 100% of the principal amount of the Alternate Base Rate Loans; provided
further, that the total principal amount and other terms and conditions of the Alternate Base Rate Loans remain unchanged. 

    (c) If
any Event of Default shall have occurred and be continuing, all amounts outstanding shall bear interest at a rate per annum which is the rate described in
paragraphs (a) and (b) of this Section 2.6, as applicable, plus 2% from the date of the occurrence of such Default until such Default is no longer continuing (after as well as
before judgment). 

    (d) Interest
shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to
paragraph (c) of this Section shall be payable on demand. 

    (e) The
principal amount of the Loans shall be payable quarterly in arrears, commencing on the last day of each March, June, September and December to occur following
the Commitment Expiration Date in an amount equal, in the case of each such payment to 0.25% of the aggregate principal amount of the Loans made on or prior to the Commitment Expiration Date (without
giving effect to any optional or mandatory prepayment thereof on or before such date). The remaining principal amount of the Loans shall be payable on the day on which the Loans become due and payable
in full or are paid or prepaid in full. 

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    2.7  Computation of Interest and Fees.  (a) Interest on Alternate Base Rate Loans shall be
calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed and interest on LIBOR Loans, unused commitment fees and all other
Obligations of the Borrower shall be calculated on the basis of a 360-day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and
the Lenders of each determination of a LIBOR Rate. Any change in the interest rate on a Loan resulting from a change in the Alternate Base Rate or the LIBOR Reserve Requirements shall become effective
as of the opening of business on the day on which such change in the Alternate Base Rate is announced or such change in the LIBOR Reserve Requirements becomes effective, as the case may be. The
Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change in interest rate. 

    (b) Each
determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower and
the Lenders in the absence of manifest error. 

    2.8  Inability to Determine Interest Rate.  In the event that prior to the first day of any Interest
Period: 

    (a) the
Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower absent manifest error) that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period, or 

    (b) the
Administrative Agent shall have received notice from the Majority Lenders that the LIBOR Rate determined or to be determined for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, the Administrative Agent
shall give telecopy or telephonic notice thereof to the Borrower and the Lenders as soon as practicable thereafter. If such notice is given (x) any LIBOR Loans requested to be made on the first
day of such Interest Period shall be made as Alternate Base Rate Loans, (y) Loans that were to have been converted on the first day of such Interest period to LIBOR Loans shall be continued as
Alternate Base Rate Loans, and (z) any outstanding LIBOR Loans shall be converted, on the first day of such Interest Period, to Alternate Base Rate Loans. Until such notice has been withdrawn
by the Administrative Agent, no further LIBOR Loans shall be made or continued as such, nor shall the Borrower have the right to convert Alternate Base Rate Loans to LIBOR Loans. 

    2.9  Pro Rata Treatment and Payments.  Each borrowing by the Borrower from the Lenders hereunder and any
reduction of the Aggregate Commitment shall be made pro rata according to the respective Commitment Percentages of the Lenders. Each payment (including each prepayment) by the Borrower on account of
principal of and interest on the Loans shall be made pro rata according to the respective outstanding principal and interest amounts of such Loans then held by the Lenders. All payments (including
prepayments) to be made by the Borrower hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without set off or counterclaim and shall be made
prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the Administrative Agent's office specified in Section 9.2, in
Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to the applicable Lenders promptly upon receipt in like funds as received. If any payment hereunder
(other than payments on the LIBOR Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, and, with respect to payments
of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBOR Loan becomes due and payable on a day other than a Business Day, the
maturity thereof shall be extended to the next succeeding Business Day (and 

–22–

 

interest shall continue to accrue thereon at the applicable rate) unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be
made on the immediately preceding Business Day. 

    2.10  Illegality.  Notwithstanding any other provision herein, if any change after the date of execution
hereof in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender or Applicable Lending Office to make or maintain LIBOR Loans as contemplated by
this Agreement, (a) the commitment of such Lender hereunder to make LIBOR Loans, continue LIBOR Loans as such and convert Alternate Base Rate Loans to LIBOR Loans shall forthwith be suspended
during such period of illegality and (b) the Loans of such Lender or Applicable Lending Office then outstanding as LIBOR Loans, if any, shall be converted automatically to Alternate Base Rate
Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a LIBOR Loan occurs on a
day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.13.
To the extent that a Lender's LIBOR Loans have been converted to Alternate Base Rate Loans pursuant to this Section 2.10, all payments and prepayments of principal that otherwise would be
applied to such Lender's LIBOR Loans shall be applied instead to its Alternate Base Rate Loans. 

    2.11  Increased Costs.  (a) In the event that any change after the date of execution hereof in
any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law but, if not having the force of
law, generally applicable to and complied with by banks and financial institutions of the same general type as such Lender in the relevant jurisdiction) from any central bank or other Governmental
Authority made subsequent to the date hereof: 

     (i) shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirements against assets held by, letters of credit or
guarantees issued by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender or
Applicable Lending Office which is not otherwise included in the determination of the LIBOR Rate hereunder; or 

    (ii) shall
impose on such Lender or Applicable Lending Office any other condition; 

and
the result of any of the foregoing is to increase the cost to such Lender or Applicable Lending Office, by an amount which such Lender deems to be material, of making, converting into, continuing
or maintaining LIBOR Loans, or to reduce any amount receivable hereunder in respect thereof then, in any such case, the Borrower shall immediately pay to the Administrative Agent, for its own account
or on behalf of such Lender or Applicable Lending Office, as applicable, upon the demand of the Administrative Agent for itself or at the request of such Lender, as applicable, any additional amounts
necessary to compensate such Lender or the Administrative Agent, as applicable, for such increased cost or reduced amount receivable. If the Administrative Agent, any Lender or any Applicable Lending
Office becomes entitled to claim any additional amounts pursuant to this Section, it shall promptly notify the Borrower, through the Administrative Agent, of the event by reason of which it has become
so entitled. A certificate as to any additional amounts payable pursuant to this Section submitted by the Administrative Agent or such Lender or Applicable Lending Office, through the Administrative
Agent, to the Borrower shall be conclusive evidence of the accuracy of the information so recorded, absent manifest error. This covenant shall survive the termination of this Agreement and the payment
of the Notes and all other amounts payable hereunder. 

    (b) If,
after the date of this Agreement, the introduction of or any change in any applicable law, rule, regulation or guideline regarding capital adequacy, or any
change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, affects the amount of capital required or expected to be
maintained by any 

–23–

 

Lender or any corporation controlling any Lender, and such Lender (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) determines that the amount
of capital maintained by such Lender or such corporation which is attributable to or based upon the Loans, the Commitments or this Agreement must be increased as a consequence of such introduction or
change by an amount deemed by such Lender to be material, then, upon demand of the Administrative Agent at the request of such Lender, the Borrower shall immediately pay to the Administrative Agent on
behalf of such Lender, additional amounts sufficient to compensate such Lender or such corporation for the increased costs to such Lender or corporation of such increased capital. Any such demand
shall be accompanied by a certificate of such Lender setting forth in reasonable detail the computation of any such increased costs, which certificate shall be conclusive, absent manifest error. This
obligation of the Borrower under this Section 2.11(b) shall survive repayment of the Loans and payment of all other amounts hereunder in full and the termination of this Agreement. 

    2.12  Taxes.  (a) All payments made by the Borrower in respect of the Obligations shall be made
free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings,
now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority or any political subdivision or taxing authority thereof or therein, other than Excluded Taxes (all such
non-Excluded Taxes being hereinafter called "Taxes"). If any Taxes are required to be withheld from any amounts payable to the
Administrative Agent, the Arranger or any Lender in respect of the Obligations, the amounts so payable to the Administrative Agent, such Arranger or such Lender shall be increased to the extent
necessary to yield to the Administrative Agent, such Arranger or such Lender (after payment of all Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified
in this Agreement and the Notes. The Administrative Agent, an Arranger or a Lender, as the case may be, shall deliver to the Borrower a certificate setting forth the amount of such Taxes, the
calculation of such Taxes and an explanation of the requirement therefor, all in reasonable detail and such certificate shall be conclusive, absent manifest error. Whenever any Taxes are payable by
the Borrower, as promptly as possible thereafter, the Borrower shall send to the Administrative Agent, for its own account or for the account of such Arranger or such Lender, as the case may be, a
copy of an original official receipt received by the Borrower showing payment thereof or such other evidence of payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to
pay any Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify the
Administrative Agent, the Arranger and the Lenders for any incremental taxes, interest or penalties (and related reasonable fees and expenses of counsel) that may become payable by the Administrative
Agent, the Arranger or any Lender as a result of any such failure. The agreements in this Section shall survive the termination of this Agreement and the payment of the Notes and all other amounts
payable hereunder. 

    (b) Each
Lender that is not organized under the laws of the United States of America or a state thereof agrees that it will deliver to the Borrower and the
Administrative Agent two duly completed copies of United States Internal Revenue Service Form W-9, W-8BEN or W-8ECI (as applicable to it) or successor
applicable form, as the case may be. Each such Lender also agrees to deliver to the Borrower and the Administrative Agent two further copies of the said Form W-9, W-8BEN
or W-8ECI, or successor applicable forms or other manner or certification, as the case may be, on or before the date that any such form expires or becomes obsolete or after the occurrence
of any event requiring a change in the most recent form previously delivered by it to the Borrower and the Administrative Agent, and such
extensions or renewals thereof as may reasonably be requested by the Borrower or the Administrative Agent, unless in any such case an event beyond the control of such Lender (including, without
limitation, any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be 

–24–

 

required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form with respect to it and such Lender so advised the Borrower and
the Administrative Agent. Each such Lender shall certify with respect to Form W-9, W-8BEN or W-8ECI, as applicable, that (i) it is entitled to receive
payments under this Agreement without deduction or withholding of any United States federal income taxes and (ii) it is entitled to an exemption from United States backup withholding tax. 

    (c) The
Borrower shall not be required to pay any additional amounts to any Person in respect of United States withholding tax pursuant to Section 2.12(a) if the
obligation to pay such additional amounts would not have arisen but for a failure by such Person to comply with the requirements of Section 2.12(b) (including the accuracy of the certificate
described in the final sentence thereof). 

    2.13  Indemnity.  The Borrower agrees to indemnify each Lender and to hold each Lender harmless from and
to pay each Lender within 5 days of such Lender's demand the amount of any liability, loss or expense arising from the reemployment of funds obtained by it or from fees payable to terminate the
deposits from which such funds were obtained (including reasonable fees and expenses of counsel) which such Lender may sustain or incur as a consequence of (a) default by the Borrower in
payment when due of the principal amount of or interest on any LIBOR Loan, (b) default by the Borrower in making a borrowing of, conversion into or continuation of LIBOR Loans after the
Borrower has given a notice requesting the same in accordance with the provisions of this Agreement, (c) default by the Borrower in making any prepayment after the Borrower has given a notice
thereof in accordance with the provisions of this Agreement or (d) the making by the Borrower of a prepayment or conversion of LIBOR Loans on a day which is not the last day of an Interest
Period with respect thereto. A Lender's certificate as to such liability, loss or expense shall be deemed conclusive, absent manifest error. This covenant shall survive the termination of this
Agreement and the payment of the Notes and all other amounts payable hereunder. 

    2.14  Fees.  The Borrower agrees to pay the fees specified in the Fee Letter in accordance with the terms
of the Fee Letter. 

    2.15  Mitigation of Costs.  If any Lender, by changing its Applicable Lending Office or taking any other
reasonable action, so long as making such change or taking such other action is not, in the good faith judgment of such Lender, disadvantageous to it in any financial, regulatory or other respect, can
mitigate any adverse effect on the Borrower under Section 2.10, 2.11 or 2.12, such Lender shall take such action. 

SECTION
3. REPRESENTATIONS AND WARRANTIES 

    To
induce the Lenders to enter into this Agreement and to make the Loans, the Borrower hereby represents and warrants to the Administrative Agent, the Arranger and each Lender that: 

    3.1  Financial Condition.  The audited consolidated balance sheet of the Borrower as at
December 31, 2000, and the related audited consolidated statements of operations, changes in stockholders' equity and statements of cash flows for the fiscal year ended on such date, certified
by the Accountants and to the best of his knowledge by a Responsible Officer of the Borrower, copies of which have heretofore been furnished to each Lender, present fairly the consolidated financial
condition of the Borrower as at such date in all material respects, the consolidated results of its operations and consolidated cash flows for the fiscal year then ended in all material respects. The
unaudited consolidated balance sheet of the Borrower as at March 31, 2001 and the related unaudited consolidated statements of operation and cash flows for the three-month period ended on such
date, certified to the best of his knowledge by a Responsible Officer of the Borrower copies of which have heretofore been furnished to each Lender, present fairly the consolidated financial condition
of the Borrower as at such date in all material respects, and the consolidated results of its operations and its 

–25–

 

consolidated cash flows for the three-month period then ended. All such financial statements (the "Financial Statements"), including the related
schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except for the absence of notes). The Borrower, on a consolidated basis,
had, at the date of the most recent balance sheet referred to above, no material Guarantee Obligation, contingent liability or liability for taxes, or any long-term lease or unusual
forward or long-term commitment, including, without limitation, any interest rate or foreign currency swap or exchange transaction, which is not reflected in the foregoing statements or in
the notes thereto and which is material in relation to the respective consolidated financial condition of such entities at such date. 

    3.2  No Change.  Since December 31, 2000 there has been no event or condition resulting in a
Material Adverse Effect. 

    3.3  Corporate Existence; Compliance with Law.  Each of the Loan Parties (a) is duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate or partnership power (as applicable) and authority, and the legal right, to
own and operate its Properties, to lease the property it operates as lessee and to conduct the business in which it is currently engaged and in which it proposes to be engaged after the Closing Date,
(c) is duly qualified as a foreign entity and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires
such qualification except to the extent that the failure to comply thereunder could not, in the aggregate, reasonably be expected to have a Material
Adverse Effect and (d) is in compliance with all Requirements of Law and Contractual Obligations except to the extent that the failure to comply therewith could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect. 

    3.4  Corporate/Partnership Power; Authorization; Enforceable Obligations.  Each Loan Party has the
corporate power and authority, and the legal right, to make, deliver and perform the Loan Documents and the Amendment to the Existing Credit Agreement and to obtain extensions of credit hereunder and
has taken all necessary corporate action to authorize (i) the borrowings and other extensions of credit on the terms and conditions of this Agreement and the Notes and (ii) the
execution, delivery and performance of the Loan Documents and the Amendment to the Existing Credit Agreement. No consent or authorization of, filing with or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the borrowings and other extensions of credit hereunder or with the execution, delivery, performance, validity or
enforceability of this Agreement, the Notes or the other Loan Documents or the Amendment to the Existing Credit Agreement. This Agreement has been, and each of the Notes, the other Loan Documents and
the Amendment to the Existing Credit Agreement will be, duly executed and delivered on behalf of each Loan Party thereto. This Agreement constitutes, and each of the Notes, the other Loan Documents
and the Amendment to the Existing Credit Agreement when executed and delivered will constitute, a legal, valid and binding obligation of each Loan Party thereto, enforceable against such Loan Parties
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

    3.5  No Legal Bar.  The execution, delivery and performance of this Agreement, the Notes, the Material
Agreements, the other Loan Documents and the Amendment to the Existing Credit Agreement, the borrowings hereunder and the use of the proceeds thereof will not violate (A) (i) the Existing
Credit Agreement and (ii) the Junior Subordinated Notes or (B) any Requirement of Law or other Contractual Obligations of the Borrower or any of its Subsidiaries or any other Loan Party
which, in the case of clause (B) only, could reasonably be expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on any of its or
their respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation, except 

–26–

 

pursuant to the Loan Documents, which Lien could reasonably be expected to have a Material Adverse Effect. 

    3.6  No Material Litigation.  No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any of its Subsidiaries or any other Loan Party or against any of its or their
respective properties or revenues, (a) on the Closing Date, with respect to this Agreement, the Notes or the other Loan Documents or any of the transactions contemplated hereby or thereby or
(b) which could reasonably be expected to have a Material Adverse Effect. 

    3.7  Ownership of Property; Liens.  Each of the Borrower and its Subsidiaries and any other Loan Party
shall have (i) with respect to real property interests, good record and marketable title in fee simple to, a valid leasehold interest in or rights as a permittee or licensee to and
(ii) with respect to personal property interests, good title to, a valid leasehold interest in or rights as a permittee or licensee to all such personal property which is material to its
business, except for those the failure of which to have good title could not reasonably be expected to have a Material Adverse Effect, and none of such property is subject to any Lien except as
permitted by Section 6.3. 

    3.8  Intellectual Property.  The Borrower and each of its Subsidiaries owns, or is licensed to use, all
trademarks, trade names, patents and copyrights necessary for the conduct of its business as currently conducted except for those the failure to own or license which could not reasonably be expected
to have a Material Adverse Effect (the "Intellectual Property"). To the Borrower's knowledge, no claim which could reasonably be expected to have a
Material Adverse Effect has been asserted and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual
Property, nor does the Borrower know of any valid basis for any such claim. To the Borrower's knowledge, the use of such Intellectual Property by the Borrower and its Subsidiaries does not infringe on
the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect, nor, to the Borrower's knowledge, do the
use by other Persons of such Intellectual Property infringe on the rights of the Borrower and its Subsidiaries, except for such claims and infringements that, in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 

    3.9  Taxes.  (a) Each of the Borrower and its Subsidiaries has filed or caused to be filed all
material tax returns which are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes,
fees or other charges imposed on it or any of its property by any Governmental Authority (other than any not yet delinquent or the amount or validity of which are currently being contested in good
faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be); and no tax Lien
has been filed, and no claim is being asserted with respect to any such tax, fee or other charge which could reasonably be expected to have a Material Adverse Effect. 

    (b) There
are no Taxes imposed on the Borrower or its Subsidiaries by any political subdivision or taxing authority due or payable either on or by virtue of the
execution and delivery by the Borrower, the Administrative Agent, the Arranger or the Lenders of this Agreement or any other Loan Document to which the Borrower or any other Loan Party is a party or
on any payment to be made by the Borrower pursuant hereto or thereto. 

    3.10  Federal Regulations.  No part of the proceeds of any Loans are intended to be or will be used,
directly or indirectly, for any purpose which violates the provisions of the Regulations of the Board of Governors of the Federal Reserve System. If requested by any Lender, the Arranger or the
Administrative Agent, and in any event upon consummation of any Acquisition involving the purchase of stock by the Borrower or any Subsidiary, the Borrower will furnish to the Administrative Agent,
the 

–27–

 

Arranger and each Lender a statement to the foregoing effect in conformity with the requirements of Form U-1 referred to in Regulation U. 

    3.11  ERISA.  No Reportable Event has occurred during the five-year period prior to the date
on which this representation is made with respect to any Plan which has or would likely result in a Material Adverse Effect. Each Plan has complied in all material respects with the applicable
provisions of ERISA and the Code. The present value of all accrued benefits under all Single Employer Plans maintained by the Borrower or any Commonly Controlled Entity (based on those assumptions
used to fund the Single Employer Plans) did not, as of the last annual valuation date prior to the date on which this representation is made, exceed the value of the assets of such Single Employer
Plans by an aggregate amount greater than $1,000,000. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan which has or would
likely result in a Material Adverse Effect. The present value (determined using actuarial and other assumptions which are reasonable in respect of the benefits provided and the employees
participating) of the liability of the Borrower and each Commonly Controlled Entity for post retirement benefits (excluding benefits required by Section 4980B of the Code) to be provided to
their current and former employees under any Plans does not, in the aggregate, exceed the assets under all such Plans allocable to such benefits by an amount which has a Material Adverse Effect. 

    3.12  Investment Company Act; Other Regulations.  None of the Loan Parties is an "investment company", or
a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act"). 

    3.13  Material Agreements.  Each of the Material Agreements to which the Borrower or any other Loan Party
is a party is a legal, valid and binding obligation of the parties thereto enforceable against such parties in accordance with their terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law); and neither the Borrower nor any other Loan Party is in breach or violation of or in default under any Material Agreement or the Junior Subordinated Notes in any
material respect which would individually or in the aggregate have a Material Adverse Effect. Each of the Lenders, the Arranger and the Administrative Agent has received a complete and correct copy of
each of the Material Agreements and the Junior Subordinated Notes (including in each case all exhibits, schedules and disclosure letters referred to therein or delivered pursuant thereto, if any) and
all amendments thereto and other side letters or agreements affecting the terms thereof. As of the Closing Date, neither the Borrower nor any of its Subsidiaries is party to any Program Services
Agreement. 

    3.14  Subsidiaries.  The Subsidiaries listed on Schedule 3.14 constitute all of the direct and
indirect Subsidiaries of the Borrower. 

    3.15  Purpose of Loans.  The proceeds of the Loans shall be used as follows: (i) to finance the
purchase price of the Acquired Business and other Acquisitions by the Borrower, as set forth on Schedule 3.15 hereto, (ii) to repay the obligations outstanding under the $100 Million
Credit Agreement, and (iii) for general corporate purposes of the Borrower and its Subsidiaries; provided, however, that if the initial borrowing
of Loans is for a purpose other than to acquire the Acquired Business, then the Borrower shall use such initial borrowing of Loans (a) to repay all obligations, outstanding under the $100
Million Credit Agreement, (b) for the purchase price, in whole or in part, of another business or of assets to be used in the Borrower's Media/Communications Business, and (c) for
general corporate purposes. The aggregate amount of the Loans used to finance Borrower Stock Repurchases shall not exceed $50,000,000 and the aggregate percentage of the stock purchased in Borrower
Stock Purchases shall not exceed 10% of the issued common stock of the Borrower outstanding on the Closing Date. Notwithstanding anything to the contrary in this Agreement, no part 

–28–

 

of the proceeds of the Loans shall be used to finance the purchase price of any Acquisition unless (i) such Acquisition shall be consensual, (ii) prior to such Acquisition, such
Acquisition shall have been approved by the board of directors of the Person to be acquired, and (iii) such approval of the board of directors shall not have been withdrawn, suspended or
adversely modified and such board of directors shall not have failed upon a request by the Borrower to reaffirm publicly their approval of such Acquisition within 10 days following such request
by the Borrower. 

    3.16  Environmental Matters.  To the Borrower's knowledge after reasonable inquiry: 

    (a) The
Properties and all operations at the Properties are in compliance in all material respects with all applicable Environmental Laws, and there is no contamination
at, under or about the Properties, or violation of any Environmental Law with respect to the Properties or the business conducted at the Properties which involves a matter or matters which has caused
or are reasonably likely to cause a Material Adverse Effect. 

    (b) Neither
the Borrower nor any of its Subsidiaries has received any notice of violation, alleged violation, non-compliance, liability or potential
liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business conducted at the Properties which involves a matter or matters
which has caused or are reasonably likely to cause a Material Adverse Effect, nor does the Borrower have knowledge or reason to believe that any such notice will be received or is being threatened
except insofar as such notice or threatened notice, or any aggregation thereof, does not involve a matter or matters that is or are reasonably likely to cause a Material Adverse Effect. 

    (c) No
judicial proceedings or governmental or administrative action is pending, or, to the knowledge of the Borrower, threatened, under any Environmental Law to which
the Borrower or any of its Subsidiaries is named as a party with respect to the Properties or the business conducted at the Properties which involves a matter or matters which has caused or are
reasonably likely to cause a
Material Adverse Effect, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under
any Environmental Law with respect to the Properties or such business except insofar as such proceeding, action, decree, order or other requirement, or any aggregation thereof, is not reasonably
likely to cause a Material Adverse Effect. 

    3.17  Accuracy and Completeness of Information.  The documents furnished and the statements made in
writing to the Lenders by the Borrower in connection with the negotiation, preparation or execution of this Agreement or any of the other Loan Documents taken as a whole do not contain any untrue
statement of fact or omit to state any such material fact necessary in order to make the statements contained therein not misleading, in either case which has not been corrected, supplemented or
remedied by subsequent documents furnished or statements made in writing to the Lenders prior to the date hereof. The 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 at the time made and as of the Closing Date, it being recognized 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. 

    3.18  Permits, Etc.  Each Loan Party has all permits, licenses, authorizations and approvals required for
it lawfully to acquire, own, control, manage or operate each Primary Station currently owned, controlled, managed or operated by such Loan Party (including, without limitation, all Media Licenses)
except for such permits, licenses, authorizations or approvals required for the lawful ownership, control, management or operation of a Primary Station, the failure to obtain or maintain which will
not have a Material Adverse Effect. Each Primary Station is in compliance in all material respects with all such permits, licenses, authorizations and approvals. 

–29–

 

    3.19  Copyright Act Requirements.  Each Loan Party that owns, manages or operates a Primary Station has
recorded or deposited with and paid to the United States Copyright Office, the Registrar of Copyrights, the Patent and Trademark Office, the American Society of Composers, Authors and Publishers,
Broadcast Music, Inc. and/or any other licensors of copyrighted materials, all notices, statements of account, royalty fees and other documents and instruments required under the terms and
conditions of any patent, trademark, service mark, trade name and copyright used in the operation of a Primary Station and/or the Copyright Act of 1976, as amended from time to time, and the rules and
regulations promulgated thereunder and, except as disclosed in writing to the Administrative Agent, is not liable to any Person for copyright infringement under any law, rule, regulation, contract or
license as a result of its business operation, all except to the extent that non-compliance with the preceding requirements would not, in the aggregate, be reasonably expected to have a
Material Adverse Effect. 

    3.20  Nature of Business.  Neither the Borrower nor any of its Subsidiaries is engaged in any material
business other than the ownership and operation of (or the ownership of stock of or other interests in companies that own or operate) any Media/Communications Business. 

    3.21  FCC Matters; Media Licenses.  The Borrower and its Subsidiaries hold all permits, licenses,
authorizations and approvals (collectively, "Authorizations") described in Schedule 3.21(a) (the "Borrower
Authorizations"). USA Broadcasting holds all Authorizations described in Schedule 3.21(b) (the "USA Broadcasting
Authorizations"). The Borrower Authorizations are in full force and effect, represent all the Authorizations necessary to conduct their businesses in the manner in which they
are currently being conducted, and expire on the dates shown in Schedule 3.21(a). The operations of the Stations are in all material respects in compliance with the Communications Act. All
reports and documents that are required by the Communications Act with respect to the ownership, management or operation of the Stations have been duly and timely filed, except for such reports or
documents the failure to file which will not have a Material Adverse Effect. 

    As
of the Closing Date, no Station is party to any time brokerage agreement. Except as described in Schedule 3.21(c), no condition exists or event has occurred which, in itself
or with the giving of notice or lapse of time or both, would result in the suspension, revocation, material adverse modification, forfeiture or non-renewal of any of the Borrower
Authorizations. There are no judgments, decrees, complaints, petitions, filings, orders issued or threatened by the FCC, other proceedings pending or threatened before the FCC (other than rulemakings
of general applicability to the broadcast industry), or events that have occurred that could reasonably be expected to result in the imposition of any financial penalty in excess of $250,000 in the
aggregate by the FCC upon the Borrower Authorizations. The FCC has granted, without the imposition of conditions outside the normal course, all consents necessary for transfer of control of the
licensee subsidiaries which hold the USA Broadcasting Authorizations described in Schedule 3.21(b) hereto. 

    3.22  Ranking of Loans.  This Agreement and the other Loan Documents to which the Borrower is a party,
when executed, and the Loans, when borrowed are and will be the direct and general obligations of the Borrower. The Borrower's obligations hereunder and thereunder rank and will rank at least  pari passu
in priority of payment with all other Senior Debt. The Borrower's obligations hereunder and thereunder constitute "Senior Debt" as defined
in, and pursuant to, the Junior Subordinated Notes referred to in clause (i) of the definition thereof contained in Section 1.1. 

    3.23  Insolvency.  After giving effect to the funding of the Loans to be funded on each borrowing date
(assuming borrowing of the entire Aggregate Commitment on such date), the existence of the Junior Subordinated Notes and the Existing Credit Agreement assuming, in each case, the issuance or borrowing
of the entire amount of the indebtedness or commitments thereunder on such date, unless such Contractual Obligations have been terminated) and the payment of all estimated legal, investment banking,
underwriting, accounting and other fees related hereto, the Borrower and each other Loan Party will be Solvent as of and on such borrowing date. 

–30–

 
    3.24  Labor Matters.  As of the Closing Date there are no strikes or other labor disputes against the
Borrower or any of its Subsidiaries pending or, to the Borrower's knowledge, threatened against any Loan Party. 

    3.25  Condemnation.  No taking of any of the Properties or any part thereof through eminent domain,
conveyance in lieu thereof, condemnation or similar proceeding is pending or, to the knowledge of the Borrower, threatened by any Governmental Authority which would reasonably be expected to have a
Material Adverse Effect. 

    3.26  Leases, Licenses, Permits, Site Use Agreements and Other Occupancy Agreements.  Any and all leases,
licenses, permits, site use agreements and any other type of occupancy permit to which the Borrower or any Subsidiary is a party, other than the Borrower Authorizations described in
Section 3.21, are in full force and effect with no material defaults existing thereunder which individually or in the aggregate would have a Material Adverse Effect. 

    3.27  Corporate Organization.  On the Closing Date, the corporate organization of the Borrower and its
Subsidiaries, including the respective ownership interests of the Borrower in each of its Subsidiaries, is as set forth on Schedule 3.27. 

SECTION
4. CONDITIONS PRECEDENT 

    4.1  Conditions to Closing Date.  The effectiveness of this Agreement, and the agreement of each Lender
to make the initial Loans on the Closing Date, are subject to the satisfaction, immediately prior to or concurrently with the making of such Loans on the Closing Date (except as otherwise expressly  provided
hereunder), of the following conditions precedent: 

    (a)  Credit Agreement.  The Administrative Agent shall have received this Agreement, executed and
delivered by an officer of the Borrower as of the Closing Date, with a counterpart for each Lender, and such officer shall be covered by an incumbency certificate which shall have been executed and
delivered to the Administrative Agent. 

    (b)  Other Loan Documents.  The Administrative Agent shall have received the Notes, executed and
delivered by an officer of the Borrower, with a counterpart for each Lender, and such officer shall be
covered by an incumbency certificate which shall have been executed and delivered to the Administrative Agent. 

    (c)  Documentation Legal Matters, etc.  The Loan Documents shall have been prepared by counsel to GSCP
and shall be in form and substance satisfactory to the Lenders. All other matters relating to the Loan Documents and the Amendment to the Existing Credit Agreement, and the transactions contemplated
thereby, shall be satisfactory to the Lenders in all respects. 

    (d)  Incumbency Certificate.  The Administrative Agent shall have received, with an executed counterpart
for each Lender, an incumbency certificate of the Borrower dated the Closing Date, executed by one of its Responsible Officers or its Secretary or Assistant Secretary. 

    (e)  Corporate Proceedings.  The Administrative Agent shall have received, with a counterpart for each
Lender, a copy of the resolutions of the Board of Directors of the Borrower authorizing (i) the execution, delivery and performance of the Loan Documents and the Amendment to the Existing
Credit Agreement, and (ii) the borrowings contemplated hereunder, certified by the Secretary or an Assistant Secretary of the Borrower, as of the Closing Date, which certificate states that the
resolutions thereby certified have not been amended, modified, revoked or rescinded and are in full force and effect. 

    (f)  Organizational Documents.  The Administrative Agent shall have received, with a counterpart for each
Lender, copies of the certificate of incorporation and by-laws of the Borrower, certified as of the Closing Date as complete and correct copies thereof by the Secretary or an Assistant
Secretary of the Borrower. 

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    (g) [Intentionally Omitted] 

    (h)  Legal Opinions.  The Administrative Agent shall have received, with a counterpart for each Lender,
the following executed legal opinions: 

     (i) the
executed legal opinion of O'Melveny & Myers LLP, counsel to the Borrower, in form and substance reasonably acceptable to the Arranger; 

    (ii) the
executed legal opinion of Shaw Pittman, FCC counsel to the Borrower, in form and substance reasonably acceptable to the Arranger; and 

    (iii) such
other legal opinions as the Arranger may reasonably request. 

    (i)  Material Agreements.  The Administrative Agent shall have received, with a counterpart for each
Lender, copies of each of the Material Agreements, and each of the documents evidencing the Junior Subordinated Notes, all as certified as true and correct by the Borrower and all in form and
substance satisfactory to the Majority Lenders. 

    (j)  Good Standing Certificates.  The Administrative Agent shall have received a certificate, dated a
recent date, of the Secretary of State of the States of Delaware, California and each other jurisdiction where the Borrower is required to be qualified to do business under such jurisdiction's law,
certifying as to the existence and good standing of, and the payment of taxes by, the Borrower in such state and listing all charter documents of the Borrower on file with such officials. 

    (k)  Tax and Legal Structure; Litigation.  The Arranger shall have reviewed, and be reasonably satisfied
with, (i) the state and federal tax assumptions of the Borrower and each Subsidiary, (ii) the ownership, capital, organizational and legal structure of the Borrower and its Subsidiaries
and (iii) the nature and status of any litigation affecting the Borrower and its Subsidiaries and/or this Agreement and any other Loan Document and the transactions contemplated hereby. 

    (l)  No Default/Representations.  No Default shall have occurred and be continuing on the Closing Date or
would occur after giving effect to the Loans requested to be made on the Closing Date, and the representations and warranties contained in this Agreement and each other Loan Document and certificate
or other writing delivered to the Lenders in satisfaction of the conditions set forth in this Section 4.1 prior to or on the Closing Date shall be correct in all material respects on and as of
the Closing Date, and the Administrative Agent shall have received a certificate of the Borrower to such effect in the form of Exhibit C, dated as of the Closing Date and executed by a
Responsible Officer of the Borrower. 

    (m)  Existing Credit Agreement.  The Administrative Agent shall have received evidence satisfactory to it
that each of the Loans is permitted under the Existing Credit Agreement. 

    (n)  Solvency Certificate.  The Administrative Agent shall have received for distribution to the Lenders
a certificate of the Chief Financial Officer of the Borrower to the effect that each Borrower is Solvent after giving effect to the funding of the Loans on the Closing Date (assuming borrowing of the
entire Aggregate Commitment on such date), the existence of the Junior Subordinated Notes and the Existing Credit Agreement (assuming in each case the issuance or borrowing of the entire amount of the
indebtedness or commitment on such date), and the payment of all estimated legal, investment banking, accounting, underwriting and other fees related hereto and thereto. 

    (o)  Insurance Policies.  [Intentionally omitted.] 

    (p)  Operational Consents.  The Administrative Agent shall have received evidence, in form and substance
reasonably satisfactory to the Administrative Agent that (i) the Borrower and its Subsidiaries have obtained all FCC consents and licenses required by law or necessary for the operation of the
Borrower and its Subsidiaries and (ii) the Borrower and its Subsidiaries have 

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obtained all other consents and licenses required by law or necessary for the operation of the Borrower and its Subsidiaries, the failure of which to obtain would have a Material Adverse Effect. In
particular, without limiting the generality of the above, the FCC shall have granted its consent for the USA Broadcasting Acquisition without conditions outside the normal course. 

    (q)  Approvals and Consents.  All Governmental Authority, shareholder and third-party approvals and
consents necessary or desirable applicable to the application of the use of proceeds of the initial borrowing of Loans and any other financing arrangements in connection with any business or assets to
be acquired with the proceeds of the initial borrowing of Loans shall have been received and shall be in full force and effect. 

    (r)  Financial Certificates.  The Administrative Agent shall have received a certificate, signed by a
Responsible Officer of the Borrower and in form, substance and detail acceptable to the Administrative Agent indicating that the Financial Statements accurately reflect the financial condition and
performance of the Borrower and its Subsidiaries (i) for fiscal year ending December 31, 2000 and (ii) the fiscal quarter ended March 31, 2001 in each case in accordance
with GAAP consistently applied. 

    (s)  Non-Foreign Entity; Tax Identification Number.  The Administrative Agent shall have
received, reviewed and approved a certificate from the Borrower regarding such entity's domestic status, which certificate shall also include such entity's tax identification number. 

    (t)  No Material Adverse Change.  No material adverse change shall have occurred, as determined in the
sole discretion of the Arranger, in respect of the condition (financial or otherwise), business, operations, assets (including Media Licenses), nature of assets, liabilities or prospects of the
Borrower and its Subsidiaries. 

    (u)  Concurrent Transactions.  There shall not exist (pro
forma for the application of the use of proceeds of the Loans) any default or event of default under the Existing Credit Agreement, this Agreement or any of the other Loan
Documents, or under any other material indebtedness of the Borrower or its Subsidiaries. 

    (v)  Absence of Certain Changes.  No change in the capital stock or long-term debt of the
Borrower, or any of its Subsidiaries, or any adverse change, or any development involving a prospective adverse change, in or affecting the general affairs, management, financial position,
stockholders' equity, results of operations or prospects of the Borrower or any business or assets to be acquired with the proceeds of the initial borrowing of Loans, considered as a whole, shall have
occurred since December 31, 2000, and no material inaccuracy in such financial statements shall exist. The Borrower shall have no material liabilities, determined on a consolidated basis,
except those set forth on the audited balance sheets dated December 31, 2000 included in the Financial Statements and those incurred in the ordinary course of business since such date in
amounts that are consistent with past practice. 

    (w)  Market Disruption.  Since the Loan Commitment Date, there shall not have occurred any disruption or
adverse change, as determined by the Arranger in its sole discretion, in the financial or capital markets generally, or in the markets for commercial banking, bridge loan syndication, high yield debt
or equity securities in particular or affecting the syndication or funding of commercial loans or bridge loans (or the refinancing thereof) that may have an adverse impact on the ability to syndicate
the Loans. 

    (x)  Financial Statements.  The Arranger shall have received audited financial statements for the
three-year period immediately preceding the initial borrowing of Loans and any appropriate unaudited financial statements for any interim period or periods of the Borrower and, to the
extent available, all recent, probable or pending acquisitions (including pro forma financial statements, if any, applicable to any business or assets to be acquired with the proceeds of the 

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initial borrowing of Loans), all meeting the requirements of Regulation S-X for registration statements on Form S-1 promulgated by the United States Securities
and Exchange Commission, and all such financial statements shall be satisfactory in form and substance to GSCP. 

    (y)  Litigation, etc.  There shall not exist any action, suit, investigation, litigation or proceeding
pending or threatened in any court or before any Governmental Authority that, in the opinion of the Arranger, affects the application of the proceeds from the initial borrowing of Loans, the financing
of the transaction contemplated thereby or any of the other transactions contemplated hereby, or that could have a material adverse effect on the Borrower or any of the transactions contemplated
hereby or by the USA Acquisition Agreement. 

    (z)  Liquidity and Capital Resources.  After giving effect to the use of the proceeds of the initial
borrowings of Loans, and subject to the closing of the New Credit Agreement with initial available borrowing capacity of not less than $1.5 billion, the Borrower shall have sufficient liquidity
and capital resources, to finance the Borrower's continuing operations following the funding of the Loans, including the payment due in connection with the USA Broadcasting Acquisition on the First
USA Acquisition Closing; provided that if the initial borrowing of Loans is not made to finance the First USA Acquisition Closing, then the borrowing
availability under this Agreement, after giving effect to the initial Loans, shall not be less than $300,000,000. 

    (aa)  Payment of Fees and Expenses.  All fees, costs, expenses and taxes accrued and unpaid and otherwise
due and payable to any of GSCP, Goldman, Sachs & Co., the Arranger and the Administrative Agent on or before the Loan Commitment Date in connection with the Loans, pursuant to the Commitment
Letter, the Fee Letter, the Engagement Letter or otherwise shall have been paid in full in immediately available funds. 

    (bb)  $100 Million Credit Agreement.  The Administrative Agent shall have received evidence satisfactory
to it that the $100 Million Credit Agreement shall be simultaneously terminated and all amounts thereunder shall be simultaneously paid in full. 

    (cc)  Additional Proceedings.  The Administrative Agent shall have received such other approvals,
opinions and documents as any Lender, through the Administrative Agent, may reasonably request and all legal matters incident to the making of such Loans shall be reasonably satisfactory to the
Administrative Agent and the Arranger. 

    4.2  Conditions to Initial Loans for the USA Broadcasting Acquisition.  The agreement of each Lender to
make initial Loans to finance the USA Broadcasting Acquisition on or after the Closing Date is subject to the satisfaction, immediately prior to or concurrently with the making of such Loans (except
as otherwise expressly provided hereunder), of the following conditions precedent: 

    (a)  Concurrent Transactions.  All conditions precedent to the First USA Acquisition Closing shall have
been satisfied or, with the prior approval of each of the parties to the USA Acquisition Agreement, and Arranger, waived. All matters relating to the USA Broadcasting Acquisition and the USA
Acquisition Agreement, and, if not in effect prior to any previous borrowing of Loans and the Amendment to the Existing Credit Agreement shall be satisfactory in all respects to the Arranger and its
counsel and the Arranger shall have received such additional certificates, legal and other opinions and such other documentation as it may request. There shall not exist (pro
forma for the USA Broadcasting Acquisition and the financing thereof) any default or event of default under the Existing Credit Agreement, this Agreement or any of the other
Loan Documents or under any other material indebtedness of the Borrower or its Subsidiaries. 

    (b)  Absence of Certain Changes; Compliance Certificate.  The Arranger shall not have become aware of any
information relating to conditions or events not previously disclosed to the Arranger or constituting new information or additional developments concerning conditions or events previously disclosed to
the Arranger which the Arranger, in its judgment, believes may have 

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a material adverse effect on the condition (financial or otherwise), assets, liabilities (contingent or otherwise), properties, solvency, business, management or prospects of the Borrower and the
Acquired Business considered as a whole. If any borrowing of Loans to fund the USA Broadcasting Acquisition is not the initial borrowing of Loans, the Arranger shall have received from the Borrower a
compliance certificate stating that the Borrower is in compliance with all of the representations, warranties and covenants contained in the Loan Documents. 

    (c)  Financial Statements.  To the extent available to the Borrower, the Arranger shall have received
financial statements and financial information of the Acquired Business for the three-year period immediately preceding the USA Broadcasting Acquisition and any appropriate unaudited
financial statements for any interim period or periods, all meeting, to the extent reasonably practicable, the requirements of Regulation S-X for registration statements on
Form S-1 promulgated by the United States Securities and Exchange Commission. 

    (d)  Approvals and Consents.  All Governmental Authority, shareholder and third-party approvals and
consents necessary or desirable in connection with the First USA Acquisition Closing and the financing thereof shall have been received and shall be in full force and effect. 

    (e)  Litigation, etc.  There shall not exist any action, suit, investigation, litigation or proceeding
pending or threatened in any court or before any Governmental Authority that, in the opinion of the Arranger, affects or could have a material adverse affect on the USA Broadcasting Acquisition, the
financing thereof or any of the other transactions contemplated hereby or by the USA Acquisition Agreement. 

    (f)  Liquidity and Capital Resources.  After giving effect to the consummation of transactions
contemplated by the USA Broadcasting Acquisition, and subject to the closing of the New Credit Agreement with available borrowing capacity of not less than $1.5 billion, the Borrower shall have
sufficient liquidity and capital resources to finance the Borrower's continuing operations following the First USA Acquisition Closing. 

    4.3  Conditions to Each Loan.  The agreement of each Lender to make each Loan requested to be made by it
is subject to the satisfaction, immediately prior to or concurrently with the making of such Loan, of the following conditions precedent: 

    (a)  Representations and Warranties; No Default.  The following statements shall be true and correct and
the Borrower shall deliver to the Administrative Agent a compliance certificate signed by a Responsible Officer of the Borrower on the date of such Loan stating that: 

     (i) The
representations and warranties contained in this Agreement and in each other Loan Document and certificate or other writing delivered to the Lenders prior to,
on or after the Closing Date pursuant hereto and on or prior to the date for such Loan are true and correct on and as of such date in all material respects as though made on and as of such date except
to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier date in
all material respects; 

    (ii) No
Default has occurred and is continuing or would result from the making of the Loan to be made on such date; and 

    (iii) If
the First USA Acquisition Closing has not then occurred and such Loan is not being made to finance the First USA Acquisition Closing, the requirements as to
liquidity and capital resources contained in Section 4.1(z) with respect to the initial Loan are satisfied with respect to, and after giving effect to, the making of the Loan to be made on such
date. 

    (b)  Legality.  The making of such Loan shall not contravene any law, rule or regulation applicable to
any Lender or the Borrower or any other Loan Party. 

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    (c)  Borrowing Notice.  The Administrative Agent shall have received a borrowing notice pursuant to the
provisions of this Agreement from the Borrower. 

    (d)  Approvals.  With respect to a borrowing in connection with an Acquisition of television or radio
stations, the Administrative Agent shall have received copies of all FCC and regulatory approvals and licenses necessary in connection with any such Acquisition and all shareholder approvals necessary
in connection with any such Acquisition. 

SECTION
5. AFFIRMATIVE COVENANTS 

    The
Borrower hereby agrees that from and after the Closing Date, so long as any Commitments remain in effect, any Note remains outstanding and unpaid or any other amount is owing to
any Lender, the Administrative Agent or the Arranger hereunder: 

    5.1  Financial Statements.  The Borrower shall furnish to the Administrative Agent (for distribution to
each Lender): 

    (a) as
soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the consolidated and consolidating balance
sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related consolidated and consolidating statements of operations and retained earnings, stockholders' equity
and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, audited without a "going concern" or like qualification or exception, or other
qualification arising out of the scope of the audit, by the Accountants; 

    (b) as
soon as available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of the Borrower,
the unaudited consolidated and consolidating balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated and consolidating
statements of operations, retained earnings, stockholders' equity and of cash flows of the Borrower and its consolidated Subsidiaries for such quarter and the portion of the fiscal year through the
end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer of the Borrower as being fairly stated in all material
respects (subject to normal year-end audit adjustments); 

    (c) as
soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a certificate from the Accountants verifying
compliance by the Borrower and its Subsidiaries on a consolidated basis with each financial covenant set forth in Section 6.1 and, based on their review of the financial reports of the Borrower
and its Subsidiaries on a consolidated basis, an opinion of the Accountants that no Default shall have occurred under any Loan Document; provided, that
the Accountants shall not be required, as a result of delivering such opinion, to undertake any special investigation in addition to their normal audit examination; and 

    (d) as
soon as available, but in any event within 45 days after the end of each fiscal quarter of the Borrower, financial reports, consistent with the internal
reporting practices of the Borrower and its Subsidiaries as in effect on the Closing Date, relating to the operations of each Primary Station as at the end of such quarter and the portion of the
fiscal year through the end of such quarter, certified by a Responsible Officer of the Borrower as being fairly stated in all material respects (subject to normal year-end audit
adjustments); all such financial statements to be complete and correct in all material respects and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the
periods reflected therein and with prior periods (except as approved by the Accountants or Responsible Officer, as the case may be, and disclosed therein). 

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    5.2  Certificates; Other Information.  The Borrower shall: 

    (a) furnish
to the Administrative Agent (for distribution to each Lender) concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and
5.1(b), a certificate of a Responsible Officer of the Borrower stating that, (i) to the best of such Responsible Officer's knowledge, the Borrower during such period has observed or performed
all of its covenants (including calculations substantially in the form of Exhibit D regarding all financial covenants) and other agreements, and satisfied every condition, contained in this
Agreement and in the Notes and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default
except as specified in such certificate and (ii) to the best of such Responsible Officer's knowledge, no Default has occurred and the Borrower is in compliance with its covenants in the Loan
Documents; 

    (b) at
least once during each fiscal year of the Borrower, convene a bank meeting among the Lenders upon reasonable notice to the Lenders, or attend such a meeting
convened by the Arranger, and present cash flow projections for the forthcoming year and a report discussing the views of the Borrower concerning the recent performance and near and intermediate term
prospects of (i) the businesses in which the Borrower and its Subsidiaries are principally engaged and (ii) trends concerning assets under management, advisory fees, competition and
strategic initiatives by the Borrower and its Subsidiaries; 

    (c) furnish
to the Administrative Agent (for distribution to each Lender) within five days after the same are filed, copies of all financial statements and reports
which the Borrower or any Subsidiary may make to, or file with, the Securities and Exchange Commission or any successor or analogous Governmental Authority; 

    (d) furnish
to the Administrative Agent (for distribution to each Lender) promptly but, in any event, within five Business Days, after receipt thereof, copies of all
financial reports (including, without limitation, management letters), if any, submitted to the Borrower or any of its Subsidiaries by the Accountants in connection with any annual or interim audit of
the books thereof; 

    (e) furnish
to the Administrative Agent (for distribution to each Lender) as soon as available and in any event not later than January 31 of each year,
commencing with the fiscal year ending on December 31, 2001, a copy of the annual operating budgets for the Borrower and its Subsidiaries for such fiscal year, detailed by quarter and a copy of
the three-year annual operating budgets for the Borrower and its Subsidiaries for such three-year period; 

     (f) furnish
to the Administrative Agent (for distribution to each Lender) as soon as possible and in any event within five days after the occurrence of a Default or, in
the good faith determination of a Responsible Officer of the Borrower, a Material Adverse Effect, the written statement by a Responsible Officer of the Borrower, setting forth the details of such
Default or Material Adverse Effect and the action which the Borrower proposes to take with respect thereto; 

    (g) furnish
to the Administrative Agent (for distribution to each Lender) promptly but, in any event, within five Business Days, after the same become available, copies
of all statements, reports and other information which the Borrower or any of its Subsidiaries sends to any holders, as holders, of its Indebtedness or its securities; 

    (h) furnish
to the Administrative Agent (for distribution to each Lender) (A) as soon as possible and in any event within 30 days after the Borrower knows
or has reason to know that any Termination Event with respect to any Plan has occurred, a statement of a Responsible Officer of the Borrower describing such Termination Event and the action, if any,
which the Borrower proposes to take with respect thereto, (B) promptly and in any event within ten Business Days after receipt thereof by the Borrower or any of its ERISA Affiliates from the
PBGC, copies of 

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each notice received by the Borrower or any of its ERISA Affiliates of the PBGC's intention to terminate any Plan or to have a trustee appointed to administer any Plan, (C) promptly and in any
event within 30 days after the filing thereof with the Internal Revenue Service, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with
respect to each Single Employer Plan maintained for or covering employees of the Borrower or any of its Subsidiaries if the present value of the accrued benefits under the Plan exceeds its assets by
an amount in excess of $1,000,000 and (D) promptly and in any event within fifteen Business Days after receipt thereof by the Borrower or any of its ERISA Affiliates from a sponsor of a
Multiemployer Plan or from the PBGC, a copy of each notice received by the Borrower or any of its ERISA Affiliates concerning the imposition or amount of withdrawal liability under Section 4202
of ERISA or indicating that such Multiemployer Plan may enter reorganization status under Section 4241 of ERISA; 

     (i) furnish
to the Administrative Agent (for distribution to each Lender) promptly after the commencement thereof, but in any event not later than five Business Days
after service of process with respect thereto on, or the obtaining of knowledge by, the Borrower or any of its Subsidiaries, notice of each action, suit or proceeding before any court or governmental
authority or other regulatory body or any arbitrator as to which there is a reasonable possibility of a determination that would have a Material Adverse Effect; 

     (j) furnish
to the Administrative Agent (for distribution to each Lender) promptly after the sending or filing thereof, but in any event not later than ten Business
Days following such sending or filing, copies of (A) all Ownership Reports on FCC Form 323 (or any similar form which may be adopted by the FCC from time to time) and any supplements
thereto, and (B) all statements, reports and other information
filed by or on behalf of the Borrower or any of its Subsidiaries with the FCC if such statement, report or other information indicates a material change in the condition, financial or otherwise, or
operations of the Borrower or any of its Subsidiaries; 

    (k) furnish
to the Administrative Agent (for distribution to each Lender) promptly upon receipt thereof, but in any event not later than five Business Days following
such receipt, copies of (i) all notices and other communications that the Borrower or any of its Subsidiaries shall have received from the FCC relating to any adjudicatory hearing before the
FCC as to which the Borrower or any of its Subsidiaries is a party, (ii) any petition, complaint, notice of violation or notice of apparent liability made with the FCC or received from the FCC
relating to any proceeding involving the Borrower or any of its Subsidiaries which, if determined adversely to the Borrower or its Subsidiaries, could result in the rescission,
non-renewal, revocation or materially adverse modification of any Media License and (iii) any cease and desist order or similar directive from the FCC, if compliance with such cease
and desist order for an indefinite period or for the period set forth in such order could reasonably be expected to have a Material Adverse Effect or if the Borrower or any of the Subsidiaries of the
Borrower against which such order is issued is unable to comply with such order within the time period provided in such order and such failure or the continuation of such failure could reasonably be
expected to have a Material Adverse Effect; 

     (l) furnish
to the Administrative Agent (for distribution to each Lender) no later than ten days prior to the formation or acquisition of any Subsidiary of the Borrower
or a Subsidiary of a Subsidiary, a supplement to Schedule 3.14, setting forth the information with respect to each such Subsidiary reasonably required by the Majority Lenders; 

    (m) furnish
to the Administrative Agent (for distribution to each Lender) no later than 30 days prior to the acquisition of a Media License or Primary Station by
the Borrower or any Subsidiary, a supplement to Schedule 3.21, setting forth the information with respect to each Primary Station or Media License reasonably required by the Majority Lenders; 

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    (n) furnish to the Administrative Agent (for distribution to each Lender) promptly (and in any event prior to the execution and delivery of each AT Note) notice of
(i) the delivery by USA Broadcasting to the Borrower or any of its Subsidiaries (including Newco) of an AT Notice (as defined in the Second Amendment to the USA Acquisition Agreement, as in
effect on the date hereof), and (ii) the principal amount of such AT Note; and 

    (o) furnish
to the Administrative Agent (for distribution to each Lender) promptly such additional financial and other information as any Lender, through the
Administrative Agent, may from time to time reasonably request. 

    5.3  Payment of Obligations.  The Borrower shall, and shall cause each of its Subsidiaries to, pay,
discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the failure to so satisfy such
obligations would not have a Material Adverse Effect or except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity
with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be. 

    5.4  Conduct of Business and Maintenance of Existence.  The Borrower shall, and shall cause each of its
Subsidiaries to, continue to engage in business of the same general type as conducted by the Borrower and its Subsidiaries as of the Closing Date and preserve, renew and keep in full force and effect
its corporate existence and take all reasonable action to maintain all rights, registrations, licenses, privileges and franchises necessary or desirable in the normal conduct of its business, except
to the extent that a failure to maintain such rights, registrations, licenses, privileges and franchises would not have a Material Adverse Effect or except as otherwise permitted pursuant to
Section 6.5, and comply with all Contractual Obligations and Requirements of Law except to the extent that failure to comply therewith would not, in the aggregate, have a Material Adverse
Effect. 

    5.5  Maintenance of Property; Insurance.  The Borrower shall, and shall cause each of its Subsidiaries
to, keep all Property useful or necessary in its business in good working order and condition (ordinary wear and tear excepted); maintain with financially sound and reputable insurance companies or
associations insurance on such of its Property in at least such amounts and against such risks as are usually insured against in the same general area by companies engaged in the same or a similar
business; and furnish to the Administrative Agent, upon written request, full information as to the insurance carried. From and after the Security Documents Effective Date, all such policies of
liability insurance on the property of the Borrower and the Subsidiaries and all such property and casualty insurance policies shall contain an endorsement, in form and substance reasonably
satisfactory to the Administrative Agent in its sole discretion, showing the Administrative Agent, on behalf of the Lenders, as additional insured, or as its interests appear, or as loss payee. Such
endorsement, or an independent instrument furnished to the Administrative Agent, shall provide that the insurance companies will give the Administrative Agent at least 30 days' prior written
notice before any such policy or policies of insurance shall be altered or canceled. All policies of insurance required to be maintained under this Agreement shall be in customary form and with
insurers recognized as adequate by the Administrative Agent and all such policies shall be in such amounts as shall be customary for similar companies in the same or similar business in the same
geographical area. The Borrower and its Subsidiaries shall deliver to the Administrative Agent insurance certificates certified by the Borrower's or such Subsidiary's insurance brokers, as to the
existence and effectiveness of each policy of insurance and evidence of payment of all premiums then due and payable therefor. In addition, the Borrower shall notify the Administrative Agent promptly
of any occurrence causing a material loss of any insured Property and the estimated (or actual, if available) amount of such loss. 

     (i) Each
policy for liability insurance shall provide for all losses to be paid on behalf of the Administrative Agent and the Borrower or its Subsidiary (as the case
may be), as their respective interests may appear. 

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    (ii) Reimbursement under any liability insurance maintained by the Borrower or its Subsidiaries pursuant to this Section 5.5 may be paid directly to the Person
who shall have incurred liability covered by such insurance. 

    5.6  Inspection of Property; Books and Records; Discussions.  The Borrower shall, and shall cause each of
its Subsidiaries to, keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all material dealings and
transactions in relation to its business and activities; and upon reasonable notice and at such reasonable times during usual business hours, permit representatives of any Lender to visit and inspect
any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations,
properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its Accountants (as long as a member of
senior management of the Borrower is present during such discussion). 

    5.7  Environmental Laws.  The Borrower shall, and shall cause each of its Subsidiaries to: 

    (a) Comply
with, and ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply in all material respects
with any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws except to the extent that failure to do so could not be reasonably expected to
have a Material Adverse Effect; 

    (b) Conduct
and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly
comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith
by appropriate proceedings; and 

    (c) Defend,
indemnify and hold harmless the Administrative Agent, the Arranger and the Lenders, and their respective employees, agents, officers and directors, from and
against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown, contingent or otherwise, arising out of, or in
any way relating to the violation of, noncompliance with or liability under any Environmental Laws applicable to the operations of the Borrower or any of its Subsidiaries, or the Borrower's or any of
its Subsidiaries' interest in Properties, or any orders, requirements or demands of Governmental Authorities related thereto, including, without limitation, attorney's and consultant's fees,
investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the
party seeking indemnification therefor. This indemnity shall continue in full force and effect regardless of the termination of this Agreement. 

    5.8  Use of Proceeds.  The Borrower will use, and cause its Subsidiaries to use, the proceeds of the
Loans as set forth in Section 3.15 and in compliance with Section 3.10. 

    5.9  Compliance With Laws, Etc.  Except as set forth in Section 5.7 relating specifically to
Environmental Laws, the Borrower shall comply, and shall cause each of its Subsidiaries to comply, with all applicable laws, rules, regulations and orders except where noncompliance would not
reasonably be expected to have a Material Adverse Effect, such compliance to include, without limitation (i) paying before the same become delinquent all taxes, assessments and governmental
charges or levies imposed upon it or upon its income or profits or upon any of its Properties and (ii) paying all lawful claims which if unpaid might become a Lien upon any of its Properties;  provided,
however, that neither the Borrower nor any of its Subsidiaries shall be required to pay and discharge or to cause to be paid and discharged
any such tax, assessment, charge, levy or claim so long as (A) the validity or applicability thereof is being contested in good faith by appropriate proceedings or the 

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failure to pay such tax, assessment, charge, levy or claim would not have a Material Adverse Effect and (B) the Borrower or such Subsidiary shall, to the extent required by GAAP, have set aside
on its books adequate reserves with respect thereto. 

    5.10  Media Licenses.  The Borrower will obtain, maintain and preserve, and cause each of its
Subsidiaries to obtain, maintain and preserve, all Media Licenses, including without limitation, by filing with the FCC (i) those of the Loan Documents required to be filed under the FCC's
rules and regulations within 30 days after the Closing Date, and (ii) all reports (including Ownership Reports on Form 323) and other documents required to be filed by the
Communications Act in connection with the transactions contemplated hereby and maintaining public records and files in accordance with the Communications Act and the rules and regulations of the FCC,
except for such Media Licenses in respect of the Primary Stations the failure of which to obtain, maintain or preserve will not have a Material Adverse Effect. 

    5.11  Leases and Licenses.  The Borrower shall or shall cause its Subsidiaries to perform and carry out
all of the provisions of all of the leases, licenses, permits and any other occupancy agreements relating to real property or real property interests (the "Occupancy
Agreements") to be performed by the Borrower or any of its Subsidiaries and shall appear in and defend any action in which the validity of any of the Occupancy Agreements
relating to any real property or real property interests is at issue and shall commence and maintain any action or proceeding necessary to establish or maintain the validity of any of such Occupancy
Agreements and to enforce the provisions thereof. 

    5.12  Notices.  The Borrower will provide, and will cause its Subsidiaries to provide to the Arranger,
within 5 days following receipt by the Borrower or such Subsidiary, copies of all notices received by the Borrower or such Subsidiary (i) under any Material Agreement, relating to any
default, any claimed force majeure or any other material provision thereof and (ii) from the Internal Revenue Service or
other taxing authority relating to any dispute regarding deductions, audits or any other material matter which, if adversely determined against the Borrower or such Subsidiary, would have a Material
Adverse Effect. 

    5.13  Security Interests.  (a) From and after the Security Documents Effective Date, the
Obligations shall be secured by Liens, in favor of the Administrative Agent for the benefit of the Lenders, granted by any Person that, as of the Loan Commitment Date or thereafter, granted a Lien to
secure any of the obligations or liabilities under the Existing Credit Agreement or any loan document entered into in connection therewith. The collateral subject to such Liens in favor of the
Administrative Agent shall consist of (i) the property and assets of the Borrower secured on the Loan Commitment Date by the Liens in favor of the lenders under the Existing Credit Agreement or
one or more representatives of such lenders, and (ii) any and all property and assets acquired by any Loan Party following the Loan Commitment Date (including, without limitation, the Acquired
Business); provided, however, that such collateral shall not include at any time any license granted by the FCC to the extent, but only to the extent,
that the Borrower is prohibited at that time from granting a security interest therein in favor of the Administrative Agent pursuant to the Communications Act. 

    (b) The
Borrower shall, and shall cause the Loan Parties, as applicable, to execute and deliver to the Administrative Agent, on or before the Security Documents
Effective Date, and such Security Documents as are necessary or reasonably requested by the Administrative Agent to effectively grant, and maintain the perfection and priority of, the Liens in favor
of the Administrative Agent described in Section 5.13(a), all in such form as shall be satisfactory to the Administrative Agent. 

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    (c) From
and after the Security Documents Effective Date, the Borrower shall, and shall cause each of its Subsidiaries to, take any action which the Administrative
Agent may reasonably request in order to obtain from the FCC (and any other applicable Governmental Authority) such approval as may be necessary to enable the Administrative Agent and the Lenders to
exercise and enjoy the full rights and benefits granted to them by this Agreement, including the use of each Grantor's best efforts to assist in obtaining the approval of the FCC for any action or
transaction contemplated by this Agreement for which such approval is required by law or is asserted by the FCC to be required by law. 

SECTION
6. NEGATIVE COVENANTS 

    The
Borrower hereby agrees that from and after the Closing Date, so long as any Commitments remain in effect, any Note remains outstanding and unpaid or any other amount is owing to
any Lender, the Arranger or the Administrative Agent hereunder: 

    6.1  Financial Condition Covenants.  The Borrower shall not: 

    (a)  Maximum Total Debt Ratio.  Permit the Total Debt Ratio at any time
(provided that EBITDA shall be calculated as of the end of the last fiscal quarter for which financial statements under Section 5.1(b) shall have
been required to be delivered, unless a Covenant Compliance Certificate together with financial statements for the relevant period shall have been delivered to the Lenders for a more recent period, in
which case EBITDA set forth therein shall be used for calculating this ratio) of the Borrower and its Subsidiaries on a consolidated basis to exceed 4.00:1. 

    (b)  Minimum Total Interest Coverage Ratio.  Permit the Total Interest Coverage Ratio as of the end of
any fiscal quarter of the Borrower and its Subsidiaries to be less than 2.60:1; provided that Interest Expense, as used in the Total Interest Coverage
Ratio, shall exclude all PIK Interest. 

    (c)  Minimum Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio as of the end of any
fiscal quarter of the Borrower and its Subsidiaries to be less than 1.10:1; provided that Interest Expense, as used in Total Debt Service as used in
Fixed Charge Coverage Ratio, shall exclude all PIK interest. 

    (d)  Calculation of Financial Condition Covenants, etc.  Notwithstanding anything to the contrary in this
Agreement, for purposes of determining compliance with Sections 6.1(a), (b) and (c), Section 6.6(ii) and
Section 6.7(k) only, Newco shall be deemed not to be a Subsidiary of the Borrower so long as all of the Indebtedness of Newco created under each AT Note constitutes Non-Recourse
Indebtedness. 

    6.2  Limitation on Indebtedness.  The Borrower shall not create, incur, assume or suffer to exist any
Indebtedness, and shall not permit any of its Subsidiaries to create, incur, assume or suffer to exist any Indebtedness, except, subject to Section 6.19, for: 

    (a) Indebtedness
created hereunder and under the Notes; 

    (b) Indebtedness
(not referred to in any other clause of this Section 6.2) of the Borrower or any of its Subsidiaries secured by Liens permitted with respect to
the Borrower or its Subsidiaries by Section 6.3; provided that the aggregate amount of any such Indebtedness that is not rated as investment
grade by at least one of Standard & Poor's Ratings Services and Moody's Investors Service, Inc. and not rated with at least the highest non-investment grade ranking by the
other such rating agency shall not exceed $100,000,000; 

    (c) Indebtedness
under the Existing Credit Agreement in an aggregate principal amount not exceeding $318,150,000, less
the principal amount of mandatory repayments and prepayments made thereunder from time to time on and after the Closing Date; 

    (d) [Intentionally
Omitted]; 

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    (e) Indebtedness of a Person which becomes a Subsidiary after the date hereof, provided that (i) such
Indebtedness existed at the time such Person became a Subsidiary and was not created in anticipation thereof and (ii) immediately after giving effect to the acquisition of such Person by the
Borrower or any existing Subsidiary no Default shall have occurred and be continuing; 

     (f) unsecured
Indebtedness of any Subsidiary owing to the Borrower or any other wholly-owned Subsidiary or secured Indebtedness of any Subsidiary that is not a
wholly-owned Subsidiary owing to the Borrower or any wholly-owned Subsidiary; 

    (g) the
License Fee Guaranties and the Junior Subordinated Notes, in amounts in existence on the Existing Credit Agreement Closing Date; 

    (h) Indebtedness
(i) under any Interest Rate Agreement required by the Existing Credit Agreement, (ii) evidenced by performance bonds or letters of credit
issued in the ordinary course of business or reimbursement obligations in respect thereof, (iii) evidenced by a letter of credit facility related to insurance associated with claims for
work-related injuries or (iv) for bank overdrafts incurred in the ordinary course of business that are promptly repaid; 

     (i) trade
credit incurred to acquire goods, supplies, services and incurred in the ordinary and normal course of business; 

     (j) Capitalized
Lease Obligations of the Borrower and its Subsidiaries in an aggregate amount not exceeding $50,000,000 between the Existing Credit Agreement Closing
Date and the Maturity Date, inclusive; 

    (k) all
deferred taxes (where such deferral is otherwise permitted under the terms of this Agreement and under applicable law); and 

     (l) Non-Recourse
Indebtedness of Newco to USA Broadcasting created under any AT Note in an aggregate principal amount not to exceed the lesser of
(i) the portion of the purchase price allocable to the Capital Stock of each Subsidiary of USA Broadcasting acquired by Newco with the Net Proceeds of such AT Note, pursuant to
Section 1.3 of the Second Amendment to the USA Acquisition Agreement, as in effect on the date hereof, and (ii) $835,000,000. 

    6.3  Limitation on Liens.  The Borrower shall not, and shall not permit any of its Subsidiaries to,
create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except, subject to Section 6.19, for: 

    (a) Liens
created under the Existing Credit Agreement or under any of the other Loan Documents (as defined in the Existing Credit Agreement); 

    (b) Liens
existing on any Property at the time of its acquisition after the date hereof not created in anticipation of such acquisition and limited solely to the
Property acquired; 

    (c) Liens
arising pursuant to any order of attachment, distraint or similar legal process arising in connection with court proceedings so long as the execution or other
enforcement thereof is effectively stayed and claims secured thereby are being contested in good faith by appropriate proceedings; 

    (d) Liens
for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that
adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

    (e) Liens
created by operation of law not securing the payment of Indebtedness for money borrowed or guaranteed, including carriers', warehousemen's, mechanics',
materialmen's, repairmen's or other like Liens arising in the ordinary course of business which are not overdue 

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for a period of more than 45 days or which are being contested in good faith by appropriate proceedings; 

     (f) pledges
or deposits in connection with workers' compensation, unemployment insurance and other social security legislation and deposits securing liability to
insurance carriers under insurance or self-insurance arrangements; 

    (g) deposits
to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature incurred in the ordinary course of business; 

    (h) easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and not otherwise referred
to in any clause of this Section 6.3 which, in the aggregate, would not cause a Material Adverse Effect; 

     (i) [Intentionally
Omitted]; 

     (j) Liens
on the Property or assets of a Person which becomes a Subsidiary after the date hereof securing Indebtedness permitted by Section 6.2(e),  provided that (i) such Liens existed at the time such
Person became a Subsidiary and were not created in anticipation thereof, (ii) any
such Lien is not spread to cover any property or assets of such Person after the time such Person becomes a Subsidiary and (iii) the amount of Indebtedness secured thereby is not increased; 

    (k) Liens
on Property or assets securing leases permitted pursuant to Section 6.12; 

     (l) Liens
created under the Security Documents; and 

    (m) Liens
granted by Newco in favor of USA Broadcasting pursuant to the AT Pledge Agreement securing Non-Recourse Indebtedness permitted pursuant to
Section 6.2(l); provided that such Liens attach only to (i) the Capital Stock of each Subsidiary of USA Broadcasting acquired by Newco
with the Net Proceeds of an AT Note, pursuant to Section 1.3 of the Second Amendment to the USA Acquisition Agreement, as in effect on the date hereof, and (ii) the 1.0% general
partnership interest of any licensee general partnership in which any such Subsidiary of USA Broadcasting directly owns the corresponding 99.0% general partnership interest. 

    6.4  Limitation on Fundamental Changes.  The Borrower shall not, and shall not permit any of its
Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or
otherwise dispose of, all or substantially all of its property, business or assets, except, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, and  provided that the Existing Credit Agreement has not expired or terminated. 

    (a) upon
at least 15 days' prior notice to the Arranger, any Subsidiary of the Borrower (other than Newco) may merge into the Borrower
(provided that the Borrower is the survivor thereof), provided that the obligations of the merging
entity are assumed by the Borrower; and 

    (b) any
Subsidiary of the Borrower (other than Newco) may merge or consolidate with any Person to consummate any New Investment or Acquisition permitted by
Section 6.7; provided that the survivor of that merger or consolidation is a wholly-owned Subsidiary of the Borrower. 

    6.5  Limitation on Sale of Assets.  The Borrower shall not, and shall not permit any of its Subsidiaries
to, make any Asset Disposition, unless such Asset Disposition shall be for fair market value. Fair market value shall be determined by the Board of Directors of the Borrower or its management
committee, in the case of Asset Dispositions relating to assets having a book value of $10,000,000 or less, and by an independent appraisal firm reasonably satisfactory to the Majority Lenders, in the
case of Asset Dispositions relating to assets having a book value over $10,000,000. In 

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any case, the Borrower may not sell, and will not permit any of its Subsidiaries to sell, any Primary Station or the Media Licenses therefor. 

    6.6  Limitation on Dividends.  The Borrower shall not, and shall not permit any of its Subsidiaries to,
(a) if a corporation, declare or pay any dividend (other than dividends payable solely in common stock of the Borrower or its Subsidiaries) on, or make any payment on account of, or set apart
assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any shares of any class of Capital Stock of the Borrower or its Subsidiaries
or any warrants or options to purchase any such Capital Stock, whether now or hereafter outstanding (except only such dividends, payments or other amounts payable to the Borrower or a wholly-owned
Subsidiary of the Borrower), and (b) if a partnership, make any distribution with respect to the ownership interests therein, or, in either case, any other distribution in respect thereof,
either directly or indirectly, whether in cash or property or in obligations of the Borrower or any Subsidiary (except distributions to the Borrower or any wholly-owned Subsidiary of the Borrower)
(such declarations, payments, setting apart, purchases, redemptions, defeasance, retirements, acquisitions and distributions being herein called "Restricted
Payments"), except for: 

     (i) Restricted
Payments paid by the Borrower to PTI Holdings for the repurchase of its Junior Subordinated Note in accordance with Section 6.8; and 

    (ii) such
other Restricted Payments as the Borrower or its Subsidiaries may elect to make, provided that (x) the
Total Debt Ratio as of the date of the most recent quarterly or annual financial statements delivered pursuant to Section 5.1 after giving effect to the making of such Restricted Payment is
less than 3.50:1, (y) no Default has occurred and is continuing or would result from the making of such Restricted Payment, and (z) the Borrower is in compliance with the Fixed Charge
Coverage Ratio (calculated on a basis so as to include such Restricted Payments as a fixed charge, except for such Restricted Payments relating to Borrower Stock Purchases) as of the date thereof;  provided, further,
 that notwithstanding anything to the contrary in this Agreement, for purposes of determining compliance with Sections 6.1(a),
(b) and (c), Section 6.6(ii) and Section 6.7(k) only, Newco shall be deemed not to be a Subsidiary of the Borrower so long as all of the Indebtedness of Newco created under
each AT Note constitutes Non-Recourse Indebtedness. 

Notwithstanding
anything herein to the contrary, the Borrower shall not permit (i) the aggregate amount of Restricted Payments for Borrower Stock Purchases to exceed $150,000,000 or
(ii) the aggregate percentages of such purchased shares to exceed 10% of the issued common stock of the Borrower. 

    6.7  Limitation on Investments, Loans and Advances.  The Borrower shall not, and shall not permit any of
its Subsidiaries to, suffer to exist, make any advance, loan, extension of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets
constituting a business unit of, or make any other investment in (any of the foregoing, an "investment"), any Person, except, subject to
Section 6.19, for: 

    (a) the
Borrower's ownership interest in its Subsidiaries and certain Subsidiaries' ownership interests in certain other Subsidiaries, in each case on or prior to the
Closing Date and as set forth in Section 3.27; 

    (b) investments
in marketable debt securities, liquid investments in debt securities and other debt instruments that are acquired for investment purposes and that have
a value which may be readily established and which are investment grade, including any such investment that may be readily sold or otherwise liquidated; 

    (c) extensions
of trade credit in the ordinary course of business; 

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    (d) advances to employees of the Borrower and its Subsidiaries for travel, entertainment and relocation expenses in the ordinary course of business; 

    (e) investments
constituting non-cash consideration received in connection with an Asset Disposition,  provided that such non-cash consideration shall not exceed 15% of the aggregate consideration received for such
Asset Disposition; and  provided further that the aggregate amount of any such non-cash consideration with respect to all Asset Dispositions shall not exceed
$5,000,000 at any one time outstanding; 

     (f) investments
in existence as of the Closing Date, as set forth on Schedule 6.7(f); 

    (g) [Intentionally
omitted;] 

    (h) investments
permitted under Section 6.2(f); 

     (i) investments
not otherwise referred to in this Section 6.7 in an aggregate amount not to exceed $50,000,000 between the Existing Credit Agreement Closing Date
and the Maturity Date, inclusive, provided that no such investment shall be permitted if at the time of the making thereof a Default has occurred and is
continuing or would result from the making of such investment; 

     (j) investments
in Entravision permitted by Section 6.7(j) of the Existing Credit Agreement in an amount not to exceed $10,000,000 between the Existing Credit
Agreement Closing Date and the Maturity Date, inclusive; 

    (k) New
Investments; provided that (i) no Default has occurred and is continuing or would result from the
consummation of such New Investment (and the Borrower shall have delivered a Covenant Compliance Certificate showing pro forma calculations assuming
such New Investment had been consummated on the first day of the applicable measurement period to the Administrative Agent); (ii) the New Investment (if in a radio or television station), has
received (if such investment shall require FCC approval) final FCC approval and evidence thereof satisfactory to the Administrative Agent has been provided to the Administrative Agent;
(iii) Majority Lenders shall have received and reviewed and approved the form of all documents setting forth the terms of, effecting or otherwise relating to, such New Investment; and
(iv) the Borrower shall be in compliance with the Total Debt Ratio on a pro forma basis assuming such New Investment had been consummated on the
first day of the applicable measurement period; provided, further, that notwithstanding anything to the contrary in this Agreement, for purposes of
determining compliance with Sections 6.1(a), (b) and (c), Section 6.6(ii) and Section 6.7(k) only, Newco shall be deemed not to be a Subsidiary of the Borrower so long as
all of the Indebtedness of Newco created under each AT Note constitutes Non-Recourse Indebtedness; 

     (l) an
investment by the Borrower and its Subsidiaries in a joint venture for the purpose of establishing and operating pay television channels in the United States;  provided that the Borrower's (or its
Subsidiaries') investment therein shall not exceed $10,000,000 between the Existing Credit Agreement Closing Date
and the Maturity Date inclusive, in the aggregate (exclusive of all general and administrative expenses and affiliate sales and promotion expenses contributed by Borrower (or any such Subsidiary) in
the ordinary course of business); and provided, further that (i) no Default has occurred and is continuing or would result from the consummation
of such investment; and (ii) Majority Lenders shall have received and reviewed and approved the form of all documents setting forth the terms of, effecting or otherwise relating to, such
investment; 

    (m) to
the extent constituting an investment, the acquisition by Newco of the Capital Stock of one or more Subsidiaries of USA Broadcasting with the Net Proceeds of the
Non-Recourse Indebtedness of Newco permitted pursuant to Section 6.2(l); and 

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    (n) investments by the Borrower in Newco in the form of one or more cash capital contributions (i) in an amount not to exceed the principal amount of any AT Note
then due and payable in accordance with the terms of such AT Note so long as each amount so contributed to Newco is forthwith applied by Newco to the repayment of such AT Note, and (ii) in an
aggregate amount not to exceed $100,000. 

    6.8  Limitation on Modifications of Debt Instruments; Repurchase of Junior Subordinated Notes;
Etc.  (a) The Borrower shall not, and shall not permit any Subsidiary to, amend the subordination provisions of the Subordinated Indebtedness or any
guarantee thereof. 

    (b) Notwithstanding
anything to the contrary contained herein, the Borrower shall not repurchase, or permit PTI Holdings to repurchase, any Junior Subordinated Note if
the aggregate purchase price paid for the Junior Subordinated Notes would exceed the accreted value thereof or if any Default has occurred and is continuing, or would result from such repurchase. 

    6.9  Transactions with Affiliates.  The Borrower shall not, and shall not permit any of its Subsidiaries
to, enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate or any Subsidiary less than
wholly-owned, directly or indirectly, by the Borrower, unless such transaction (i) is otherwise permitted under this Agreement or (ii) is in the ordinary course of the Borrower's or such
Subsidiary's business and is upon terms no less favorable to the Borrower or such Subsidiary, as the case may be, than it would obtain in a comparable arm's length transaction with a Person not an
Affiliate or (iii) is pursuant to any Material Agreement or (iv) is a New Investment or an investment in a pay television joint venture permitted by Section 6.7(k) or 6.7(l),
respectively. 

    6.10  Fiscal Year.  The Borrower shall not permit the fiscal year of the Borrower or any of its
consolidated Subsidiaries to end on a day other than December 31, except with the consent of the Majority Lenders (which consent shall not be unreasonably withheld and which consent may be
conditioned upon adjusting the covenants in a manner to give each of the parties hereto substantially the same protection and benefits as were in effect prior to any such change in the fiscal year of
the Borrower or any of its consolidated Subsidiaries). 

    6.11  Restrictions Affecting Subsidiaries.  The Borrower shall not, and shall not permit any of its
Subsidiaries to, enter into, or suffer to exist, any agreement (other than this Agreement and the Existing Credit Agreement) with any Person other than the Lenders which prohibits or limits the
ability of any Subsidiary to (a) pay dividends or make other distributions or pay any Indebtedness owed to the Borrower or any other Subsidiary, (b) make loans or advances to the
Borrower or any other Subsidiary or (c) transfer any of its properties or assets to the Borrower or any other Subsidiary. 

    6.12  Lease Obligations.  The Borrower shall not, and shall not permit any of its Subsidiaries to, sell,
assign or otherwise transfer any of its Properties, rights or assets (whether now owned or hereafter acquired) to any Person and thereafter directly or indirectly lease back the same or similar
property. 

    6.13  Unfunded Liabilities.  The Borrower shall not permit unfunded liabilities for any and all Plans
maintained for or covering employees of the Borrower or any Subsidiary to exceed $5,000,000 at any time; provided that the Borrower shall not permit
Newco to maintain any such Plans. 

    6.14  Management Fees.  The Borrower shall not, and shall not permit any of its Subsidiaries to, pay any
management fees for services rendered other than (i) management fees to Persons not Affiliates for services rendered and incurred in an arm's length transaction and in the ordinary course of
the
Borrower's or such Subsidiaries' business and (ii) management fees payable by Subsidiaries of the Borrower to the Borrower or a wholly-owned Subsidiary of the Borrower. 

    6.15  Material Agreements.  The Borrower shall not, and shall not permit any of its Subsidiaries to,
enter into or permit (i) any termination of the Material Agreements (except as such agreements may 

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terminate in accordance with their terms), (ii) any modification or amendment of any provision of any Material Agreement, which modification or amendment would have a Material Adverse Effect,
(iii) any modification or amendment of the Program License Agreements which would change the terms of any payment thereunder, which would decrease the availability of programming thereunder,
which would be adverse to the Lenders or which would be material or (iv) any other modification or amendment of any provision of any Material Agreement
(provided, that the Borrower shall give the Arranger (who shall, in turn, promptly notify the Lenders), at least 10 days' prior notice of all
such proposed modifications and amendments under this clause (iv) and if the Majority Lenders do not vote to disapprove such proposed modification or amendments within such 10-day
notice period, the Lenders shall be deemed to have approved such proposed modifications or amendments). 

    6.16  Limitation on Negative Pledge Clauses.  The Borrower shall not, and shall not permit any of its
Subsidiaries to, enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of the Borrower or any of its Subsidiaries to create, incur, assume or suffer to
exist any Lien upon any of its property or revenues, whether now owned or hereafter acquired, to secure the Obligations, other than (a) the Existing Credit Agreement, this Agreement and the
other Loan Documents and (b) any agreements governing any purchase money Liens or Capitalized Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall
only be effective against the assets financed thereby). 

    6.17  Limitation on Modifications of USA Acquisition Agreement.  The Borrower shall not, and shall not
permit any of its Subsidiaries to, amend, modify or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of the USA Acquisition Agreement
in a manner that could reasonably be expected to materially adversely affect the Lenders, unless consented to in writing by Majority Lenders. 

    6.18  Limitation on Equity Offerings.  The Borrower shall not, and shall not permit any of its
Subsidiaries to, consummate, agree to consummate, or enter into any underwriting agreement or similar agreement for any Equity Offering of the Capital Stock of the Borrower or any Subsidiary except
equity offerings in which 100% of the Net Proceeds thereof are used to make the payment required by Section 2.6(d) and 2.6(e) of the Existing Credit Agreement, as in effect on the Loan
Commitment Date, and then to repay the Obligations then outstanding under this Agreement and the Notes; provided that the Borrower shall not permit
Newco to consummate, agree to consummate, or enter into any underwriting agreement or similar agreement for any Equity Offering of its Capital Stock. 

    6.19  Limitation on Activities of Newco.  Notwithstanding anything to the contrary herein or in any other
Loan Document, the Borrower shall not permit Newco to (a) create, incur, assume or suffer to exist any Indebtedness or liabilities other than the incurrence and repayment of the
Non-Recourse Indebtedness permitted under Section 6.2(l), (b) create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now
owned or hereafter acquired, other than Liens expressly permitted under Section 6.3(m), (c) suffer to exist, make or purchase any investment, other than investments expressly permitted
under Section 6.7(m), (d) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those incidental to
(i) Newco's ownership of the Capital Stock of any Subsidiary of USA Broadcasting acquired by Newco with the Net Proceeds of the Non-Recourse Indebtedness permitted pursuant to
Section 6.2(l), (ii) the incurrence and repayment of the Non-Recourse Indebtedness permitted under Section 6.2(l), and (iii) the granting of the Liens permitted
under Section 6.3(m), (e) own, lease, manage or otherwise operate any properties or assets other than the ownership of shares of Capital Stock of any Subsidiary of USA Broadcasting
permitted to be acquired pursuant to clause (d) of this Section 6.19, (f) create or form any Subsidiaries, other than any Subsidiary of USA Broadcasting acquired by Newco with the
Net Proceeds of an AT Note in accordance with Section 6.7(m), or (g) fail to comply with any of the provisions of clauses (1) through (4), inclusive, of the proviso to the
definition of "Newco". 

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SECTION 7.EVENTS OF DEFAULT 

    If
any of the following events shall occur and be continuing: 

    (a) The
Borrower shall fail to pay any principal on any Note when due or the Borrower shall fail to pay any interest on any Note within two Business Days after any such
interest becomes due in accordance with the terms thereof and hereof or the Borrower shall fail to pay any other amount payable hereunder within five Business Days after any such other amount becomes
due; or 

    (b) Any
representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or which is contained in any certificate, document or
financial or other statement furnished at any time under or in connection with this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made or deemed
made; or 

    (c) The
Borrower shall default in the observance or performance of any agreement contained in Section 5.2(f), 5.3, 5.4, 5.8, 5.9, 5.10, or 5.13 or any provision
of Section 6; or 

    (d) Any
Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or the other Loan Documents (other than as provided
in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30 days after the earlier of (i) notice thereof from the
Administrative Agent to the Borrower and (ii) actual knowledge thereof by a senior officer of such Loan Party or any provision of any Loan Document shall at any time for any reason be declared
null and void, or the validity or enforceability of any Loan Document shall at any time be contested by any Loan Party, or a proceeding shall be commenced by any Loan Party, or by any Governmental
Authority or other Person having jurisdiction over any Loan Party, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall deny that it has any liability or obligation
purported to be created under any Loan Document; or 

    (e) (a)
The Borrower or any other Loan Party shall (i) (except as set forth in (b) below) default in any payment of principal or interest, regardless of
the amount, due in respect of any (A) Indebtedness (other than the Notes or any AT Note) issued under an indenture or other agreement, if the original principal amount of Indebtedness covered
by such indenture or agreement is $5,000,000 or greater or (B) any Guarantee Obligation with respect to an amount of $5,000,000 or greater, beyond the period of grace, if any, provided in the
instrument or agreement under which such Indebtedness or Guarantee Obligation was created, whether or not such default has been waived by the holders of such Indebtedness or Guarantee Obligation; or
(ii) (except as set forth in (b) below) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or Guarantee Obligation or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to
cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee Obligation (or a trustee or agent on behalf of such holder or holders or beneficiary or
beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or such Guarantee Obligation to become payable or such Indebtedness to be
required to be defeased or purchased; or (b) any Event of Default (as defined in the Existing Credit Agreement) shall occur; or 

     (f) (i)
The Borrower or any other Loan Party shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other 

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relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or the
Borrower or any other Loan Party shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against the Borrower or any other Loan Party any case,
proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains
undismissed, undischarged, unstayed or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower or any other Loan Party any case, proceeding or other
action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief
which shall not have been vacated, discharged, stayed or bonded pending appeal within
60 days from the entry thereof; or (iv) the Borrower or any other Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any
of the acts set forth in clause (i), (ii), or (iii) above; or (v) the Borrower or any other Loan Party shall generally not, or shall be unable to, or shall admit in writing its
inability to, pay its debts as they become due or there shall be a general assignment for the benefit of creditors; or 

    (g) (i)
Any Person shall engage in any non-exempt "prohibited transaction" (as defined in Section 406 of ERISA or Section 4975 of the Code)
involving any Plan, (ii) any "accumulated funding deficiency" (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan, (iii) a Reportable
Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate any Single Employer Plan, which Reportable
Event or commencement of proceedings or appointment of a trustee would reasonably be expected to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single
Employer Plan shall terminate for purposes of Title IV of ERISA (other than a standard termination) or (v) the Borrower or any Commonly Controlled Entity would reasonably be expected to incur
any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan; and in each case regarding clauses (i) through (v) above, such event or
condition, together with all other such events or conditions, if any, would reasonably be expected to subject the Borrower or any other Loan Party to any tax, penalty or other liabilities in the
aggregate to exceed $5,000,000; or 

    (h) One
or more judgments or decrees shall be entered against the Borrower or any other Loan Party involving in the aggregate a liability (not paid or fully covered by
insurance) of $5,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof or in any
event five days before the date of any sale pursuant to such judgment or decree or any non-monetary judgment or order shall be entered against the Borrower or any other Loan Party that is
reasonably likely to have a Material Adverse Effect and either (i) enforcement proceedings shall have been commenced by any Person upon such judgment which has not been stayed pending appeal or
(ii) there shall be any period of 10 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

     (i) There
shall occur any default in the material observance or material performance of any Material Agreement or any such Material Agreement shall terminate or
otherwise no longer be in full force and effect; or 

     (j) Any
Media License required for the lawful ownership, lease, control, use, operation, management or maintenance of a Primary Station or any Media License, the loss
of which would have a Material Adverse Effect, shall be canceled, terminated, rescinded, annulled, revoked, suspended or limited, or amended or otherwise modified in any material adverse respect, or
shall fail to be renewed for any reason whatsoever, shall no longer be in full force and effect; or the FCC shall have designated such Media License for hearing seeking revocation, suspension or 

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material adverse modification; or the grant of any such Media License, the loss of which would have a Material Adverse Effect, shall have been stayed, vacated or reversed, or modified in any material
adverse respect, by judicial or administrative proceedings; or 

    (k) Any
material provision of any Loan Document (including, without limitation, the grant of a security interest under any Security Document), after delivery thereof
pursuant to the provisions hereof, shall, for any reason other than an act or omission by the Administrative Agent, cease to be valid or enforceable in accordance with its terms; or 

     (l) A
Change in Control shall have occurred; or 

    (m) Any
provision of the Fee Letter or the Engagement Letter shall, for any reason other than an act or omission by the Arranger, cease to be valid or enforceable in
accordance with its terms; or 

    (n) The
subordination provisions of the Subordinated Indebtedness shall for any reason cease to be valid or enforceable in accordance with their terms; 

then,
and in any such event, (A) if such event is an Event of Default specified in paragraph (f) above, automatically the Commitments to the Borrower shall immediately terminate and the
Loans made to the Borrower hereunder (with accrued interest thereon) and all other Obligations shall immediately become due and payable, and (B) if such event is any other Event of Default,
with the consent of the Majority Lenders, the Administrative Agent may, or upon the request of the Majority Lenders, the Administrative Agent shall, take any or all of the following actions:
(i) by notice to the Borrower declare the Commitments to the Borrower to be terminated forthwith, whereupon such Commitments shall immediately terminate; and (ii) by notice of default to
the Borrower, declare the Loans (with accrued interest thereon) and all other Obligations under this Agreement and the Notes to be due and payable forthwith, whereupon the same shall immediately
become due and payable. In all cases, with the consent of the Majority Lenders, the Administrative Agent may enforce any or all of rights and remedies created pursuant to any Loan Document or
available at law or in equity. Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 

SECTION
8. THE ADMINISTRATIVE AGENT AND THE ARRANGER 

    8.1  Appointment.  Each Lender hereby irrevocably designates and appoints GSCP as Administrative Agent
and as Arranger, for such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes GSCP, as the Administrative Agent and as the Arranger, for such
Lender, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the
Administrative Agent or the Arranger, as the case may be, by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Administrative Agent nor the Arranger shall have any duties or responsibilities, except those expressly set forth
herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent or the Arranger in such respective capacities. 

    8.2  Delegation of Duties.  The Administrative Agent and the Arranger may execute any of their respective
duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. None of the Administrative Agent or the Arranger shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care. 

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    8.3  Exculpatory Provisions.  None of the Administrative Agent, the Arranger or any of their respective
officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person
under or in connection with this Agreement or any other Loan Document (except for its or such Person's own gross negligence or willful misconduct as finally judicially determined by a court of
competent jurisdiction) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower or any Subsidiary or any other
Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the
Administrative Agent or the Arranger under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or the Notes or any other Loan Document or for any failure of the Borrower or any Subsidiary or any other Loan Party to perform its obligations hereunder or thereunder. None of the
Administrative Agent or the Arranger shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of,
this Agreement or any other Loan Document, or to inspect the properties, books or records of the Borrower or any Subsidiary or any other Loan Party. 

    8.4  Reliance by Administrative Agent and Arranger.  The Administrative Agent and the Arranger shall be
entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype
message, statement, order or other document or conversation believed by any of them to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including, without limitation, counsel to the Borrower), the Accountants and independent accountants and other experts selected by the Administrative Agent or the
Arranger. The Administrative Agent and the Arranger may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer
thereof shall have been filed with the Administrative Agent. The Administrative Agent or the Arranger shall be fully justified in failing or refusing to take any action under this Agreement or any
other Loan Document unless it shall first receive such advice or concurrence of the Majority Lenders or all Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction by
the Lenders against any and all liability and expense (except those incurred solely as a result of the Administrative Agent's or the Arranger's gross negligence or willful misconduct as finally
judicially determined by a court of competent jurisdiction) which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Arranger shall in
all cases be fully protected in acting, or in refraining from acting, under this Agreement and the Notes and the other Loan Documents in accordance with a request of the Majority Lenders or all
Lenders, as may be required, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Notes. 

    8.5  Notice of Default.  None of the Administrative Agent or the Arranger shall be deemed to have
knowledge or notice of the occurrence of any Default hereunder unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default
and stating that such notice is a "notice of default". In the event that the Administrative Agent receives
such a notice, the Administrative Agent shall give notice thereof to the Arranger and the Lenders. The Administrative Agent shall take such action with respect to such Default as shall be reasonably
directed by the Majority Lenders or all Lenders as appropriate; provided that unless and until the Administrative Agent shall have received such
directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best
interests of the Lenders or as the Administrative Agent shall believe necessary to protect the Lenders' interests under the Loan Documents. 

–52–

 

    8.6  Non-Reliance on Administrative Agent, Arranger and Other Lenders.  Each Lender expressly
acknowledges that none of the Administrative Agent, the Arranger or any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any
representations or warranties to it and that no act by the Administrative Agent or the Arranger hereafter taken, including any review of the affairs of the Borrower or any Subsidiary or any other Loan
Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Arranger to any Lender. Each Lender represents to the Administrative Agent and the Arranger that
it has, independently and without reliance upon the Administrative Agent or the Arranger or any other Lender, and based on such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower or any Subsidiary or any other Loan Party and made its own
decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or the Arranger or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and
creditworthiness of the Borrower and its Subsidiaries and any other Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the
Administrative Agent or the Arranger hereunder, the Administrative Agent and the Arranger shall not have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower or any Subsidiary or any other Loan Party which may come into the
possession of the Administrative Agent or the Arranger or any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates. 

    8.7  Indemnification.  The Lenders agree to indemnify the Administrative Agent and the Arranger in their
respective capacities as such (to the extent not reimbursed by or on behalf of the Borrower and without limiting the obligation of the Borrower to do so), ratably according to the respective amounts
of their Commitments, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs (including, without limitation, the allocated reasonable cost
of internal counsel), expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Notes) be imposed on, incurred by
or asserted against the Administrative Agent or the Arranger, in their respective capacities as Administrative Agent and Arranger, but not as Lenders hereunder, in any way relating to or arising out
of this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted
by the Administrative Agent or the Arranger under or in connection with any of the foregoing; provided that no Lender shall
be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from the
Administrative Agent's or the Arranger's gross negligence or willful misconduct as finally judicially determined by a court of competent jurisdiction. The agreements in this Section shall survive the
payment of the Notes and all other amounts payable hereunder. 

    8.8  Administrative Agent and Arranger in Their Individual Capacities.  The Administrative Agent, the
Arranger and their respective Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower and any Subsidiary as though the Administrative Agent
and such Arranger were not the Administrative Agent and an Arranger, respectively, hereunder and under the other Loan Documents. With respect to the Administrative Agent or the Arranger the Loans made
by the Administrative Agent or such Arranger, as applicable, and any Note issued to any of the Administrative Agent or the Arranger, as the case may be, shall have the same rights and powers under
this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not the Administrative Agent or an Arranger, as the case may be, and the 

–53–

 

terms "Lender" and "Lenders" shall include the Administrative Agent and the Arranger in their individual capacities. 

    8.9  Successor Administrative Agent or Arranger.  The Administrative Agent or the Arranger may resign as
Administrative Agent or Arranger, respectively, upon 30 days' notice prior to the Commitment Expiration Date and upon five Business Days' notice from and after the Commitment Expiration Date to
the Lenders and the Majority Lenders may at any time remove the Administrative Agent or the Arranger. If the Administrative Agent or the Arranger shall be removed or shall resign as Administrative
Agent or Arranger under this Agreement and the other Loan Documents, then (i) prior to the Commitment Expiration Date, the Majority Lenders and (ii) on and after the Commitment
Expiration Date, the Administrative Agent or the Arranger, as applicable, shall appoint from among the Lenders a successor administrative agent or arranger, as the case may be, for the Lenders, which
successor administrative agent or arranger, as the case may be, shall be approved by the Borrower (which consent shall not be unreasonably withheld or delayed and which shall not be required if an
Event of Default under Section 7.1(a) shall have occurred and is continuing), whereupon such successor administrative agent or arranger, as the case may be, shall succeed to the rights, powers
and duties of the Administrative Agent and an Arranger and the term "Administrative Agent" or "Arranger" shall mean such successor administrative agent or Arranger, as the case may be, effective upon
its appointment, and the former Administrative Agent's or Arranger's rights, powers and duties as the Administrative Agent or Arranger, as the case may be, shall be terminated, without any other or
further act or deed on the part of such former Administrative Agent or Arranger or any of the parties to this Agreement or any holders of the Notes. Notwithstanding anything to the contrary, after any
retiring Administrative Agent's or Arranger's removal or resignation as Administrative Agent or Arranger, the provisions of this Section shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was Administrative Agent or Arranger, as the case may be, under this Agreement and the other Loan Documents. Further, if the Administrative Agent or the Arranger no longer
has any Loans or Commitments hereunder, the Administrative Agent or such Arranger shall immediately resign and shall be replaced, and have the benefits, as set forth in this Section 8.9. 

    8.10  Arranger.  Without limiting any provision contained in this Section 8, (i) no Lender
identified in this Agreement as an "Arranger" shall have, except as and to the limited extent expressly provided herein, any obligation, responsibility or duty under this Agreement other than those
applicable to all Lenders as such and (ii) advisor, book manager syndication agent hereunder shall have no obligation, responsibility or duty whatsoever under this Agreement. Each Lender
acknowledges that it has not relied, and will not rely, on any of the Lenders so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

SECTION
9. MISCELLANEOUS 

    9.1  Amendments and Waivers.  Neither this Agreement, any Note, any other Loan Document, nor any terms
hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section. With the prior written consent of the Majority Lenders and the Borrower, the
Borrower may, from time to time, enter into written amendments, supplements or modifications hereto and to the Notes and the other Loan Documents for the purposes of adding any provisions to this
Agreement or the Notes or the other Loan Documents or changing in any manner the rights of the Lenders, the Borrower or any other Loan Party hereunder or thereunder or waiving, on such terms and
conditions as may be specified in such instrument, any of the requirements of this Agreement or the Notes or the other Loan Documents or any Default and its consequences;  provided, however, that no such
waiver and no such amendment, supplement or modification shall (i) (a) reduce the amount or extend the maturity
of any Note or any installment due thereon, or reduce the rate or extend the time of payment of interest thereon, or reduce the amount or extend the time of payment of any fee, indemnity or
reimbursement payable to any Lender hereunder, or change the amount or maturity of any Lender's Commitment, in each case without the written consent of the Lender affected thereby; or 

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(b) amend, modify or waive any provision of this Section 9.1 or reduce the percentage specified in or otherwise modify the definition of Majority Lenders, or consent to the assignment or
transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents (except as permitted under Section 6.4); or (c) release the Borrower from
any liability under the Loan Documents; or (d) amend, modify or waive, directly or indirectly, any of the provisions of Section 2.1(h) or 2.9; or (e) amend, modify or waive,
directly or indirectly, any provision of this Agreement requiring the consent or approval or notification of all Lenders, in each case set forth in clauses (i)(b) through (i)(e) above without the
written consent of all the Lenders; or (ii) amend, modify or waive any provision of Section 8 without the written consent of the then Administrative Agent and the then Arranger. Any such
waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Administrative Agent, the Arranger and all
future holders of the Notes. In the case of any waiver, the Borrower, the Lenders, the Arranger and the Administrative Agent shall be restored to their former position and rights hereunder and under
the outstanding Notes and any other Loan Documents, and any Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default, or impair
any right consequent thereon. 

    9.2  Notices.  All notices, requests and demands or other communications to or upon the respective
parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or
three days after being deposited in the United States mail, certified and postage prepaid and return receipt requested, or, in the case of telecopy notice, when received, in each case addressed as
follows in the case of the Borrower, the Arranger and the Administrative Agent, and as set forth in Schedule 9.2, or in the Assignment and Acceptance pursuant to which a Person becomes a party 

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hereto, in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto and any future holders of the Notes: 

	The Borrower:	 	Univision Communications Inc.

1999 Avenue of the Stars

Suite 3050

Los Angeles, California 90067

Attention: General Counsel

Telecopy: (310) 556-3568
	

 	
 	

with copies to:
	

 	
 	

Univision Communications Inc.

Glenpointe Centre West

500 Frank W. Burr Boulevard

6th Floor

Teaneck, New Jersey 07666

Attention: George W. Blank

Telecopy: (201) 287-9578
	

 	
 	

Univision Communications Inc.

1999 Avenue of the Stars

Suite 3050

Los Angeles, California 90067

Attention: Andrew Hobson

Telecopy: (310) 556-7615
	

GSCP, as Arranger and Administrative Agent	
 	

Goldman Sachs Credit Partners, L.P.

c/o Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

Attention: Lisa M. Perrotto-Murray

Telecopy: (212) 346-2608
	

 	
 	

with a copy to:
	

 	
 	

Latham & Watkins

633 West Fifth Street, Suite 4000

Los Angeles, California 90071

Attention: J. Scott Hodgkins

          Neil Cummings

Telecopy: (213) 891-8763

;
provided that any notice, request or demand to or upon the Administrative Agent, the Arranger or the Lenders pursuant to Section 2.1, 2.2, 2.4,
2.8 or 2.11 or any notice to the Borrower pursuant to Section 7 shall not be effective until received. 

    9.3  No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of
the Administrative Agent, the Arranger or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

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    9.4  Survival of Representations and Warranties.  All representations and warranties made hereunder and
in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Notes (but shall not be deemed to be
restated unless otherwise expressly provided for). 

    9.5  Payment of Expenses and Taxes.  The Borrower agrees (a) to pay or reimburse the
Administrative Agent and the Arranger for all their reasonable costs and out-of-pocket expenses incurred in connection with the development, preparation and execution of, and
any amendment, supplement or modification to, this Agreement and the Notes and the other Loan Documents and any other documents prepared in connection herewith or therewith, any syndication of the
Loans and/or the Commitments, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and disbursements of
counsel to the Administrative Agent and the Arranger, (b) after the occurrence and during the continuance of a Default, to pay or reimburse the Arranger, the Administrative Agent and each
Lender, for all their reasonable costs and out-of-pocket expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the Notes, the
other Loan Documents and any such other documents or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a
"work-out" or of any insolvency or bankruptcy proceeding, including, without limitation, reasonable legal fees and disbursements of counsel to the Administrative Agent, the Arranger and
each Lender and the allocated reasonable cost of internal counsel to the Arranger, the Administrative Agent and each Lender, (c) to pay, and indemnify and hold harmless each Lender, the
Arranger and the Administrative Agent from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if
any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the Notes, the other Loan Documents and any such other documents and (d) to pay, and indemnify
and hold harmless each Lender, the Arranger and the Administrative Agent from and against, any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs
(including, without limitation, the allocated reasonable cost of internal counsel and the reasonable legal fees and disbursements of outside counsel to the Lenders, the Arranger and the Administrative
Agent), expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the Notes, the other Loan
Documents or the use of the proceeds of the Loans and any such other documents (all the foregoing, collectively, the "indemnified liabilities"),
provided, that the Borrower shall have no obligation hereunder to the Administrative Agent, the Arranger or any Lender with respect to indemnified liabilities arising from the
gross negligence or willful misconduct of the Administrative Agent, such Arranger or such Lender or their agents or attorneys-in-fact as finally judicially determined by a
court of competent jurisdiction. The agreements in
this Section shall survive repayment of the Notes and all other amounts payable hereunder. The Administrative Agent, the Arranger and the Lenders agree to provide reasonable details and supporting
information concerning any costs and expenses required to be paid by the Borrower pursuant to the terms hereof. 

    9.6  Successors and Assigns; Participations; Purchasing Lenders.  

    (a) This
Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Arranger, the Administrative Agent, all future holders of the Notes
and their respective successors and assigns, except that the Borrower may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of
each Lender. 

    (b) Any
Lender may, in the ordinary course of its commercial banking or finance business and in accordance with applicable law, at any time sell to one or more banks or
other entities ("Participants") participating interests in any Loan owing to such Lender, any Note held by such 

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Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents; provided that the holder of any
such participation, other than an Affiliate of such Lender, shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting the extension of
the maturity of any portion of the principal amount of a Loan or Commitment or any portion of interest or fees related thereto or a reduction of the principal amount or principal payment amount of or
the rate of interest payable on the Loans or any fees related thereto or any increase in participation amounts. In the event of any such sale by a Lender of participating interests to a Participant,
such Lender's obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall
remain the holder of any such Note for all purposes under this Agreement and the other Loan Documents, and the Borrower, the Arranger and the Administrative Agent shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents. The Borrower agrees that if amounts outstanding under this
Agreement and the Notes are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the
right of setoff in respect of its participating interest in amounts owing under this Agreement and any Note to the same extent as if the amount of its participating interest were owing directly to it
as a Lender under this Agreement or any Note, provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in
the agreement pursuant to which it shall have acquired its participating interest to share with the Lenders the proceeds thereof as provided in Section 9.7. The Borrower also agrees that each
Participant shall be entitled to the benefits of Sections 2.9, 2.11, 2.12, 2.13 and 9.5 with respect to its participation in the Commitments and the Loans outstanding from time to time;  provided, that
no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor Lender would have been
entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. 

    (c) Any
Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time sell to any of its Affiliates or to any
Lender, any Affiliate thereof or to one or more additional lenders or financial institutions, which additional lenders shall be subject to the consent of the Borrower, such consent not to be
unreasonably withheld and not to be required if a Default has occurred and is continuing ("Purchasing Lenders") all or any part of its rights and
obligations under this Agreement, the Notes and the other Loan Documents pursuant to an Assignment and Acceptance substantially in the form of Exhibit B, executed by such Purchasing Lender and
such transferor Lender and delivered to the Administrative Agent for its acceptance and recording in the Register (as defined in (d) below),  provided, that any such sale must result in the
Purchasing Lender having at least $5,000,000 in aggregate amount of obligations under this Agreement,
the Notes and the other Loan Documents. Upon such execution, delivery, acceptance and recording, from and after the transfer effective date determined pursuant to such Assignment and Acceptance,
(x) the Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with a
Commitment as set forth therein, and (y) the transferor Lender thereunder shall, to the extent of such assigned portion and as provided in such Assignment and Acceptance, be released from its
obligations under this Agreement and the other Loan Documents (and, in the case of an Assignment and Acceptance covering all or the remaining portion of a transferor Lender's rights and obligations
under this Agreement, such transferor Lender shall cease to be a party hereto). Such Assignment and Acceptance shall be deemed to amend this Agreement to the extent, and only to the extent, necessary
to reflect the addition of such Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and
obligations of such 

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transferor Lender under this Agreement, the Notes and the other Loan Documents. On or prior to the transfer effective date determined pursuant to such Assignment and Acceptance, the Borrower, at its
own expense, shall execute and deliver to the Administrative Agent in exchange for the surrendered Note a new Note to the order of such Purchasing Lender in an amount equal to the Commitment
assumed by it pursuant to such Assignment and Acceptance, and if the transferor Lender has retained a Commitment hereunder a new Note to the order of the transferor Lender in an amount equal to the
Commitment retained by it hereunder. Such new Note shall be dated the Closing Date and shall otherwise be in the form of the Note replaced thereby. The Note surrendered by the transferor Lender shall
be returned by the Administrative Agent to the Borrower marked "canceled." 

    (d) The
Administrative Agent shall maintain at its address referred to in Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register
(the "Register") for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount of the Loans owing to, each
Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent, the Arranger and the Lenders may treat each
Person whose name is recorded in the Register as the owner of the Loans recorded therein for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any
Lender at any reasonable time and from time to time upon reasonable prior notice. 

    (e) Upon
its receipt of an Assignment and Acceptance executed by a transferor Lender and Purchasing Lender (and, in the case of a Purchasing Lender that is not then a
Lender or an Affiliate thereof, by the Borrower and the Administrative Agent), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective
date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. 

     (f) The
Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender (each, a "Transferee") and
any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Subsidiaries and its Affiliates which has been delivered to such Lender by or
on behalf of the Borrower pursuant to this Agreement or any other Loan Document or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender's credit
evaluation of the Borrower and its Subsidiaries and its Affiliates prior to becoming a party to this Agreement; provided that such Transferee or
prospective Transferee agrees to maintain the confidentiality of such information in accordance with the provisions of Section 9.18 unless specifically prohibited by applicable law or court
order. 

    (g) If,
pursuant to this Section, any interest in this Agreement or any Note is transferred to any Transferee which is organized under the laws of any jurisdiction
other than the United States or any state thereof, the transferor Lender shall cause such Transferee concurrently with the effectiveness of such transfer, (i) to represent to the transferor
Lender and the Administrative Agent (for the benefit of the transferor Lender, the Administrative Agent, the Arranger and the Borrower) that under applicable law and treaties no taxes will be required
to be withheld by the Administrative Agent, the Arranger, the Borrower, if applicable, or the transferor Lender with respect to any payments to be made to such Transferee in respect of the Loans,
(ii) to furnish to the transferor Lender and the Administrative Agent (and, in the case of any Purchasing Lender registered in the Register, the Administrative Agent and the Borrower) U.S.
Internal Revenue Service Form W-9, W-8BEN or W-8ECI (as applicable to it) (wherein such Transferee claims entitlement to complete exemption from U.S. federal
withholding tax on all interest payments hereunder) and (iii) to agree (for the benefit of the transferor Lender and the Administrative Agent, the Arranger and the Borrower) to provide the
transferor Lender and the Administrative Agent (and, in the case of any Purchasing Lender registered in the Register, the Administrative 

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Agent and the Borrower) a new Form W-9, W-8BEN or W-8ECI (as applicable to it) upon the expiration or obsolescence of any previously delivered form and
comparable statements in accordance with applicable U.S. laws and regulations and amendments duly executed and completed by such Transferee, and to comply from time to time with all applicable U.S.
laws and regulations with regard to such withholding tax exemption. 

    (h) Nothing
herein shall prohibit any Lender from pledging or assigning any of its rights under its Note to any Federal Reserve Bank in accordance with applicable law. 

    9.7  Adjustments; Set-Off.  

    (a) If
any Lender (a "benefitted Lender") shall at any time receive any payment of all or part of its Loans, or interest
thereon, or fees, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in
Section 7(f), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, or fees, such
benefitted Lender shall purchase for cash from the other Lenders such portion of each such other Lender's Loans or fees, or shall provide such other Lenders with the benefits of any such collateral,
or the proceeds thereof, as shall be necessary to cause such benefitted Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders;  provided, however,
that if all or any portion of such excess payment or benefits is thereafter recovered from such benefitted Lender, such purchase
shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. The Borrower agrees that each Lender so purchasing a portion of another Lender's
Loan may exercise all rights of payment (including, without limitation, rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion. 

    (b) In
addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, exercisable upon the occurrence and during the continuance
of an Event of Default and acceleration of the Obligations pursuant to Section 7, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to the extent
permitted by applicable law, to set-off and appropriate and apply against any such Obligations any and all deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender
or any branch or agency thereof or bank controlling such Lender to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower after any such
set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such
set-off and application. 

    9.8  Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any
number of separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement
signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

    9.9  Severability.  Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

    9.10  Integration.  This Agreement represents the entire agreement of the Borrower, the Administrative
Agent, the Arranger and the Lenders with respect to the subject matter hereof, and 

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there are no promises, undertakings, representations or warranties by the Administrative Agent, the Arranger or any Lender relative to the subject matter hereof not expressly set forth or referred to
herein or in the other Loan Documents. 

    9.11  GOVERNING LAW.  THIS AGREEMENT AND THE NOTES AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REFERENCE
TO ITS CHOICE OF LAW RULES).

    9.12  Submission to Jurisdiction; Waivers; Appointment of Process Agent.  (a) The Borrower to the extent
permitted by applicable law, hereby irrevocably and unconditionally: 

     (i) submits
for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for
recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the States of California and New York, the courts of the United
States of America for the Central District of California and the Southern District of New York, and appellate courts from any thereof; 

    (ii) consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such
action or proceeding in any such court or that such action or proceeding in any such court was brought in an inconvenient court and agrees not to plead or claim the same; and 

    (iii) agrees
that nothing herein shall affect the right to effect service of process in any manner permitted by law or shall limit the right to sue in any other
jurisdiction. 

    9.13  Acknowledgements.  The Borrower hereby acknowledges that: 

    (a) it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the Notes and the other Loan Documents; 

    (b) none
of the Administrative Agent, the Arranger or any Lender has any fiduciary relationship to the Borrower solely by virtue of any of the Loan Documents, and the
relationship pursuant to the Loan
Documents between the Administrative Agent, the Arranger and the Lenders, on one hand, and the Borrower on the other hand, is solely that of creditor and debtor; and 

    (c) no
joint venture exists among the Lenders or among the Borrower and the Lenders. 

    9.14  WAIVERS OF JURY TRIAL, DAMAGES WAIVERS.  THE
BORROWER, THE ADMINISTRATIVE AGENT, THE ARRANGER AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE NOTES OR
ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY HERETO WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THAT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR
PROCEEDING ANY SPECIAL, DIRECT, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

    9.15  Headings.  Section headings herein are included for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose. 

    9.16  Conflict of Terms.  Except as otherwise provided in this Agreement or any of the other Loan
Documents by specific reference to the applicable provisions of this Agreement, if any provision contained in this Agreement is in conflict with, or inconsistent with, any provision in any of the
other Loan Documents, the provision contained in this Agreement shall govern and control. 

–61–

 

    9.17  Copies of Certificates, Etc.  Whenever the Borrower is required to deliver notices, certificates,
opinions, statements or other information hereunder to the Administrative Agent or to the Arranger for delivery to any Lender, it shall do so in such number of copies as the Administrative Agent or
the Arranger shall reasonably specify (provided, that if, for any reason, the Administrative Agent or the Arranger do not deliver such notices,
certificates, opinions, statements or other information to any Lender, the Borrower shall deliver such items to such Lender upon the request of such Lender). Whenever the Administrative Agent or the
Arranger receives from the Borrower notices, certificates, opinions, statements or other information hereunder or under any other Loan Document for delivery to the Lenders, the Administrative Agent or
the Arranger shall promptly deliver such items to each Lender, unless the Borrower is required by the terms hereof to deliver such items to such Lender itself. 

    9.18  Confidentiality.  The Lenders shall take normal and reasonable precautions to maintain the
confidentiality of all non-public information obtained pursuant to the requirements of this Agreement which has been identified as such by the Borrower but may, in any event, make
disclosures (i) reasonably required by any bona fide transferee, assignee or participant in connection with the
contemplated transfer or assignment of any of the Commitments or Loans or participations therein or (ii) as required or requested by any governmental agency or representative thereof or as
required pursuant to legal process or (iii) to its attorneys and accountants or (iv) as required by law or (v) in connection with litigation involving any Lender;  provided that
(a) such transferee, assignee or participant agrees to comply with the provisions of this Section 9.18 unless specifically
prohibited by applicable law or court order, (b) each Lender shall use its best efforts to notify the Borrower of any requirement or request by any governmental agency or representative thereof
(other than any such request in connection with an examination of such Lender by such governmental agency) and any requirement pursuant to legal process of or for disclosure of such information (other
than in connection with litigation between the Borrower and any Lender) and (c) in no event shall any Lender, bona fide transferee, assignee or participant be obligated or required to return
any materials furnished by the Borrower and its Subsidiaries or Affiliates. 

    9.19  Publicity.  The Arranger shall have the right to review and approve (such approval not to be
unreasonably withheld or delayed), in advance, any public announcements (in any form) and any filings describing or quoting from the credit arrangements reflected in this Agreement and the other Loan
Documents, provided, however, that the Borrower (i) shall be permitted to file copies of any Loan Document with the SEC, the FCC or any other
governmental agency as required by law and (ii) shall also be permitted to disclose information concerning the Loan Documents if the Borrower's attorneys reasonably believe that such disclosure
is required by law. 

    9.20  Limitation of Interest.  It is the intent of the Borrower and the Lenders in the execution and
performance of this Agreement and all matters incidental and related hereto and the other Loan Documents or any agreement or instrument executed in connection herewith or therewith or with any
Indebtedness of the Borrower to the Lenders to remain in strict compliance with all laws applicable to the Lenders from time to time in effect, including, without limitation, usury laws. In
furtherance hereof, the Borrower and the Lenders stipulate and agree that none of the terms and provisions contained in or pertaining to this Agreement or in the other Loan Documents or any other
agreement or instrument ("Other Agreement") executed in connection herewith or with any Indebtedness of the Borrower to the Lenders shall ever be
construed to create a contract to pay for the use, forbearance or detention of money with interest at a rate or in an amount in excess of the maximum amount of interest permitted to be charged by the
Lenders under all laws in effect and applicable to the Lenders (the "Maximum Rate"). For purposes of this Agreement and the Notes, "interest" shall
include the aggregate of all amounts which constitute or are deemed to constitute interest under the respective laws in effect and applicable to the Lenders that are contracted for, chargeable,
receivable (whether received or deemed to have been received) or taken under this Agreement or the Notes or any Other Agreement. The 

–62–

 

Borrower shall not be required to pay interest hereunder or on any Note or any Other Agreement at a rate or in an amount in excess of the Maximum Rate with respect to the Lenders or the maximum amount
of interest that may be lawfully charged by the Lenders under any law which is in effect and applicable to the Lenders, and the provisions of this Section 9.20 shall control over all other
provisions of this Agreement and the Notes or any Other Agreement which may be in apparent conflict herewith. If the effective rate or amount of interest which would otherwise be payable under this
Agreement or any Note or any Other Agreement, or all of them, would exceed the Maximum Rate for the Lenders or the maximum amount of interest the Lenders or any holder of any Note or any Other
Agreement is
allowed by the relevant applicable law to charge, contract for, take or receive or in the event the Lenders or any holder of any Note or any Other Agreement shall charge, contract for, take or receive
monies that are deemed to constitute interest which could, in the absence of this provision, increase the effective rate or amount of interest payable under this Agreement or any Note or any Other
Agreement, or all of them, to a rate or amount in excess of that permitted to be charged, contracted for, taken or received under the applicable laws then in effect with respect to the Lenders, then
the principal amount of the Notes or the obligations of the Borrower to the Lenders under this Agreement, the Notes or any Other Agreement or the amount of interest which would otherwise be payable to
or for the account of the Lenders under this Agreement or the Notes or any Other Agreement or all of them, shall be reduced to the amount allowed under said laws as now or hereafter construed by the
courts having jurisdiction, and all such monies so charged, contracted for, or received that are deemed to constitute interest in excess of the Maximum Rate for the Lenders or maximum amount of
interest permitted by the relevant applicable laws shall be immediately returned to or credited to the account of the Borrower upon such determination. In determining whether the interest paid or
payable under any specific contingency exceed the Maximum Rate, the Borrower and the Lenders shall, to the maximum extent permitted by applicable law, (i) characterize any
non-principal payment as an expense, fee (excluding attorneys' and accountants' fees) or premium rather than interest and (ii) amortize, prorate, allocate and spread, in equal parts
during the full term of the relevant Note, all interest at any time contracted for, charged or received in connection with the relevant Note. 

    9.21  Margin Stock.  In connection with each Loan extended hereunder, each Lender represents that it, in
good faith, has not relied upon Margin Stock as collateral in extending or maintaining such Loan. 

(signature page follows)  

–63–

 

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

	

 	
 	

UNIVISION COMMUNICATIONS INC.
	

 	
 	

By:	
 	

/s/ C. DOUGLAS KRANWINKLE   

	 	 	 	 	Name:	 	C. Douglas Kranwinkle
	 	 	 	 	Title:	 	Executive Vice President
	

 	
 	

GOLDMAN SACHS CREDIT PARTNERS, L.P.,

as Administrative Agent, as Arranger and as a Lender
	

 	
 	

By:	
 	

/s/ ROBERT WARNER   

	 	 	 	 	Name:	 	Robert Warner
	 	 	 	 	Title:	 	Authorizied Signatory

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EXHIBIT A    
  

    TO CREDIT

AGREEMENT 

 
 

FORM OF NOTE    
  

	 	 	Los Angeles, California
	$            	 	            , 2001

    FOR
VALUE RECEIVED, the undersigned, UNIVISION COMMUNICATIONS INC., a Delaware corporation (the "Borrower"), hereby unconditionally promises to pay to the order of
                     (the "Lender"), in lawful money of the United States and in immediately available funds, the aggregate unpaid principal
amount of the Loans made by the
Lender to the undersigned pursuant to Section 2.1 of the Credit Agreement (as hereinafter defined), in installments and in amounts in accordance with, and subject to, the provisions of
Section 2.6(e) of the Credit Agreement and on the Maturity Date. Such payment shall be made for the account of the Lender at the office of the Administrative Agent initially designated for such
purpose at 85 Broad Street, New York, New York 10004 or at such other office as the holder of this Note may notify the undersigned and as agreed to by the Administrative Agent. The undersigned further
agrees to pay interest in like money at such office or such other office on the unpaid principal amount hereof from time to time from the date hereof at the rates per annum and on the dates specified
in Sections 2.6 and 2.7 of the Credit Agreement until paid in full (both before and after judgment to the extent permitted by law). 

    This
Note is one of the Notes referred to in the Credit Agreement dated as of June 8, 2001 (as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among the undersigned, the Lender, the other Lenders parties thereto, and Goldman Sachs Credit Partners, L.P., as Arranger and Administrative Agent, is entitled to the benefits thereof
and of the other Loan Documents and is subject to optional and mandatory prepayment in whole or in part as provided therein. Capitalized terms used herein which are defined in the Credit Agreement
shall have such meanings unless otherwise defined herein or unless the context otherwise requires. 

    Upon
the occurrence of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to
be, immediately due and payable, all as provided therein. 

    This
Note may be secured as provided in the Loan Documents. Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security interest
may be granted, the nature and extent of the security, the terms and conditions upon which the security interests may be granted and the rights of the holder of this Note in respect thereof. 

    All
parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all
other notices of any kind. 

    NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 9.6 OF THE CREDIT AGREEMENT.

    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW
RULES).

UNIVISION
COMMUNICATIONS INC. 

By:
__________________________________________

Name: _______________________________________

Title: ________________________________________ 

 
 

EXHIBIT B    
  

    TO CREDIT

AGREEMENT 

 
 

ASSIGNMENT AND ACCEPTANCE    
  

Date:
                         

    Reference
is made to that certain Credit Agreement dated as of June 8, 2001 (as it may be amended, modified or supplemented from time to time, the "Credit Agreement"), by and
among UNIVISION COMMUNICATIONS INC., a Delaware corporation (the "Borrower"), the Lenders (as defined in the Credit Agreement) and Goldman Sachs Credit Partners, L.P. as arranger (the
"Arranger") and administrative agent (the "Administrative Agent"). Terms defined and the rules of interpretation contained in the Credit Agreement have the same meanings and application herein. 

                        
(the "Assignor") is a Lender under the Credit Agreement and agrees with                      (the
"Assignee") as follows: 

    1.  As
of the Effective Date (as defined below), the Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor,
[a  % interest in and to] all of the Assignor's rights and obligations under the Credit Agreement and the other Loan Documents (which assignment will result in
the Assignee having (i) a Commitment Percentage of  % and (ii) a Commitment of $                     in respect of
(a) the Assignor's Commitments
as in effect on the Effective Date (as set forth in the Schedule attached hereto and without giving effect to other assignments thereof which have become or will be effective as of the Effective
Date), (b) the Loans owing to the Assignor on the Effective Date (as set forth in the Schedule attached hereto and without giving effect to other assignments thereof which have become or will
be effective as of the Effective Date), and (c) all amounts payable to the Assignor under the Loan Documents, including the Assignor's Notes. The Assignee hereby appoints and authorizes the
Administrative Agent and the Arranger, as applicable, to exercise such powers as are delegated to the Administrative Agent and the Arranger, respectively, by Section 8 of the Credit Agreement
and by the other Loan Documents. 

    2.  The
Assignor (i) represents and warrants that as of the Effective Date its Commitments, Commitment Percentages and Loans (without giving effect to other
assignments thereof which have become or will be effective as of the Effective Date or any funding or repayment on the Effective Date) are as set forth in the Schedule attached hereto;
(ii) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim;
(iii) represents and warrants that it has full power and authority and has taken all action necessary to execute and deliver this Assignment and any and all other documents required or
permitted to be executed or delivered by it in connection herewith and to fulfill its obligations under, and to consummate the transactions contemplated by, this Assignment, and no governmental
authorizations or other authorizations are required in connection therewith; (iv) represents and warrants that this Assignment constitutes the legal, valid and binding obligation of the
Assignor; (v) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with any Loan Document or
any other instrument or document furnished pursuant thereto, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of any Loan Document or any other instrument or
document furnished pursuant thereto; and (vi) makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any other Loan Party,
or the performance or observance by the Borrower or any other Loan Party, as the case may be, of any of their obligations under the Loan Documents or any other instrument or document furnished
thereto. 

    3.  The
Assignee (i) confirms that it has received copies of such of the Loan Documents and other documents delivered pursuant to Section 4 of the Credit
Agreement as it has requested, together with a copy of the most recent financial statements of the Borrower received by the Administrative Agent pursuant to Section 5.1 of the Credit Agreement,
and such other documents and information as 

it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent,
the Arranger, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents; (iii) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by
it as a Lender; (iv) specifies as its Applicable Lending Offices the offices set forth beneath its name on the signature pages hereof; [(3)(v) represents and warrants, for
the benefit of the Assignor, the Administrative Agent, the Arranger and the Borrower, that under applicable law and treaties no United States federal income taxes will be required to be withheld by
the Administrative Agent, the Arranger, the Borrower or the Assignor with respect to any payments to be made to Assignee with respect to the Loans; (vi) attaches U.S. Internal Revenue Service
Form W-9, W-8BEN or W8ECI (as applicable to it) certifying as to the Assignee's entitlement to claim complete exemption from United States backup withholding taxes with
respect to all payments to be made to the Assignee under the Credit Agreement (and the Notes held by it); (vii) agrees, for the benefit of the Assignor, the Administrative Agent, the Arranger
and the Borrower, that it will provide to the Assignor (and, in the event the Assignee becomes a Lender registered in the Register, the Administrative Agent and the Borrower) a new
Form W-9, W-8BEN or Form W8ECI (as applicable to it) upon the expiration or obsolescence of any previously delivered form and comparable statements in accordance with
applicable U.S. laws and regulations and amendments duly executed and completed by Assignee, and that it will comply from time to time with all applicable U.S. laws and regulations with regard to such
withholding tax exemption;] (viii) represents and warrants that it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment, and any and all other documents required or permitted to be executed or delivered by it in connection with this Assignment and to fulfill its obligations under, and to consummate the
transactions contemplated by, this Assignment, and no governmental authorizations or other authorizations are required in connection therewith; and (ix) represents and warrants that this
Assignment constitutes the legal, valid and binding obligation of the Assignee. 

	(3)
	Bracketed
provisions to be included if Assignee is organized under the laws of any jurisdiction other than the United States or any state thereof. 

    4.  The
effective date for this Assignment shall be              (the "Effective Date"). Following the execution of this Assignment,
it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent and, if applicable, for acceptance by the Borrower. 

    5.  Upon
such acceptance and recording, as of the Effective Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this
Assignment, shall have the rights and obligations of a Lender thereunder and under the other Loan Documents and (ii) the Assignor shall, to the extent provided in this Assignment, relinquish
its rights and be released from its obligations under the Credit Agreement and the other Loan Documents. 

    6.  Upon
such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments under the Credit Agreement and the other
Loan Documents in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee
shall make all appropriate adjustments in payments under the Credit Agreement and the other Loan Documents for periods prior to the Effective Date, as the case may be, directly between themselves. 

    7.  The
Assignor and the Assignee agree to execute and deliver such other instruments, and take such other action, as either party may reasonably request in connection
with the transactions contemplated by this Assignment, and the Assignor specifically agrees to cause the delivery of two original counterparts of this Assignment to the Administrative Agent for the
purpose of registration of the Assignee as a "Lender" pursuant to Section 9.6 of the Credit Agreement. 

    8.  This
Assignment shall be governed by, and construed in accordance with, the laws of the State of New York. 

_____________________________________________

as Assignor 

By:
__________________________________________

Name: _______________________________________

Title: _______________________________________ 

_____________________________________________

as Assignee

By: __________________________________________

Name: _______________________________________

Title: ________________________________________ 

APPLICABLE
LENDING OFFICES: 

LIBOR
LOANS

Address: 

_____________________________________________

_____________________________________________

_____________________________________________ 

ALTERNATE
BASE RATE LOANS

Address:

_____________________________________________ 

_____________________________________________ 

_____________________________________________

ADDRESS
FOR NOTICES:

_____________________________________________ 

_____________________________________________

_____________________________________________

Telephone
No.: _______________________________

Telecopier No.: _______________________________

Attention: ____________________________________

[Consented to as of the       

day of             ,       . 

UNIVISION
COMMUNICATIONS INC. 

By:
__________________________________________

Name: _______________________________________

Title: ________________________________________(4)]

	(4)
	To
be included if required by Section 9.6(c). 

SCHEDULE 

	ASSIGNOR'S COMMITMENTS	 	 
	

Commitment	
 	

$            
	

ASSIGNOR'S COMMITMENT PERCENTAGES	
 	

 
	

Commitment Percentage	
 	

      %
	

ASSIGNOR'S LOANS	
 	

 
	

Loans	
 	

$            

 
 

EXHIBIT C    
  

    TO CREDIT

AGREEMENT 

 
 

FORM OF NO DEFAULT/REPRESENTATION CERTIFICATE    
  

                 the              of UNIVISION Communications Inc, a Delaware
corporation
(the "Borrower") hereby certifies in connection with the Credit Agreement dated as of June 8, 2001 among Goldman Sachs Credit Partners, L.P. as arranger and administrative agent, the lenders
parties thereto and the Borrower (such Credit Agreement, as it may be amended, modified or supplemented from time to time, the "Credit Agreement"), as of the date set forth below, that the undersigned
is a Responsible Officer (as defined in the Credit Agreement) of the Borrower and that: 

	(i)
	the
representations and warranties contained in the Credit Agreement and in each other Loan Document and each certificate or other writing delivered
to the Lenders prior to, on or after the Closing Date (as defined in the Credit Agreement) pursuant to the Credit Agreement and on or prior to the date of the Loan (as defined in the Credit Agreement)
requested in connection herewith, are true and correct on and as of the date of the making of such Loan in all material respects as though made on and as of such date except to the extent that such
representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier date in all material respects;

	(ii)
	no
Default (as defined in the Credit Agreement) has occurred or is continuing or would result from the making of the Loan requested in connection
herewith; and

	(iii)
	if
the First USA Acquisition Closing has not yet occurred and such Loan is not being made to finance the First USA Acquisition Closing, the
requirements as to liquidity and capital resources contained in Section 4.1(aa) of the Credit Agreement with respect to the initial Loan are satisfied with respect to, and after giving effect
to, the making of the Loan to be made on such date. 

DATED:
As of               , 200   

_____________________________________________

Name: 

Title: 

 
 

EXHIBIT D    
  

    TO CREDIT

AGREEMENT 

 
 

FORM OF COVENANT COMPLIANCE CERTIFICATE    
  

    The undersigned,             , the Chief Financial Officer of Univision Communications Inc., a Delaware corporation
(the "Borrower"), refers to that certain Credit Agreement dated as of June 8, 2001, among Goldman Sachs Credit Partners, L.P., as arranger and administrative agent, the lenders party thereto
and Univision Communications Inc. (such Credit Agreement, as it may be amended, modified or supplemented from time to time, the "Credit Agreement"; capitalized terms used herein and not defined
shall have the meanings assigned to them in the Credit Agreement), and certifies as to the accuracy of the following figures for the period ending             
  ,       : 

	 	1.	MAXIMUM TOTAL DEBT RATIO	 	 	 
	

 	

 	

a.	

Funded Debt for Borrower and Subsidiaries	
 	
 	

 
	

 	

 	

 	

A.	

Capitalized Lease Obligations	
 	
$	

         
	

 	

 	

 	

B.	

Indebtedness (other than Indebtedness described in clauses (f), (h), (j) and (k) of Section 6.2 of the Credit Agreement	
 	
$	

         
	

 	

 	

 	

C.	

A + B	
 	
$	

         
	

 	

 	

b.	

EBITDA for Borrower and Subsidiaries	
 	
 	

 
	

 	

 	

 	

A.	

Net Income (after eliminating extraordinary gains and losses)	
 	
$	

         
	

 	

 	

 	

B.	

provision for taxes	
 	
$	

         
	

 	

 	

 	

C.	

depreciation and amortization	
 	
$	

         
	

 	

 	

 	

D.	

Interest Expense	
 	
 	

 
	

 	

 	

 	

 	

(i)	
 	

interest (dividends) on Funded Debt	
 	
$	

         
	

 	

 	

 	

 	

(ii)	
 	

commitment, L/C and line of credit fees	
 	
$	

         
	

 	

 	

 	

 	

(iii)	
 	

net amounts payable (or receivable) under Interest Rate Agreements	
 	
$	

         
	

 	

 	

 	

 	

(iv)	
 	

interest income	
 	
$	

         
	

 	

 	

 	

 	

(v)	
 	

(i) + (ii) + [or -] (iii) - (iv)	
 	
$	

         
	

 	

 	

 	

E.	

termination payments	
 	
$	

         
	

 	

 	

 	

F.	

payments under Non-Compete Agreements	
 	
$	

         
	

 	

 	

 	

G.	

other non-cash changes	
 	
$	

         
	

 	

 	

 	

H.	

Program Rights Payments actually made or scheduled to be made	
 	
$	

         
	

 	

 	

 	

I.	

non-cash revenues	
 	
$	

         
	

 	

 	

 	

J.	

principal payments for Transponder Leases	
 	
$	

         
	

 	

 	

 	

K.	

A + B + C + D + E + F + G - H - I - J	
 	
$	

         
	

 	

 	

c.	

Ratio of (a) to (b):	
 	
 	

      to 1
	

 	

2.	

MINIMUM TOTAL INTEREST COVERAGE RATIO	
 	
 	

 
	

 	

 	

a.	

EBITDA (see 1(b)(K) above)	
 	
$	

         

	

 	

 	

b.	

Interest Expense (see 1(b)(D)(v) above)	
 	
$	

         
	

 	

 	

c.	

Ratio of (a) to (b):	
 	
 	

      to 1
	

 	

3.	

MINIMUM FIXED CHARGE COVERAGE RATIO	
 	
 	

 
	

 	

 	

a.	

EBITDA (see 1(b)(K) above)	
 	
$	

         
	

 	

 	

b.	

Total Debt Service/Capital Expenditures/Cash Income Taxes/ Restricted Payments	
 	
$	

         
	

 	

 	

 	

(i)	

Total Debt Service	
 	
 	

 
	

 	

 	

 	

 	

A.	
 	

Interest Expense (see 1(b)(D)(v) above)	
 	
$	

         
	

 	

 	

 	

 	

B.	
 	

regularly scheduled principal payments on Funded Debt (which result in permanent reduction in availability) (see Modesto Station provisions)	
 	
$	

         
	

 	

 	

 	

 	

C.	
 	

A + B	
 	
$	

         
	

 	

 	

 	

(ii)	

Capital Expenditures made or committed to be made by Borrower and its Subsidiaries (including property held under capital leases but excluding expenditures arising from Program Rights Obligations and expenditures under Transponder Leases)	
 	
$	

         
	

 	

 	

 	

(iii)	

Cash Income Taxes	
 	
$	

         
	

 	

 	

 	

(iv)	

Restricted Payments permitted under Section 6.6 (iii) of the Credit Agreement	
 	
$	

         
	

 	

 	

 	

(v)	

(i)(C) + (ii) + (iii) + (iv)	
 	
$	

         
	

 	

 	

c.	

Ratio of (a) to (b):	
 	
 	

      to 1
	

 	

4.	

LIMITATION ON INDEBTEDNESS	
 	
 	

 
	

 	

 	

a.	

Indebtedness not satisfying the rating agency requirements pursuant to Section 6.2(b) of the Credit Agreement (cannot exceed $100,000,000)	
 	
$	

         
	

 	

 	

b.	

Capitalized Lease Obligations permitted under Section 6.2(j) of the Credit Agreement (cannot exceed $50,000,000)	
 	
$	

         
	

 	

5.	

LIMITATION ON INVESTMENTS	
 	
 	

 
	

 	

 	

a.	

non-cash consideration received re: Asset Dispositions permitted under Section 6.7(e) of the Credit Agreement (cannot exceed $5,000,000 at any time)	
 	
$	

         
	

 	

 	

b.	

Investments made pursuant to Section 6.7(i) of the Credit Agreement (cannot exceed $50,000,000 between the Existing Credit Agreement Closing Date and the Maturity Date)	
 	
$	

         
	

 	

 	

c.	

Investments in Entravision permitted under Section 6.7(j) of the Credit Agreement (cannot exceed $10,000,000 between the Existing Credit Agreement Closing Date and the Maturity Date)	
 	
$	

         
	

 	

6.	

LIMITATION ON UNFUNDED LIABILITIES	
 	
 	

 
	

 	

 	

a.	

unfunded liabilities of Plans of Borrower and Subsidiaries permitted under Section 6.13 of the Credit Agreement (cannot exceed $5,000,000)	
 	
$	

         

    IN WITNESS WHEREOF, I HAVE HEREUNTO SIGNED MY NAME, AS THE CHIEF FINANCIAL OFFICER OF UNIVISION COMMUNICATIONS INC., AS OF THIS       
DAY OF                   , 200  : 

_____________________________________________

Name: _______________________________________

Title: Chief Financial Officer 

 
 

EXHIBIT E    
  

    TO CREDIT

AGREEMENT 

 
 

FORM OF CONTINUATION NOTICE    
  

Date:
             

To:
Goldman Sachs Credit Partners, L.P.,

as Administrative Agent

85 Broad Street

New York, New York 10004

Attention: [            ] 

    Re:
Univision Communications Inc. 

    We
refer to that certain Credit Agreement dated as of June 8, 2001 (as it may be amended, modified or supplemented from time to time, the "Credit Agreement"), by and among
UNIVISION COMMUNICATIONS INC., a Delaware corporation (the "Borrower"), the Lenders (as defined in the Credit Agreement) and Goldman Sachs Credit Partners, L.P. as arranger (the "Arranger") and
administrative agent (the "Administrative Agent"). Terms defined and the rules of interpretation contained in the Credit Agreement have the same meanings and application herein. 

    [Option A: Pursuant to Section 2.4(a) of the Credit Agreement, the undersigned elects to convert the following LIBOR
Loans to Alternate Base Rate Loans at the end of the current Interest Period for such LIBOR Loans: 

	LIBOR LOAN AMOUNT
 
	 	LAST DAY OF CURRENT

INTEREST PERIOD

	1.	 	 
	2.	 	 
	3. [and so on]	 	]

    [Option B: Pursuant to Section 2.4(a) of the Credit Agreement, the undersigned elects to convert Alternate Base Rate
Loans in the aggregate amount of $            to LIBOR Loan(s) with a one month or three month Interest Period as follows: 

	LIBOR LOAN AMOUNT
 
	 	DESIRED DATE

OF CONVERSION
	 	LENGTH OF

INTEREST PERIOD

	1.	 	 	 	[1 month]/[3 month]
	2.	 	 	 	 
	3. [and so on]	 	 	 	 

    [Option C: Pursuant to Section 2.4(b) of the Credit Agreement, the undersigned elects to continue the Interest
Periods with respect to the following LIBOR Loans for the following additional one month or three month Interest Period as follows: 

	LIBOR LOAN AMOUNT
 
	 	LAST DAY OF CURRENT

INTEREST PERIOD
	 	LENGTH OF CONTINUED

INTEREST PERIOD

	1.	 	 	 	[1 month]/[3 month]
	2.	 	 	 	 
	3. [and so on]	 	 	 	 

Sincerely,

UNIVISION
COMMUNICATIONS INC. 

By:
__________________________________________

Name: _______________________________________

Title: _________________________________________ 

 
 

SCHEDULE 1.1(a)
  ACQUIRED BUSINESS    
  

Company Acquisitions  

1.  USA
Station Group, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 1% general partner of each of the 11 licensee general partnerships. 

2.  USA
Station Group of Dallas, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of Dallas, the
licensee of KSTR-TV. 

3.  USA
Station Group of Houston, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of Houston, the
licensee of KHSH-TV. 

4.  USA
Station Group of Illinois, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of Illinois, the
licensee of WEHS-TV. 

5.  USA
Station Group of Atlanta, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of Atlanta, the
licensee of WHOT-TV. 

6.  USA
Station Group of Massachusetts, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership
Massachusetts, the licensee of WHUB-TV. 

7.  USA
Station Group of New Jersey, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of New Jersey,
the licensee of WHSE-TV and WHSI-TV. 

8.  USA
Station Group of Ohio, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of Ohio, the licensee
of WQHS-TV. 

9.  USA
Station Group of Vineland, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., and a 99% general partner of USA Station Group Partnership of Vineland, the
licensee of WHSP-TV. 

10.  USA
Station Group of Southern California, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., which is: 

a
99% general partner of USA Station Group Partnership of Southern California, the licensee of KHSC-TV; and 

owner
of 100% of the stock of USA Station Group of Hollywood, Florida, Inc., which in turn, is a 99% general partner of USA Station Group Partnership of Hollywood, Florida, the licensee of
WAMI-TV; and 

owner
of 100% of the stock of USA Station Group of Tampa, Inc., which in turn, is a 99% general partner of USA Station Group Partnership of Tampa, the licensee of WBHS-TV. 

11.  Miami
USA Broadcasting Station Productions, Inc., a wholly owned subsidiary of Miami USA Broadcasting, Inc., a wholly owned subsidiary of USA Broadcasting
Productions, Inc., a wholly owned subsidiary of USA Broadcasting, Inc. 

12.  USA
Station Group of Florida, Inc., a wholly owned subsidiary of USA Station Group Communications, Inc., a wholly owned subsidiary of USA Station Group
Communications, LLC, a wholly owned subsidiary of USA Broadcasting, Inc., which is the owner of 100% of the stock of USA Station Group of Melbourne, Inc., the licensee of
WBSF-TV. 

13.  Station
Works LLC, a Delaware LLC, which is essentially a technical facility supporting the stations. 

Minority Interests  

14.  Silver
King Capital Corporation, Inc., which is a wholly owned subsidiary of USA Broadcasting, Inc., and owns: 

a
45% non-voting common stock interest in Roberts Broadcasting Company, the licensee of WHSL(TV), East St. Louis, MO; 

a
45% non-voting stock interest in Roberts Broadcasting Company of Denver, licensee of KTVJ(TV), Boulder, CO; and 

a
49% non-voting common stock interest in Golden Link TV, Inc. (f/k/a Channel 66 of Vallejo, California, Inc.), the licensee of KPST-TV, Vallejo, California. 

15.  USA
Station Group of Virginia, Inc., which is a wholly owned subsidiary of USA Station Group of Atlanta, Inc., a wholly owned subsidiary of USA
Broadcasting, Inc., and owns: 

a
45% non-voting stock interest in Channel 14 of Urban Broadcasting Corporation, the licensee of WTMW(TV), Arlington, VA. 

 
 

SCHEDULE 1.1(b)
  FIRST USA ACQUISITION CLOSING    
  

Company Acquisitions  

1.  USA
Station Group of Dallas, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of Dallas, the licensee
of KSTR-TV.1 

2.  USA
Station Group of Atlanta, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Atlanta, the
licensee of WHOT-TV.2 

3.  Miami
USA Broadcasting Station Productions, Inc., which in turn, is a wholly owned subsidiary of Miami USA Broadcasting, Inc., which in turn, is a wholly owned
subsidiary of USA Broadcasting Productions, Inc., which in turn, is a wholly owned subsidiary of USA Broadcasting, Inc.3 

4.  USA
Station Group of Hollywood, Florida, Inc., which in turn, is a 99% general partner of USA Station Group Partnership of Hollywood, Florida, the licensee of
WAMI-TV. 

5.  Station
Works LLC, a Delaware LLC, which is essentially a technical facility supporting the stations. 

Purchase of Minority Interests  

Univision
is also acquiring the stock of companies holding minority interests in the following full-power stations: 

1.  Silver
King Capital Corporation, Inc., which is a wholly owned subsidiary of USA Broadcasting, Inc., and owns: 

	•
	a
45% non-voting common stock interest in Roberts Broadcasting Company, the licensee of WHSL(TV), East St. Louis, MO;

	•
	a
45% non-voting stock interest in Roberts Broadcasting Company of Denver, licensee of KTVJ(TV), Boulder, CO; and

	•
	a
49% non-voting common stock interest in Golden Link TV, Inc. (f/k/a Channel 66 of Vallejo, California, Inc.), the licensee of
KPST-TV, Vallejo, California. 

2.  USA
Station Group of Virginia, Inc., which is a wholly owned subsidiary of USA Station Group of Atlanta, Inc., which in turn, is a wholly owned subsidiary of USA
Broadcasting, Inc., owns: 

	•
	a
45% non-voting stock interest in Channel 14 of Urban Broadcasting Corporation, the licensee of WTMW(TV), Arlington, VA. 

	1
	The
1% general partner interest for Dallas will be transferred to Dallas Station LLC, a wholly-owned subsidiary of the USA Station Group of Dallas, Inc.

	2
	The
1% general partner interest for Atlanta will be transferred to Atlanta Station LLC, a wholly-owned subsidiary of the USA Station Group of Atlanta, Inc.

	3
	The
1% general partner interest for Miami will be transferred to Miami Station LLC, a wholly-owned subsidiary of the USA Station Group of Miami, Inc. 

 
 

SCHEDULE 2.1
  COMMITMENTS    
  

	Lender
 
	 	Commitment

	GSCP	 	$	500 million
	Total	 	$	500 million
	 	 	

 
 

SCHEDULE 3.14    
  

Subsidiaries
of Univision Communications Inc. 

PTI
Holdings, Inc., a Delaware Corporation

Univision Television Group, Inc.,

KWEX License Partnership, G.P., a California general partnership

KUVN License Partnership, G.P., a California general partnership

KMEX License Partnership, G.P., a California general partnership

KDTV License Partnership, G.P., a California general partnership

KFTV License Partnership, G.P., a California general partnership

KTVW License Partnership, G.P., a California general partnership

KXLN License Partnership, G.P., a California general partnership

WGBO License Partnership, G.P., a California general partnership

WXTV License Partnership, G.P., a California general partnership

WLTV License Partnership, G.P., a California general partnership

KUVS License Partnership, G.P., a California general partnership

KUVI License Partnership, G.P., a California general partnership

The Univision Network Limited Partnership

Galavision, Inc.

Sunshine Acquisition, Limited Partnership

Sunshine Acquisition Corp.

Univision Online, Inc.

Vision Latina, S.A. de C.V.

Creaciones Calientes, S.A. de C.V.

Univision—EV Holdings, LLC

Univision Sports, LLC

Univision Music, Inc.

Univision Music LLC 

 
 

SCHEDULE 3.15
  PROPOSED AND PENDING ACQUISITIONS    
  

Subsidiaries of USA Broadcasting, Inc. to be acquired by the Borrower pursuant to the USA Acquisition Agreement:  

1.  USA
Station Group, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 1% general partner of each of the 11 licensee general partnerships. 

2.  USA
Station Group of Dallas, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of Dallas, the licensee
of KSTR-TV. 

3.  USA
Station Group of Houston, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of Houston, the
licensee of KHSH-TV. 

4.  USA
Station Group of Illinois, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of Illinois, the
licensee of WEHS-TV. 

5.  USA
Station Group of Atlanta, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of Atlanta, the
licensee of WHOT-TV. 

6.  USA
Station Group of Massachusetts, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership Massachusetts,
the licensee of WHUB-TV. 

7.  USA
Station Group of New Jersey, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of New Jersey, the
licensee of WHSE-TV and WHSI-TV. 

8.  USA
Station Group of Ohio, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., a 99% general partner of USA Station Group Partnership of Ohio, the licensee of
WQHS-TV. 

9.  USA
Station Group of Vineland, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Vineland, the
licensee of WHSP-TV. 

10.  USA
Station Group of Southern California, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., which is: 

	•
	a
99% general partner of USA Station Group Partnership of Southern California, the licensee of KHSC-TV;

	•
	owner
of 100% of the stock of USA Station Group of Hollywood, Florida, Inc., which in turn, is a 99% general partner of USA Station Group
Partnership of Hollywood, Florida, the licensee of WAMI-TV;

	•
	owner
of 100% of the stock of USA Station Group of Tampa, Inc., which in turn, is a 99% general partner of USA Station Group Partnership of Tampa,
the licensee of WBHS-TV. 

11.  Miami
USA Broadcasting Station Productions, Inc., a wholly owned subsidiary of Miami USA Broadcasting, Inc., a wholly owned subsidiary of USA Broadcasting
Productions, Inc., a wholly owned subsidiary of USA Broadcasting, Inc. 

12.  USA
Station Group of Florida, Inc., a wholly owned subsidiary of USA Station Group Communications, Inc., a wholly owned subsidiary of USA Station Group
Communications, LLC, a wholly owned subsidiary of USA Broadcasting, Inc., the owner of 100% of the stock of USA Station Group of Melbourne, Inc., the licensee of WBSF-TV. 

13.  Station
Works LLC, a Delaware LLC, which is essentially a technical facility supporting the stations. 

Minority Interests to be acquired:  

14.  Silver
King Capital Corporation, Inc., which is a wholly owned subsidiary of USA Broadcasting, Inc., and owns: 

	•
	a
45% non-voting common stock interest in Roberts Broadcasting Company, the licensee of WHSL(TV), East St. Louis, MO;

	•
	a
45% non-voting stock interest in Roberts Broadcasting Company of Denver, licensee of KTVJ(TV), Boulder, CO; and

	•
	a
49% non-voting common stock interest in Golden Link TV, Inc. (f/k/a Channel 66 of Vallejo, California, Inc.), the licensee of
KPST-TV, Vallejo, California. 

15.  USA
Station Group of Virginia, Inc., which is a wholly owned subsidiary of USA Station Group of Atlanta, Inc., which in turn, is a wholly owned subsidiary of USA
Broadcasting, Inc., and owns: 

	•
	a
45% non-voting stock interest in Channel 14 of Urban Broadcasting Corporation, the licensee of WTMW(TV), Arlington, VA. 

Equity Broadcasting Acquisitions  

16.  Purchase
of 19.9% of the outstanding common stock of Equity Broadcasting Corporation 

17.  Purchase
of substantially all of the assets of the following six stations: 

KBPX(TV),
Flagstaff, Arizona

KBGF(TV), Douglas, Arizona

KDTP-LP, Phoenix, Arizona

KTAZ-LP, Tucson, Arizona

KDWX-LP, San Antonio, Texas

K45DX, Floresville, Texas 

18.  Acquisition
of WTMW(TV), Arlington, Virginia 

  

 
 

SCHEDULE 3.21(a)    
  

	KDTV(TV), San Francisco, California, Channel 14
	Licensee:	 	KDTV License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006
	

KDTV-LP, Santa Rosa, California, Channel 28
	Licensee:	 	KDTV License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006
	

KFTV(TV), Hanford, California, Channel 21
	Licensee:	 	KFTV License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006
	

KABE-LP, Bakersfield, California, Channel 391
	Licensee:	 	KFTV License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006
	

KMEX-TV, Los Angeles, California, Channel 342
	Licensee:	 	KMEX License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006
	

KTVW-TV, Phoenix, Arizona, Channel 33
	Licensee:	 	KTVW License Partnership, G.P.
	Renewal Expiration:	 	10/1/2006
	

KUVE-LP, Tucson, Arizona, Channel 523
	Licensee:	 	KTVW License Partnership, G.P.
	Renewal Expiration:	 	10/1/2006
	

K48GX, Tucson, Arizona, Channel 484
	Licensee:	 	KTVW License Partnership, G.P.
	Renewal Expiration:	 	N/A
	

KUVI(TV), Bakersfield, California, Channel 45
	Licensee:	 	KUVI License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006
	

KUVN(TV), Garland, Texas, Channel 23
	Licensee:	 	KUVN License Partnership, G.P.
	Renewal Expiration:	 	8/1/2006
	

KUVN-LP, Fort Worth, Texas, Channel 315
	Licensee:	 	KUVN License Partnership, G.P.
	Renewal Expiration:	 	8/1/2006
	

KUVS(TV), Modesto, California, Channel 19
	Licensee:	 	KUVS License Partnership, G.P.
	Renewal Expiration:	 	12/1/2006

i

 

	

KWEX-TV, San Antonio, Texas, Channel 41
	Licensee:	 	KWEX License Partnership, G.P.
	Renewal Expiration:	 	8/1/2006
	

K31FM, Austin, Texas, Channel 31
	Licensee:	 	KWEX License Partnership, G.P.
	Renewal Expiration:	 	8/1/2006
	

KXLN-TV, Rosenberg, Texas, Channel 45
	Licensee:	 	KXLN License Partnership, G.P.
	Renewal Expiration:	 	8/1/2006
	

WGBO-TV, Joliet, Illinois, Channel 66
	Licensee:	 	WGBO License Partnership, G.P.
	Renewal Expiration:	 	12/1/2005
	

WLTV(TV), Miami, Florida, Channel 23
	Licensee:	 	WLTV License Partnership, G.P.
	Renewal Expiration:	 	2/1/2005
	

WXTV(TV), Paterson, New Jersey, Channel 41
	Licensee:	 	WXTV License Partnership, G.P.
	Renewal Expiration:	 	6/1/2007
	

WXTV-LP, Philadelphia, Pennsylvania, Channel 28
	Licensee:	 	WXTV License Partnership, G.P.
	Renewal Expiration:	 	8/1/2007
	

W47AD, Hartford, Connecticut, Channel 476
	Licensee:	 	WXTV License Partnership, G.P.
	Renewal Expiration:	 	4/1/2007

	1
	On
June 1, 1998, KFTV License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KABE-LP from Channel 39 to Channel 31 due to
the impact of full power television station digital operations. This application was mutually exclusive with another low power television applicant seeking similar displacement relief. On November 25,
1998, a Joint Request for Approval of Settlement Agreement was filed with the FCC seeking the FCC's consent to a Settlement Agreement whereby KABE-LP would be awarded the construction permit for
Channel 31. On January 16, 2001, a minor amendment to the displacement application was filed. This application, amendment and Joint Request for Approval of Settlement Agreement are currently pending.

	2
	On
October 28, 1999, KMEX License Partnership, G.P. filed an application for KMEX-TV seeking consent to the construction of a new digital facility on Channel 35. The application was
granted on March 16, 2001. The construction permit will expire on May 1, 2002. On April 26, 2001, ABC Holding Company, licensee of KABC-TV, Los Angeles, California filed a Petition for Reconsideration
of the grant. The petitioner has requested dismissal of the Petition pursuant to a settlement agreement.

	3
	On
June 1, 1998, KTVW License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KUVE-LP from Channel 52 to Channel 38 due to
the 

ii

 

impact
of full power television station digital operations. The application was granted on January 22, 2001. The construction permit will expire on January 22, 2004. 

	4
	On
June 14, 1988, KTVW License Partnership, G.P. filed an application seeking a new low power television station on Channel 48 at Tucson, Arizona. The application was granted on
January 29, 2001. The construction permit will expire on January 29, 2004.

	5
	On
June 1, 1998, KUVN License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KUVN-LP from Channel 31 to Channel 47 due to
the impact of full power television station digital operations. The application was granted on September 29, 2000. The construction permit will expire on September 29, 2003.

	6
	On
June 1, 1998, WXTV License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of W47AD from Channel 47 to Channel 28 due to the
impact of full power television station digital operations. This application was mutually exclusive with other low power television applicants seeking similar displacement relief. The application was
granted on February 1, 2001. The construction permit will expire on February 1, 2004. On March 2, 2001, Paging Associates filed a Petition for Reconsideration of the grant. On March 15, 2001, W47AD
filed an Opposition to Petition for Reconsideration. On March 27, 2000, Paging Associates filed a Reply to Opposition to Petition for Reconsideration. This matter is pending. 

iii

  

 
 

SCHEDULE 3.21(b)    
  

	KSTR-TV, Irving, Texas, Channel 49
	Licensee:	 	USA Station Group Partnership of Dallas
	Renewal Expiration:	 	8/1/2006
	

WAMI-TV, Hollywood, Florida, Channel 69
	Licensee:	 	USA Station Group Partnership of Hollywood, Florida
	Renewal Expiration:	 	2/1/2005
	

WHOT-TV, Athens, Georgia, Channel 34
	Licensee:	 	USA Station Group Partnership of Atlanta
	Renewal Expiration:	 	4/1/2005

iv

 
 

SCHEDULE 3.21(c)    
  

	1.
	On
June 1, 1998, KFTV License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KABE-LP from Channel 39 to
Channel 31 due to the impact of full power television station digital operations. This application was mutually exclusive with another low power television applicant seeking similar displacement
relief. On November 25, 1998, a Joint Request for Approval of Settlement Agreement was filed with the FCC seeking the FCC's consent to a Settlement Agreement whereby KABE-LP would
be awarded the construction permit for Channel 31. On January 16, 2001, a minor amendment to the displacement application was filed. This application, amendment and Joint Request for Approval
of Settlement Agreement are currently pending.

	2.
	On
October 28, 1999, KMEX License Partnership, G.P. filed an application for KMEX- TV seeking consent to the construction of a new digital facility on Channel 35.
The application was granted on March 16, 2001. The construction permit will expire on May 1, 2002. On April 26, 2001, ABC Holding Company, licensee of KABC-TV, Los Angeles,
California filed a Petition for Reconsideration of the grant. The petitioner has requested dismissal of the Petition pursuant to a settlement agreement.

	3.
	On
June 1, 1998, WXTV License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of W47AD from Channel 47 to Channel 28 due
to the impact of full power television station digital operations. This application was mutually exclusive with other low power television applicants seeking similar displacement relief. The
application was granted on February 1, 2001. The construction permit will expire on February 1, 2004. On March 2, 2001, Paging Associates filed a Petition for Reconsideration of
the grant. On March 15, 2001, W47AD filed an Opposition to Petition for Reconsideration. On March 27, 2000, Paging Associates filed a Reply to Opposition to Petition for Reconsideration.
This matter is pending. 

 
 

SCHEDULE 3.27
  
    UNIVISION GROUP STRUCTURE    
  

    As of 31-May-01  

  

 
 

SCHEDULE 6.7(f)
  
    BORROWERS' AND SUBSIDIARIES' INVESTMENTS    
  

Entravision
Communications Corporation—32.03% equity interest

Cocorojo LLC—49% equity interest

Ask Jeeves En Espanol, Inc.—50% equity interest 

 
 

SCHEDULE 9.2
  LENDER NOTICE ADDRESSES    
  

Goldman Sachs Credit Partners, L.P.

c/o
Goldman, Sachs & Co.

85 Broad Street, 27th Floor

New York, New York 10004

Attention: Lisa M. Perrotto-Murray

Phone: (212) 357-6708

Fax: (212) 346-2608 

QuickLinks

EXHIBIT 10.12.7

TABLE OF CONTENTS

CREDIT AGREEMENT

EXHIBIT A

FORM OF NOTE

EXHIBIT B

ASSIGNMENT AND ACCEPTANCE

EXHIBIT C

FORM OF NO DEFAULT/REPRESENTATION CERTIFICATE

EXHIBIT D

FORM OF COVENANT COMPLIANCE CERTIFICATE

EXHIBIT E

FORM OF CONTINUATION NOTICE

SCHEDULE 1.1(a) ACQUIRED BUSINESS

SCHEDULE 1.1(b) FIRST USA ACQUISITION CLOSING

SCHEDULE 2.1 COMMITMENTS

SCHEDULE 3.14

SCHEDULE 3.15 PROPOSED AND PENDING ACQUISITIONS

SCHEDULE 3.21(a)

SCHEDULE 3.21(b)

SCHEDULE 3.21(c)

SCHEDULE 3.27 UNIVISION GROUP STRUCTURE

SCHEDULE 6.7(f) BORROWERS' AND SUBSIDIARIES' INVESTMENTS

SCHEDULE 9.2 LENDER NOTICE ADDRESSESPrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 10.12.8    
  

 
 

CREDIT AGREEMENT    
  

dated
as of 

July
18, 2001 

among

UNIVISION
COMMUNICATIONS INC., 

UNIVISION
OF PUERTO RICO INC., 

VARIOUS
LENDING INSTITUTIONS, 

THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT,

BNP PARIBAS, AS DOCUMENTATION AGENT, 

UBS
AG, AS CO-DOCUMENTATION AGENT,

BANK OF AMERICA, THE BANK OF NEW YORK AS CO-SYNDICATION AGENTS, 

and 

BNP
PARIBAS

AND

J.P. MORGAN SECURITIES INC.,

AS JOINT BOOK MANAGERS AND JOINT LEAD ARRANGERS 

TERM
AND REVOLVING CREDIT FACILITY 

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	 
	 	Page

	

ARTICLE I	
 	

 	
 	

 	
 	

 
	 	 	 	 	DEFINITIONS	 	1
	1.01	 	Defined Terms	 	1
	1.02	 	Classification of Loans and Borrowings	 	19
	1.03	 	Terms Generally	 	19
	1.04	 	Accounting Terms; GAAP	 	19
	

ARTICLE II	
 	

 	
 	

 	
 	

 
	 	 	 	 	THE CREDITS	 	20
	2.01	 	Commitments	 	20
	2.02	 	Loans and Borrowings	 	20
	2.03	 	Requests for Borrowings	 	21
	2.04	 	Incremental Term Loans	 	21
	2.05	 	Letters of Credit	 	22
	2.06	 	Funding of Borrowings	 	26
	2.07	 	Interest Elections	 	27
	2.08	 	Termination and Reduction of Commitments	 	27
	2.09	 	Repayment of Loans; Evidence of Debt; Reduction of Term Commitment	 	28
	2.10	 	Prepayment of Loans	 	28
	2.11	 	Fees	 	29
	2.12	 	Interest	 	30
	2.13	 	Alternate Rate of Interest	 	31
	2.14	 	Increased Costs	 	31
	2.15	 	Break Funding Payments	 	32
	2.16	 	Taxes	 	32
	2.17	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	 	34
	2.18	 	Mitigation Obligations; Replacement of Lenders	 	35
	2.19	 	Additional Commitments	 	36
	

ARTICLE III	
 	

 	
 	

 	
 	

 
	 	 	 	 	REPRESENTATIONS AND WARRANTIES	 	37
	3.01	 	Organization; Powers	 	38
	3.02	 	Authorization; Enforceability	 	38
	3.03	 	Governmental Approvals; No Conflicts	 	38
	3.04	 	Financial Condition; No Material Adverse Change	 	38
	3.05	 	Properties	 	39
	3.06	 	Litigation and Environmental Matters	 	39
	3.07	 	Compliance with Laws and Agreements	 	39
	3.08	 	Investment and Holding Company Status	 	39
	3.09	 	Taxes	 	39
	3.10	 	ERISA	 	40
	3.11	 	Use of Proceeds; Margin Regulations	 	40
	3.12	 	Subsidiaries	 	40
	3.13	 	Intellectual Property	 	41
	3.14	 	Material Agreements	 	41
	3.15	 	FCC Matters; Media Licenses	 	41
	3.16	 	Permits, Etc.	 	41
	3.17	 	Nature of Business	 	41

(i)

 

	3.18	 	Disclosure	 	41
	3.19	 	USA Stations Acquisition	 	42
	3.20	 	Subordinated Securities	 	42
	

ARTICLE IV	
 	

 	
 	

 	
 	

 
	 	 	 	 	CONDITIONS PRECEDENT	 	42
	4.01	 	Conditions Precedent to Initial Borrowing Date	 	42
	4.02	 	Conditions Precedent to All Credit Events	 	44
	

ARTICLE V	
 	

 	
 	

 	
 	

 
	 	 	 	 	AFFIRMATIVE COVENANTS	 	44
	5.01	 	Financial Statements and Other Information	 	44
	5.02	 	Notices of Material Events	 	46
	5.03	 	Existence; Conduct of Business	 	46
	5.04	 	Payment of Obligations	 	46
	5.05	 	Maintenance of Properties; Insurance	 	46
	5.06	 	Books and Records; Inspection Rights	 	46
	5.07	 	Compliance with Laws	 	46
	5.08	 	Use of Proceeds and Letters of Credit	 	46
	5.09	 	Insurance	 	47
	5.10	 	Guaranties, Etc.	 	47
	5.11	 	Payment of Taxes	 	47
	5.12	 	Compliance with Environmental Laws	 	47
	5.13	 	Media Licenses	 	48
	5.14	 	License Subsidiaries	 	48
	5.15	 	Qualified Securities	 	48
	

ARTICLE VI	
 	

 	
 	

 	
 	

 
	 	 	 	 	NEGATIVE COVENANTS	 	48
	6.01	 	Indebtedness	 	48
	6.02	 	Liens	 	48
	6.03	 	Fundamental Changes	 	49
	6.04	 	Investments in Unrestricted Subsidiaries and Sports Team Subsidiaries	 	50
	6.05	 	Restricted Payments	 	50
	6.06	 	Transactions with Affiliates	 	50
	6.07	 	Restrictive Agreements	 	50
	6.08	 	Maximum Leverage	 	51
	6.09	 	Interest Coverage Ratio	 	51
	6.10	 	Material Agreements	 	51
	6.11	 	Prepayments of Indebtedness	 	51
	6.12	 	Line of Business	 	51
	6.13	 	Sale/Leaseback Transactions	 	51
	

ARTICLE VII	
 	

 	
 	

 	
 	

 
	 	 	 	 	EVENTS OF DEFAULT	 	52
	7.01	 	Payments of Principal.	 	52
	7.02	 	Repayment of Interest	 	52
	7.03	 	Representations	 	52
	7.04	 	Covenants	 	52
	7.05	 	Covenant Period	 	52
	7.06	 	Indebtedness Payments	 	52
	7.07	 	Indebtedness Default	 	52

(ii)

 

	7.08	 	Bankruptcy	 	52
	7.09	 	Liquidation Proceeding	 	52
	7.10	 	Inability to Pay Debts	 	53
	7.11	 	Judgments	 	53
	7.12	 	ERISA	 	53
	7.13	 	Media License	 	53
	7.14	 	Subsidiary Guaranty	 	53
	7.15	 	Change in Control	 	53
	

ARTICLE VIII	
 	

 	
 	

 	
 	

 
	 	 	THE ADMINISTRATIVE AGENT	 	54
	8.01	 	Appointment	 	54
	8.02	 	Nature of Duties	 	54
	8.03	 	Certain Rights of the Agents	 	54
	8.04	 	Reliance	 	55
	8.05	 	Sub-Agents	 	55
	8.06	 	Indemnification	 	55
	8.07	 	Each Agent in Its Individual Capacity	 	55
	8.08	 	Resignation	 	55
	8.09	 	Lack of Reliance	 	56
	8.10	 	Other Agents	 	56
	

ARTICLE IX	
 	

 	
 	

 	
 	

 
	 	 	UNITED STATES BORROWER GUARANTY	 	56
	9.01	 	The United States Borrower Guaranty	 	56
	9.02	 	Bankruptcy	 	57
	9.03	 	Nature of Liability	 	57
	9.04	 	United States Borrower Guaranty Absolute	 	57
	9.05	 	Independent Obligation	 	57
	9.06	 	Authorization	 	57
	9.07	 	Reliance	 	58
	9.08	 	Subordination	 	58
	9.09	 	Waiver	 	58
	9.10	 	The United States Borrower Guaranty Continuing	 	59
	9.11	 	Binding Nature of Guaranties	 	59
	9.12	 	Judgments Binding	 	59
	

ARTICLE X	
 	

 	
 	

 	
 	

 
	 	 	MISCELLANEOUS	 	59
	10.01	 	Notices	 	59
	10.02	 	Waivers; Amendments	 	60
	10.03	 	Expenses; Indemnity; Damage Waiver	 	61
	10.04	 	Successors and Assigns	 	62
	10.05	 	Survival	 	63
	10.06	 	Counterparts; Integration; Effectiveness	 	64
	10.07	 	Severability	 	64
	10.08	 	Right of Setoff	 	64
	10.09	 	Governing Law; Jurisdiction; Consent to Service of Process	 	64
	10.10	 	WAIVER OF JURY TRIAL	 	65
	10.11	 	Headings	 	65
	10.12	 	Confidentiality	 	65

(iii)

 

	10.13	 	Payments Pro Rata	 	65
	10.14	 	Calculations; Computations	 	66
	10.15	 	Domicile of Loans	 	66
	10.16	 	Effectiveness	 	66
	10.17	 	Release of Subsidiary Guaranty	 	66
	

SCHEDULES:	
 	

 	
 	

 	
 	

 
	 	 	Schedule 1.01—USA Acquired Subsidiaries	 	 
	 	 	Schedule 2.01—Commitments	 	 
	 	 	Schedule 3.06—Disclosed Matters	 	 
	 	 	Schedule 3.12—Subsidiaries	 	 
	 	 	Schedule 3.15—Stations	 	 
	 	 	Schedule 3.16—Permits	 	 
	 	 	Schedule 4.01(j)—Existing Indebtedness	 	 
	 	 	Schedule 6.02—Existing Liens	 	 
	 	 	Schedule 6.07—Existing Restrictions	 	 
	

EXHIBITS:	
 	

 	
 	

 	
 	

 
	 	 	Exhibit A—Form of Assignment and Acceptance	 	 
	 	 	Exhibit B-1—Form of Opinion of Borrowers' Counsel	 	 
	 	 	Exhibit B-2—Form of Opinion of Borrowers' FCC counsel	 	 
	 	 	Exhibit C—Form of Subsidiary Guaranty	 	 
	 	 	Exhibit D—Form of Incremental Term Loan Commitment Agreement	 	 
	 	 	Exhibit E—Section 2.16(e) Certificate	 	 
	 	 	Exhibit F—Form of Additional Commitment Agreement	 	 

(iv)

    CREDIT
AGREEMENT, dated as of July 18, 2001 among UNIVISION COMMUNICATIONS INC., a Delaware corporation (the "United States
Borrower"), UNIVISION OF PUERTO RICO INC., a Delaware corporation (the "Puerto Rico Borrower"), the lenders from time to
time party hereto (each, a "Lender" and, collectively, the "Lenders"), THE CHASE MANHATTAN BANK, as
Administrative Agent (the "Administrative Agent"), and BNP PARIBAS, as Documentation Agent (the "Documentation
Agent"). Unless otherwise defined herein, all capitalized terms used herein and defined in Section 1.01 are used herein as so defined. 

W I T N E S S E T H: 

    WHEREAS,
subject to and upon the terms and conditions herein set forth, the Lenders are willing to make available to the Borrowers the credit facilities provided for herein; 

    NOW,
THEREFORE, IT IS AGREED: 

 
 

ARTICLE I
  DEFINITIONS    
  

    1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

    "ABR", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Alternate Base Rate. 

    "ABR Spread" has the meaning provided in the definition of "Applicable Rate." 

    "Acquisition" means an acquisition by the United States Borrower or any of its Subsidiaries of a Person, a division, a facility or a
line of business or of all or substantially all of the assets of any of the foregoing. 

    "Additional Commitment Agreement" means an Additional Commitment Agreement substantially in the form of Exhibit F (appropriately
completed). 

    "Additional Commitment Date" means each date upon which Additional Commitments under an Additional Commitment Agreement becomes
effective as provided in Section 2.19(b). 

    "Additional Commitments" means an Additional Revolving Commitment and an Additional United States Term Commitment. 

    "Additional Lender" has the meaning provided in Section 2.19(b). 

    "Additional Revolving Commitment" means for each Additional Lender, any commitment to make Revolving Loans by such Additional Lender
pursuant to Section 2.19, in such amount as agreed to by such Additional Lender in the respective Additional Commitment Agreement; providedthat
on the Additional Commitment Date upon which an Additional Revolving Commitment of any Additional Lender shall become effective, such Additional Revolving Commitment shall be added to (and thereafter
become a part of) the Revolving Commitment of such Additional Lender for all purposes of this Agreement as contemplated by Section 2.19. 

    "Additional United States Term Commitment" means, for each Additional Lender, any commitment to make United States Term Loans by such
Additional Lender pursuant to Section 2.19, in such amount as agreed to by such Additional Lender in the respective Additional Commitment Agreement;  provided that on the Additional Commitment Date
upon which an Additional United States Term Commitment of any Additional Lender shall become effective,
such Additional United States Term Commitment shall be added to (and thereafter become a part of) the United States Term Commitment of such Additional Lender for all purposes of this Agreement as
contemplated by Section 2.19. 

 

    "Adjusted LIBO Rate" means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to
(a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

    "Administrative Agent" has the meaning provided in the first paragraph of this Agreement and shall include any successor to the
Administrative Agent appointed pursuant to Article VIII. 

    "Administrative Questionnaire" means an administrative questionnaire in a form supplied by the Administrative Agent. 

    "Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified provided, however,
that (i) Perenchio, his Permitted Transferees and each of their respective Affiliates shall be deemed to be Affiliates of the United States Borrower and each other Credit Party and
(ii) for purposes of Section 6.06, the Subsidiary Guarantors shall not be considered Affiliates. 

    "Agents" means the Administrative Agent and the Documentation Agent. 

    "Agreement" means this Credit Agreement, as the same may be from time to time further modified, amended and/or supplemented. 

    "Alternate Base Rate" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

    "Applicable Percentage" means, with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented by
such Lender's Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in
effect, giving effect to any assignments. 

    "Applicable Rate" means, for any day, with respect to any ABR Loan, or Eurodollar Loan, or with respect to the Commitment Commission
payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption "ABR Spread," "Eurodollar
Spread" or "Commitment Commission Rate," as the case may be, based upon the ratings by Moody's and S&P, respectively, applicable
on such date to the Index Debt: 

	Index Debt Ratings:
	 	 
	 	 
	 	 

	 	ABR Spread
	 	Eurodollar

Spread (bps)
	 	Commitment

Commission

Rate (bps)

	S&P
	 	Moody's

	

Category 1	
 	

 	
 	

 	
 	

 
	

BBB+ (or higher)	
 	

Baa1 (or higher)	
 	

0	
 	

75	
 	

15
	

Category 2	
 	

 	
 	

 	
 	

 
	

BBB	
 	

Baa2	
 	

0	
 	

100	
 	

20
	

Category 3	
 	

 	
 	

 	
 	

 
	

BBB-	
 	

Baa3	
 	

25	
 	

125	
 	

25
	

Category 4	
 	

 	
 	

 	
 	

 
	

BB+ (or not rated)	
 	

Ba1 (or not rated)	
 	

50	
 	

150	
 	

37.5

–2–

 

    For
purposes of the foregoing, (i) if either Moody's or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the
last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 4; (ii) if the ratings established or deemed to have been established
by Moody's and S&P for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more
Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next above that of the lower of the two ratings; and (iii) if the ratings
established or deemed to have been established by Moody's and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody's or S&P), such change shall be
effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such
change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's or S&P shall change, or if either such rating agency shall cease to be
in the business of rating corporate debt obligations, the United States Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the
unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior
to such change or cessation. Notwithstanding the foregoing, (x) on the Initial Borrowing Date and for the six months following the Initial Borrowing Date, the Applicable Rate shall be fixed at
the amount opposite the BBB-/Baa3 Index Debt set forth above and (y) for purposes of the Incremental Term Loans of a Class, the Applicable Rate will be as set forth in the
Incremental Term Loan Commitment Agreement for such Class. 

    "Assignment and Acceptance" means an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party
whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

    "Availability Period" means the period from and including the Effective Date (a) with respect to United States Term Loans and
Puerto Rico Term Loans, to and including the date nine months after the Initial Borrowing Date and (b) with respect to Revolving Loans and Letters of Credit, to but excluding the earlier of the
Maturity Date and the date of termination of the Revolving Loan Commitment. 

    "Available Basket Amount" means, at any time, an amount equal to the greater of (i) $50,000,000 and (ii) 10% of
Consolidated EBITDA for the Test Period last ended. 

    "Available Leaseback Transaction Amount" means, at any time, an amount equal to (i) the Available Basket Amount at such time  less (ii) the aggregate principal
amount of Indebtedness outstanding at such time pursuant to clause (c) of Section 6.02  less(iii) the aggregate principal amount of Indebtedness outstanding at such time pursuant to
clause (b)(i) of Section 6.01. 

    "Available Secured Debt Amount" means, at any time, an amount equal to (i) the Available Basket Amount at such time  less (ii) the aggregate Leaseback
Transaction Amount in respect of Leaseback Transactions consummated on or after the Initial Borrowing Date on
and/or prior to such time less
(iii) the aggregate principal amount of Indebtedness outstanding at such time pursuant to clause (b)(i) of Section 6.01. 

    "Available Subsidiary Debt Amount" means, at any time, an amount equal to (i) the Available Basket Amount at such time  less (ii) the aggregate principal amount
of Indebtedness outstanding at such time pursuant to clause (c) of Section 6.02
less(iii) the aggregate Leaseback Transaction Amount in respect of Leaseback Transactions consummated on or after the Initial Borrowing Date and
on or prior to such time. 

–3–

 

    "BNP Paribas" means BNP Paribas S.A., a French banking organization. 

    "Board" means the Board of Governors of the Federal Reserve System of the United States of America. 

    "Borrowers" means and includes the United States Borrower and the Puerto Rico Borrower. 

    "Borrowing" means United States Term Loans, Puerto Rico Term Loans or Revolving Loans of the same Type, made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 

    "Borrowing Request" means a request by a Borrower for a United States Term Loan, a Puerto Rico Term Loan or a Revolving Borrowing in
accordance with Section 2.03. 

    "Business Day" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or
required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term "Business
Day" shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

    "Capital Lease Obligations" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance
sheet of such Person under GAAP, and the amount of such obligations shall
be the capitalized amount thereof determined in accordance with GAAP; provided that "Capital Lease Obligations" shall not include any such obligations
relating to Transponder Leases. 

    "Change in Control" means (a) any "person" or "group" (as such terms are used for purposes of Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934 (as in effect from time to time), whether or not applicable), other than Perenchio and any Person or group of Persons that are Permitted Transferees of Perenchio or are
as of the date hereof Affiliates of Perenchio (the "Perenchio Group"), is or becomes the beneficial owner, directly or indirectly, of more than 50% of
the total Voting Power of the United States Borrower or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the United States Borrower by Persons
who were neither (i) nominated by the board of directors of the United States Borrower nor (ii) appointed by directors so nominated. 

    "Change in Law" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in
any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank
(or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender's or the Issuing Bank's holding company, if any) with any request, guideline or directive (whether
or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 

    "Chase" means The Chase Manhattan Bank. 

    "Claim" has the meaning provided in the defined term "Environmental Claim." 

    "Class", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
United States Term Loans, Puerto Rico Term Loans, Revolving Loans or Incremental Term Loans of a particular tranche. 

    "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

    "Commitment" means, with respect to each Lender, such Lender's United States Term Commitment, Puerto Rico Term Commitment, Revolving
Commitment and Incremental Term Loan Commitment. 

–4–

 

    "Commitment Commission" means the United States Term Loan Commitment Commission, Puerto Rico Term Loan Commitment Commission and the
Revolving Loan Commitment Commission. 

    "Commitment Commission Rate" has the meaning provided in the definition of "Applicable
Rate". 

    "Communications Act" means the Communications Act of 1934, as amended and the rules and regulations issued thereunder, as from time to
time in effect. 

    "Consolidated Debt" means, as of any date of determination (and without duplication), the aggregate stated balance sheet amount of all
Indebtedness of the United States Borrower and its Subsidiaries on such date on a consolidated basis as determined in accordance with GAAP. 

    "Consolidated EBITDA" means, for any period, (A) the sum (without duplication) of the amounts for such period of
(i) Consolidated Net Income, (ii) provisions for taxes based on income, (iii) Consolidated Interest Expense, (iv) depreciation expenses, (v) amortization expense and
other similar non-cash charges, (vi) amortization or write-off of deferred financing costs to the extent deducted in determining Consolidated Net Income,
(vii) losses on sales of assets (excluding sales of inventory in the ordinary course of business) and other extraordinary losses; (viii) non-cash interest expense,
(ix) non-cash charges, including losses in unconsolidated investments, and (x) other special cost reduction charges reducing Consolidated Net Income by $11,900,000 taken in
the period ended March 31, 2001; less(B) (i) the amount for such period of gains on sales of assets (excluding sales of inventory in the
ordinary course of business) and other extraordinary gains, all as determined on a consolidated basis in accordance with GAAP, (ii) principal payments for Transponder Leases made during such
period and (iii) unless the United States Borrower otherwise elects in a notice delivered to the Administrative Agent (which election once made may not be revoked), Consolidated EBITDA of an
Unrestricted Subsidiary; provided that for purposes of Section 6.08 Consolidated EBITDA for a Test Period will be adjusted on a pro forma basis
to reflect any Acquisition or Disposition closed during such period as if such Acquisition or Disposition has been closed on the first day of such period. 

    "Consolidated Interest Expense" means, for any period, an amount equal to (i) the total interest expense (including the portion
that is attributable to any Capital Lease Obligation in accordance with GAAP) of the United States Borrower and its Subsidiaries on a consolidated basis with respect to all Indebtedness of the United
States Borrower and its Subsidiaries (including, without limitation, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and
net costs under Hedging Agreements) less (ii) any portion thereof not payable in cash. 

    "Consolidated Net Income" means for any period, the net income (or loss) of the United States Borrower and its Subsidiaries on a
consolidated basis for such period taken as a single accounting period determined in conformity with GAAP. 

    "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
a Person, whether through the ability to exercise voting power, by contract or otherwise "Controlling" and
"Controlled" have meanings correlative thereto. 

    "Credit Documents" means this Agreement, the Subsidiary Guaranty and the promissory notes, if any, issued pursuant to
Section 2.09(e). 

    "Credit Event" means the making of any Loan or the issuance of any Letter of Credit, it being agreed that a conversion of Loans and a
continuation of Eurodollar Loans for a new Interest Period shall not be a Credit Event. 

    "Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Loans and
its LC Exposure at such time. 

–5–

 

    "Credit Party" means United States Borrower and its Subsidiaries (including, without limitation, the Puerto Rico Borrower). 

    "Default" means any event, act or condition which constitutes an Event of Default or which upon notice, lapse of time or both would,
unless cured or waived, become an Event of Default. 

    "Dennevar" means Dennevar B.V., a Dutch corporation wholly-owned indirectly by Venevision. 

    "Description of Notes" means the "Description of Notes" set forth in the preliminary Offering Circular dated June 28, 2001
relating to the Senior Notes. 

    "Disclosed Matters" means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06. 

    "Disposition" means any sale, transfer or disposition by a Borrower or any of its Subsidiaries of a Subsidiary, a division, a facility
or a line of business or of all or substantially all of the assets of any of the foregoing. 

    "Documentation Agent" has the meaning provided in the first paragraph of this Agreement. 

    "dollars" or "$" refers to lawful money of the United States of America. 

    "Effective Date" has the meaning provided in Section 10.16. 

    "Entravision" means Entravision Communications Corporation, a Delaware corporation. 

    "Environmental Claims" means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens,
notices of noncompliance or violation, investigations or proceedings relating in any way to any Environmental Law or any permit issued under any such Law (hereafter "Claims") including without
limitation (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable
Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous
Materials or arising from alleged injury or threat of injury to health, safety or the environment. 

    "Environmental Laws" means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or
threatened release of any Hazardous Material or to health and safety matters. 

    "Environmental Liability" means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the United States Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect
to any of the foregoing. 

    "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

    "ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with the United States Borrower, is treated
as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code. 

–6–

 

    "ERISA Event" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an accumulated "funding deficiency" (as
defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA
of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by a Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA
with respect to the termination of any Plan; (e) the receipt by a Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any
Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by a Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by a Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Borrower or any ERISA
Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA. 

    "Eurodollar", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

    "Eurodollar Spread" has the meaning provided in the definition of "Applicable Rate." 

    "Event of Default" has the meaning assigned to such term in Article VII. 

    "Excluded Taxes" means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient or beneficial
owner of any payment to be made by or on account of any obligation of either Borrower hereunder, (a) taxes imposed on (or measured by) its net income or net profits (including franchise taxes
imposed in lieu thereof) by the jurisdiction under the laws of which such recipient or beneficial owner is organized or in which its principal office or applicable lending office is located, and
(b) in the case of a Foreign Lender or Non- Puerto Rico Lender that is an assignee or transferee of an interest under this Agreement pursuant to Section 2.18 or
Section 10.04, any withholding tax that is imposed on amounts payable to such Foreign Lender or Non-Puerto Rico Lender at the time such Foreign Lender or Non-Puerto Rico
Lender becomes a party to this Agreement or is attributable
to such Foreign Lender's or Non-Puerto Rico Lender's failure or inability to comply with Section 2.16(e) or 2.16(f), except to the extent that such Foreign Lender's or
Non-Puerto Rico Lender's assignor (if any) was entitled, at the time of assignment, to receive additional amounts from a Borrower with respect to such withholding tax pursuant to
Section 2.16(a). 

    "Existing Indebtedness" has the meaning provided in Section 4.01(j). 

    "Facing Fee" has the meaning provided in Section 2.11(f). 

    "FCC" means the Federal Communications Commission or any successor thereto. 

    "Federal Funds Effective Rate" means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 

    "Financial Officer" means the chief financial officer, principal accounting officer, treasurer or controller of the applicable
Borrower. 

–7–

 

    "Foreign Lender" means any Lender that is organized under the laws of a jurisdiction other than that in which the applicable Borrower
is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

    "Foreign Subsidiary" means any Subsidiary of a Borrower incorporated or created under the laws of a jurisdiction other than the United
States of America or any State thereof. 

    "Forms" means (i) two accurate and complete original signed copies of Internal Revenue Service Form W-8ECI or
Form W-8BEN (with respect to the benefits of any income tax treaty) (or successor forms), or (ii) if the Bank is not a "bank" within the meaning of
Section 881(c)(3)(A) of the Code, (x) a certificate substantially in the form of Exhibit E (any such certificate, a "Section 2.16(e) Certificate") and
(y) two accurate and complete original signed copies of Internal Revenue Service Form W-8BEN (with respect to the portfolio interest exemption) (or successor form). 

    "GAAP" means generally accepted accounting principles in the United States of America. 

    "Galavision" means Galavision, Inc., a Delaware corporation. 

    "Governmental Authority" means the government of the United States of America or any political subdivision thereof or therein, any
other nation or any political subdivision thereof or therein, 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. 

    "Guarantee" of or by any Person (the "guarantor") means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "primary
obligor") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to
purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account
party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee
shall not include endorsements for collection or deposit in the ordinary course of business. 

    "Guarantee Release Conditions" have been satisfied if each of the following conditions are satisfied: 

	(i)
	the
Administrative Agent shall have received evidence reasonably satisfactory to it that the United States Borrower's Index Debt shall have a Credit
Rating of BBB or better by S&P and Baa2 or better by Moody's;

	(ii)
	all
guarantees of Subsidiaries of the United States Borrower in respect of Qualified Indebtedness (including the Senior Notes) shall have been
concurrently released; and

	(iii)
	a
Guarantee Trigger Event shall have not occurred after the conditions set forth in clauses (i) and (ii) have been satisfied. 

    "Guarantee Trigger Event" means that after the satisfaction of the conditions set forth in clauses (i) and (ii) of the
definition of "Guarantee Release Conditions", the United States Borrower's Index Debt shall have a Credit Rating of below BBB- by S&P or below Baa3 by Moody's. 

    "Hazardous Materials" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or 

–8–

 

asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

    "Hedging Agreement" means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection
agreement or other interest or currency exchange rate or commodity price hedging arrangement. 

    "Immaterial Subsidiaries" shall mean Subsidiaries of either Borrower (other than License Subsidiaries) which have assets with a book
value and fair market value of less than $25,000,000 (and the aggregate amount of assets of all such Subsidiaries does not exceed $100,000,000) and are not party to any material contracts. 

    "in writing" means any form of written communication or a communication by means of telex, facsimile transmission, telegraph or cable. 

    "Incremental Term Loan Commitment" means, with respect to each Lender, the amount, if any, set forth opposite such Lender's name on
Schedule 2.01 directly below the column entitled "Incremental Term Loan Commitment" as the same may be reduced or terminated pursuant to this
Agreement or adjusted from time to time as a result of assignments to or from such Lender pursuant to this Agreement. 

    "Incremental Term Loan Commitment Agreement" has the meaning provided in Section 2.04(b). 

    "Incremental Term Loan Lender" has the meaning provided in Section 2.04(b). 

    "Incremental Term Loans" has the meaning provided in Section 2.01(d). 

    "Indebtedness" of any Person means, 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 (except for the USA Seller Notes), (c) all
obligations of such Person upon which interest charges are customarily paid (except for the USA Seller Notes), (d) all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable
incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness 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 Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others,
(h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of
guaranty, and (j) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity
(including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

    "Indemnified Taxes" means Taxes other than Excluded Taxes. 

    "Indemnitee" has the meaning provided in Section 10.03(b). 

    "Index Debt" means senior, unsecured, long-term indebtedness for borrowed money of the United States Borrower. 

    "Information" has the meaning provided in Section 10.12. 

    "Initial Borrowing Date" shall mean the date on which the initial Loan is incurred by either Borrower. 

–9–

 

    "Interest Coverage Ratio" means, for any Test Period, the ratio of (x) Consolidated EBITDA for such Test Period to
(y) Consolidated Interest Expense for such Test Period. 

    "Interest Election Request" means a request by a Borrower to convert or continue a Borrowing in accordance with Section 2.07. 

    "Interest Payment Date" means (a) with respect to any ABR Loan, the last day of each March, June, September and December and
(b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest
Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period. 

    "Interest Period" means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, three or six months (or, if available to all Lenders in the relevant Class, nine or twelve months) thereafter, as a Borrower may elect;  provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no Interest
Period with respect to any Borrowing of a Class may be elected that would extend beyond the Maturity Date for such Class. For purposes hereof, the date of a Borrowing initially shall be the date on
which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

    "Investment" means the direct or indirect lending of money or credit or making advances to any other Person, or purchasing or acquiring
any stock, obligations or securities of, or any other interest in, or making any capital contribution to, any other Person. 

    "Issuing Bank" means Chase or an Affiliate of Chase, in its capacity as the issuer of Letters of Credit hereunder, and its successors
in such capacity as provided in Section 2.05(h). 

    "Junior Subordinated Notes" shall mean, collectively, (i) that certain Subordinated Ten Year Note due December 17, 2002,
dated December 17, 1992, executed by Network Holdings and payable to the order of Univision Holdings, Inc., in the initial principal amount of $62,528,997, as replaced by those certain
Subordinated Ten Year Notes due 2002 issued by Network Holding in an aggregate amount of $61,094,000 pursuant to an Indenture, dated as of December 17, 1992, executed by Network Holding to
First Trust National Association, as Trustee, the obligations under which have been assumed by the United States Borrower and (ii) that certain Subordinated Ten Year Note due
December 17, 2002, dated December 17, 1992, executed by PTI Holdings and payable to the order of Univision Holdings, Inc., in the initial principal amount of $8,871,003, as
replaced by those certain Subordinated Ten Year Notes
due 2002 issued by PTI Holdings in an aggregate amount of $10,306,000 pursuant to an Indenture, dated as of December 17, 1992, executed by PTI Holdings to First Trust National Association, as
Trustee as such notes and/or such Indentures may be amended or otherwise modified from time to time in accordance with the terms hereof. 

    "LC Disbursement" means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

    "LC Exposure" means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time
plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the United States Borrower at such time. The LC 

–10–

 

Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 

    "Leaseback Transaction" has the meaning provided in Section 6.13. 

    "Leaseback Transaction Amount" means, with respect to any Leaseback Transaction, the aggregate consideration received by the United
States Borrower and the Subsidiaries from the sale of the property subject to such Leaseback Transaction. 

    "Lender Affiliate" means, (a) with respect to any Lender, (i) an Affiliate of such Lender or (ii) any entity
(whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of
its business and is administered or managed by a Lender or an Affiliate of such Lender and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of
credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

    "Lenders" has the meaning provided in the first paragraph of this Agreement. 

    "Letter of Credit" means any letter of credit issued pursuant to this Agreement. 

    "Letter of Credit Fee" has the meaning provided in Section 2.11(e). 

    "Leverage Ratio" means at any time the ratio of (x) Consolidated Debt at such time to (y) Consolidated EBITDA for the
Test Period then ended (if such date is the last day of a fiscal quarter) or last ended (if such date is not the last day of a fiscal quarter). 

    "LIBO Rate" means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Page 3750 of the Telerate
Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently provided on such page of
such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period.
In the event that such rate is not available at such time for any reason, then the "LIBO Rate" with respect to such Eurodollar Borrowing for such
Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in
immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

    "License Subsidiaries" means the Subsidiaries of either Borrower the only assets of which are Media Licenses. 

    "Lien" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with
respect to such securities. 

    "Loans" means each United States Term Loan, Puerto Rico Term Loan, Revolving Loan and Incremental Term Loan. 

    "Margin Stock" has the meaning provided in Regulation U. 

–11–

 

    "Material Adverse Effect" means any act or circumstance or event that (a) causes a Default or Event of Default,
(b) otherwise could reasonably be expected to have a material adverse effect on the business,
property, assets, liabilities, condition (financial or otherwise) or results of operations of the United States Borrower and its Restricted Subsidiaries, together taken as a whole or (c) the
ability of a Borrower to perform any of its obligations under this Agreement. 

    "Material Agreements" means the Program License Agreements and Material Debt Agreements. 

    "Material Debt Agreements" means the agreements and instruments entered into by the United States Borrower and its Subsidiaries in
respect of Material Indebtedness. 

    "Material Indebtedness" means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more
Hedging Agreements, of any one or more of the United States Borrower and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the
"principal amount" of the obligations of either Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum
aggregate amount (giving effect to any netting agreements) that a Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 

    "Material Media Licenses" means all FCC licenses necessary to operate broadcast television or radio stations. 

    "Maturity Date" means (i) for United States Term Loans, Puerto Rico Term Loans and Revolving Loans, the fifth anniversary of the
Initial Borrowing Date and (ii) for Incremental Term Loans of a Class, the date or dates specified in the Incremental Term Loan Commitment Agreement for such Class. 

    "Media Licenses" means any franchise, license, permit, certificate, ordinance, approval or other authorization, or any renewal or
extension thereof, from any federal, state or local government or governmental agency, department or body that is necessary for the broadcast or other operations of either Borrower or any of their
Subsidiaries. 

    "Media/Communications Business" means business generally considered to be in the media and communications industry, including the
ownership and operation of television networks, radio and television stations, cable networks, cable programming, television programming and syndication, interactive television, direct broadcast
satellite, pay-per-view television, sports team ownership, sports promotion, home shopping, print and on-line publishing and broadcasting, billboards and recorded
music and music publishing. 

    "Moody's" means Moody's Investors Service, Inc. 

    "Multiemployer Plan" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

    "Network" means The Univision Network Limited Partnership, a Delaware limited partnership. 

    "Network Holdings" means The Univision Network Holding Limited Partnership, a Delaware limited partnership. 

    "Non-Puerto Rico Lender" has the meaning provided in the definition of "Excluded
Tax". 

    "Obligations" means all amounts, direct or indirect, contingent or absolute, of every type or description, and at any time existing,
owing to the Administrative Agent, any other Agent or any Lender under this Agreement or any other Credit Document. 

    "Other Taxes" means any and 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 from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 

–12–

 

    "Participant" has the meaning provided in Section 10.04(e). 

    "PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions. 

    "Perenchio" means A. Jerrold Perenchio. 

    "Perenchio Group" has the meaning provided in the definition of "Change in Control." 

    "Permitted Encumbrances" means 

    (a) Liens
imposed by law for taxes that are not yet due or are being contested in compliance with Section 5.04; 

    (b) carriers',
warehousemen's, mechanics', materialmen's, repairmen's and other like Liens imposed by law, arising in the ordinary course of business and securing
obligations that are not overdue by more than 45 days or are being contested in compliance with Section 5.04; 

    (c) pledges
and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or
regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; 

    (d) deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a
like nature, in each case in the ordinary course of business; 

    (e) easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of either Borrower or any
Subsidiary; and 

    (f)  Liens
arising pursuant to any order of attachment, distraint or similar legal process arising in connection with court proceedings so long as (i) the
execution or other enforcement thereof is effectively stayed and claims secured thereby are being contested in good faith by appropriate proceedings and (ii) the obligations secured by such
Liens do not exceed $50,000,000 in the aggregate; 

    provided that the term "Permitted Encumbrances" shall not include any Lien securing
Indebtedness. 

    "Permitted Transferees" means (i) Perenchio's spouse and lineal descendants, (ii) Perenchio's personal representatives
and heirs, (iii) any trustee of any trust created primarily for the benefit of any, some or all of such spouse and lineal descendants or of any revocable trust created by Perenchio,
(iv) such trust, (v) following the death of Perenchio, all beneficiaries under such trust, (vi) Perenchio, in the case of a transfer from any transferee back to Perenchio and
(vii) any entity, all of the equity of which is directly or indirectly owned by any of the foregoing which is not an Affiliate of any other Person. 

    "Person" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
Governmental Authority or other entity. 

    "Plan" means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which a Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA
be deemed to be) an "employer" as defined in Section 3(5) of ERISA. 

    "Prepayment" has the meaning set forth in Section 6.11. 

    "Primary Station" means any full power television station now or hereafter owned, leased or operated by the United States Borrower or
any of its Subsidiaries; provided such term shall not include 

–13–

 

any Station, any translator or other television station owned, leased or operated by Entravision so long as Entravision is not a Subsidiary. 

    "Prime Rate" means the rate of interest per annum publicly announced from time to time by The Chase Manhattan Bank as its prime rate in
effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

    "Program License Agreements" means, collectively, (i) that certain Amended and Restated Program License Agreement dated as of
October 1, 1996, between Univisa and Network, pursuant to which Univisa makes certain current and library programming available to Network, and the Guaranty dated as of October 1, 1996
by Televisa in favor of Network, guaranteeing the obligations of Univisa thereunder and (ii) that certain Amended and Restated Program License Agreement dated as of October 1, 1996,
between Dennevar and Network, pursuant to which Dennevar makes certain current and library programming available to Network, and the Guaranty dated as of October 2, 1996 by Venevision in favor
of Network, guaranteeing the obligations of Dennevar thereunder, as such Agreements and Guaranties may be amended or modified from time to time in accordance with the terms hereof. 

    "PTI Holdings" means PTI Holdings, Inc., a Delaware corporation. 

    "Puerto Rico Borrower" has the meaning provided in the first paragraph of this Agreement. 

    "Puerto Rico Term Commitment" means, with respect to each Lender, the amount, if any, set forth opposite such Lender's name on
Schedule 2.01 hereto directly below the column entitled "Puerto Rico Term Commitment" as the same may be reduced or terminated pursuant to this
Agreement or adjusted from time to time as a result of assignments to or from such Lender pursuant to this Agreement. 

    "Puerto Rico Term Loan" has the meaning provided in Section 2.01(c). 

    "Puerto Rico Term Loan Commitment Commission" has the meaning provided in Section 2.11(b). 

    "Qualified Indebtedness" means unsecured Indebtedness of the United States Borrower and the Subsidiary Guarantors which matures no
earlier than six months after the Maturity Date and the terms and conditions of which are no less favorable in any material respect (except with respect to interest rate) to the United States Borrower
than the terms and conditions set forth in the Description of Notes or are otherwise reasonably satisfactory to the Required Lenders. To the extent that a Lender has not notified the Administrative
Agent within five Business Days after the receipt by the Lenders of notice of the proposed issuance and the terms and conditions thereof in reasonable detail that proposed terms and conditions of such
Indebtedness are not satisfactory, such terms and conditions shall be deemed satisfactory and approved for purposes of this definition and this definition only. 

    "Qualified Securities" means (i) Qualified Indebtedness and (ii) common or preferred stock issued by the United States
Borrower. 

    "Refinancing" means the repayment of all outstanding indebtedness of the United States Borrower and its Subsidiaries including, without
limitation, indebtedness outstanding under (i) the Credit Agreement, dated as of September 26, 1996, among the United States Borrower, the financial institutions party thereto, BNP
Paribas (formerly Banque Paribas) and The Chase Manhattan Bank, as Managing Agents, and The Chase Manhattan Bank, as Administrative Agent and (ii) the Bridge Loan Agreement, dated as of
June 8, 2001, among the United States Borrower, the financial institutions from time to time party thereto and Goldman Sachs Credit Partners, L.P., as sole advisor, book manager and syndication
agent, as sole lead arranger and as sole administrative agent and the amount of all accrued interest, premiums, fees, commissions and expenses owing in connection with the repayment of such
Indebtedness and all Liens in connection with such Refinanced Indebtedness shall have been terminated (and all appropriate releases, termination statements or other instruments of assignment 

–14–

 

with respect thereto shall have been obtained) to the satisfaction of the Administrative Agent and the Required Lenders. 

    "Register" has the meaning set forth in Section 10.04(c). 

    "Regulation D" means Regulation D of the Board as from time to time in effect and any successor to all or a portion
thereof establishing reserve requirements. 

    "Regulation T" means Regulation T of the Board as from time to time in effect and any successor to all or a portion
thereof. 

    "Regulation U" means Regulation U of the Board as from time to time in effect and any successor to all or a portion
thereof establishing margin requirements. 

    "Regulation X" means Regulation X of the Board as from time to time in effect and any successor to all or a portion
thereof. 

    "Related Parties" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers,
employees, agents and advisors of such Person and such Person's Affiliates. 

    "Required Lenders" shall mean Lenders the sum of whose outstanding United States Term Loans, United States Term Commitments (to the
extent not theretofore terminated), Incremental Term Loans, Incremental Term Commitments (to the extent not theretofore terminated), Puerto Rico Term Loans, Puerto Rico Term Commitments (to the extent
not theretofore terminated), and Revolving Commitments (or after the termination thereof, the sum of outstanding Revolving Loans and Applicable Percentages of outstanding Letters of Credit) represent
an amount greater than 50% of the sum of all outstanding United States Term Loans made by Lenders, the then Total United States Term Commitments (to the extent not theretofore terminated) of Lenders,
Incremental Term Loans made by Lenders, the then Total Incremental Term Loan Commitments (to the extent not theretofore terminated) of Lenders, Puerto Rico Term Loans made by Lenders, the then Total
Puerto Rico Term Commitments (to the extent not theretofore terminated) and the Total Revolving Loan Commitment (or after the termination thereof, the sum of the then total outstanding Revolving Loans
held by Lenders and Applicable Percentages of outstanding Letters of Credit held by Lenders at such time). 

    "Restricted Payment" means (i) any dividend or other distribution (whether in cash, securities or other property) with respect
to any shares of any class of capital stock of the United States Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock of the United States Borrower or any Subsidiary or any option,
warrant or other right to acquire any such shares of capital stock of the United States Borrower or any Subsidiary and (ii) Investments by the United States Borrower and its Subsidiaries in
Affiliates of the United States Borrower (other than Subsidiaries of the United States Borrower) to the extent that such Investments exceed $10,000,000 in the aggregate. 

    "Restricted Subsidiary" means any Subsidiary other than an Unrestricted Subsidiary. 

    "Revolving Commitment" means, with respect to each Lender, the amount set forth opposite such Lender's name in Schedule 2.01
hereto directly below the column entitled "Revolving Commitment," as the same may be (x) reduced or terminated from time to time pursuant to this
Agreement, (y) adjusted from time to time as a result of assignments to or from such Lender pursuant to this Agreement or (z) increased by any Additional Revolving Commitment of such
Lender provided pursuant to Section 2.19. 

    "Revolving Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's
Revolving Loans and its LC Exposure at such time. 

–15–

  

    "Revolving Lender" means at any time each Lender with a Revolving Commitment or with outstanding Revolving Loans. 

    "Revolving Loan" has the meaning provided in Section 2.01(a). 

    "Revolving Loan Commitment Commission" has the meaning provided in Section 2.11(b). 

    "SEC" has the meaning provided in Section 5.01(f). 

    "Senior Notes" means the senior notes or other indebtedness to be issued by the United States Borrower and guaranteed by the Subsidiary
Guarantors, which in each case shall be in form and substance and on terms and conditions as set forth in the Description of Notes. 

    "Short-Term Indebtedness" means Indebtedness (including Incremental Term Loans) incurred by the United States Borrower and
its Subsidiaries after the Initial Borrowing Date to the extent that such Indebtedness is required to be repaid prior to the Maturity Date or any such Indebtedness may be put to the United States
Borrower or any of its Subsidiaries prior to the Maturity Date (other than as a result of a change of control or other similar event). 

    "Significant Media Licenses" means all FCC licenses necessary to operate broadcast television or radio stations owned by the United
States Borrower or its Subsidiaries (i) in New York, Los Angeles or Miami or (ii) for any city or region which constitute in the aggregate 10% or more of the broadcast cash flow of the
United States Borrower and its Subsidiaries on a consolidated basis. 

    "Significant Subsidiary" means at any time any Subsidiary of either Borrower that would at such time constitute a "significant
subsidiary" (as such term is defined in Regulation S-X of the SEC). 

    "Specified Acquisitions" means the following acquisitions in the amounts indicated: 

    (1) Television
stations from USA Broadcasting Inc. in an aggregate amount of approximately $1.1 billion (the "USA Stations
Acquisition"); 

    (2) Television
stations in Puerto Rico, San Antonio, Phoenix, Tucson, Austin, Waco, Washington, D.C., and San Francisco in an amount of approximately
$400 million; and 

    (3) 50%
interest in Disa Records S.A. de C.V. in an amount of approximately $75 million. 

    "Sports Team Subsidiary" means any Subsidiary of the United States Borrower which owns a sports team. 

    "S&P" means Standard & Poor's. 

    "Station" means any full power television station, any low power television station, any translator and any other television system now
or hereafter owned, leased or operated by the United States Borrower or any of its Subsidiaries. 

    "Statutory Reserve Rate" means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of
which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to
which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as "Eurocurrency
Liabilities" in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed
to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any
Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

–16–

 

    "subsidiary" means, with respect to any Person (the "parent") at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of
which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or,
in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the
parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

    "Subsidiary" means any subsidiary of the United States Borrower (including the Puerto Rico Borrower). 

    "Subsidiary Guarantor" means, at any time, each of the United States Borrower's present and future domestic Subsidiaries;  provided that (x) the USA Acquisition
Subsidiaries shall not be required to be Subsidiary Guarantors for so long as such subsidiaries constitute
Unrestricted Subsidiaries and (y) Immaterial Subsidiaries shall not be required to be Subsidiary Guarantors. 

    "Subsidiary Guaranty" has the meaning provided in Section 4.01(k). 

    "Tax Benefit" has the meaning provided in Section 2.16(g). 

    "Taxes" means any and all present or future taxes, levies, imposts, duties, fees, assessments, deductions, charges or withholdings
imposed by any Governmental Authority. 

    "Televisa" means Grupo Televisa S.A. de C.V. 

    "Test Period" means, at any time, the four consecutive fiscal quarters of the United States Borrower (taken as one accounting period)
then ending (if such time is the last day of a fiscal quarter) or last ended (if such day is not the last day of a fiscal quarter). 

    "Total Incremental Term Commitment" means the sum of the Incremental Term Commitments of each of the Lenders. 

    "Total Puerto Rico Term Commitment" means the sum of the Puerto Rico Term Commitments of each of the Lenders. 

    "Total Revolving Commitment" means the sum of the Revolving Commitments of each of the Lenders. 

    "Total Revolving Credit Exposure" means the sum of the Revolving Credit Exposures of each of the Lenders. 

    "Total United States Term Commitments" means the sum of the United States Term Commitments of each of the Lenders. 

    "Transactions" means the execution, delivery and performance by each Borrower of this Agreement, the borrowing of Loans, the use of the
proceeds thereof and the issuance of Letters of Credit hereunder. 

    "Transponder Leases" means, collectively, the long-term capital leases for satellite transponders. 

    "Type", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

    "United States Borrower" has the meaning provided in the first paragraph of this Agreement. 

–17–

 

    "United States Borrower Guaranty" means the guaranty of the United States Borrower contained in Article IX hereof. 

    "United States Loans" means each United States Term Loan, Revolving Loan and Incremental Term Loan. 

    "United States Term Commitment" means, with respect to each Lender, the amount, if any, set forth opposite such Lender's name on
Schedule 2.01 hereto directly below the column entitled "United States Term Commitment" as the same may be (x) reduced or terminated
pursuant to this Agreement, (y) adjusted from time to time as a result of assignments to or from such Lender pursuant to this Agreement or (z) increased by any Additional United States
Term Commitment of such Lender provided pursuant to Section 2.19. 

    "United States Term Loan" has the meaning provided in Section 2.01(b). 

    "United States Term Loan Commitment Commission" has the meaning provided in Section 2.11(a). 

    "Univisa" means Univisa, Inc., a Delaware corporation. 

    "Unrestricted Subsidiary" shall mean (i) Univision Online Inc. and its subsidiaries and (ii) the USA Acquisition
Subsidiaries; provided, that upon the repayment of a USA Seller Note the USA Acquisition Subsidiary obligated thereunder and the subsidiaries of such
USA Acquisition Subsidiary will no longer be Unrestricted Subsidiaries from and after the date on which such USA Acquisition Subsidiary and its subsidiaries become Subsidiary Guarantors in accordance
with Section 5.10. 

    "Unutilized Puerto Rico Term Commitment" for any Lender at any time means the excess of (i) the Puerto Rico Term Commitments of
such Lender over (ii) the aggregate outstanding principal amount of Puerto Rico Term Loans made by such Lender. 

    "Unutilized Revolving Commitment" for any Lender at any time shall mean the excess of (i) the Revolving Commitment of such
Lender over (ii) the sum of (x) aggregate outstanding principal amount of Revolving Loans made by such Lender plus (y) such Lender's Applicable Percentage of outstanding Letters
of Credit. 

    "Unutilized United States Term Commitment" for any Lender at any time means the excess of (i) the United States Term Commitment
of such Lender over (ii) the aggregate outstanding principal amount of United States Term Loans made by such Lender. 

    "USA Acquired Subsidiaries" means the Subsidiaries of USA Broadcasting identified on Schedule 1.1(a) of the USA Stations
Acquisition Agreement to be acquired by the United States Borrower pursuant to the USA Acquisition Agreement. 

    "USA Acquisition Subsidiaries" means the single purpose direct Subsidiaries of the United States Borrower formed for the sole purpose
of acquiring stock of USA Acquired Subsidiaries pursuant to the USA Stations Acquisition, and issuing USA Seller Notes. The only subsidiaries of a USA Acquisition Subsidiary shall be the USA Acquired
Subsidiaries. 

    "USA Broadcasting" means USA Broadcasting, Inc., a Delaware corporation. 

    "USA Seller Notes" means the promissory notes that may be issued by the USA Acquisition Subsidiaries upon the exercise of the
Alternative Transfer structure pursuant to Section 1.3 of the USA Acquisition Agreement; provided, that (x) neither the United States
Borrower nor any Subsidiary of the United States Borrower other than a USA Acquisition Subsidiary shall be an obligor under such promissory note, (y) upon the payment of the principal amount of
such promissory note, the USA Acquisition Subsidiaries and the USA Acquired Subsidiaries owned by such USA Acquisition Subsidiary shall be released from all obligations under such promissory note and
(z) the terms and conditions of such promissory note shall be as set forth in Exhibit E to the USA Acquisition Agreement. 

–18–

 

    "USA Stations Acquisition" has the meaning provided in the definition "Specified
Acquisition". 

    "USA Stations Acquisition Agreement" means the Stock Purchase Agreement, dated as of January 17, 2001, between the United States
Borrower and USA Broadcasting, as amended by the First Amendment to Stock Purchase Agreement dated as of May 9, 2001 and the Second Amendment to Stock Purchase Agreement dated as of
June 7, 2001, as it may be further amended, modified or supplemented from time to time in accordance with the terms hereof. 

    "USA Stations Acquisition Pledge Agreement" means the Pledge Agreement in the form attached to the USA Stations Acquisition Agreement. 

    "Venevision" means Corporacion Venezolana de Television (Venevision) C.A., a Venezuelan corporation. 

    "Voting Power" means, with respect to any Person, the aggregate number of votes of all classes of capital stock or other equity
interests of such Person which ordinarily has voting power for the election of directors of such Person. 

    "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

    1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a "Revolving Loan") or by Type (e.g., a
"Eurodollar Loan") or by Class and Type (e.g., a "Eurodollar Revolving
Loan"). Borrowings also may be classified and referred to by
Class (e.g., a "Revolving Borrowing") or by Type (e.g.,
a "Eurodollar Borrowing") or by Class and Type (e.g., a "Eurodollar Revolving
Borrowing"). 

    1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include",
"includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word
"will" shall be construed to have the same meaning and effect as the word "shall". Unless the context
requires otherwise (a) 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), (b) any reference herein to any
Person shall be construed to include such Person's successors and assigns, (c) 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, (d) 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 and (e) 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. 

    1.04 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the United States Borrower notifies the
Administrative Agent that the United States Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the United States Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied
immediately before such 

–19–

 

change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

 
 

ARTICLE II
  THE CREDITS    
  

	2.01
	Commitments. (a) Subject to and upon the terms and conditions herein set forth, each Lender with a Revolving Commitment
severally agrees to make a loan or loans (each a "Revolving Loan" and
collectively, the "Revolving Loans") to the United States Borrower from time to time during the Availability Period for Revolving Loans in an aggregate
principal amount that will not result in such Lender's Revolving Credit Exposure exceeding such Lender's Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set
forth herein, the United States Borrower may borrow, prepay and reborrow Revolving Loans. 

    (b) Subject
to and upon the terms and conditions herein set forth, each Lender with a United States Term Commitment severally agrees to make a loan or loans (each a
"United States Term Loan" and collectively, the "United States Term Loans") to the United States
Borrower from time to time during the Availability Period for United States Term Loans in an aggregate principal amount that will not result in such Lender's outstanding United States Term Loans
exceeding the United States Term Commitment of such Lender. Once repaid, United States Term Loans may not be reborrowed. 

    (c) Subject
to and upon the terms and conditions herein set forth, each Lender with a Puerto Rico Term Commitment severally agrees to make a loan or loans (each a
"Puerto Rico Term Loan" and collectively, the "Puerto Rico Term Loans") to the Puerto Rico Borrower from
time to time during the Availability Period for Puerto Rico Term Loans in an aggregate principal amount that will not result in such Lender's outstanding Puerto Rico Term Loans to exceeding the Puerto
Rico Term Commitment of such Lender. Once repaid, Puerto Rico Term Loans may not be reborrowed. 

    (d) Subject
to and upon the terms and conditions herein set forth and in the Incremental Term Loan Commitment Agreement for a Class, each Lender with an Incremental
Term Loan Commitment of such Class severally agrees to make a loan or loans (each an "Incremental Term Loan" and collectively, the
"Incremental Term Loans") to the United States Borrower from time to time pursuant to such Incremental Term Loan Commitment Agreement in an aggregate
principal amount that will not result in such Lender's outstanding Incremental Term Loans of such Class exceeding the Incremental Term Loan Commitment of such Class of such Lender. Once repaid,
Incremental Term Loans may not be reborrowed. 

    2.02 Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing of a Class consisting of Loans
made by the Lenders ratably in accordance with their respective Commitments under such Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of
its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to
make Loans as required. 

    (b) Subject
to Section 2.14, (i) each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as a Borrower may request in accordance
herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan;  provided that any exercise of such option shall
not affect the obligation of a Borrower to repay such Loan in accordance with the terms of this
Agreement. 

    (c) At
the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000
and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000;  provided
that an ABR Borrowing may be 

–20–

 

in an aggregate amount that is equal to the entire unused balance of the total Commitments under the relevant Class or that is required to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at
any time be more than a total of 15 Eurodollar Revolving Borrowings outstanding. 

    (d) Notwithstanding
any other provision of this Agreement, the Borrowers shall not be entitled to request, or to elect to convert or continue, any Borrowing if the
Interest Period requested with respect thereto would end after the Maturity Date. 

    2.03 Requests for Borrowings. To request a Borrowing, a Borrower shall notify the Administrative Agent of such request
by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (b) in the
case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing; provided
that any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e) may be given not later than 10:00 a.m., New York City time,
on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written
Borrowing Request in a form approved by the Administrative Agent and signed by a Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02: 

     (i) the
aggregate amount of the requested Borrowing; 

    (ii) the
date of such Borrowing, which shall be a Business Day; 

    (iii) whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

    (iv) whether
such Borrowing is to be a Revolving Borrowing or a Term Borrowing; 

    (v) in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term
"Interest Period"; and 

    (vi) the
location and number of the applicable Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06. 

    If
no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Borrowing, then a Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section,
the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing. 

    2.04 Incremental Term Loans. (a) So long as no Default or Event of Default then exists or would result therefrom
the United States Borrower shall have the right at any time and from time to time after the Initial Borrowing Date and prior to the third anniversary of the Initial Borrowing Date to request that one
or more existing Lenders and/or other Persons (which will become Lenders as provided below), provide Incremental Term Loan Commitments under any Class as designated in the respective Incremental Term
Loan Commitment Agreement and, subject to the terms and conditions contained in this Agreement and the respective Incremental Term Loan Commitment Agreement, make Incremental Term Loans pursuant
thereto, it being understood and agreed, however, that: 

     (i) no
Lender shall be obligated to provide an Incremental Term Loan Commitment as a result of any such request by the United States Borrower, and until such time, if
any, as such Lender has agreed in its sole discretion to provide an Incremental Term Loan Commitment and executed and delivered to the Administrative Agent an Incremental Term Loan Commitment 

–21–

 

Agreement as provided in clause (b) of this Section 2.04, such Lender shall not be obligated to fund any Incremental Term Loans; 

    (ii) any
Lender (or any other Person which will become a Lender) may so provide an Incremental Term Loan Commitment without the consent of any other Lender; 

    (iii) each
provision of Incremental Term Loan Commitments pursuant to this Section 2.04 on a given date shall be in a minimum aggregate amount (for all Lenders
(including any other Persons who will become Lenders)) of at least $50,000,000; 

    (iv) the
aggregate amount of all Incremental Term Loan Commitments permitted to be provided pursuant to this Section 2.04 shall not exceed $800,000,000; 

    (v) each
Incremental Term Loan Commitment Agreement shall specifically set forth the Class (including any new Class thereunder) of the Incremental Term Loan Commitments
being provided thereunder; 

    (vi) each
Lender agreeing to provide an Incremental Term Loan Commitment shall make Incremental Term Loans under the Class specified in the relevant Incremental Term
Loan Commitment Agreement pursuant to Section 2.01(d) and such Loans shall thereafter be deemed to be Incremental Term Loans under the relevant Class for all purposes of this Agreement; 

   (vii) (i) no
Incremental Term Loan may mature prior to the Maturity Date and (ii) in no event shall the weighted average life to maturity of the
Incremental Term Loans be shorter than the then weighted average life to maturity of the United States Term Loans, providedthat, Incremental Term Loans
shall not be subject to the restrictions set forth in clauses (i) and (ii) to the extent that the aggregate principal amount of Short-Term Indebtedness outstanding at any
time does not exceed $300,000,000; and 

   (viii) all
actions taken by the United States Borrower pursuant to this Section 2.04 shall be taken in coordination with the Administrative Agent. 

    (b) At
the time of any provision of Incremental Term Loan Commitments pursuant to this Section 2.04, (i) the United States Borrower, the Administrative
Agent and each such Lender or other Person (each an "Incremental Term Loan Lender") which agrees to provide an Incremental Term Loan Commitment shall
execute and deliver to the Administrative Agent an Incremental Term Loan Commitment Agreement substantially in the form of Exhibit D (appropriately completed) (each in an
"Incremental Term Loan Commitment Agreement"), with the effectiveness of such Incremental Term Loan Lender's Incremental Term Loan Commitment to occur
on the date set forth in such Incremental Term Loan Commitment Agreement and the payment of any fees required in connection therewith; and (ii) the United States Borrower shall deliver to the
Administrative Agent an opinion or opinions, in form and substance reasonably satisfactory to the Administrative Agent, from counsel to the United States Borrower reasonably satisfactory to the
Administrative Agent and dated such date, covering such of the matters set forth in the opinions of counsel delivered to the Administrative Agent on the Initial Borrowing Date pursuant to
Article IV as may be reasonably requested by the Administrative Agent, and such other matters as the Administrative Agent may reasonably request. The Administrative Agent shall promptly notify
each Lender as to the effectiveness of each Incremental Term Loan Commitment Agreement, and (i) at such time Schedule 2.01 shall be deemed modified to reflect the Incremental Term Loan
Commitments of such Incremental Term Loan Lenders under the relevant Class or Classes and (ii) to the extent requested by such Incremental Term Loan Lenders, the appropriate promissory notes
will be issued, at the United States Borrower's expense, to such Incremental Term Loan Lenders. 

    2.05 Letters of Credit. (a) General. Subject to the terms and
conditions set forth herein, the United States Borrower may request the issuance of Letters of Credit for its own account, in a form reasonably acceptable to the Administrative Agent and the Issuing
Bank, at any time and from time to time during 

–22–

 

the Availability Period for Letters of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by the United States Borrower to, or entered into by the United States Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and
conditions of this Agreement shall control. 

    (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit
(or the amendment, renewal or extension of an outstanding Letter of Credit), the United States Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for
doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension, the date on which such
Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the United States Borrower also shall submit a letter of credit
application on the Issuing Bank's standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit the United States Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or
extension (i) the LC Exposure shall not exceed $75,000,000 and (ii) the Revolving Credit Exposures shall not exceed the Total Revolving Commitments. 

    (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of
(i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the
date that is five Business Days prior to the Maturity Date. 

    (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount
thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires
from the Issuing Bank, a participation in such Letter of Credit equal to such Lender's Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration
and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Lender's
Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the United States Borrower on the date due as provided in paragraph (e) of this Section, or of any
reimbursement payment required to be refunded to the United States Borrower for
any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination
of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

    (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the United
States Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such
LC Disbursement is made, if the United States Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been
received by the United States Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the United States 

–23–

 

Borrower receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the
United States Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that, if such LC
Disbursement is not less than $1,000,000, the United States Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be
financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the United States Borrower's obligation to make such payment shall be discharged and replaced by the
resulting ABR Revolving Borrowing. If the United States Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment
then due from the United States Borrower in respect thereof and such Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative
Agent its Applicable Percentage of the payment then due from the United States Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and
Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the
Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the United States Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders
and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR
Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the United States Borrower of its obligation to reimburse such LC Disbursement. 

    (f)  Obligations Absolute. The United States Borrower's obligation to reimburse LC Disbursements as provided in
paragraph (d) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of: 

     (i) any
lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein; 

    (ii) any
amendment or waiver of or any consent to departure from all or any of the provisions of any Letter of Credit or this Agreement; 

    (iii) the
existence of any claim, setoff, defense or other right that the United States Borrower, any other party guaranteeing, or otherwise obligated with, the United
States Borrower, any Subsidiary or other Affiliate thereof or any other Person may at any time have against the beneficiary under any Letter of Credit, the Issuing Bank, the Administrative Agent or
any Lender or any other Person, whether in connection with this Agreement or any other related or unrelated agreement or transaction; 

    (iv) any
draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect; 

    (v) payment
by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit;
and 

    (vi) any
other act or omission to act or delay of any kind of the Issuing Bank, the Lenders, the Administrative Agent or any other Person or any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the United States Borrower's
obligations hereunder. 

–24–

 

    Neither
the Administrative Agent, the Documentation Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of
or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder, including any of the circumstances specified in clauses
(i) through (vi) above, as well as any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing
Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the United States Borrower to the extent of any
direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the United States Borrower to the extent permitted by applicable law) suffered by the United States
Borrower that are caused by the Issuing Bank's failure to exercise the agreed standard of care (as set forth below) in determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. Without limiting the generality of the foregoing, it is understood that the Issuing Bank may accept documents that appear on their face to be in substantial compliance
with the terms of a Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents
that appear on their face to be in substantial compliance with the terms of such Letter of Credit; provided that the Issuing Bank shall have the right,
in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit. 

    (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the United States Borrower by telephone (confirmed by
telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give
or delay in giving such notice shall not relieve the United States Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement. 

    (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the United States Borrower shall
reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
but excluding the date that the United States Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans;  provided that, if the United States Borrower fails
to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section, then
Section 2.12(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any
Lender pursuant to paragraph (d) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment. 

    (i)  Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the United
States Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At
the time any such replacement shall become effective, the United States Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(d). From
and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters
of Credit to be issued thereafter and (ii) references herein to the term "Issuing Bank" shall be deemed to refer to such successor or to any
previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a
party hereto and shall continue to 

–25–

 

have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional
Letters of Credit. 

    (j)  Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the United
States Borrower receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing greater than 50% of
the total LC Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the United States Borrower shall deposit in an account with the Administrative Agent, in the name of the
Administrative Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon;  provided that the obligation to deposit
such cash collateral shall become effective immediately, and such deposit shall become immediately due and
payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the United States Borrower described in Sections 7.08 or 7.09. Such deposit shall be
held by the Administrative Agent as collateral for the payment and performance of the obligations of the United States Borrower under this Agreement. The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option
and sole discretion of the Administrative Agent and at the United States Borrower's risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the
extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the United States Borrower for the LC Exposure at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 51% of the total LC Exposure), be applied to satisfy other obligations of the United States Borrower under
this Agreement. If the United States Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied
as aforesaid) shall be returned to the United States Borrower within three Business Days after all Events of Default have been cured or waived. 

    2.06 Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date
thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the
Lenders. The Administrative Agent will make such Loans available to a Borrower by promptly crediting the amounts so received, in like funds, to an account of a Borrower maintained with the
Administrative Agent in New York City and designated by a Borrower in the applicable Borrowing Request; provided that ABR Revolving Loans made to
finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the Issuing Bank. 

    (b) Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the
Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of
this Section and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable
Borrowing available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount
with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at
(i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of a Borrower, the interest rate applicable to ABR 

–26–

 

Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing. 

    2.07 Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, a Borrower may elect to convert such Borrowing to a
different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section. A Borrower may elect different options
with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
comprising each such portion shall be considered a separate Borrowing. 

    (b) To
make an election pursuant to this Section, a Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request
would be required under Section 2.03. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the applicable Borrower. 

    (c) Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

     (i) the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions
thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing); 

    (ii) the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

    (iii) whether
the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

    (iv) if
the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term "Interest Period". 

    If
any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then a Borrower shall be deemed to have selected an Interest Period of
one month's duration, in the case of a Eurodollar Borrowing. 

    (d) Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of
each resulting Borrowing. 

    (e) If
a Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto,
then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an
Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the applicable Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR
Borrowing at the end of the Interest Period applicable thereto. 

    2.08 Termination and Reduction of Commitments. (a) Unless previously terminated, the Revolving Commitments shall
terminate on the Maturity Date. 

–27–

 

    (b) A Borrower may at any time terminate, or from time to time reduce, the Commitments in respect of a Class, provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) a Borrower shall not terminate or reduce
the Commitments in respect of a Class if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the Credit Exposure under such Class would exceed the
total Commitments under such Class. 

    (c) A
Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least one
Business Day prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent
shall advise the Lenders of the contents thereof. Each notice delivered by a Borrower pursuant to this Section shall be irrevocable; provided that a
notice of termination of the Commitments delivered by a Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked
by a Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be
permanent.
Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

    2.09 Repayment of Loans; Evidence of Debt; Reduction of Term Commitment. (a) The Borrowers hereby jointly and
severally unconditionally promise to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date for such Loans. 

    (b) Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from
each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

    (c) The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the
amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof. 

    (d) The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima
facieevidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 

    (e) Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, a Borrower shall prepare, execute and deliver to such Lender a
promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the
Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such
form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

    2.10 Prepayment of Loans. (a) Each Borrower shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 

    (b) A
Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a
Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment and (ii) in the case 

–28–

 

of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given in
connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in
accordance with Section 2.08. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment in respect of
Loans under any Class made pursuant to a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required
by Section 2.12. 

    (c) Notwithstanding
the foregoing, prepayments of Incremental Term Loans of a Class shall be subject to the limitations, if any, set forth in the Incremental Term Loan
Commitment Agreement for such Class. 

    2.11 Fees. (a) The United States Borrower shall pay to the Administrative Agent, for distribution to each Lender
with a United States Term Commitment, a commitment commission (the "United States Term Loan Commitment Commission") for the period from the Effective
Date to but not including the last day of the Availability Period for United States Term Loans (or such earlier date on which the Total United States Term Commitment shall have been terminated),
computed for each day at the Applicable Rate for such date for the Unutilized United States Term Commitment of such Lender on such day. Accrued United States Term Loan Commitment Commissions shall be
due and payable quarterly in arrears on the last Business Day of each March, June, September and December or such earlier day upon which the Total United States Term Commitment is terminated. 

    (b) The
Puerto Rico Borrower shall pay to the Administrative Agent, for distribution to each Lender with a Puerto Rico Term Commitment, a commitment commission (the
"Puerto Rico Term Loan Commitment Commission") for the period from the Effective Date to but not including the last day of the Availability Period for
Puerto Rico Term Loans (or such earlier date on which the Total Puerto Rico Term Commitment shall have been terminated), computed for each day at the Applicable Rate for such date for the Unutilized
Puerto Rico Term Commitment of such Lender on such day. Accrued Puerto Rico Term Loan Commitment Commissions shall be due and payable quarterly in arrears on the last Business Day of each March, June,
September and December or such earlier day upon which the Total Puerto Rico Term Commitment is terminated. 

    (c) The
United States Borrower agrees to pay to the Administrative Agent for distribution to each Lender a commitment commission (the "Revolving
Loan Commitment Commission") for the period from the Effective Date to but not including the Maturity Date (or such earlier date on which the Total Revolving Commitment shall
have been terminated), computed for each day at the Applicable Rate for such date for the Unutilized Revolving Commitment of such Lender on such day. Accrued Revolving
Loan Commitment Commissions shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December and on the Maturity Date or such earlier date on which
the Total Revolving Commitment is terminated. 

    (d) The
United States Borrower agrees to pay to the Administrative Agent for distribution to each Lender with an Incremental Term Loan Commitment of a Class such
commitment commissions and other amounts, if any, as are specified in the Incremental Term Loan Commitment Agreement for such Class, with such commitment commissions and other amounts, if any, to be
payable at the times set forth in such Incremental Term Loan Commitment Agreement. 

    (e) The
United States Borrower agrees to pay to the Administrative Agent, for the account of each Lender, pro rata on
the basis of their respective Percentages, a fee in respect of each Letter of 

–29–

 

Credit (the "Letter of Credit Fee") computed for each day at a per annum rate equal to the Applicable Rate for Revolving Loans that are Eurodollar Loans
on such day multiplied by the maximum available amount to be drawn under all Letters of Credit outstanding on such day. Accrued Letter of Credit Fees shall be due and payable quarterly in arrears as
of the last Business Day of each March, June, September and December of each year and on the date upon which the Total Revolving Commitment is terminated. 

    (f)  The
United States Borrower agrees to pay to the Issuing Bank a fee in respect of each Letter of Credit issued by it (the "Facing
Fee") computed for each day at the rate of 0.125% per annum on the maximum available amount to be drawn under all Letters of Credit outstanding on such day provided that there
will be a minimum Facing Fee per year for each Letter of Credit of $500 (which is not an additional fee). Accrued Facing Fees shall be due and payable quarterly in arrears as of the last Business Day
of each March, June, September and December of each year and on the date upon which the Total Revolving Commitment is terminated. 

    (g) The
United States Borrower agrees to pay directly to the Issuing Bank upon each issuance of, payment under, and/or amendment of, a Letter of Credit such amount as
shall at the time of such issuance, payment or amendment be the administrative charge which the Issuing Bank is customarily charging for issuances of, payments under or amendments of, letters of
credit issued by it. 

    (h) The
Borrowers shall pay to the Agents on the Initial Borrowing Date, for their own accounts and/or for distribution to the Lenders, such fees as heretofore agreed
among them in writing. 

    2.12 Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at a rate per annum equal to the
Alternate Base Rate plus the Applicable Rate. 

    (b) The
Loans comprising each Eurodollar Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate. 

    (c) Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrowers hereunder is not paid when due,
whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue
principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided above. 

    (d) Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that
(i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of
an ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the
event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and
(iv) all accrued interest shall be payable upon termination of the Commitments. 

    (e) All
interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times
when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent,
and such determination shall be conclusive absent manifest error. 

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    2.13 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

    (a) the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining
the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 

    (b) the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then
the Administrative Agent shall give notice thereof to the Borrowers and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the
Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation
of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing. 

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

(i)  impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender
(except any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or 

(ii)  impose
on any Lender or the Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurodollar Loans 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 or maintaining any Eurodollar Loan (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 to reduce the amount of any sum received or receivable by such Lender or the
Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrowers (or in the case of Section 2.14(a)(ii), the United States Borrower) will 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, as the case may be, for such additional costs incurred or reduction suffered. 

    (b) If
any Lender or the Issuing Bank determines that any Change in Law 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 Issuing Bank's holding company or controlling corporation, if any, as a consequence of this Agreement 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 or controlling corporation 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 or controlling corporation with respect to capital adequacy and such Lender or Issuing Bank determines that such reduction in rate of return is
material), then from time to time the Borrowers (or in the case of Section 2.14(a)(ii), the United States Borrower) will 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 or controlling corporation for any such reduction suffered. 

–31–

 

    (c) 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 shall be delivered to the Borrowers (or in the case of Section 2.14(a)(ii), the United States Borrower) and
shall be conclusive absent manifest error. The Borrowers (or in the case of Section 2.14(a)(ii), the United States Borrower) shall pay such Lender or the Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 10 days after receipt thereof. 

    (d) 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 Borrowers (or in the case of Section 2.14(a)(ii), the United States Borrower)
shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that such Lender or the
Issuing Bank, as the case may be, notifies the Borrowers (or in the case of Section 2.14(a)(ii), the United States 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; provided,  further, that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the six-month period referred to
above shall be extended to include the period of retroactive effect thereof. 

    2.15 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than
on the last day of an Interest Period applicable thereto (including as a result of an Event of
Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any
Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.10(b) and is revoked in accordance
herewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to
Section 2.18, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, the loss
to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender
would pay for a deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period
for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the
interest rate payable on such deposit were equal to the Adjusted LIBO Rate (in the case of a Eurodollar Loan) for such Interest Period, over (ii) the amount of interest that such Lender would
earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender)
for dollar deposits from other banks in the eurodollar market at the commencement of such period. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on
any such certificate within 10 days after receipt thereof. 

    2.16 Taxes. (a) Any and all payments by or an account of any obligation of a Borrower hereunder shall be made
free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if a Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required 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) such Borrower shall make such 

–32–

 

deductions and (iii) such Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

    (b) In
addition, the applicable Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

    (c) If
any amounts are payable in respect of Taxes pursuant to Section 2.16(a) or 2.16(b), then the applicable Borrower shall indemnify the Administrative Agent,
each Lender and the Issuing Bank, within 10 days after written demand therefor, for the full amount of any taxes imposed on or measured by the net income of such Administrative Agent, Lender or
Issuing Bank, as the case may be, or franchise taxes imposed on (or measured by) its net income by the jurisdiction under the laws of which it is organized or in which its principal office or
applicable lending office is located paid by the
Administrative Agent, such Lender or the Issuing Bank, as the case may be, in respect of amounts so paid to or on behalf of the Administrative Agent, such Lender or the Issuing Bank, as the case may
be, pursuant to Section 2.16(a) or 2.16(b) or this Section 2.16(c) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
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 a Borrower by a Lender or the
Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing Bank, shall be conclusive absent manifest error. 

    (d) As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower to a Governmental Authority, the applicable 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) Except
in the case of Puerto Rico Term Loans, any Foreign Lender shall deliver to the applicable Borrower (with a copy to the Administrative Agent), at the time or
times prescribed by applicable law or reasonably requested by such Borrower, and, when prescribed by applicable law and reasonably requested by the applicable Borrower, update or renew, such properly
completed and executed Forms prescribed by applicable law as will permit payments under this Agreement to be made without withholding or at a reduced rate of withholding. 

    (f)  In
the case of Puerto Rico Term Loans, each Lender that is not a resident of Puerto Rico for Puerto Rican tax purposes shall file any certificate or document
reasonably requested by the Puerto Rico Borrower, and, when prescribed by applicable law and reasonably requested by the Puerto Rico Borrower, update or renew, pursuant to any applicable law or
regulation if such filing would eliminate or reduce the amount of withholding taxes imposed by Puerto Rico if, in either case, such filing would not, in the sole discretion of such Lender, result in a
legal, economic or regulatory disadvantage to such Lender. 

    (g) If
a Borrower pays any additional amount under this Section 2.16 to a Lender, Administrative Agent, or Issuing Bank and such Lender, Administrative Agent, or
Issuing Bank determines in its sole discretion that it has actually received or realized in connection therewith any refund or any reduction of, or credit against, its Tax liabilities in or with
respect to the taxable year in which the additional amount is paid (a "Tax Benefit"), such Lender, Administrative Agent, or Issuing Bank shall pay to such Borrower an amount that the Lender,
Administrative Agent, or Issuing Bank shall, in its sole discretion, determine is equal to the net benefit, after tax, which was obtained by the Lender, Administrative Agent, or Issuing Bank in such
year as a consequence of such Tax Benefit; provided, however, that (i) any Lender, Administrative
Agent, or Issuing Bank may determine, in its sole discretion consistent with the policies of such Lender, Administrative Agent, or Issuing Bank, whether to seek a Tax Benefit; (ii) any Taxes
that are imposed on a Lender, Administrative Agent, or Issuing Bank as a result of a disallowance or reduction (including through the expiration of any tax credit 

–33–

 

carryover or carryback of such Lender, Administrative Agent, or Issuing Bank that otherwise would not have expired) of any Tax Benefit with respect to which such Lender, Administrative Agent, or
Issuing Bank has made a payment to such Borrower pursuant to this Section 2.16(g) shall be treated as a Tax for which such Borrower is obligated to indemnify such Lender, Administrative Agent,
or Issuing Bank pursuant to this Section 2.16 without any exclusions or defenses; (iii) nothing in this Section 2.16(g) shall require the Lender, Administrative Agent, or Issuing
Bank to disclose any confidential information to such Borrower (including its tax returns); and (iv) no Lender, Administrative Agent, or Issuing Bank shall be required to pay any amounts
pursuant to this Section 2.16(g) at any time which a Default or Event of Default exists. 

    2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Each Borrower shall make each
payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or under Section 2.14, 2.15 or 2.16, or otherwise) prior to 12:00 noon,
New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at
its offices at 270 Park Avenue, New York, New York, except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.14, 2.15, 2.16
and 10.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate
recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day,
and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

    (b) If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements,
interest and fees on the United States Term Loans and Puerto Rico Term Loans and then the Revolving Loans then due hereunder, such funds shall be applied (i) first, to pay interest and fees
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, (ii) second to pay the principal of the United
States Term Loans, Puerto Rico Term Loans and Incremental Term Loans (if any) and then the Revolving Loans then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of principal then due to such parties and (iii) third, to pay principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and unreimbursed LC Disbursements then due to such parties. 

    (c) If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any
of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and
accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and
participations in LC Disbursements of other Lenders to the extent necessary 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 participations in LC Disbursements;  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
any payment made by a Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its 

–34–

 

Loans or participations in LC Disbursements to any assignee or participant, other than to a Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).
The Borrowers 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 each Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Borrower in the amount of
such participation. 

    (d) Unless
the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account
of the Lenders or the Issuing Bank hereunder that such Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made such
payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing
Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective
Rate. 

    (e) If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(d) or (e), 2.06(b) or 2.17(d), then the Administrative Agent
may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's
obligations under such Sections until all such unsatisfied obligations are fully paid. 

    2.18 Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.14, or if a Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such
Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may
be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Each Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

    (b) If
any Lender requests compensation under Section 2.14, or if a Borrower is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 2.16, or if any Lender defaults in its obligation to fund Loans hereunder, then each Borrower may, at its sole expense and effort, upon notice
to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all
its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);  providedthat
(i) if such assignee is not a Lender, the applicable Borrower shall have received the prior written consent of the Administrative
Agent (and, if a Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or such Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall not
be required to make any such assignment and delegation if, prior 

–35–

 

thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling a Borrower to require such assignment and delegation cease to apply. 

    2.19 Additional Commitments. (a) So long as no Default or Event of Default then exists or would result
therefrom, the United States Borrower shall have the right at any time and from time to time after the Initial Borrowing Date and prior to the 60th day after the Initial Borrowing Date
upon at least 10 Business Days prior written notice to the Administrative Agent (which shall promptly notify each of the Lenders), to request on up to two occasions in the aggregate that one or more
Lenders (and/or one or more other Persons which will become Lenders as provided below) provide Additional United States Term Commitments and Additional Revolving Commitments, subject to the applicable
terms and conditions contained in this Agreement, and make United States Term Loans and Revolving Loans pursuant thereto; it being understood and agreed, however, that: 

    (i)  no
Lender shall be obligated to provide an Additional Term Commitment as a result of any such request by the United States Borrower, 

    (ii) until
such time, if any, as such Lender has agreed in its sole discretion to provide Additional Commitments and executed and delivered to the Administrative Agent
an Additional Commitment Agreement in respect thereof as provided in Section 2.19(b) and such Additional Commitments shall have become effective, such Lender shall not be obligated to fund any
United States Term Loans in excess of its United States Term Commitment or Revolving Loans in excess of its Revolving Commitment, in each case, as in effect prior to giving effect to such Additional
Commitments provided pursuant to this Section 2.19, 

    (iii) any
Lender (or any other Person which will become a Lender) may so provide Additional Commitments without the consent of any other Lender but with the prior
consent of the Administrative Agent (which consent shall not be unreasonably withheld), 

    (iv) the
aggregate amount of all Additional Commitments permitted to be provided pursuant to this Section 2.19 shall not exceed an amount equal to $1,300,000,000
less the sum of the Total Revolving Commitment and Total United States Term Commitment on the Effective Date, 

    (v) the
fees payable to any Lender (including any Person who will become a Lender) providing an Additional United States Term Commitment shall be as set forth in the
relevant Additional Commitment Agreement, 

    (vi) each
increase in the Commitments pursuant to this Section 2.19 shall be applied pro rata to the Additional
United States Term Commitments and Additional Revolving Commitments (based on the Total United States Term Commitment and Total Revolving Commitment); and 

    (vii) all
actions taken by the United States Borrower pursuant to this Section 2.19(a) shall be done in coordination with the Administrative Agent. 

    (b) At
the time of any provision of Additional Commitments pursuant to this Section 2.19, (i) the United States Borrower, the Administrative Agent and
each Lender or other Person which agrees to provide Additional Commitments (each, an "Additional Lender") shall execute and deliver to the
Administrative Agent an Additional Commitment Agreement (with the effectiveness of such Additional Lender's Additional Commitments to occur upon delivery of such Additional Commitment Agreement, to
the Administrative Agent, the payment of any fees required in connection therewith and the satisfaction of the other conditions in this Section 2.19(b) to the reasonable satisfaction of the
Administrative Agent), (ii) on the first date after such effectiveness on which United States Term Loans are to be incurred hereunder the United States Borrower shall, in coordination with the
Administrative Agent, incur additional United States Term Loans from the Lenders in each case to the extent necessary so that all of the Lenders participate in each outstanding Borrowing of United
States Term Loans pro rata on the basis of their respective United States Term Commitments (after giving effect to 

–36–

 

any increase in the Total United States Term Commitments pursuant to this Section 2.19) and (iii) on the first date after such effectiveness on which Revolving Loans are to be incurred
hereunder the United States Borrower shall, in coordination with the Administrative Agent, repay Revolving Loans of certain of the Revolving Lenders and incur additional Revolving Loans from the
Revolving Lenders in each case to the extent necessary so that all of the Revolving Lenders participate in each outstanding
Borrowing of Revolving Loans pro rata on the basis of their respective Revolving Commitments (after giving effect to any increase in the Total
Commitments pursuant to this Section 2.19) and with the United States Borrower being obligated to pay to the respective Lenders the costs of the type referred to in Section 2.15 in
connection with any such repayment and/or Borrowing. The Administrative Agent shall promptly notify each Lender as to the occurrence of each Additional Commitment Date, and (x) on each such
date, the Total United States Term Commitment and Total Revolving Commitment under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Additional Term
Commitments, and (y) on each such date Schedule 2.01 shall be deemed modified to reflect the revised Revolving Commitments and United States Term Commitments of the affected Lenders. 

    (c) In
connection with each incurrence of United States Term Loans pursuant to Section 2.01(b), the Lenders and the United States Borrower hereby agree that,
notwithstanding anything to the contrary contained in this Agreement, the United States Borrower and the Administrative Agent may take all such actions as may be necessary to ensure that all Lenders
with outstanding United States Term Loans continue to participate in each Borrowing of outstanding United States Term Loans (after giving effect to the incurrence of United States Term Loans pursuant
to Section 2.01(b)) on a pro ratabasis, including by adding the United States Term Loans to be so incurred to the then outstanding Borrowings of
United States Term Loans on a pro ratabasis even though as a result thereof such new United States Term Loan (to the extent required to be maintained as
Eurodollar Loans), may effectively have a shorter Interest Period than the then outstanding Borrowings of United States Term Loans and it is hereby agreed that (x) to the extent any then
outstanding Borrowings of United States Term Loans that are maintained as Eurodollar Loans are affected as a result thereof, any costs of the type described in Section 2.15 incurred by such
Lenders in connection therewith shall be for the account of the United States Borrower or (y) to the extent the United States Term Loans to be so incurred are added to the then outstanding
Borrowings of United States Term Loans which are maintained as Eurodollar Loans, the Lenders that have made such additional United States Term Loans shall be entitled to receive an effective interest
rate on such additional United States Term Loans as is equal to the Adjusted LIBO Rate as in effect two Business Days prior to the incurrence of such additional United States Term Loans, plus the then
Applicable Rate for such Loans until the end of the respective Interest Period or Interest Periods with respect thereto. 

 
 

ARTICLE III
  REPRESENTATIONS AND WARRANTIES    
  

    In order to induce the Lenders to enter into this Agreement and to make the Loans and issue and/or participate in the Letters of Credit, the United States
Borrower makes the following representations, warranties and agreements as to itself and each of its Subsidiaries, as of the Initial Borrowing Date (both before and after giving effect to the Loans
occurring on such date, the Transaction and the other transactions contemplated by the Credit Documents, and all references to the United States Borrower and its Subsidiaries herein and elsewhere in
this Agreement, shall, unless otherwise specifically indicated, be references to the United States Borrower and its Subsidiaries after giving effect to the Transaction) and as of the date of each
subsequent Loan, all of which representations, warranties and agreements shall survive the execution and delivery of this Agreement, and any subsequent Loan and the issuance of Letters of Credit, with
the incurrence of each Credit Event on or after the Initial Borrowing Date being deemed to constitute a representation and warranty that the matters specified in this Article III are true and
correct in all material respects on and as of 

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the Initial Borrowing Date and on the date of each such Credit Event, provided that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct on the date of each Loan but only as of such specified date: 

    3.01 Organization; Powers. Each of the United States Borrower and its Subsidiaries is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such
qualification is required. 

    3.02 Authorization; Enforceability. The Transactions are within the United States Borrower's corporate powers and have
been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the United States Borrower and constitutes a legal, valid
and binding obligation of the United States Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

    3.03 Governmental Approvals; No Conflicts. Except for those filings contemplated by Section 5.13, the
Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in
full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the United States Borrower or any of its
Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the United States
Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the United States Borrower or any of its Subsidiaries, and (d) will
not result in the creation or imposition of any Lien on any asset of the United States Borrower or any of its Subsidiaries. 

    3.04 Financial Condition; No Material Adverse Change. (a) The United States Borrower has heretofore furnished to
the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2000, reported on by Arthur
Andersen, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2001, certified by its chief financial officer.
Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the United States Borrower and its consolidated Subsidiaries as
of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in
clause (ii) above. 

    (b) Since
December 31, 2000, there has been no material adverse change in the business, assets, operations, prospects or condition, financial or otherwise, of
the United States Borrower and its Subsidiaries, taken as a whole. 

    (c) The
projections in the June 2001 Information Memorandum dated June, 2001, a copy of which has been furnished to each Lender prior to the Effective Date, have
been prepared by the United States Borrower in light of the past operations of its businesses, but including future payments of known contingent liabilities, if any, and reflect projections for the
four years ending December 31, 2005. Such projections are based upon estimates and assumptions stated therein, all of which the United States Borrower believes to be reasonable and fair in
light of current conditions and current facts known to the United States Borrower as of the Initial Borrowing Date and, as of the Initial Borrowing Date, reflect the United States Borrower's good
faith and reasonable estimates of the future financial performance of the United States Borrower and of the other information projected therein for 

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the period set forth therein, it being recognized by the Lenders that actual results may differ materially from such projections and no representation is made that the projected results will in fact
be obtained. 

    3.05 Properties. (a) Each of the United States Borrower and its Subsidiaries has good title to, or valid
leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently
conducted or to utilize such properties for their intended purposes. 

    (b) Each
of the United States Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents and other intellectual
property material to its business, and the use thereof by the United States Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

    3.06 Litigation and Environmental Matters. (a) There are no actions, suits, proceedings or investigation by or
before any arbitrator or Governmental Authority pending against or, to the knowledge of the United States Borrower, threatened against or affecting the United States Borrower or any of its
Subsidiaries as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a
Material Adverse Effect (other than the Disclosed Matters). 

    (b) Except
for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, neither the United States Borrower nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit,
license or other approval required under any
Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any Environmental Claims with respect to any Environmental Liability or
(iv) knows of any fact, circumstance, condition or occurrence that could reasonably be expected to give rise to form the basis for any Environmental Claim or Environmental Liability. 

    3.07 Compliance with Laws and Agreements. Each of the United States Borrower and its Subsidiaries is in compliance with
all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

    3.08 Investment and Holding Company Status. Neither the United States Borrower nor any of its Subsidiaries is
(a) an "investment company", as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a
"holding company" as defined in, or subject to regulation under, the Public Utility Holding Company Act of 1935. 

    3.09 Taxes. Each of the United States Borrower and its Subsidiaries has timely filed or caused to be filed with the
appropriate taxing authority all Tax returns, statements, forms and reports required to have been filed by or with respect to the income, properties or operations of the United States Borrower and/or
any of its Subsidiaries and has paid or caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate proceedings and for which the
United States Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves. There is no action, suit, proceeding, investigation, audit, or claim now pending or, to the best
knowledge of the United States Borrower or any of its Subsidiaries, threatened by any authority regarding any taxes relating to the United States Borrower or any of its Subsidiaries. Neither the
United States Borrower nor any of its Subsidiaries has entered into an agreement or waiver or been requested to enter into an agreement or waiver extending any statute of limitations relating to the
payment or collection of taxes of the United States Borrower or any of its Subsidiaries, or is aware of any circumstances that would cause the taxable years or other taxable periods of the United
States 

–39–

 

Borrower or any of its Subsidiaries not to be subject to the normally applicable statute of limitations. None of the United States Borrower or any of its Subsidiaries has incurred, or will incur, any
material tax liability in connection with the Transactions or any other transactions contemplated hereby (it being understood that the representation contained in this sentence does not cover any
future tax liabilities of the United States Borrower or any of its Subsidiaries arising as a result of the operation of their businesses in the ordinary course of business). 

    3.10 ERISA. Each Plan (and each related trust, insurance contract or fund) is in substantial compliance with its terms
and with all applicable laws, including without limitation ERISA and the Code. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events
for which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards
No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by not more than $5,000,000, and the
present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of
the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by not more than $5,000,000. 

    3.11 Use of Proceeds; Margin Regulations. (a) The proceeds of all United States Term Loans and Revolving Loans
(together with the proceeds of the Qualified Securities) shall be utilized by the United States Borrower (i) to finance the Refinancing, (ii) to fund the Specified Acquisitions (other
than any acquisitions in Puerto Rico) (to the extent not previously funded under any existing financing), including the funding of payments under the USA Seller Note and other acquisitions and
investments not prohibited by this Agreement, (iii) to repay the Junior Subordinated Notes, (iv) for general corporate and working capital purposes of the Credit Parties (including
related costs and expenses) and (v) to pay fees and expenses relating to the Transaction, provided that the proceeds of the United States Loans
will not be utilized to fund an offer to purchase the equity interests in any Person the equity interests in which are publicly traded which has not been approved by the board of directors of such
Person. 

    (b) The
proceeds of all Puerto Rico Term Loans shall be utilized by the Puerto Rico Borrower (i) to fund the acquisition of television stations in Puerto Rico
(to the extent not previously funded under any existing financing), and other acquisitions and investments in Puerto Rico not prohibited by this Agreement, (ii) for general corporate and
working capital purposes of the Puerto Rico Borrower (including related costs and expenses) and (iii) to pay fees and expenses in Puerto Rico relating to the Transactions (if any);  provided that
the proceeds of the Puerto Rico Term Loans will not be utilized to fund an offer to purchase the equity interests in any Person the equity
interests in which are publicly traded which has not been approved by the board of directors of such Person. 

    (c) The
value of Margin Stock subject to the restrictive covenants set forth in Section 6.02 and 6.03 does not exceed 25% of the value of all assets subject to
such limitations. 

    (d) Neither
the making of any Loan hereunder, nor the use of the proceeds thereof, will violate the provisions of Regulation T, U or X of the Board of Governors
of the Federal Reserve System. 

    3.12 Subsidiaries. On the Initial Borrowing Date and after giving effect to the consummation of the Transaction, the
United States Borrower has no Subsidiaries other than those listed on Schedule 3.12 hereto. Schedule 3.12 correctly sets forth, as of the Initial Borrowing Date, the percentage ownership
(direct and indirect) of the United States Borrower in each class of capital stock of each of its Subsidiaries and also identifies the direct owner thereof. 

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    3.13 Intellectual Property. The Credit Parties have obtained all material patents, trademarks, service marks, trade
names, copyrights, licenses and other rights, free from materially burdensome restrictions, that are necessary for the operation of their businesses taken as a whole as presently conducted and as
proposed to be conducted. 

    3.14 Material Agreements. Each of the Material Agreements to which the United States Borrower or any other Credit Party
is a party is a legal, valid and binding obligation of the parties thereto enforceable against such parties in accordance with their terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law); and neither Borrower nor any other Credit Party is in breach or violation of or in default under any Material Agreement in any material respect which would
individually or in the aggregate have a Material Adverse Effect. 

    3.15 FCC Matters; Media Licenses. The United States Borrower and its Subsidiaries are in all material respects in
compliance with the Communications Act, including the rules, regulations and published policies of the FCC relating to the transmission of television signals, all except to the extent that
non-compliance with the preceding requirements would not, in the aggregate, be reasonably expected to have a Material Adverse Effect. Each Station owned by the United States Borrower or
any of its Subsidiaries on the Initial Borrowing Date is set forth on Schedule 3.15. All Material Media Licenses owned by the United States Borrower or its Subsidiaries are held in License
Subsidiaries. 

    3.16 Permits, Etc. Except as set forth on Schedule 3.16, each Credit Party has all permits, licenses,
authorizations and approvals required for it lawfully to acquire, own, lease, control, manage or operate each Primary Station currently owned, leased, controlled, managed or operated by such Credit
Party (including all Media Licenses) except for such permits, licenses, authorizations or approvals required for the lawful ownership, lease, control, management or operation of a Primary Station, the
failure to obtain or maintain which will not have a Material Adverse Effect. Each such Primary Station is in compliance in all material respects with all such permits, licenses, authorizations and
approvals. Each Credit Party has duly and timely filed all reports and documents required by the Communications Act with respect to the ownership, lease, management or operation of each Primary
Station owned by such Credit Party, except for such reports or documents the failure to file which will not have a Material Adverse Effect. No condition exists or event has occurred which, in itself
or with the giving of notice or lapse of time or both, would result in the suspension, revocation, impairment, forfeiture or non-renewal of any such permit, license, authorization or
approval required for the lawful ownership, lease, control, management or operation of a Primary Station, and, there is no claim that any thereof is not in full force and effect, except for such of
the immediately preceding matters which are not likely or reasonably likely to cause a Material Adverse Effect. Except as set forth on Schedule 3.16, there are (i) no judgments, decrees
or orders issued or to the United States Borrower's knowledge threatened by the FCC with respect to the United States Borrower, any Subsidiary or any of the Primary Stations, (ii) no
complaints, petitions, filings or other proceedings pending or to the United States Borrower's knowledge threatened before the FCC (other than rule making of general applicability to the broadcast
industry) with respect to the United States Borrower, any Subsidiary or any of the Primary Stations and
(iii) no events that have occurred that could result in the imposition of any financial penalty by the FCC upon the United States Borrower, any Subsidiary or any of the Primary Stations, except
for such judgments, decrees, orders, complaints, petitions, filings, other proceedings or events, which individually or in the aggregate are not reasonably likely to cause a Material Adverse Effect. 

    3.17 Nature of Business. Neither the United States Borrower nor any of its Restricted Subsidiaries is engaged in any
material business other than the Media/Communications Business. 

    3.18 Disclosure. The United States Borrower has disclosed to the Lenders all agreements, instruments and corporate or
other restrictions to which it or any of its Subsidiaries is subject, and all 

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other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other
information furnished by or on behalf of the United States Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified
or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the United States Borrower
represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time in light of conditions and facts known to the United States Borrower at
the time such projections were made and reflect the United States Borrower's good faith and reasonable estimates of the future financial performance of the United States Borrower and of the other
information projected therein for the period set forth therein; it being understood that actual results may differ materially from such projections and no representation is made that the projected
results will in fact be obtained. 

    3.19 USA Stations Acquisition. The initial closing under the USA Stations Acquisition has been consummated in accordance
with the terms of the USA Stations Acquisition Agreement. 

    3.20 Subordinated Securities. The subordination provisions of the Junior Subordinated Notes are enforceable against the
holders of the Junior Subordinated Notes, and the Loans and all other monetary obligations hereunder are within the definition of "Senior Debt" included
in the Junior Subordinated Notes. 

 
 

ARTICLE IV
  CONDITIONS PRECEDENT    
  

	4.01
	Conditions Precedent to Initial Borrowing Date. The obligation of the Lenders to make Loans, and of the Issuing Bank to issue
Letters of Credit, on the Initial Borrowing Date is subject to the satisfaction of each of the following conditions at such time: 

    (a) Agreement. The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a
counterpart of this Agreement and the Subsidiary Guaranty signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent and/or the Documentation Agent (which
may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and the Subsidiary Guaranty. 

    (b) Opinions of Counsel. The Administrative Agent and the Documentation Agent shall have received a favorable written
opinion (addressed to the Administrative Agent, the Documentation Agent and the Lenders and dated the Effective Date) of O'Melveny & Myers LLP, counsel for the Borrowers, substantially in the
form of Exhibit B-1 and of Shaw Pittman, FCC counsel for the Borrowers, substantially in the form of Exhibit B-2, and covering such other matters relating to the
Borrowers, this Agreement, the Subsidiary Guaranty or the Transactions as the Required Lenders shall reasonably request. Each Borrower hereby requests such counsels to deliver such opinions. 

    (c) Corporate Documents. The Administrative Agent and the Documentation Agent shall have received such documents and
certificates as the Administrative Agent, the Documentation Agent or their counsel may reasonably request relating to the organization, existence and good standing of each Credit Party, the
authorization of the Transactions and any other legal matters relating to each Credit Party, this Agreement, the Subsidiary Guaranty or the Transactions, all in form and substance satisfactory to the
Administrative Agent, the Documentation Agent and their counsel. 

    (d) Corporate Proceedings. On the Initial Borrowing Date, all corporate and legal proceedings and all instruments and
agreements in connection with the transactions contemplated by this Agreement and the other Credit Documents shall be reasonably satisfactory in form and substance to the 

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Administrative Agent and the Documentation Agent, and the Administrative Agent and the Documentation Agent shall have received all information and copies of all certificates, documents and papers,
including good standing certificates and any other records of corporate proceedings and governmental approvals, if any, which the Administrative Agent and the Documentation Agent may have reasonably
requested in connection therewith, such documents and papers, where appropriate, to be certified by proper corporate or Governmental Authorities. 

    (e) Compliance. The Administrative Agent and the Documentation Agent shall have received a certificate, dated the
Effective Date and signed by the Financial Officer of each of the Borrowers, confirming compliance with the conditions set forth in Section 4.01 and Section 4.02. 

    (f)  Fees. The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the
Effective Date, including, to the extent invoiced with reasonable supporting detail on or prior to the second Business Day immediately preceding the Initial Borrowing Date, reimbursement or payment of
all out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder and the fees, expenses and disbursements of White & Case LLP. 

    (g) Adverse Change, etc. From December 31, 2000, nothing shall have occurred (and neither Chase, BNP Paribas nor
the Lenders shall have become aware of any facts or conditions not previously known) which Chase, BNP Paribas or the Required Lenders shall reasonably determine (i) has had, or is reasonably
likely to have, a material adverse effect on the rights or remedies of the Lenders or the Agents hereunder or under any other Credit Document, or on the ability of the Credit Parties taken as a whole
to perform their obligations to them, or (ii) has had, or is reasonably likely to have, a Material Adverse Effect. 

    (h) Litigation. There shall be no actions, suits or proceedings pending or, to the knowledge of any Credit Party,
threatened in writing (i) with respect to the Transaction, this Agreement or any other Credit Document or (ii) which the Administrative Agent, the Documentation Agent or the Required
Lenders shall reasonably determine has had, or is reasonably likely to have, (x) a Material Adverse Effect or (y) a material adverse effect on the rights or remedies of the Lenders or
the Agents hereunder or under any other Credit Document or on the ability of the Credit Parties taken as a whole to perform their obligations under the Credit Documents. 

    (i)  Approvals. All material necessary governmental and material third party approvals and/or consents in connection
with the Transaction and/or the Credit Documents shall have been obtained and remain in effect, and all applicable waiting periods shall have expired or shall have been terminated or waived without
any action being taken by any competent authority which, in the reasonable judgment of the Administrative Agent, restrains or prevents such transactions or imposes materially adverse conditions upon
the consummation of the Refinancing. 

    (j)  Other Indebtedness and Refinancing. On the Initial Borrowing Date and after giving effect to the Transaction, each
Borrower and its Subsidiaries shall have no outstanding Indebtedness or preferred stock other than (A) the Loans, (B) the Junior Subordinated Notes, (C) the Senior Notes,
(D) Capital Lease Obligations and such other existing Indebtedness of the Borrowers as is acceptable to Chase and BNP Paribas as set forth on Schedule 4.01(j) hereto (collectively, the
"Existing Indebtedness"), with all Existing Indebtedness to remain outstanding without any default or event of default existing thereunder or arising as
a result of the transactions contemplated hereby. 

    (k) Subsidiary Guaranty. On the Initial Borrowing Date, each Subsidiary Guarantor then in existence shall have duly
authorized, executed and delivered a Guaranty in the form of Exhibit C hereto (as modified, amended or supplemented from time to time in accordance with the terms hereof and thereof, the
"Subsidiary Guaranty"), and the Subsidiary Guaranty shall be in full force and effect. 

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    (l)  Credit Rating. On the Initial Borrowing Date, the Administrative Agent shall have received evidence satisfactory to
it that the United States Borrower's Index Debt shall have a Credit Rating of BB+ or better by S&P and Baa3 or better by Moody's. 

    (m) Leverage Ratio. The United States Borrower shall have demonstrated to the satisfaction of the Lenders that the
Leverage Ratio (determined on a pro forma basis as of December 31, 2001) after giving effect to the consummation of each of the Specified Acquisitions and the incurrence of indebtedness to
finance the Specified Acquisitions shall be no greater than 5.25:1:00. 

    The
Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the
obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived
pursuant to Section 10.02) at or prior to 3:00 p.m., New York City time, on September 30, 2001 (and, in the event such conditions are not so satisfied or waived, the Commitments
shall terminate at such time). 

    4.02 Conditions Precedent to All Credit Events. The obligation of each Lender to make Loans (including Loans made on the
Initial Borrowing Date), and of the Issuing Bank to issue Letters of Credit, is subject, at the time of each such Credit Event, to the satisfaction of the following conditions: 

    (a) Notice of Borrowing, etc. The Administrative Agent shall have received a notice of borrowing meeting the
requirements of Section 2.03 or a letter of credit request meeting the requirements of Section 2.05. 

    (b) No Default; Representations and Warranties. At the time of each Credit Event and also immediately after giving
effect thereto, (i) there shall exist no Default or Event of Default and (ii) all representations and warranties made by any Credit Party contained herein or in the other Credit
Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date of such Loan, except to the extent
that such representations and warranties expressly relate to an earlier date. 

    (c) Payment of USA Seller Notes. In the event that any USA Seller Note shall become due and payable, whether at
maturity, by acceleration or otherwise, any borrowing made hereunder on and after such due and payable date shall be applied to the extent necessary to pay in full such USA Seller Note. 

    The
acceptance of the benefits of each Credit Event shall constitute a representation and warranty by both Borrowers to the Agents and each of the Lenders that all of the applicable
conditions specified in Section 4.01 and/or Section 4.02, as the case may be, exist as of that time. All of the certificates, legal opinions and other documents and papers referred to in
Section 4.01, unless otherwise specified, shall be delivered to the Administrative Agent for the account of each of the Lenders and, in sufficient counterparts for each of the Lenders and shall
be reasonably satisfactory in form and substance to the Administrative Agent. 

 
 

ARTICLE V AFFIRMATIVE COVENANTS    
  

    Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in
full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the United States Borrower (for itself and its Subsidiaries) covenants and agrees
with the Lenders that: 

    5.01 Financial Statements and Other Information. The United States Borrower will furnish to the Administrative Agent,
the Documentation Agent and each Lender: 

    (a) Annual Financial Statements. Within 90 days after the end of each fiscal year of the United States Borrower,
its audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such year, setting forth in each case in 

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comparative form the figures for the previous fiscal year, all reported on by Arthur Andersen or other independent public accountants of recognized national standing (without a "going  concern" or like
qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial condition and results of operations of the United States Borrower and its consolidated Subsidiaries (including
the Puerto Rico Borrower) on a consolidated basis in accordance with GAAP consistently applied; 

    (b) Quarterly Financial Statements. As soon as available and in any event within 45 days after the end of each of
the first three fiscal quarters of each fiscal year of the United States Borrower, its consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the
end of
and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of
the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of
operations of the United States Borrower and its consolidated Subsidiaries (including the Puerto Rico Borrower) on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes; 

    (c) Officers Certificate. Concurrently with any delivery of financial statements under clause (a) or
(b) above, a certificate of a Financial Officer of the United States Borrower (i) certifying as to whether a Default or Event of Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.08
and 6.09, (iii) setting forth a calculation of the Available Leaseback Amount, the Available Secured Debt Amount, the Available Subsidiary Debt Amount, and the Available Basket Amount and
(iv) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change
has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

    (d) Accounting Firm Certificate. Concurrently with any delivery of financial statements under clause (a) above, a
certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default
or Event of Default (which certificate may be limited to the extent required by accounting rules or guidelines or firm guidelines); 

    (e) Budgets. No later than 60 days following the commencement of the first day of each fiscal year of the United
States Borrower, a budget of United States Borrower and its Subsidiaries (including the Puerto Rico Borrower) prepared by the United States Borrower for each fiscal quarter of such fiscal year
prepared in detail, accompanied by the statement of the an authorized officer of the United States Borrower to the effect that, to the best of the knowledge of such officer, the budget is a reasonable
estimate for the period covered thereby; and 

    (f)  Other Information. Promptly upon transmission thereof and to the extent not otherwise provided hereunder,
(i) copies of any filings and registrations with, and reports to, the Securities and Exchange Commission or any successor thereto (the "SEC") by
the United States Borrower or any of its Subsidiaries (including the Puerto Rico Borrower), (ii) copies of all financial statements, proxy statements, notices and reports as the United States
Borrower or any of its Subsidiaries (including the Puerto Rico Borrower) shall send generally to shareholders or provide to holders of the Junior Subordinated Notes, (iii) copies of all
amendments to the Program Supply Agreements and any program supply agreements and (iv) with reasonable promptness, such other information or documents (financial or otherwise) as the
Administrative Agent and/or the Documentation Agent on their own behalf or on behalf of any Lender may reasonably request from time to time. 

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    5.02 Notices of Material Events. The United States Borrower will furnish to the Administrative Agent, the Documentation
Agent and each Lender prompt written notice of the following: 

    (a) the
occurrence of any Default or Event of Default; 

    (b) the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the United States Borrower
or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

    (c) the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of
either Borrower and its Subsidiaries in an aggregate amount exceeding $50,000,000; and 

    (d) any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

    Each
notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the United States Borrower setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

    5.03 Existence; Conduct of Business. The United States Borrower will, and will cause each of its Subsidiaries to, do or
cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises necessary to the conduct of
its business, except to the extent that a failure to maintain such rights, licenses, permits, privileges and franchises would not reasonably be expected to have a Material Adverse Effect;  provided that
the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 

    5.04 Payment of Obligations. The United States Borrower will, and will cause each of its Subsidiaries to, pay its
obligations, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, (b) the United States Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP
and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

    5.05 Maintenance of Properties; Insurance. The United States Borrower will, and will cause each of its Subsidiaries to,
keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

    5.06 Books and Records; Inspection Rights. The United States Borrower will, and will cause each of its Subsidiaries to,
keep proper books of record and account in which full, true and correct entries are made of all material dealings and transactions in relation to its business and activities. The United States
Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent, the Documentation Agent or any Lender, upon reasonable prior notice, to
visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such
reasonable times and as often as reasonably requested. 

    5.07 Compliance with Laws. The United States Borrower will, and will cause each of its Subsidiaries to, comply with all
laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. 

    5.08 Use of Proceeds and Letters of Credit. All proceeds of Loans will be used as provided in Section 3.11. 

–46–

  

    5.09 Insurance. The United States Borrower will, and will cause each of its Subsidiaries to, at all times maintain in
full force and effect insurance in such amounts, covering such risks and liabilities and with such deductibles or self-insured retentions as are in accordance with normal industry
practice. The United States Borrower will furnish to the Administrative Agent on the Initial Borrowing Date and thereafter, upon request of the Administrative Agent and reasonable notice, a summary of
the insurance carried by the United States Borrower and its Subsidiaries. 

    5.10 Guaranties, Etc. (a) The United States Borrower will cause each of its domestic Subsidiaries hereafter
formed or acquired (other than Immaterial Subsidiaries so long as such Subsidiaries continue to constitute Immaterial Subsidiaries) or which cease to constitute an Unrestricted Subsidiary or
Immaterial Subsidiary, to execute and deliver to the Administrative Agent promptly upon the formation or acquisition thereof, or upon such cessation, a Subsidiary Guaranty in form of Exhibit C
attached hereto, provided that no Subsidiary shall be required to execute and deliver a Subsidiary Guaranty at any time the Guarantee Release Conditions
have been satisfied. 

    (b) If
at any time after the Guarantee Release Conditions have been satisfied, a Guarantee Trigger Event has occurred, within five Business Days of the occurrence of
such Guarantee Trigger Event, the United States Borrower will cause each of its domestic Subsidiaries (other than Immaterial Subsidiaries so long as such Subsidiaries continue to constitute Immaterial
Subsidiaries) to execute and deliver to the Administrative Agent a Subsidiary Guaranty in the form of Exhibit C attached hereto. 

    5.11 Payment of Taxes. The United States Borrower will pay and discharge, and will cause each of its Subsidiaries to pay
and discharge, all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any properties belonging to it, in each case on a timely basis, and all
lawful claims which, if unpaid, might become a lien or charge upon any properties of the United States Borrower or any of its Subsidiaries not otherwise permitted under this Agreement;  provided that
neither the United States Borrower nor any of its Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim
which is being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with GAAP. 

    5.12 Compliance with Environmental Laws. (i) The United States Borrower will, and will cause each of its
Subsidiaries to, comply with all Environmental Laws applicable to the ownership, lease or use of all real property now or hereafter owned, leased or operated by any Credit Party, will promptly pay or
cause to be paid all costs and expenses incurred in connection with such compliance, and will keep or cause to be kept all such real property free and clear of any Liens imposed pursuant to such
Environmental Laws and (ii) neither the United States Borrower nor any of its Subsidiaries will generate, use, treat, store, release or dispose of, or permit the generation, use, treatment,
storage, release or disposal of Hazardous Materials on any real property now or hereafter owned, leased or operated by such Person except in the ordinary course of business of such Person and in
compliance
with all applicable Environmental Laws, or transport or permit the transportation of Hazardous Materials to or from any such real property except in the ordinary course of business of such Person and
in compliance with all applicable Environmental Laws, except to the extent that the failure to comply with the requirements specified in clause (i) or (ii) above, either individually or
in the aggregate, would not reasonably be expected to have a Material Adverse Effect. If required to do so under any applicable directive or order of any governmental agency, the United States
Borrower agrees to undertake and to cause each Subsidiary to undertake, any clean up, removal, remedial or other action necessary to remove and clean up any Hazardous Materials from any real property
owned, leased or operated by such Person in accordance with, in all material respects, the requirements of all applicable Environmental Laws, except to the extent that such person is contesting the
existence or scope or any violation of, or any liability under, or any applicable remedial standard under, applicable Environmental Laws in good faith and by appropriate proceedings and for which
adequate reserves have been established to the extent required by GAAP, provided that it will not constitute a breach of this Section 5.12 if a Person other than a Credit Party takes such
action on behalf of any of the Credit Parties. 

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    5.13 Media Licenses. The United States Borrower will obtain, maintain and preserve, and cause each of its Subsidiaries
to obtain, maintain and preserve, and cause each of its Subsidiaries to obtain, maintain and preserve, all Media Licenses, including by filing with the FCC (i) those of the Credit Documents
required to be filed under the FCC's rules and regulations within 30 days after the Initial Borrowing Date, and (ii) all reports (including Ownership Reports on Form 323) and
other documents required to be filed by the Communications Act in connection with the transactions contemplated hereby and maintaining public records and files in accordance with the Communications
Act and the rules and regulations of the FCC, except for such Media Licenses in respect of the Primary Stations the failure of which to obtain, maintain or preserve will not have a Material Adverse
Effect. 

    5.14 License Subsidiaries. The United States Borrower will cause (i) all Media Licenses owned by the United
States Borrower or its Subsidiaries on the Initial Borrowing Date to be held by License Subsidiaries at all times, and (ii) all Media Licenses acquired by the United States Borrower or its
Subsidiaries on or after the Initial Borrowing Date, to be assigned, subject to FCC consent, to License Subsidiaries on the date of, or promptly after, their acquisition by the United States Borrower
or its Subsidiaries and to be held by License Subsidiaries at all times thereafter. 

    5.15 Qualified Securities. On and after the Initial Borrowing Date and prior to December 31, 2001, the United
States Borrower will issue Qualified Securities (including the Senior Notes) generating in the aggregate gross cash proceeds of at least $500,000,000. 

 
 

ARTICLE VI
  NEGATIVE COVENANTS    
  

    Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all
Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the United States Borrower (for itself and its Subsidiaries) covenants and agrees with the Lenders
that: 

    6.01 Indebtedness. (a) The United States Borrower will not, and will not permit any Subsidiary to, create, incur
or assume any Indebtedness unless at the time of such creation, incurrence or assumption, the Interest Coverage Ratio and the Leverage Ratio are satisfied on a pro
forma basis after giving effect to the incurrence of such Indebtedness and the intended contemporaneous application of the proceeds thereof. 

    (b) The
United States Borrower will not permit any Subsidiary to create, incur or assume any Indebtedness except that: 

	(i)
	any
Subsidiary of the United States Borrower (other than a License Subsidiary) may incur Indebtedness,  provided that the aggregate principal amount of Indebtedness incurred pursuant to this clause (ii)
shall not exceed at any time outstanding, the
Available Subsidiary Debt Amount at the time such Indebtedness is incurred; and

	(ii)
	so
long as the Guarantee Release Conditions have not been satisfied, any domestic Subsidiary of the United States Borrower (including the License
Subsidiaries) which is a Subsidiary Guarantor may guarantee Indebtedness of the United States Borrower which constitutes Qualified Indebtedness. 

    (c) The
United States Borrower will not, and will not permit any Subsidiary to, create, incur or assume any Short-Term Indebtedness, except that the United
States Borrower and its Subsidiaries may incur Short-Term Indebtedness so long as the aggregate principal amount of Short-Term Indebtedness does not exceed $300,000,000 at any
time outstanding. 

    6.02 Liens. The United States Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit
to exist any Lien on any property or asset now owned or hereafter acquired by 

–48–

 

it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

    (a) Permitted
Encumbrances; 

    (b) any
Lien on any property or asset of the United States Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02;  provided that (i) such Lien shall not apply to any
other property or asset of the United States Borrower or any Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

    (c) any
Lien on assets of the United States Borrower and its Subsidiaries (other than the capital stock of Subsidiaries and assets of License Subsidiaries) securing
Indebtedness incurred by the United States Borrower and its Subsidiaries after the Initial Borrowing Date provided that the aggregate principal amount of Indebtedness incurred pursuant to this
clause (c) shall not exceed the Available Secured Debt Amount at such time; 

    (d) any
Liens on assets of the USA Acquisition Subsidiaries securing the USA Seller Notes and created pursuant to the USA Acquisition Pledge Agreements; 

    (e) any
Lien existing on any property at the time of its acquisition after the date hereof not created in anticipation of such acquisition and limited solely to the
property acquired; 

    (f)  any
Lien on the property or assets of a Person which becomes a Subsidiary after the date hereof, provided that
(i) such Lien existed at the time such Person became a Subsidiary and was not created in anticipation thereof, (ii) any such Lien is not spread to cover any property or assets of such
Person after the time such Person becomes a Subsidiary and (iii) the amount of Indebtedness secured thereby is not increased; and 

    (g) any
Lien on property or assets securing leases permitted pursuant to Section 6.13. 

    6.03 Fundamental Changes. The United States Borrower will not, and will not permit any Subsidiary to, merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions)
any substantial part of its assets, or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that,
if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing, any Subsidiary of the United States Borrower (other than a
License Subsidiary) may be merged or consolidated with or into, or be liquidated into, the United States Borrower or another Subsidiary Guarantor (other than a License Subsidiary) (so long as the
United States Borrower or such Subsidiary Guarantor is the surviving corporation), or all or any part of its business, properties and assets may be conveyed, leased, sold or transferred to the United
States Borrower or any Subsidiary Guarantor, provided that (x) the License Subsidiaries shall not merge,
consolidate, amalgamate or liquidate, wind up or dissolve or convey, sell, lease, assign, transfer or otherwise dispose of, all or a substantial part of their respective property or assets,
(y) the United States Borrower or its Subsidiaries may sell, transfer, lease or otherwise dispose of any substantial part of its assets so long as the United States Borrower is in  pro forma
compliance with the terms of this Agreement including Sections 6.08 and 6.09 after giving effect to such sale, transfer or other disposition
and (z) the United States Borrower and its Subsidiaries may merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with the United States
Borrower or any of its Subsidiaries so long as (i) the United States Borrower is in pro forma compliance with the terms of this Agreement including Sections 6.08 and 6.09 after giving effect to
such merger or consolidation, (ii) no Default or Event of Default shall have occurred and be continuing, (iii) if the United States Borrower is a merging or consolidating party it must
be the surviving party and (iv) if a Subsidiary of the United States Borrower which is a Subsidiary Guarantor is a merging or consolidating 

–49–

 

party it and the surviving corporation of such merger or consolidation continues to constitute a Subsidiary of the United States Borrower, such surviving corporation must continue to be a Subsidiary
Guarantor. 

    6.04 Investments in Unrestricted Subsidiaries and Sports Team Subsidiaries. The United States Borrower will not, and
will not permit any Subsidiaries to, make any Investment in any Unrestricted Subsidiary or any Sports Team Subsidiary, except that: 

	(i)
	the
United States Borrower and its Subsidiaries may consummate the USA Stations Acquisition; and

	(ii)
	the
United States Borrower and its Subsidiaries may make Investments after July 1, 2001 in Univision Online Inc. and any other
Unrestricted Subsidiary provided that (x) the aggregate amount of such Investments in Univision Online Inc. does not exceed $75,000,000 and the aggregate amount of such Investments in
other Unrestricted Subsidiaries and Sports Team Subsidiaries does not exceed $25,000,000 and (y) no such Investment may be made at any time an Event of Default is in existence. 

    6.05 Restricted Payments. The United States Borrower will not, and will not permit any of its Subsidiaries to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that: 

    (a) the
United States Borrower may declare and pay dividends with respect to its capital stock payable solely in additional shares of its common stock; 

    (b) any
Subsidiary may make Restricted Payments to the United States Borrower or any Subsidiary Guarantor (other than an Unrestricted Subsidiary); and 

    (c) the
United States Borrower may make Restricted Payments provided that at the time that such Restricted Payment is made (x) no Default or Event of Default
shall have occurred and be continuing or would result from the making of such Restricted Payment and (y) at the time of the payment, on a pro
forma basis after giving effect to all Indebtedness incurred by the United States Borrower and its Subsidiaries, the Leverage Ratio is less than 4.50:1.0. 

    6.06 Transactions with Affiliates. The United States Borrower will not, and will not permit any of its Subsidiaries to,
sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its
Affiliates, except (a) in the ordinary course of business at prices and on terms and conditions not less favorable to the United States Borrower or such Subsidiary than could be obtained on an
arm's-length basis from unrelated third parties, (b) transactions between or among the United States Borrower and its Subsidiaries which are Subsidiary Guarantors not involving any other
Affiliate, except pursuant to the Program License Agreements and (c) any Restricted Payment permitted by Section 6.05. 

    6.07 Restrictive Agreements. The United States Borrower will not, and will not permit any of its Subsidiaries to,
directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the United States
Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with
respect to any shares of its capital stock or to make or repay loans or advances to the United States Borrower or any other Subsidiary or to Guarantee Indebtedness of the United States Borrower or any
other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement,
(ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.07 (but shall apply to any extension or renewal of, or any
amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not 

–50–

 

apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary
that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (v) clause (a) of the foregoing shall not
apply to customary provisions in leases and other contracts restricting the assignment thereof. 

    6.08 Maximum Leverage. The United States Borrower will not permit the Leverage Ratio at any time during a period set
forth below to be greater than the ratio set forth opposite such period below: 

	Period
 
	 	Ratio

	Initial Borrowing Date to and excluding June 30, 2002	 	5.25:1.00
	From and Including June 30, 2002 to and excluding June 30, 2004	 	5.00:1.00
	From and Including June 30, 2004	 	4.50:1.00

    6.09 Interest Coverage Ratio. The United States Borrower will not permit the Interest Coverage Ratio for any Test Period
ended during a period set forth below to be less than the ratio set forth opposite such period: 

	Period
 
	 	Ratio

	Initial Borrowing Date to and Including June 30, 2003	 	2.00:1.00
	After June 30, 2003	 	2.50:1.00

    6.10 Material Agreements. The United States Borrower shall not, and shall not permit any of its Subsidiaries to, enter
into or permit any modification or amendment of any provision of any Material Agreement, which modification or amendment would have a Material Adverse Effect, as reasonably determined by the
Administrative Agent and the Documentation Agent. 

    6.11 Prepayments of Indebtedness. The United States Borrower will not, and will not permit any of its Subsidiaries to,
(i) make any voluntary or optional payment or prepayment or redemption or acquisition for value of (including by way of depositing with a trustee or agent with respect thereto money or
securities before due for the purpose of paying when due) or exchange of, or enter into any arrangement with respect to, any Indebtedness incurred after the Initial Borrowing Date other than
Short-Term Indebtedness and the Loans (other than Incremental Term Loans) (each a "Prepayment") except that the United States Borrower and
its Subsidiaries may make a Prepayment to the extent that
(x) a Default or Event of Default does not exist at the time of such Prepayment and (y) immediately prior to such Prepayment and after giving effect thereto, the Leverage Ratio is less
than 4.50:1.00. 

    6.12 Line of Business. The United States Borrower will not, and will not permit any Restricted Subsidiary to, engage in
any line of business other than the Media Communications Business. 

    6.13 Sale/Leaseback Transactions. The United States Borrower will not, and will not permit any of its Subsidiaries to,
sell assign or otherwise transfer any of its properties, rights or assets (whether now owned or hereafter acquired) to any Person and thereafter directly or indirectly lease back the same or similar
property (a "Leaseback Transaction"), except that the United States Borrower and its Subsidiaries may enter into Leaseback Transactions so long as the
Leaseback Transaction Amount with respect thereto does not exceed the Available Leaseback Transaction Amount at such time. 

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ARTICLE VII
  EVENTS OF DEFAULT    
  

    If any of the following events ("Events of Default") shall occur and be continuing: 

    7.01 Payments of Principal. A Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in
respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

    7.02 Repayment of Interest. A Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other
than an amount referred to in Section 7.01) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five
days; 

    7.03 Representations. Any representation or warranty made or deemed made by or on behalf of a Borrower or any Subsidiary
in or in connection with this Agreement or any amendment or modification hereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this
Agreement or any amendment or modification hereof, shall prove to have been incorrect in any material respect when made or deemed made; 

    7.04 Covenants. A Borrower shall fail to observe or perform any covenant, condition or agreement contained in
Section 5.02(a) and (d), 5.03 (with respect to a Borrower's existence), 5.08, 5.10, 5.16 or Article VI; 

    7.05 Covenant Period. A Borrower shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in Section 7.01, 7.02, 7.03 or 7.04 of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from
the Administrative Agent (given at the request of any Lender) to such Borrower; 

    7.06 Indebtedness Payments. A Borrower or any Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

    7.07 Indebtedness Default. Any event or condition occurs that results in any Material Indebtedness becoming due prior to
its scheduled maturity or, after giving of any required notice or lapse of time or both, that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity;  provided that this
Section 7.07 shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness; 

    7.08 Bankruptcy. An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of a Borrower or any Significant Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for a
Borrower or any Significant Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree
approving or ordering any of the foregoing shall be entered or (iii) a Borrower or any Significant Subsidiary, with the consent of its board of directors, shall take any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in any of the acts set forth in clauses (i) and (ii) of this Section 7.08; 

    7.09 Liquidation Proceeding. A Borrower or any Significant Subsidiary shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect,
(ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any 

–52–

 

proceeding or petition described in Section 7.08 of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for a
Borrower or any Significant Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

    7.10 Inability to Pay Debts. A Borrower or any Subsidiary shall become unable, admit in writing its inability or fail
generally to pay its debts as they become due; 

    7.11 Judgments. One or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be
rendered against a Borrower, any Subsidiary (other than a USA Acquisition Subsidiary) or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of a Borrower or any Subsidiary (other than a USA Acquisition
Subsidiary) to enforce any such judgment; 

    7.12 ERISA. An ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with
all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 

    7.13 Media License. Any Significant Media License shall be canceled, terminated, rescinded, annulled, revoked, suspended
or limited, or amended or otherwise modified in any material adverse respect, or shall fail to be renewed for any reason whatsoever; or any such Significant Media License shall no longer be in full
force and effect; or the grant of any such Significant Media License shall have been stayed, vacated or reversed, or modified in any material adverse respect, by judicial or administrative
proceedings; or 

    7.14 Subsidiary Guaranty. Any Subsidiary Guaranty or any provision thereof shall cease to be in full force and effect,
or any Subsidiary Guarantor or any Person acting by or on behalf of such Subsidiary Guarantor shall deny or disaffirm such Subsidiary Guarantor's obligations under a Subsidiary Guaranty or any
Subsidiary Guarantor shall default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the Subsidiary Guaranty and such default
(other than a payment default) shall continue unremedied for a period of at least 30 days after written notice to the defaulting party by the Administrative Agent; or 

    7.15 Change in Control. A Change in Control shall occur; 

    then,
and in every such event (other than an event with respect to a Borrower described in Section 7.08 or 7.09), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrowers, take either or both of the following actions, at the same or different times:
(i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Borrowers; and in case of any event with respect to the Borrowers described in Section 7.08 or 7.09, the Commitments shall automatically terminate and the principal of the Loans then
outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrowers and the Subsidiary Guarantors. 

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ARTICLE VIII
  THE ADMINISTRATIVE AGENT    
  

    8.01 Appointment. The Lenders hereby designate Chase as Administrative Agent and BNP Paribas as Documentation Agent, in
each case to act as specified herein and in the other Credit Documents. Each Lender hereby irrevocably authorizes each Agent to take such action on its behalf under the provisions of this Agreement,
the other Credit Documents and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically
delegated to or required of the such Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto. Each Agent may perform any of its duties hereunder by or through
its officers, directors, agents, employees or affiliates. 

    8.02 Nature of Duties. Each Agent shall not have any duties or responsibilities except those expressly set forth in this
Agreement and the other Credit Documents. Neither Agent nor or any of its respective officers, directors, agents, employees or affiliates shall be liable for any action taken or omitted by them
hereunder or under any other Credit Document or in connection herewith or therewith, unless caused by their gross negligence or willful misconduct. The duties of each Agent shall be mechanical and
administrative in nature; each Agent shall not have by reason of this Agreement or any other Credit Document a fiduciary relationship in respect of any Lender or the holder of any promissory note; and
nothing in this Agreement or any other Credit Document, expressed or implied, is intended to or shall be so construed as to impose upon either Agent any obligations in respect of this Agreement or any
other Credit Document except as expressly set forth herein or therein. Without limiting the generality of the foregoing, (a) an Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default or Event of Default has occurred and is continuing, (b) an Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby that an Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth
herein, an Agent
shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the United States Borrower or any of its Subsidiaries that is communicated to or
obtained by the bank serving as an Agent or any of its Affiliates in any capacity. An Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the
Required Lenders or in the absence of its own gross negligence or willful misconduct. An Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until written notice
thereof is given to an Agent by the United States Borrower or a Lender, and an 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, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or
any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to an Agent. 

    8.03 Certain Rights of the Agents. If an Agent shall request instructions from the Required Lenders with respect to any
act or action (including failure to act) in connection with this Agreement or any other Credit Document, then such Agent shall be entitled to refrain from such act or taking such action unless and
until such Agent shall have received instructions from the Required Lenders; and such Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no
Lender shall have any right of action whatsoever against either Agent as a result of such Agent acting or refraining from acting hereunder or under any other Credit Document in accordance with the
instructions of the Required Lenders. 

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    8.04 Reliance. Each 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 believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent also may rely upon
any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel
(who may be counsel for the Borrowers), 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. 

    8.05 Sub-Agents. An Agent may perform any and all its duties and exercise its rights and powers by or
through any one or more sub-agents appointed by such Agent. An Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of an 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 such Agent. 

    8.06 Indemnification. To the extent an Agent is not reimbursed and indemnified by the Borrowers, each Lender (to the
extent so able) will reimburse and indemnify such Agent, in proportion to their respective Loans and Commitments, for and against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by such Agent in performing their respective duties
hereunder or under any other Credit Document, in any way relating to or arising out of this Agreement or any other Credit Document; provided that no
Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or
willful misconduct of an Agent. 

    8.07 Each Agent in Its Individual Capacity. With respect to its obligation to make Loans under this Agreement, each
Agent shall have the rights and powers specified herein for a "Lender" and may exercise the same rights and powers as though it were not performing the
duties specified herein; and the term "Lenders," "Required Lenders," "holders of
Notes" or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity. Each Agent may accept deposits
from, lend money to, and generally engage in any kind of banking, trust or other business with any Credit Party or any Affiliate of any Credit Party as if it were not performing the duties specified
herein, and may accept fees and other consideration from a Borrower or any other Credit Party for services in connection with this Agreement and otherwise without having to account for the same to the
Lenders. 

    8.08 Resignation. Subject to the appointment and acceptance of a successor Agent as provided in this paragraph, an Agent
may resign at any time by notifying the Lenders, the Issuing Bank and the Borrowers. Upon any such resignation, the Required Lenders shall have the right to appoint a successor with the consent of the
Borrowers as long as no Event of Default has occurred and is continuing, such consent not to be unreasonably withheld or delayed. If no successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing Bank,
appoint a successor Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such
successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the
Agent's resignation hereunder, the provisions of this Article and Section 10.03 shall continue 

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in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. 

    8.09 Lack of Reliance. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any
other Lender 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 also acknowledges that it
will, independently and without reliance upon any Agent or any other Lender 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
related agreement or any document furnished hereunder or thereunder. Each Agent shall not be responsible to any Lender for any recitals, statements, information, representations or warranties herein
or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectibility, priority or
sufficiency of this Agreement or any other Credit Document or the financial condition of the Credit Parties or be required to make any inquiry concerning either the performance or observance of any of
the terms, provisions or conditions of this Agreement or any other Credit Document, or the financial condition of any Credit Party or the existence or possible existence of any Default or Event of
Default. 

    8.10 Other Agents None of the Lenders identified on the facing page or signature pages of this Agreement as a "book
manager," "joint book manager," "lead arranger," "joint lead arranger," "syndication agent," or "co-syndication agent" "documentation agent" or "co-documentation agent" shall
have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders so
identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders so identified in
deciding to enter into this Agreement or in taking or not taking action hereunder. 

 
 

ARTICLE IX
  UNITED STATES BORROWER GUARANTY    
  

    9.01 The United States Borrower Guaranty. In order to induce the Lenders to enter into this Agreement and to extend
credit hereunder and in recognition of the direct benefits to be received by the United States Borrower from the proceeds of the Loans and the issuance of the Letters of Credit, the United States
Borrower hereby agrees with the Lenders as follows: the United States Borrower hereby unconditionally and irrevocably guarantees as primary obligor and not merely as surety the full and prompt payment
when due, whether upon maturity, by acceleration or otherwise, of any and all indebtedness of the Puerto Rico Borrower to the Lenders under this Agreement and the other Credit Documents and under each
Hedging Agreement entered into by a Lender or an affiliate of a Lender (even if any such Lender ceases to be a Lender under the Credit Agreement for any reason) with the Puerto Rico Borrower. If any
or all of the indebtedness of the Puerto Rico Borrower to the Lenders becomes due and payable hereunder or under such other Credit Documents or Hedging Agreements, the United States Borrower
unconditionally promises to pay such indebtedness to the Lenders, or order, on demand, together with any and all expenses which may be incurred by the Agents or the Lenders in collecting any of the
indebtedness. The word "indebtedness" is used in this Section 9 in its most comprehensive sense and means any and all advances, debts, obligations and liabilities of the Puerto Rico Borrower
arising in connection with this Agreement or any other Credit Documents or under any Hedging Agreement with a Lender or an affiliate of the Lender, in each case, heretofore, now, or hereafter made,
incurred or created, whether voluntarily or involuntarily, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether or not such indebtedness is from time to time
reduced, or extinguished and thereafter increased or incurred, whether the Puerto Rico Borrower may be liable individually or jointly with others, whether or not recovery upon such 

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indebtedness may be or hereafter become barred by any statute of limitations, and whether or not such indebtedness may be or hereafter become otherwise unenforceable. 

    9.02 Bankruptcy. Additionally, the United States Borrower unconditionally and irrevocably guarantees the payment of any
and all indebtedness of the Puerto Rico Borrower to the Lenders whether or not due or payable by the Puerto Rico Borrower upon the occurrence of any of the events specified in Sections 7.08 and 7.09,
and unconditionally and irrevocably promises to pay such indebtedness to the Lenders, or order, on demand, in lawful money of the United States. 

    9.03 Nature of Liability. The liability of the United States Borrower hereunder is exclusive and independent of any
security for or other guaranty of the indebtedness of the Puerto Rico Borrower whether executed by the United States Borrower, any other guarantor or by any other party, and the liability of the
United States Borrower hereunder shall not be affected or impaired by (a) any direction as to application of payment by the Puerto Rico Borrower or by any other party, or (b) any other
continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of the Puerto Rico Borrower, or (c) any payment on or in reduction of
any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or change in personnel by the Puerto Rico Borrower, or (e) any payment made to the
Agents or the Lenders on the indebtedness which the Agents or such Lenders repay the Puerto Rico Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other
debtor relief proceeding, and the United States Borrower waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 

    9.04 United States Borrower Guaranty Absolute. No invalidity, irregularity or unenforceability of all or any part of the
indebtedness guaranteed hereby or of any security therefor shall affect, impair or be a defense to this United States Borrower Guaranty, and this United States Borrower Guaranty shall be primary,
absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except
payment in full of the indebtedness guaranteed herein. 

    9.05 Independent Obligation. The obligations of the United States Borrower hereunder are independent of the obligations
of any other guarantor or the Puerto Rico Borrower, and a separate action or actions may be brought and prosecuted against the United States Borrower whether or not action is brought against any other
guarantor or the Puerto Rico Borrower and whether or not any other guarantor or the Puerto Rico Borrower be joined in any such action or actions. The United States Borrower waives, to the fullest
extent permitted by law, the benefit of any statue of limitations affecting its liability hereunder or the enforcement thereof. Any payment by the Puerto Rico Borrower or other circumstance which
operates to toll any statute of limitations as to the Puerto Rico Borrower shall operate to toll the statute of limitations as to the United States Borrower. 

    9.06 Authorization. The United States Borrower authorizes the Agents and the Lenders without notice or demand, and
without affecting or impairing its liability hereunder, from time to time to: 

    (a) change
the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase, accelerate or alter, any of the indebtedness
(including any increase or decrease in the rate of interest thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the United States Borrower
Guaranty herein made shall apply to the indebtedness as so changed, extended, renewed or altered; 

    (b) exercise
or refrain from exercising any rights against the Puerto Rico Borrower or others or otherwise act or refrain from acting; 

    (c) release
or substitute any one or more endorsers, guarantors, the Puerto Rico Borrower or other obligors; 

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    (d) settle or compromise any of the indebtedness, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect
thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Puerto Rico Borrower to its creditors other than the Lenders; 

    (e) apply
any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Puerto Rico Borrower to the Lenders regardless of what liability or
liabilities of the United States Borrower or the Puerto Rico Borrower remain unpaid; 

    (f)  consent
to or waive any breach of, or any act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise
amend, modify or supplement this Agreement or any of such other instruments or agreements; and/or 

    (g) take
any other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable discharge of the United States Borrower
from its liabilities under this Article 9. 

    9.07 Reliance. It is not necessary for the Agents or the Lenders to inquire into the capacity or powers of the Puerto
Rico Borrower or its Subsidiaries or the officers, directors, partners or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise
of such powers shall be guaranteed hereunder. 

    9.08 Subordination. Any indebtedness of the Puerto Rico Borrower now or hereafter held by the United States Borrower is
hereby subordinated to the indebtedness of the Puerto Rico Borrower to the Agents and the Lenders; and such indebtedness of the Puerto Rico Borrower to the United States Borrower, if the Agents (at
the direction of the Required Lenders), after an Event of Default has occurred, so requests, shall be collected, enforced and received by the United States Borrower as trustee for the Lenders and be
paid over to the Lenders on account of the indebtedness of the Puerto Rico Borrower to the Lenders, but without affecting or impairing in any manner the liability of the United States Borrower under
the other provisions of this United States Borrower Guaranty. Prior to the transfer by the United States Borrower of any note or negotiable instrument evidencing any indebtedness of the Puerto Rico
Borrower to the United States Borrower, the United States Borrower shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. 

    9.09 Waiver. (a) The United States Borrower waives any right to require the Agents or the Lenders to
(i) proceed against the Puerto Rico Borrower, any other guarantor or any other party, or (ii) pursue any other remedy in the Agents' or the Lenders' power whatsoever. The United States
Borrower waives any defense based on or arising out of any defense of the Puerto Rico Borrower, any other guarantor or any other party other than payment in full of the indebtedness (other than
payment), including any defense based on or arising out of the disability of the Puerto Rico Borrower, any other guarantor or any other party, or the unenforceability of the indebtedness or any part
thereof from any cause, or the cessation from any cause of the liability of the Puerto Rico Borrower other than to the extent of payment in full of the indebtedness. The Agents and the Lenders may, in
accordance with the Credit Documents, at their election, exercise any other right or remedy the Agents and the Lenders may have against the Puerto Rico Borrower or any other party, without affecting
or impairing in any way the liability of the United States Borrower hereunder except to the extent the indebtedness has been paid. The United States Borrower waives any defense arising out of any such
election by the Agents and the Puerto Rico Borrower, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the United States
Borrower against the Puerto Rico Borrower or any other party or any security. 

    (b) Except
as otherwise specifically required hereunder, the United States Borrower waives all presentments, demands for performance, protests and notices, including
notices of nonperformance, 

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notices of protest, notices of dishonor, notices of acceptance of this United States Borrower Guaranty, and notices of the existence, creation or incurring of new or additional indebtedness. The
United States Borrower assumes all responsibility for being and keeping itself informed of the Puerto Rico Borrower's financial condition and assets, and of all other circumstances bearing upon the
risk of non-payment of the indebtedness and the nature, scope and extent of the risks which the United States Borrower assumes and incurs hereunder, and agrees that the Agents and the
Lenders shall have no
duty to advise the United States Borrower of information known to them regarding such circumstances or risks. 

    9.10 The United States Borrower Guaranty Continuing. This United States Borrower Guaranty is a continuing one and all
liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. No failure or delay on the part of any Lender, of any holder
of any promissory note, or issuer of, or participant in, any Letter of Credit in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly
specified are cumulative and not exclusive of any rights or remedies which any Lender or any subsequent holder of a promissory note, or issuer of, or participant in, a Letter of Credit would otherwise
have. No notice to or demand on the United States Borrower in any case shall entitle the United States Borrower to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the Lender or any holder, creator or purchaser to any other or further action in any circumstances without notice or demand. 

    9.11 Binding Nature of Guaranties. This United States Borrower Guaranty shall be binding upon the United States Borrower
and its successors and assigns and shall inure to the benefit of the Lenders and their successors and assigns. 

    9.12 Judgments Binding. If claim is ever made upon any Lender, any subsequent holder of a promissory note or issuer of,
or participant in, any Letter of Credit for repayment or recovery of any amount or amounts received in payment or on account of any of the indebtedness and any of the aforesaid payees repays all or
part of said amount by reason of (a) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of its property, or (b) any settlement
or compromise of any such claim effected by such payee with any such claimant (including the Puerto Rico Borrower) then and in such event the United States Borrower agrees that any such judgment,
decree, order, settlement or compromise shall be binding upon the United States Borrower, notwithstanding any revocation hereof or the cancellation of any promissory note, or other instrument
evidencing any liability of the Puerto Rico Borrower, and the United States Borrower shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same
extent as if such amount had never originally been received by any such payee. 

 
 

ARTICLE X
  MISCELLANEOUS    
  

    10.01 Notices. Except in the case of notices and other communications expressly permitted to be given by
telephone, all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

    (a) if
to the United States Borrower or the Puerto Rico Borrower, to it at Univision Communications Inc., c/o Chartwell Partners, 1999 Avenue of the Stars, Suite
3050, Los Angeles, California 90067, Attention of George Blank, Andrew Hobson and C. Douglas Kranwinkle, Esq. (Telecopy No. (201) 287-9577, (310) 556-7615 and
(310) 556-3568, respectively); 

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    (b) if to the Administrative Agent, to The Chase Manhattan Bank, 1 Chase Manhattan Plaza, New York, New York 10081, Attention of Gloria Javier (Telecopy No.
(212) 552-5700), with a copy to The Chase Manhattan Bank, 270 Park Avenue, New York 10017, Attention of Tracy Ewing (Telecopy No. (212) 270-4164); 

    (c) if
to the Documentation Agent, to BNP Paribas, 180 Montgomery Street, San Francisco, California 94101, Attention: Susan Bowes and Kristin Lapic, Portfolio
Management with a copy to Lee Buckner (Telecopy No. (415) 398-4240); 

    (d) if
to the Issuing Bank, to it at The Chase Manhattan Bank, Attention of Steve McArdle (Telecopy No. (212) 552-5700); and 

    (e) if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

    Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications
given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

    10.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the
Documentation Agent, the Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of
the Administrative Agent, the Documentation Agent, the Issuing Bank and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver
of any provision of
this Agreement or consent to any departure by a Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit
shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent, the Documentation Agent, any Lender or the Issuing Bank may have had notice or
knowledge of such Default or Event of Default at the time. 

    (b) Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the
Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent and/or the Documentation Agent with the consent of the Required Lenders;  provided that no such agreement shall
(i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby,
(iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or
excuse any such payment, or postpone the scheduled date of expiration of any Commitment or Maturity Date, without the written consent of each Lender affected thereby, (iv) change
Section 2.17(d) or (e) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions
of this Section or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender or (vi) change Section 10.04(a) in a manner that
would allow either Borrower to assign or otherwise transfer its rights and obligations hereunder without the prior written consent of each Lender;  provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties
of the Administrative Agent, the Documentation Agent or the Issuing Bank hereunder without 

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the prior written consent of the Administrative Agent, the Documentation Agent or the Issuing Bank, as the case may be. 

    10.03 Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall jointly and severally pay
(i) all reasonable out-of-pocket expenses incurred by the Agents and their Affiliates, including the reasonable fees, charges and disbursements of counsel for the Agents
(including the reasonable fees and disbursements of White & Case LLP), in connection with the syndication of the credit facilities provided for herein, the preparation and administration of
this Agreement or any amendments, modifications or waivers of the provisions hereof (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 reasonable out-of-pocket expenses incurred by the Agents, the Issuing Bank or any Lender, including the reasonable fees, charges and
disbursements of any counsel for the Agents, the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights
under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect thereof. 

    (b) The
Borrowers shall jointly and severally indemnify the Administrative Agent, the Documentation Agent, the Issuing Bank and each Lender, and each Related Party of
any of the foregoing Persons (each such Person being called an "Indemnitee") against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the 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 United States Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the United States Borrower or any of its Subsidiaries, or (iv) any actual or prospective Environmental Claim, whether based on contract, tort or
any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such is 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. 

    (c) To
the extent that a Borrower fails to pay any amount required to be paid by it to any Agent or the Issuing Bank under paragraph (a) or (b) of this
Section, each Lender severally agrees to pay to the applicable Agent or the Issuing Bank, as the case may be, such Lender's Applicable Percentage (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 such Agent or the Issuing Bank in its capacity as such. 

    (d) To
the extent permitted by applicable law, neither Borrower shall assert, and each Borrower 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 or any agreement or
instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

    (e) All
amounts due under this Section shall be payable promptly after written demand therefor. 

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    10.04 Successors and Assigns. (a) 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 the Borrowers may not assign or otherwise transfer any of their rights or
obligations hereunder
without the prior written consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent 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 and, to the extent expressly contemplated hereby, the Related
Parties of each of the Agents, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

    (b) Any
Lender may assign to one or more assignees 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 to a Lender or an Affiliate of a Lender (including a
Lender Affiliate), each of the applicable Borrower and the Administrative Agent must give their prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed),
(ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment, the amount of the
Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent)
shall not be less than $5,000,000 (or, in the case of the Incremental Term Loans of a Class, such other amount, if any, as is specified in the Incremental Term Loan Commitment Agreement of such Class)
unless each of the applicable Borrower and the Administrative Agent otherwise consent, (iii) 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, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;  provided further, that any
consent of the applicable Borrower otherwise required under this paragraph shall not be required if an Event of Default under
Section 7.08 or 7.09 has occurred and is continuing. Upon acceptance and recording pursuant to paragraph (d) of this Section, from and after the effective date specified in each
Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and,
in the case of an Assignment and Acceptance 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 2.14, 2.15, 2.16 and 10.03). 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 paragraphs (e) and (f) of this Section. 

    (c) The
Administrative Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices in The City of New York a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements
owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive as to such names
and addresses, and the Borrowers, the Administrative Agent, the Issuing Bank 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. 

    (d) Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative
Questionnaire (unless the assignee 

–62–

 

shall already be a Lender hereunder), a processing and recordation fee as required by the Administrative Agent and any written consent to such assignment as required by the Administrative Agent, the
Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it
has been recorded in the Register as provided in this paragraph. 

    (e) Any
Lender may, without the consent of the applicable Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other
entities (including the Lender Affiliates) (a "Participant") in all or a portion of such Lender's rights and obligations under this Agreement (including
all or a portion of its Commitment and 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 applicable Borrower, the Administrative
Agent, the Documentation Agent, the Issuing Bank 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 described in the first proviso to Section 10.02(b) that affects such Participant. Subject to
paragraph (f) of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to paragraph (c) of this Section. 

    (f)  A
Participant shall not be entitled to receive any greater payment under Section 2.14 or 2.16 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 applicable Borrower's prior written consent. A Participant that
would be a Foreign Lender or Non-Puerto Rico Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the applicable Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the applicable Borrower, to comply with Section 2.16(e) or 2.16(f) as though it were a Lender. 

    (g) Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender,
including any such pledge or assignment to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest;  provided that no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any such
assignee for such Lender as a party hereto. 

    10.05 Survival. All covenants, agreements, indemnities, representations and warranties made by the
Borrowers herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that the Administrative Agent, the Documentation Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16
and 10.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the 

–63–

 

transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

    10.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any
separate letter agreements with respect to fees payable to the Administrative Agent and/or the Documentation Agent constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each
of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

    10.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

    10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is
hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any
time held and other indebtedness at any time owing by such Lender to or for the credit or the account of either Borrower against any of and all the obligations of such Borrower now or hereafter
existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff)
which such Lender may have. 

    10.09 Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be
construed in accordance with and governed by the law of the State of New York. 

    (b) Each
Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New
York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right
that the Administrative Agent, the Documentation Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against a Borrower or its
properties in the courts of any jurisdiction. 

    (c) Each
Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent 

–64–

 

permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

    (d) Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement will
affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

    10.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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 THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER
PARTY 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 BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

    10.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience
of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

    10.12 Confidentiality. Each of the Agents, the Issuing Bank 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 any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the
enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the United States Borrower, (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to an Agent, the Issuing Bank or any Lender on a nonconfidential basis from a
source other than a Borrower (i) in connection with the exercise of any remedy hereunder or under any other Credit Document, (j) to other financial institutions with respect to which the
Lender has a contractual relationship in accordance with such Lender's regular banking procedures, provided that the recipient of such information agrees to be bound by the provisions of this
Section 10.12 or (k) to any direct or indirect contractual counterparty in swap agreements or such contractual counterparty's professional advisors (so long as such contractual
counterparty or professional advisors to such contractual counterparty agree to be bound by the provisions of this Section 10.12). For the purposes of this Section,
"Information" means all information received from a Borrower relating to a Borrower or its business, other than any such information that is available
to an Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by a Borrower. 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. 

    10.13 Payments Pro Rata. (a) The Administrative Agent agrees that promptly after its receipt of
each payment from or on behalf of any Credit Party in respect of any Obligations of such Credit Party 

–65–

 

hereunder, it shall distribute such payment to the Lenders (other than any Lender that has expressly waived its right to receive its pro rata share thereof) pro
rata based upon their respective shares, if any, of the Obligations with respect to which such payment was received. 

    (b) Each
of the Lenders agrees that, if it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise of the right
of setoff or banker's lien, by counterclaim or cross action, by the enforcement of any right under the Credit Documents, or otherwise) which is applicable to the payment of the principal of, or
interest on, the Loans or fees, of a sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Obligation then owed and due to such
Lender bears to the total of such Obligation then owed and due to all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for cash without
recourse or warranty from the other Lenders an interest in the Obligations of the respective Credit Party to such Lenders in such amount as shall result in a proportional participation by all of the
Lenders in such amount, provided that if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase shall be
rescinded and the purchase price restored to the extent of such recovery, but without interest. 

    10.14 Calculations; Computations. The financial statements to be furnished to the Lenders pursuant
hereto shall be made and prepared in accordance with GAAP consistently applied throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed in writing by the
United States Borrower to the Lenders). 

    10.15 Domicile of Loans. Each Lender may transfer and carry its Loans at, to or for the account of any
branch office, subsidiary or affiliate of such Lender. 

    10.16 Effectiveness. This Agreement shall become effective on the date (the
"Effective Date") on which the Borrowers, the Administrative Agent, the Documentation Agent and each of the Lenders shall have signed a copy hereof
(whether the same or different copies) and shall have delivered the same to the Administrative Agent at the Notice Office or, in the case of the Lenders, shall have given to the Administrative Agent
telephonic (confirmed in writing), written, telex or facsimile transmission notice (actually received) at such office that the same has been signed and mailed to it. 

    10.17 Release of Subsidiary Guaranty. Each Lender acknowledges and agrees that upon the satisfaction of
the Guarantee Release Conditions, the Subsidiary Guarantors shall be released from their obligations under the Subsidiary Guaranty. 

–66–

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

	

 	
 	
UNIVISION COMMUNICATIONS INC.
	

 	
 	

By:	
 	

/s/ ROBERT V. CAHILL   

	 	 	 	 	Name:	 	Robert V. Cahill
	 	 	 	 	Title:	 	Vice Chairman and Secretary
	

 	
 	
UNIVISION OF PUERTO RICO INC.
	

 	
 	

By:	
 	

/s/ ROBERT V. CAHILL   

	 	 	 	 	Name:	 	Robert V. Cahill
	 	 	 	 	Title:	 	Executive Vice President
	

 	
 	
THE CHASE MANHATTAN BANK,

Individually and as Administrative Agent
	

 	
 	

By:	
 	

/s/ ROBERT ANASTASIO   

	 	 	 	 	Name:	 	Robert Anastasio
	 	 	 	 	Title:	 	Vice President
	

 	
 	
BNP PARIBAS,

INDIVIDUALLY AND AS DOCUMENTATION AGENT
	

 	
 	
By:	
 	

/s/ SUSAN BOWES   

	 	 	 	 	Name:	 	Susan Bowes
	 	 	 	 	Title:	 	Director
	

 	
 	

By:	
 	

/s/ LEE S. BUCKNER   

	 	 	 	 	Name:	 	Lee S. Buckner
	 	 	 	 	Title:	 	Managing Director

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

UBS AG, Stamford Branch,
	

 	
 	

By:	
 	

/s/ WILFRED V. SAINT   

	 	 	 	 	Name:	 	Wilfred V. Saint
	 	 	 	 	Title:	 	Associate Director

Banking Products Services, US
	

 	
 	

By:	
 	

/s/ JENNIFER L. POCCIA   

	 	 	 	 	Name:	 	Jennifer L. Poccia
	 	 	 	 	Title:	 	Associate Director

Banking Products Services, US

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

CITICORP USA, INC.
	

 	
 	

By:	
 	

/s/ DEBORAH IRONSON   

	 	 	 	 	Name:	 	Deborah Ironson
	 	 	 	 	Title:	 	Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

THE DAI-ICHI KANGYO BANK
	

 	
 	

By:	
 	

/s/ MARVIN-MIREL LAZAR   

	 	 	 	 	Name:	 	Marvin-Mirel Lazar
	 	 	 	 	Title:	 	Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

UNION BANK OF CALIFORNIA, N.A.
	

 	
 	

By:	
 	

/s/ MATTHEW H. FLEMING   

	 	 	 	 	Name:	 	Matthew H. Fleming
	 	 	 	 	Title:	 	Assistant Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	

THE INDUSTRIAL BANK OF JAPAN, LIMITED,

A member of Mizuho Financial Group, as Co-Arranger
	

 	
 	

By:	
 	

/s/ STEVEN SAVOLDELLI   

	 	 	 	 	Name:	 	Steven Savoldelli
	 	 	 	 	Title:	 	Vice President and Manager

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	

BANK OF AMERICA, N.A., Individually and as Co-Syndication Agent
	

 	
 	

By:	
 	

/s/ STEVEN P. RENWICK   

	 	 	 	 	Name:	 	Steven P. Renwick
	 	 	 	 	Title:	 	Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

SUMITOMO MITSUI BANKING CORPORATION
	

 	
 	

By:	
 	

/s/ LEO E. PAGARIGAN   

	 	 	 	 	Name:	 	Leo E. Pagarigan
	 	 	 	 	Title:	 	Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

THE BANK OF NEW YORK
	

 	
 	

By:	
 	

/s/ JOHN C. LAMBERT   

	 	 	 	 	Name:	 	John C. Lambert
	 	 	 	 	Title:	 	Senior Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

E.SUN COMMERCIAL BANK, LTD., LOS ANGELES BRANCH
	

 	
 	

By:	
 	

/s/ BENJAMIN LIN   

	 	 	 	 	Name:	 	Benjamin Lin
	 	 	 	 	Title:	 	SVP & General Manager

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	

THE MITSUBISHI TRUST AND BANKING CORPORATION
	

 	
 	

By:	
 	

/s/ TOSHIHIRO HAYASHI   

	 	 	 	 	Name:	 	Toshihiro Hayashi
	 	 	 	 	Title:	 	Senior Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

CHANG HWA COMMERCIAL BANK LTD., NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/ MING-HSIEN LIN   

	 	 	 	 	Name:	 	Ming-Hsien Lin
	 	 	 	 	Title:	 	VP & General Manager

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

WESTDEUTSCHE LANDESBANK GIROZENTRALE, NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/ LUCIE L. GUERNSEY   

	 	 	 	 	Name:	 	Lucie L. Guernsey
	 	 	 	 	Title:	 	Director
	

 	
 	

By:	
 	

/s/ PASCAL KABEMBA   

	 	 	 	 	Name:	 	Pascal Kabemba
	 	 	 	 	Title:	 	Associate Director

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

FLEET NATIONAL BANK
	

 	
 	

By:	
 	

/s/ SRBUI SEFERIAN   

	 	 	 	 	Name:	 	Srbui Seferian
	 	 	 	 	Title:	 	Assistant Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

SUN TRUST BANK
	

 	
 	

By:	
 	

/s/ THOMAS C. KING, JR.   

	 	 	 	 	Name:	 	Thomas C. King, Jr.
	 	 	 	 	Title:	 	Vice President

   

	 	 	SIGNATURE PAGE TO CREDIT AGREEMENT, DATED AS OF JULY 18, 2001, AMONG UNIVISION COMMUNICATIONS INC., AS UNITED STATES BORROWER, UNIVISION OF PUERTO RICO INC., AS PUERTO RICO BORROWER, CERTAIN LENDERS PARTY THERETO, THE
CHASE MANHATTAN BANK, AS ADMINISTRATIVE AGENT, AND BNP PARIBAS AS DOCUMENTATION AGENT

   

	

 	
 	
NAME OF INSTITUTION:
	

 	
 	

FUJI BANK, LTD.
	

 	
 	

By:	
 	

/s/ NOBUOKO KOIKE   

	 	 	 	 	Name:	 	Nobuoko Koike
	 	 	 	 	Title:	 	Vice President and Senior Team Leader

 
 

Schedule 1.01
  USA Acquired Subsidiaries    
  

1.  O&O Subsidiaries  

USA
Station Group, Inc., a wholly owned subsidiary of USA Broadcasting, Inc, is a 1% general partner of each of the 11 licensee general partnerships. 

USA
Station Group of Dallas, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Dallas, the licensee of
KSTR-TV. 

USA
Station Group of Houston, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Houston, the licensee of
KHSH-TV. 

USA
Station Group of Illinois, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Illinois, the licensee of
WEHS-TV. 

USA
Station Group of Atlanta, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Atlanta, the licensee of
WHOT-TV. 

USA
Station Group of Massachusetts, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership Massachusetts, the licensee of
WHUB-TV. 

USA
Station Group of New Jersey, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of New Jersey, the licensee of
WHSE-TV and WHSI-TV. 

USA
Station Group of Ohio, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Ohio, the license of
WQHS-TV. 

USA
Station Group of Vineland, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is a 99% general partner of USA Station Group Partnership of Vineland, the licensee of
WHSP-TV. 

USA
Station Group of Southern California, Inc., a wholly owned subsidiary of USA Broadcasting, Inc., is: 

a
99% general partner of USA Station Group Partnership of Southern California, the licensee of KHSC-TV; 

owner
of 100% of the stock of USA Station Group of Hollywood, Florida, Inc., which in turn, is a 99% general partner of USA Station Group Partnership of Hollywood, Florida, the licensee of
WAMI-TV; owner of 100% of the stock of USA Station Group of Tampa, Inc., which in turn, is a 99% general partner of USA Station Group Partnership of Tampa, the licensee of
WBHS-TV. 

Miami
USA Broadcasting Station Productions, Inc., which in turn, is a wholly owned subsidiary of Miami USA Broadcasting, Inc., which in turn, is a wholly owned subsidiary of USA
Broadcasting Productions, Inc., which in turn, is a wholly owned subsidiary of USA Broadcasting, Inc. 

USA
Station Group of Florida, Inc., a wholly owned subsidiary of USA Station Group Communications, Inc., which in turn is a wholly owned subsidiary of USA Station Group Communications,
LLC, which in turn, is a wholly owned subsidiary of USA Broadcasting, Inc., is the owner of 100% of the stock of USA Station Group of Melbourne, Inc., the licensee of
WBSF-TV. 

 
 

Schedule 2.01    
  

 
 

Commitments    
  

	Bank
 
	 	United States

Term Loan

Commitment
	 	Puerto Rico

Term Loan

Commitment
	 	Revolving Loan

Commitment
	 	Total

	The Chase Manhattan Bank	 	$	63,934,426.23	 	$	24,590,163.93	 	$	61,475,409.84	 	$	150,000,000.00
	BNP Paribas	 	$	63,934,426.23	 	$	24,590,163.93	 	$	61,475,409.84	 	$	150,000,000.00
	UBS AG	 	$	53,278,688.52	 	$	20,491,803.28	 	$	51,229,508.20	 	$	125,000,000.00
	Bank of America	 	$	53,278,688.52	 	$	20,491,803.28	 	$	51,229,508.20	 	$	125,000,000.00
	The Bank of New York	 	$	53,278,688.52	 	$	20,491,803.28	 	$	51,229,508.20	 	$	125,000,000.00
	The Fuji Bank Limited	 	$	15,983,606.56	 	$	6,147,540.98	 	$	15,368,852.46	 	$	37,500,000.00
	The Industrial Bank of Japan, Limited	 	$	17,773,770.49	 	$	6,836,065.57	 	$	17,090,163.93	 	$	41,700,000.00
	The Dai-Ichi Kangyo Bank, Ltd	 	$	19,521,311.48	 	$	7,508,196.72	 	$	18,770,491.80	 	$	45,800,000.00
	Fleet National Bank	 	$	53,278,688.52	 	$	20,491,803.28	 	$	51,229,508.20	 	$	125,000,000.00
	Citigroup USA, Inc.	 	$	31,967,213.11	 	$	12,295,081.97	 	$	30,737,704.92	 	$	75,000,000.00
	Suntrust Banks, Central Florida, N.A	 	$	21,311,475.41	 	$	8,196,721.31	 	$	20,491,803.28	 	$	50,000,000.00
	Union Bank of California, N.A.	 	$	21,311,475.41	 	$	8,196,721.31	 	$	20,491,803.28	 	$	50,000,000.00
	Westdeutsche Landesbank Girozentrale	 	$	21,311,475.41	 	$	8,196,721.31	 	$	20,491,803.28	 	$	50,000,000.00
	Sumitomo Mitsui Banking Corporation	 	$	10,655,737.70	 	$	4,098,360.66	 	$	10,245,901.64	 	$	25,000,000.00
	The Mitsubishi Trust and Banking Corporation	 	$	8,524,590.16	 	$	3,278,688.52	 	$	8,196,721.31	 	$	20,000,000.00
	Chang Hwa Commercial Bank, Ltd.	 	$	6,393,442.62	 	$	2,459,016.39	 	$	6,147,540.98	 	$	15,000,000.00
	E.sun Commercial Bank, Ltd.	 	$	4,262,295.08	 	$	1,639,344.26	 	$	4,098,360.66	 	$	10,000,000.00
	 	 	
	 	
	 	
	 	

	 	Total	 	$	520,000,000.0	 	$	200,000,000.0	 	$	500,000,000.0	 	$	1,220,000,000.0
	 	 	
	 	
	 	
	 	

 
 

Schedule 3.06
  Disclosed Matters    
  

    None 

 
 

SCHEDULE 3.12    
  

  

	*
	The
License Partnerships are as follows:

KWEX License Partnership, G.P., a California general partnership

KUVN License Partnership, G.P., a California general partnership

KMEX License Partnership, G.P., a California general partnership

KDTV License Partnership, G.P., a California general partnership

KFTV License Partnership, G.P., a California general partnership

KTVW License Partnership, G.P., a California general partnership

KXLN License Partnership, G.P., a California general partnership

WGBO License Partnership, G.P., a California general partnership

WXTV License Partnership, G.P., a California general partnership

WLTV License Partnership, G.P., a California general partnership

KUVS License Partnership, G.P., a California general partnership

KUVI License Partnership, G.P., a California general partnership

 
 

Schedule 3.15
  Stations    
  

	KDTV(TV), San Francisco, California, Channel 14	 	 
	Licensee:	 	KDTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KDTV-LP, Santa Rosa, California, Channel 28	
 	

 
	Licensee:	 	KDTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KFTV(TV), Hanford, California, Channel 21	
 	

 
	Licensee:	 	KFTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KABE-LP, Bakersfield, California, Channel 39	
 	

 
	Licensee:	 	KFTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KMEX-TV, Los Angeles, California, Channel 34	
 	

 
	Licensee:	 	KMEX License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KTVW-TV, Phoenix, Arizona, Channel 33	
 	

 
	Licensee:	 	KTVW License Partnership, G.P.	 	 
	Renewal Expiration:	 	10/1/2006	 	 
	
KUVE-LP, Tucson, Arizona, Channel 52	
 	

 
	Licensee:	 	KTVW License Partnership, G.P.	 	 
	Renewal Expiration:	 	10/1/2006	 	 
	
K48GX, Tucson, Arizona, Channel 48	
 	

 
	Licensee:	 	KTVW License Partnership, G.P.	 	 
	Renewal Expiration:	 	N/A	 	 
	
KUVI(TV), Bakersfield, California, Channel 45	
 	

 
	Licensee:	 	KUVI License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KUVN(TV), Garland, Texas, Channel 23	
 	

 
	Licensee:	 	KUVN License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
KUVN-LP, Fort Worth, Texas, Channel 31	
 	

 
	Licensee:	 	KUVN License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
KUVS(TV), Modesto, California, Channel 19	
 	

 
	Licensee:	 	KUVS License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KWEX-TV, San Antonio, Texas, Channel 41	
 	

 
	Licensee:	 	KWEX License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
K31FM, Austin, Texas, Channel 31	
 	

 
	Licensee:	 	KWEX License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 

	
KXLN-TV, Rosenberg, Texas, Channel 45	
 	

 
	Licensee:	 	KXLN License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
WGBO-TV, Joliet, Illinois, Channel 66	
 	

 
	Licensee:	 	WGBO License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2005	 	 
	
WLTV(TV), Miami, Florida, Channel 23	
 	

 
	Licensee:	 	WLTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	2/1/2005	 	 
	
WXTV(TV), Paterson, New Jersey, Channel 41	
 	

 
	Licensee:	 	WXTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	6/1/2007	 	 
	
WXTV-LP, Philadelphia, Pennsylvania, Channel 28	
 	

 
	Licensee:	 	WXTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2007	 	 
	
W47AD, Hartford, Connecticut, Channel 47	
 	

 
	Licensee:	 	WXTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	4/1/2007	 	 
	
KSTR-TV, Irving, Texas, Channel 49	
 	

 
	Licensee:	 	Univision Partnership of Dallas	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
WAMI-TV, Hollywood, Florida, Channel 69	
 	

 
	Licensee:	 	Univision Partnership of Hollywood, Florida	 	 
	Renewal Expiration:	 	2/1/2005	 	 
	
WHOT-TV, Athens, Georgia, Channel 34	
 	

 
	Licensee:	 	Univision Partnership of Atlanta	 	 
	Renewal Expiration:	 	4/1/2005	 	 

 
 

Schedule 3.16
  Permits    
  

    The United States Borrower sought and received each FCC consent required to acquire control of the licensees of certain full power television stations licensed
to affiliates of USA Broadcasting, Inc., including KSTR-TV, Irving, Texas (Channel 49), WAMI-TV, Hollywood, Florida (Channel 69), and WHOT-TV, Athens,
Georgia (Channel 34) (the "Initial Stations"). The transfers of control of the licensees of the Initial Stations were consummated on June 12, 2001. On June 20, 2001, Theodore M.
White filed an Application for Review (the "White Petition") with the FCC. The White Petition seeks FCC review of the action, taken by the FCC's staff pursuant to delegated authority, granting consent
to the transfer of control of the USA Broadcasting, Inc. stations to the United States Borrower. If the White Petition is granted, the FCC could require the United States Borrower to transfer
control of the licensees of the Initial Stations back to USA Broadcasting, Inc., and could rescind the United States Borrower's authority to acquire control of the licensees of the remaining
USA Broadcasting, Inc., stations. 

 
 

Schedule 4.01(j)
  Existing Indebtedness    
  

    None 

 
 

Schedule 6.02
  Existing Liens    
  

    None 

 
 

Schedule 6.07
  Existing Restrictions    
  

    None 

 
 

EXHIBIT A    
  

 
 

ASSIGNMENT AND ASSUMPTION AGREEMENT    
  

    Date          ,    

    Reference
is made to the Credit Agreement described in Item 2 of Annex I hereto (as such Credit Agreement may hereafter be amended, supplemented or otherwise modified
from time to time, the "Credit Agreement"). Unless defined in Annex I hereto, terms defined in the Credit Agreement are used herein as therein defined.
            (the "Assignor") and            (the "Assignee") hereby agree as follows: 

    1.  The
Assignor hereby sells and assigns to the Assignee without recourse and without representation or warranty (other than as expressly provided herein), and the
Assignee hereby purchases and assumes from the Assignor, that interest in and to all of the Assignor's rights and obligations under the Credit Agreement as of the date hereof which represents the
percentage interest specified in Item 4 of Annex I hereto (the "Assigned Share") of all of the outstanding rights and obligations under the Credit Agreement relating to the facilities listed in Item 4
of Annex I hereto, including, without limitation, (x) in the case of any assignment of United States Term Loans and United States Term Commitment, all rights and obligations with respect to the
Assigned Share of such United States Term Loans and United States Term Commitment, (y) in the case of any assignment of Puerto Rico Term Loans and Puerto Rico Term Commitment, all rights and
obligations with respect to the Assigned Share of such Puerto Rico Term Loans and Puerto Rico Term Commitment, and (z) in the case of any assignment of all or any portion of the Total Revolving
Commitment, all rights and obligations with respect to the Assigned Share of such Total Revolving Commitment and of the Revolving Loans and outstanding Letters of Credit relating thereto. After giving
effect to such sale and assignment, the Assignee's Revolving Commitment and the amount of the outstanding United States Term Loans and Puerto Rico Term Loans owing to the Assignee will be as set forth
in Item 4 of Annex I hereto. 

    2.  The
Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is
free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in
connection with the Credit Agreement or the other Credit Documents or
the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or the other Credit Documents or any other instrument or document furnished pursuant
thereto; and (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of United States Borrower or any of its Subsidiaries or the
performance or observance by the Credit Parties of any of their obligations under the Credit Agreement or the other Credit Documents to which they are a party or any other instrument or document
furnished pursuant thereto. 

    3.  The
Assignee (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together with copies of the financial
statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
Agreement; (ii) agrees that it will, independently and without reliance upon the Agents, the Assignor or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent and the
Documentation Agent to take such action as administrative agent and documentation agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are
delegated to the Administrative Agent and the Documentation Agent by the terms thereof, together with such powers as are reasonably incidental thereto; [and] (iv) agrees
that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender; [and (v) to the
extent legally entitled to do so, attaches the forms described in Section 2.16(e) of the Credit Agreement.]1 

	1
	If
the Assignee is organized under the laws of a jurisdiction outside the United States. 

 

    4.  Following
the execution of this Assignment and Assumption Agreement by the Assignor and the Assignee, an executed original hereof (together with all attachments)
will be delivered to the Administrative Agent. The effective date of this Assignment and Assumption Agreement shall be the date of execution hereof by the Assignor and the Assignee and the receipt of
the consent of Administrative Agent and the applicable Borrower to the extent required under Section 10.04(b) of the Credit Agreement and receipt by the Administrative Agent of the assignment
fee referred to in such Section 10.04(b) (the "Settlement Date") 

    5.  Upon
the delivery of a fully executed original hereof to the Administrative Agent, as of the Settlement Date, (i) the Assignee shall be a party to the Credit
Agreement and, to the extent provided in this Assignment and Assumption Agreement, have the rights and obligations of a Lender thereunder and under the other Credit Documents and (ii) the
Assignor shall, to the extent provided in this
Assignment and Assumption Agreement, relinquish its rights and be released from its obligations under the Credit Agreement and the other Credit Documents. 

    6.  It
is agreed that the Assignee shall be entitled to (w) all interest on the Assigned Share of the Loans at the rates specified in Item 6 of Annex I;
(x) all Commitment Commission (if applicable) on the Assigned Share of the Unutilized Revolving Commitment at the rate specified in Item 7 of Annex I hereto; and (y) all Letter of Credit
Fees (if applicable), Unutilized United States Term Commitment, Unutilized Puerto Rico Term Loan Commitment, as the case may be, on the Assignee's participation in all Letters of Credit at the rate
specified in Item 8 of Annex I hereto, which, in each case, accrue on and after the Settlement Date, such interest and, if applicable, Commitment Commission and Letter of Credit Fees, to be paid by
the Administrative Agent directly to the Assignee. It is further agreed that all payments of principal made on the Assigned Share of the Loans which occur on and after the Settlement Date will be paid
directly by the Administrative Agent to the Assignee. Upon the Settlement Date, the Assignee shall pay to the Assignor an amount specified by the Assignor in writing which represents the Assigned
Share of the principal amount of the respective Loans made by the Assignor, and the Assignee's share of any outstanding Letter of Credit incurred pursuant to the Credit Agreement which are outstanding
on the Settlement Date, net of any closing costs, and which are being assigned hereunder. The Assignor and the Assignee shall make all appropriate adjustments in payments under the Credit Agreement
for periods prior to the Settlement Date directly between themselves on the Settlement Date. 

    7.  THIS ASSIGNMENT AND ASSUMPTION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

2

 

    IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Assignment and Assumption Agreement, as of the date first above written,
such execution also being made on Annex I hereto. 

Accepted
this      day of            ,      

	 	 	[NAME OF ASSIGNOR],

  as Assignor
	

 	
 	

By	

 Name:

Title:

	 	 	[NAME OF ASSIGNEE],

  as Assignee
	

 	
 	

By	

 Name:

Title:

Acknowledged
and Agreed: 

	[THE CHASE MANHATTAN BANK,

  as Administrative Agent
	

 	

By:	

 Name:

Title:  ]

	[NAME OF APPLICABLE BORROWER
	

 	

By:	

 Name:

Title:  ]

3

 
 

ANNEX I    
  

 
 

ANNEX FOR LENDER ASSIGNMENT AND ASSUMPTION AGREEMENT    
  

	1.
	Borrowers:  Univision
Communications Inc.

                    Univision of Puerto Rico Inc.

	2.
	Name
and Date of Credit Agreement: 

Credit
Agreement, dated as of July 18, 2001, among Univision Communications Inc. (the "United States Borrower"), Univision of Puerto Rico Inc. (the "Puerto Rico Borrower"), the
Lenders from time to time party thereto (the "Lenders"), The Chase Manhattan Bank, as Administrative Agent (the "Administrative Agent") and BNP Paribas, as Documentation Agent (the "Documentation
Agent"). 

	3.
	Date
of Assignment Agreement: 

Amounts
(as of date of item #3 above): 

	 
	 	Outstanding Principal of United States Term Loans
	 	United States Term Commitment
	 	Outstanding Principal of Puerto Rico Term Loans
	 	Puerto Rico Term Commitment
	 	Revolving Loan Commitment
	 
	a.  Aggregate Amount for all Lenders	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 
	b.  Assigned Share2	 	 	 	%	 	 	%	 	 	%	 	 	%	 	 	%
	c.  Amount of Assigned Share	 	$	 	 	$	 	 	$	 	 	$	 	 	$	 	 

	2
	Percentage
taken to 12 decimal places. 

	5.
	Settlement
Date:

	6.
	Rate
of Interest to the Assignee: 

As
set forth in Section 2.12 of the Credit Agreement (unless otherwise agreed to by the Assignor and the Assignee)3 

	3
	The
applicable Borrower and the Administrative Agent shall direct the entire amount of the interest to the Assignee at the rate set forth in Section 2.12 of the Credit Agreement,
with the Assignor and Assignee effecting the agreed upon sharing of the interest through payments by the Assignee to the Assignor. 

	7.
	Commitment
Commission to the Assignee 

As
set forth in Section 2.11 of the Credit Agreement (unless otherwise agreed to by the Assignor and the Assignee)4 

	4
	Insert
"Not Applicable" in lieu of text if no portion of the Total Revolving Commitment, Total United States Term Commitment or Total Puerto Rico Term Commitment is being assigned.
Otherwise, the applicable Borrower and the Administrative Agenet shall direct the entire amount of the commitment Commission to the Assignee at the rate set forth in Section 2.11 of the Credit
Agreement, with the Assignor and the Assignee effecting the agreed upon sharing of Commitment Commission through payment by the Assignee to the Assignor. 

	8.
	Letter
of Credit Fees to the Assignee: 

As
set forth in Section 2.11(e) of the Credit Agreement (unless otherwise agreed to by the Assignor and the Assignee)5 

	5
	Insert
"Not Applicable" in lieu of text if no portion of the Total Revolving Commitment is being assigned. Otherwise, the applicable Borrower and the Administrative Agent shall
direct the entire amount of the Letter of Credit Fees to the Assignee at the rate set forth in Section 2.11(e) of the Credit Agreement, with the Assignor and the Assignee effecting the agreed upon
sharing of Letter of Credit Fees through payment by the Assignee to the Assignor. 

	9.
	Notice:

ASSIGNOR:

____________________

____________________

____________________

____________________ 

Attention:

Telephone:

Telecopier:

Reference: 

ASSIGNEE: 

____________________ 

____________________ 

____________________

____________________

Attention:

Telephone:

Telecopier:

Reference: 

Payment
Instructions: 

ASSIGNOR:

____________________ 

____________________ 

____________________ 

____________________ 

Attention:

Reference: 

ASSIGNEE: 

____________________

____________________

____________________

____________________ 

Reference: 

[NAME
OF ASSIGNOR]

By__________________

   __________________

   (Print Name and Title) 

Accepted
and Agreed:

[NAME
OF ASSIGNEE] 

By__________________

   __________________

   (Print Name and Title) 

 
 

EXHIBIT B-1    
  

July 18,
2001 

OUR FILE NUMBER

884,097-111  

WRITER'S DIRECT DIAL

213-430-6000  

To the Administrative Agent, the Documentation Agent,

the Arrangers and the Lenders

referred to below 

Re: Univision Communications Inc.

Dear
Ladies and Gentlemen: 

    We
have acted as counsel to Univision Communications Inc., a Delaware corporation, ("UCI"), Univision of Puerto Rico Inc., a Delaware corporation ("UPR" and collectively
with UCI, the "Borrowers"), Univision Television Group, Inc., a Delaware corporation ("UTG"), PTI Holdings, Inc., a
Delaware corporation ("PTI Holdings"), The Univision Network Limited Partnership, a Delaware limited partnership ("Network"), Galavision, Inc., a Delaware corporation ("Galavision"), Sunshine
Acquisition Corp., a California corporation ("Sunshine"), Sunshine Acquisition, L.P., a California limited partnership ("Sunshine L.P."), KWEX License Partnership, G.P., a California general
partnership ("KWEX"), KUVN License Partnership, G.P., a California general partnership ("KUVN"), KMEX License Partnership, G.P., a California general partnership ("KMEX"), KDTV License Partnership,
G.P., a California general partnership ("KDTV"), KFTV License Partnership, G.P., a California general partnership ("KFTV"), KTVW License Partnership, G.P., a California general partnership ("KTVW"),
KXLN License Partnership, G.P., a California general partnership ("KXLN"), WGBO License Partnership, G.P., a California general partnership ("WGBO"), WXTV License Partnership, G.P., a California
general partnership ("WXTV"), WLTV License Partnership, G.P., a California general partnership ("WLTV"), KUVS License Partnership, G.P., a California general partnership ("KUVS"), KUVI License
Partnership, G.P., a California general partnership ("KUVI"), Univision Online, Inc., a Delaware corporation ("UOL"), Univision—EV Holdings, LLC, a Delaware limited
liability company ("U-EV"), Univision of Dallas Inc., a Delaware corporation ("UD"), Univision of Hollywood, Florida Inc., a Delaware corporation ("UHF"), Univision Spanish
Media Inc., a Delaware corporation ("USM"), Univision of Atlanta Inc., a Delaware corporation ("UA"), Univision Partnership of Dallas, a Delaware general partnership ("UPD"), Univision
Partnership of Atlanta, a Delaware general partnership ("UPA"), Univision Partnership of Hollywood, Florida, a Delaware general partnership ("UPHF"), Station Works LLC, a Delaware limited liability
company ("SW"), Univision Music, Inc., a Delaware corporation ("Music"), and Univision Acquisition Corp. ("UAC"), a Delaware corporation (collectively with the Borrowers, the "Loan Parties") in
connection with the making of loans (the "Loans") by the Lenders (as defined below) to the Borrowers pursuant to, and the transactions related to, the Credit Agreement dated as of July 18, 2001
(the "Credit Agreement") among the Borrowers, The Chase Manhattan Bank, as administrative agent (in such capacity, the "Administrative Agent"), BNP Paribas, as documentation agent, (in such capacity,
the "Documentation Agent"), J.P. Morgan Securities Inc. and BNP Paribas, as joint book managers and joint lead arrangers, (in such capacity, the "Arrangers") and the other financial
institutions from time to time party thereto as lenders (collectively, the "Lenders"). This opinion is being delivered to you pursuant to Section 4.01(b) of the Credit Agreement. All
capitalized terms used and not defined herein have the same meanings herein as set forth in the Credit Agreement. 

    In
our capacity as such counsel, we have examined, among other things, originals, or copies identified to our satisfaction as being true copies, of such records, documents and other
instruments of 

 

the Loan Parties, certificates of public officials and officers of the Loan Parties, and other documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed
below. These records, documents and instruments included the following: 

	(i)
	the
Credit Agreement,

	(ii)
	the
Subsidiary Guaranties made by each Subsidiary Guarantor, and

	(iii)
	the
notes, each dated July 18, 2001 by the Borrowers in favor of the Lenders. 

    The
documents described in (i) through (iii) above are hereinafter collectively referred to as the "Loan Documents." 

    On
the basis of such examination and our consideration of such questions of law as we have deemed relevant in the circumstances, and subject to the assumptions, limitations,
qualifications and exceptions set forth herein, we are of the opinion that: 

    1.  Each
Borrower has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with the corporate power
and authority to carry on its business as described in the Loan Documents and which it is presently engaged in and proposes to engage in, to own, lease and operate its properties and assets as
described in the Loan Documents, and to execute, deliver and perform its obligations under the Loan Documents to which it is a party. 

    2.  Each
of UTG, PTI Holdings, Galavision, Sunshine, UOL, UD, UHF, USM, UA, Music and UAC has been duly incorporated and is validly existing as a corporation in good
standing under the laws of its state of incorporation, in each case with the corporate power and authority to carry on its business as described in the Loan Documents and which it is presently engaged
in and proposes to engage in, to own, lease and operate its properties and assets as described in the Loan Documents, and to execute, deliver and perform its obligations under the Loan Documents to
which it is a party. 

    3.  Each
of Network and Sunshine L.P. has been duly formed and is validly existing as a limited partnership in good standing under the laws of its state of formation,
in each case with the power and authority required to conduct its business as described in the Loan Documents, to own, lease and operate its properties and assets as described in the Loan Documents,
and to execute, deliver and perform its obligations under the Loan Documents to which it is a party. 

    4.  Each
of KWEX, KUVN, KMEX, KDTV, KFTV, KTVW, KXLN, WGBO, WXTV, WLTV, KUVS, KUVI, UPD, UPA and UPHF has been duly formed and is validly existing as a general
partnership under the laws of its state of formation, in each case with the power and authority required to conduct its business as described in the Loan Documents, to own, lease and operate its
properties and assets as described in the Loan Documents, and to execute, deliver and perform its obligations under the Loan Documents to which it is a party. 

    5.  Each
of U-EV and SW has been duly formed and is validly existing as a limited liability company under the laws of its state of formation, in each case
with the power and authority required to conduct its business as described in the Loan Documents, to own, lease and operate its properties and assets as
described in the Loan Documents, and to execute, deliver and perform its obligations under the Loan Documents to which it is a party. 

    6.  Each
Borrower has duly authorized, executed and delivered each of the Loan Documents to which it is a party, and each such Loan Document is a legally valid and
binding agreement or instrument of such Borrower enforceable against it in accordance with its terms. 

    7.  Each
Subsidiary Guarantor has duly authorized, executed and delivered the Subsidiary Guaranty, and each such Subsidiary Guaranty is a legally valid and binding
agreement or instrument of such Subsidiary Guarantor, enforceable against it in accordance with its terms. 

2

 

    8.  The execution and delivery by the Loan Parties of the Loan Documents (to the extent to which each of them is a party thereto) and their performance thereof on or
before the date hereof did not and do not (i) violate or contravene the Certificate of Incorporation, By-Laws or other organizational or governing documents of any Loan Party, or
any law, statute, treaty, rule or regulation (including Regulations T, U and X of the Board of Governors of the Federal Reserve System), determination or policy statement or interpretation of an
arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon any Loan Party or any of its property or to which any Loan Party or any of its property is subject, or
(ii) conflict with or result in a breach of any of the terms, covenants, conditions and provisions of, or constitute a default (or an event which with notice or lapse of time, or both, would
constitute a default) or require consent under, or result in the creation or imposition of any Lien, charge or encumbrance upon any material property or assets of the Loan Parties, individually and
taken as a whole, pursuant to the terms of any material agreement, instrument, order, writ, injunction or decree known to us to which any Loan Party is a party or by which any of their respective
properties or assets may be bound, including, without limitation, the Junior Subordinated Notes, the Indenture, dated as of December 17, 1992, executed by The Univision Network Holding Limited
Partnership to First Trust National Association, as Trustee, the obligations under which have been assumed by UCI, the Indenture, dated as of December 17, 1992, executed by PTI Holdings to
First Trust National Association, as Trustee (collectively, the "Indentures"), and the Material Agreements. 

    9.  No
orders, consents or approvals of, authorizations by, or registrations, declarations, waivers or filings with any federal, New York or California Governmental
Authority which have not been obtained or made are required 

	(i)
	in
connection with the execution, delivery and performance on or before the date hereof by any Loan Party of any Loan Document;

	(ii)
	for
the exercise by the Administrative Agent, the Documentation Agent, the Arrangers or any Lender of any of their rights and remedies under any
Loan Document;

	(iii)
	for
the legality, validity, binding effect or enforceability of any such Loan Document; or

	(iv)
	in
connection with the Transactions. 

    10. To
our knowledge, there is no pending or threatened action, suit or proceeding affecting any Loan Party before any Governmental Authority or arbitrator (except as
set forth in the Schedules to the Loan Documents) (i) with respect to any Loan Document or the transactions contemplated thereby or (ii) which could materially and adversely affect the
performance, business, assets, nature of assets, liabilities, properties, prospects, operations or condition, financial or otherwise, of the Loan Parties, taken as a whole, or the ability of any Loan
Party to perform its obligations under any Loan Document. 

    11. None
of the Loan Parties is an "investment company" or a company "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940,
as amended. 

    12. None
of the Loan Parties is a "holding company," or a "subsidiary company" of a "holding company," or an "affiliate" of a "holding company" or of a "subsidiary
company" of a "holding company" within the meaning of the Public Utility Holding Company Act of 1935, as amended. 

    13. The
indebtedness and other Obligations of UCI under the Loan Documents and its obligations arising pursuant to the Hedging Agreements and the indebtedness and other
obligations of PTI Holdings under the Subsidiary Guaranty constitute Senior Debt, as such term is defined in each of the Indentures. 

    Our
opinions in paragraphs 6 and 7 above as to the enforceability of the Loan Documents is subject to (a) bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or similar laws 

3

 

affecting creditors' rights generally, (b) general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible
unavailability of specific performance or injunctive relief, regardless of whether considered in a proceeding in equity or at law and (c) public policy considerations or court decisions which
may limit the rights of parties to obtain indemnification. 

    To
the extent that the obligations of any Loan Party may be dependent upon such matters, we assume for purposes of this opinion that the Loan Documents to which they are party have
been duly authorized, executed and delivered by all parties thereto other than the Loan Parties and are enforceable against such other parties in accordance with their respective terms subject to
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting creditors' rights generally and general principles of equity. We are not expressing any opinion as
to the effect of compliance by the Arrangers, the Administrative Agent, the Documentation Agent and the Lenders with any state or federal laws or regulations applicable to the transactions
contemplated by the Loan Documents because of the nature of the Arrangers', the Administrative Agent's, the Documentation Agent's or any such Lender's business. 

    Any
statement in this opinion that is qualified by any phrase that includes the words "know," "known," "knowledge," or similar words is limited to the actual present knowledge of
those attorneys in our firm who have given substantive attention to the representation described in the introductory paragraph of this opinion and the other transactions described in the Loan
Documents and does not include any knowledge of any other attorneys within our firm or any constructive or imputed notice of any matters or items of information (except that, with respect to
paragraph 10, it includes the actual present knowledge of other attorneys in the firm as to matters to which they have given substantive attention as counsel for the Loan Parties in the form of
legal consultation and, where appropriate, legal representation in the past 12 months). We have not undertaken any independent investigation (outside of our representation of the Loan Parties
in connection with the transactions described in the Loan Documents) to determine the accuracy of any such statement; and no inference as to our knowledge of any matters bearing on the accuracy of any
such statement should be drawn from the fact of our representation of the Loan Parties in connection with this opinion or in other matters. 

    In
our examination, we have assumed the genuineness of all signatures (except for those of the Loan Parties), the authenticity of all agreements, instruments, corporate records,
certificates and other documents submitted to us as originals, and the conformity to authentic originals of all agreements, instruments, records, certificates and other documents submitted to us as
certified, conformed, or photostatic copies. As to questions of fact material to the opinions hereinafter expressed, we have relied upon representations of the Loan Parties made in the Loan Documents
and of their respective officers or of public officials. 

    We
are members of the Bars of the State of California and New York. Except as otherwise specifically set forth in this paragraph, in this opinion we express no opinion as to the laws
of any jurisdiction other than the laws of the States of California and New York, the General Corporation Law, Revised Uniform Limited Partnership Act, Revised Uniform Partnership Act and Limited
Liability Company Act of the State of Delaware, and the federal laws of the United States of America (other than laws specifically related to the FCC and regulations promulgated by the FCC which are
covered by the separate opinion of Shaw Pittman, FCC counsel for the Borrowers of even date herewith addressed to you). Our opinions rendered in paragraphs 8 and 9 are based upon our review only of
those statutes, rules and regulations which, in our experience, are normally applicable to transactions contemplated by the Loan Documents. Our opinions in paragraphs 8 and 9 above exclude matters
arising under the federal and state securities laws. 

    This
opinion is rendered only to you and is solely for your benefit in connection with the above transactions. This opinion may not be relied upon by you for any other purpose, or
relied upon by any 

4

 

other person, firm or corporation for any purpose, without our prior written consent. You may, however, deliver a copy of this opinion to permitted assignees or participants under the Credit Agreement
in connection with such assignment or participation, and such assignees and participants may rely on this opinion as if it were addressed and had been delivered to them on the date of this opinion,
unless statements in this opinion would be affected by the status of the transferee. This opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication
or otherwise, as to any other matters. We assume no obligation to update or supplement this opinion to reflect any facts or circumstances that arise after the date of this opinion and come to our
attention, or any future changes in laws. 

	 	 	Respectfully submitted,

5

 
 

EXHIBIT B-2    
  

July 18,
2001 

To
the Administrative Agent,

the Documentation Agent and the Lenders

referred to below 

Re:  Univision Communications Inc.

Ladies
and Gentlemen: 

    We
have acted as special communications counsel for Univision Communications Inc. ("UCI"), Univision of Puerto Rico Inc.
("UPR" and collectively with UCI, the "Borrowers"), and the following subsidiaries thereof: 

KDTV
License Partnership, G.P.

KFTV License Partnership, G.P.

KMEX License Partnership, G.P.

KTVW License Partnership, G.P.

KUVI License Partnership, G.P.

KUVN License Partnership, G.P.

KUVS License Partnership, G.P.

KWEX License Partnership, G.P.

KXLN License Partnership, G.P.

WGBO License Partnership, G.P.

WLTV License Partnership, G.P.

WXTV License Partnership, G.P.

Univision Partnership of Dallas

Univision Partnership of Hollywood, Florida

Univision Partnership of Atlanta 

(each,
as well as the Borrowers and each of their Subsidiaries, a "Credit Party," and collectively with the Borrowers, "Credit Parties") and have represented the Credit Parties as Federal
Communications Commission ("FCC") counsel only, in connection with the Credit Agreement ("Credit
Agreement"), dated as of July 18, 2001, among the Borrowers, the several banks and other financial institutions from time to time parties to the Credit Agreement
(collectively, the "Lenders"), The Chase Manhattan Bank, as Administrative Agent, and BNP Paribas, as Documentation Agent. This opinion is being
delivered pursuant to Section 4.01(b) of the Credit Agreement. 

    In
rendering this opinion, we are engaged and acting solely as special communications counsel for the Borrowers, and we are not engaged or acting as counsel of any type for you or any
other person or entity. Each capitalized term used but not defined herein shall have its respective meaning set forth in the Credit Agreement. When used herein, "or" shall mean "and/or" unless the
context otherwise requires. 

    This
opinion is limited strictly to matters arising under the Communications Act of 1934, as amended, and the published rules, regulations, and policies promulgated thereunder by the
FCC (collectively, "Communications Laws"), and we express no opinion on any other matter whatsoever. Furthermore, this opinion is limited to the
opinions expressly stated herein. No implication shall be drawn from anything herein that has the effect of extending any such opinion beyond what is expressly stated in such opinion. 

    In
connection with the issuance of this letter, we have examined only publicly available records of the FCC regarding the UCI Stations (as defined below) located at the FCC's
principal offices in Washington, D.C, which we examined during a period commencing on July 13, 2001 and ending on July 17, 2001 (the "Examination
Time"). In rendering this opinion, we have assumed the absence of changes in such records since our examination of them. We have examined no other records. With respect to
questions of fact relevant to the opinions expressed herein, we have assumed and relied 

 

upon, without independent inquiry or verification by us, the accuracy and completeness of: (a) all statements, certifications, representations, and warranties set forth in the Credit Agreement,
(b) all verbal confirmations, if any, by FCC staff members regarding outstanding complaints, if any, pending before the FCC with respect to the Stations; and (c) all information located
in the publicly available files of the FCC in Washington, D.C. (such FCC information, "FCC Review Materials"). We have not examined or investigated the
records that may be available in any other office of the FCC. You should be aware that certain records of the FCC, such as those subject to the federal Freedom of Information
Act, are public as a matter of law. Such records, however, may not have been included in the FCC Review Materials at the time that we examined those materials in connection with this opinion.
Accordingly, we express no opinion regarding the completeness of the FCC Review Materials at the time we reviewed them. Furthermore, there may be records of matters pending at the FCC that were not
available for inspection by the public as a matter of law and that, therefore, we did not examine. 

    We
have examined an unexecuted copy of the Credit Agreement dated as of July 18, 2001, as provided to us. In rendering this opinion, we have assumed without investigation the
genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents examined by us, whether or not they are originals, the conformity of all copies or facsimile
transmissions to the originals of the same, whether or not they are certified to be true copies, the conformity of all unexecuted documents presented to us as final versions thereof to the executed
originals of the same, the accuracy and completeness of all public records, including but not limited to those of the FCC, and the absence of changes through the date hereof in the FCC records that we
examined during the Examination Time. 

    The
opinions expressed in this letter are based upon the current law and facts presently known to us, and are not guarantees or assurances of any future fact, event, occurrence,
omission, or condition or that any law, statute, rule, regulation, policy, order, case, or interpretation of the same will not change in the future. Moreover, this letter expresses opinions only as of
the date of this letter and we specifically disclaim all responsibility whatsoever for advising you of changes in matters addressed herein occurring after such date. 

    We
have undertaken no on-site inspection or visual or aural monitoring whatsoever of the Credit Parties, properties of the Credit Parties, or the UCI Stations, and, except
as otherwise specifically stated herein, we have undertaken no independent inquiry whatsoever of any of the matters addressed in this opinion. Furthermore, we have no firsthand knowledge of the
citizenship, attributable or non-attributable media interests, or character or other qualifications under the Communications Laws of the Credit Parties, principals of the Credit Parties,
or any other person or entity having any present or proposed connection with the Credit Parties, and therefore express no opinion with respect thereto. 

    As
used in this letter, the phrases "our knowledge," "known to us," or "we are presently aware" or similar phrases mean the current actual knowledge, that is, the conscious awareness
of facts or other information, of lawyers currently affiliated with this firm who have given substantive legal attention to representation of the Credit Parties in connection with the transactions
contemplated under the Agreement, including but not limited to the preparation of this letter, but except as otherwise expressly stated herein, we have undertaken no investigation with respect to such
facts or information. 

    We
express no opinion whatsoever in this letter as to your qualifications under the Communications Laws, or such qualifications of your assigns, if any, to have an ownership interest
in or to control, directly or indirectly, any license or other authorization issued by the FCC or any person or entity holding such license or authorization. Moreover, the Borrowers hold certain
attributable interests in Entravision Communications Corporation, an entity that directly or indirectly owns and operates broadcast stations subject to the jurisdiction of the FCC. We express no
opinion whatsoever in this
letter as to any matters affecting Entravision Communications Corporation or the Borrowers' interest in it. 

2

 

    Based upon the foregoing, and subject in all respects to the qualifications and limitations set forth in this letter, we are of the opinion that: 

    1.  Except
as set forth in Attachment 1 hereto, the entities identified in 

    Attachment
1 hereto hold the FCC licenses and authorizations for the full power and low power television stations specified on Attachment 1 (the "UCI
Stations"). Except as noted on Attachment 1 hereto, Attachment 1 includes all FCC licenses, permits or authorizations necessary for the Credit Party identified as licensees on
Attachment 1 to operate the class of station identified on Attachment 1 to serve the community of license identified on Attachment 1. Except as noted in Attachment 1 hereto, all of the FCC licenses,
permits or authorizations identified in Attachment 1 hereto are in full force and effect. 

    2.  Except
as set forth in Attachment 1 hereto, and for rulemaking proceedings or similar proceedings of or orders of general applicability to entities such as the
Borrowers or to facilities such as the UCI Stations, to our knowledge, there is not now issued, pending, or overtly threatened in writing any judgment, decree, order, action, investigation, or
proceeding by the FCC against any of the Credit Parties or the UCI Stations that would reasonably be expected to have a material adverse effect upon the Credit Parties or the UCI Stations. 

    3.  The
execution, delivery, and performance in accordance with its terms of the Credit Agreement by the Borrowers do not require any authorization, consent, approval,
or filing of or with the FCC not previously obtained or made, and does not violate the Communications Laws, except that (a) copies of certain documents, including but not limited to the Credit
Agreement, may be required to be filed with the FCC pursuant to 47 C.F.R. § 73.3613, (b) from time to time, the Credit Parties may be required to obtain certain authorizations from
or to make certain filings with the FCC that would be required in the ordinary course of business of the Credit Parties, (c) in connection with the exercise of any rights or remedies under the
Credit Agreement by you, or your assigns, if any, that involves disposition of voting stock in the Borrowers or their affiliates, the Communications Laws may require that such disposition be
accomplished by public or private arm's-length sale or other means acceptable to the FCC, and (d) prior to exercise of any rights or remedies under the Credit Agreement by you, or your assigns,
if any, which involves the exercise of voting rights of the stock in a Credit Party, an assignment of any of the full or low power television licenses or a transfer of control of a Credit Party, FCC
consents and notifications with respect to such exercise may be required to be timely obtained or made; provided,  however, that we express no opinion
whatsoever as to the likelihood of obtaining such consents. 

    This
opinion is (i) solely for your information in connection with the transactions contemplated under the Credit Agreement, and that of your permitted assigns under the Credit
Agreement but the opinion speaks only as of its date and your assigns have no greater rights than the named addressee(s), (ii) not to be relied upon by any other person or entity for any reason
whatsoever, (iii) not to be quoted in whole or in part or otherwise referred to in any document except as directly a part of and related to such transactions, and (iv), except as otherwise
required by applicable law, not to be filed with or provided to any government agency or any other entity or person whatsoever. We hereby consent to reliance hereon by any future participants or
assigns of your interest in the Credit Agreement. 

	 	 	Very truly yours,
	

 	
 	

SHAW PITTMAN

Attachments

3

  

 
 

Attachment 1    
  

	KDTV(TV), San Francisco,California, Channel 14	 	 
	Licensee:	 	KDTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KDTV-LP, Santa Rosa, California, Channel 28	
 	

 
	Licensee:	 	KDTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KFTV(TV), Hanford, California, Channel 21	
 	

 
	Licensee:	 	KFTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KABE-LP, Bakersfield, California, Channel 391	
 	

 
	Licensee:	 	KFTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KMEX-TV, Los Angeles, California, Channel 342	
 	

 
	Licensee:	 	KMEX License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KTVW-TV, Phoenix, Arizona, Channel 33	
 	

 
	Licensee:	 	KTVW License Partnership, G.P.	 	 
	Renewal Expiration:	 	10/1/2006	 	 
	
KUVE-LP, Tucson, Arizona, Channel 523	
 	

 
	Licensee:	 	KTVW License Partnership, G.P.	 	 
	Renewal Expiration:	 	10/1/2006	 	 
	
K48GX, Tucson, Arizona, Channel 484	
 	

 
	Licensee:	 	KTVW License Partnership, G.P.	 	 
	Renewal Expiration:	 	N/A	 	 
	
KUVI(TV), Bakersfield, California, Channel 45	
 	

 
	Licensee:	 	KUVI License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KUVN(TV), Garland, Texas, Channel 23	
 	

 
	Licensee:	 	KUVN License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
KUVN-LP, Fort Worth, Texas, Channel 315	
 	

 
	Licensee:	 	KUVN License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
KUVS(TV), Modesto, California, Channel 19	
 	

 
	Licensee:	 	KUVS License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2006	 	 
	
KWEX-TV, San Antonio, Texas, Channel 41	
 	

 
	Licensee:	 	KWEX License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
K31FM, Austin, Texas, Channel 31	
 	

 
	Licensee:	 	KWEX License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 

6

 

	
KXLN-TV, Rosenberg, Texas, Channel 45	
 	

 
	Licensee:	 	KXLN License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
WGBO-TV, Joliet, Illinois, Channel 66	
 	

 
	Licensee:	 	WGBO License Partnership, G.P.	 	 
	Renewal Expiration:	 	12/1/2005	 	 
	
WLTV(TV), Miami, Florida, Channel 23	
 	

 
	Licensee:	 	WLTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	2/1/2005	 	 
	
WXTV(TV), Paterson, New Jersey, Channel 41	
 	

 
	Licensee:	 	WXTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	6/1/2007	 	 
	
WXTV-LP, Philadelphia, Pennsylvania, Channel 28	
 	

 
	Licensee:	 	WXTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	8/1/2007	 	 
	
W47AD, Hartford, Connecticut, Channel 476	
 	

 
	Licensee:	 	WXTV License Partnership, G.P.	 	 
	Renewal Expiration:	 	4/1/2007	 	 
	
KSTR-TV, Irving, Texas, Channel 497	
 	

 
	Licensee:	 	Univision Partnership of Dallas	 	 
	Renewal Expiration:	 	8/1/2006	 	 
	
WAMI-TV, Hollywood, Florida, Channel 697	
 	

 
	Licensee:	 	Univision Partnership of Hollywood, Florida	 	 
	Renewal Expiration:	 	2/1/2005	 	 
	
WHOT-TV, Athens, Georgia, Channel 347	
 	

 
	Licensee:	 	Unvision Partnership of Atlanta	 	 
	Renewal Expiration:	 	4/1/2005	 	 

	1
	On
June 1, 1998, KFTV License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KABE-LP from Channel 39 to
Channel 31 due to the impact of full power television station digital operations. This application was mutually exclusive with another low power television applicant seeking similar displacement
relief. On November 25, 1998, a Joint Request for Approval of Settlement Agreement was filed with the FCC seeking the FCC's consent to a Settlement Agreement whereby KABE-LP would
be awarded the construction permit for Channel 31. On January 16, 2001, a minor amendment to the displacement application was filed. This application, amendment and Joint Request for Approval
of Settlement Agreement are currently pending.

	2
	On
October 28, 1999, KMEX License Partnership, G.P. filed an application for KMEX-TV seeking consent to the construction of a new digital facility on Channel 35.
The application was granted on March 16, 2001. The construction permit will expire on May 1, 2002. On April 26, 2001, ABC Holding Borrower, licensee of KABC-TV, Los
Angeles, California filed a Petition for Reconsideration of the grant. The petitioner has requested dismissal of the Petition pursuant to a settlement agreement.

	3
	On
June 1, 1998, KTVW License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KUVE-LP from Channel 52 to
Channel 38 due to the 

7

 

impact
of full power television station digital operations. The application was granted on January 22, 2001. The construction permit will expire on January 22, 2004. 

	4
	On
June 14, 1988, KTVW License Partnership, G.P. filed an application seeking a new low power television station on Channel 48 at Tucson, Arizona. The application was granted
on January 29, 2001. The construction permit will expire on January 29, 2004.

	5
	On
June 1, 1998, KUVN License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of KUVN-LP from Channel 31 to
Channel 47 due to the impact of full power television station digital operations. The application was granted on September 29, 2000. The construction permit will expire on September 29,
2003.

	6
	On
June 1, 1998, WXTV License Partnership, G.P. filed an application seeking displacement relief to change the channel of operation of W47AD from Channel 47 to Channel 28 due
to the impact of full power television station digital operations. This application was mutually exclusive with other low power
television applicants seeking similar displacement relief. The application was granted on February 1, 2001. The construction permit will expire on February 1, 2004. On March 2,
2001, Paging Associates filed a Petition for Reconsideration of the grant. On March 15, 2001, W47AD filed an Opposition to Petition for Reconsideration. On March 27, 2000, Paging
Associates filed a Reply to Opposition to Petition for Reconsideration. This matter is pending.

	7
	The
Borrower sought and received each FCC consent required to acquire control of the licensees of certain full power television stations licensed to affiliates of USA
Broadcasting, Inc., including KSTR-TV, Irving, Texas (Channel 49), WAMI-TV, Hollywood, Florida (Channel 69), and WHOT-TV, Athens, Georgia (Channel
34) (the "Initial Stations"). The transfers of control of the licensees of the Initial Stations were consummated on June 12, 2001. On June 20, 2001, Theodore M. White filed an
Application for Review (the "White Petition") with the FCC. The White Petition seeks FCC review of the action, taken by the FCC's staff pursuant to delegated authority, granting consent to the
transfer of control of the USA Broadcasting, Inc., stations to the Borrower. If the White Petition is granted, the FCC could require the Borrower to transfer control of the licensees of the
Initial Stations back to USA Broadcasting, Inc., and could rescind the Borrower's authority to acquire control of the licensees of the remaining USA Broadcasting, Inc., stations. 

8

 
 

EXHIBIT C    
  

 
 

SUBSIDIARY GUARANTY    
  

    GUARANTY, dated as of July 18, 2001 (as amended, modified or supplemented from time to time, this
"Guaranty"), made by each of the undersigned (each a "Guarantor" and, together with each other entity
that is required to execute a counterpart hereof pursuant to Section 25 hereof, the "Guarantors"). Except as otherwise defined herein, terms used
herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 

 
 

W I T N E S S E T H:    

    WHEREAS,
Univision Communications Inc. (the "United States Borrower"), Univision of Puerto Rico Inc. (the
"Puerto Rico Borrower", and together with the United States Borrower, the "Borrowers"), various
financial institutions from time to time party thereto (the "Lenders"), The Chase Manhattan Bank, as Administrative Agent (the
"Administrative Agent") and BNP Paribas, as Documentation Agent (the "Documentation Agent") have entered
into a Credit Agreement, dated as of July 18, 2001 (as amended, modified or supplemented from time to time, the "Credit Agreement"), providing
for the making of Loans to the Borrowers as contemplated therein (the Lender, the Administrative Agent and Documentation Agent herein called the "Lender
Creditors"); 

    WHEREAS,
the Borrowers may from time to time enter into one or more (i) interest rate protection agreements (including, without limitation, interest rate swaps, caps, floors,
collars and similar agreements), (ii) foreign exchange contracts, currency swap agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency
values and/or (iii) other types of hedging agreements from time to time (each such agreement or arrangement with an Other Creditor (as hereinafter defined), a "Hedging
Agreement"), with any Lender, any affiliate thereof or a syndicate of financial institutions organized by any such Lender or affiliate of any such Lender or affiliate (even if
any such Lender ceases to be a Lender under the Credit Agreement for any reason) and any such other institution that participates in such Hedging Agreements and their subsequent successors and assigns
collectively, the "Other Creditors", and together with the Lender Creditors, the "Creditors"); 

    WHEREAS,
each Guarantor is a direct or indirect Subsidiary of the United States Borrower; 

    WHEREAS,
it is a requirement under the Credit Agreement that each Guarantor shall have executed and delivered this Guaranty; and 

    WHEREAS,
each Guarantor will obtain benefits from the incurrence of Loans by the Borrowers under the Credit Agreement and the entering into of Hedging Agreements and, accordingly,
desires to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph and to induce the Lenders to maintain and make Loans (and issue Letters of Credit in the case
of the United States Borrower) to the Borrowers and the Other Creditors to maintain and enter into Hedging Agreements with the Borrowers; 

    NOW,
THEREFORE, in consideration of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby
makes the following representations and warranties to the Creditors and hereby covenants and agrees with each Creditor as follows: 

    1.  Each
Guarantor, jointly and severally, irrevocably and unconditionally guarantees: (i) to the Lender Creditors the full and prompt payment when due (whether
at the stated maturity, by acceleration or otherwise) of (x) the principal of and interest on any promissory notes issued by, and the Loans made to (and Letters of Credit issued for the account
of the United States Borrower), the Borrowers under the Credit Agreement (and all reimbursement obligations and amounts outstanding with respect to such Letters of Credit) and (y) all other
obligations (including obligations which, but for any automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by the Borrowers to the Lender
Creditors (including, without limitation, indemnities, Fees and 

 

interest thereon) now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement or any other Credit Document and the due performance and compliance with the
terms, conditions and agreements contained in the Credit Documents by the Borrowers (all such principal, interest, liabilities and obligations being herein collectively called the
"Credit Agreement Obligations"); and (ii) to each Other Creditor the full and prompt payment when due (whether at the stated maturity, by
acceleration or otherwise) of all obligations (including obligations which, but for any automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by
the Borrowers to the Other Creditors (including, without limitation, indemnities, fees and interest thereon) under any Hedging Agreements, whether now in existence or hereafter arising, and the due
performance and compliance by each of the Borrowers with all terms, conditions and agreements contained therein (all such obligations and liabilities under this clause (ii) being herein
collectively called the "Other Obligations", and together with the Credit Agreement Obligations are herein collectively called the
"Guaranteed Obligations"). Each Guarantor understands, agrees and confirms that the Creditors may enforce this Guaranty up to the full amount of the
Guaranteed Obligations against
each Guarantor without proceeding against any other Guarantor, either Borrower, against any security for the Guaranteed Obligations, or against any other guarantor under any other guaranty covering
all or a portion of the Guaranteed Obligations. This Guaranty shall constitute a guaranty of payment and not of collection. All payments by each Guarantor under this Guaranty shall be made on the same
basis as payments by the Borrowers are made under Sections 2.09, 2.10 and 2.16 of the Credit Agreement. 

    2.  Additionally,
each Guarantor, jointly and severally, unconditionally and irrevocably, guarantees the payment of any and all Guaranteed Obligations of the Borrowers
to the Creditors whether or not due or payable by the Borrowers upon the occurrence in respect of the Borrowers of any of the events specified in Section 7.08 and 7.09 of the Credit Agreement,
and unconditionally and irrevocably, jointly and severally, promises to pay such Guaranteed Obligations to the Creditors, or order, on demand, in lawful money of the United States. 

    3.  The
liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the indebtedness of the Borrowers whether executed
by such Guarantor, any other Guarantor, any other guarantor or by any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by (i) any direction as to
application of payment by the Borrowers or by any other party, (ii) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the
indebtedness of the Borrowers, (iii) any payment on or in reduction of any such other guaranty or undertaking, (iv) any dissolution, termination or increase, decrease or change in
personnel by the Borrowers, (v) any payment made to any Creditor on the indebtedness which any Creditor repays the Borrowers pursuant to court order in any bankruptcy, reorganization,
arrangement, moratorium or other debtor relief proceeding, and each Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding,
(vi) any action or inaction by the Creditors as contemplated in Section 6 hereof or (vii) any invalidity, irregularity or unenforceability of all or part of the Guaranteed
Obligations or of any security therefor. 

    4.  The
obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor of the Borrowers or the Borrowers, and a
separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any other guarantor of the Borrowers or the Borrowers and
whether or not any other Guarantor, any other guarantor of the Borrowers or the Borrowers be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by law, the
benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof. Any payment by the Borrowers or other circumstance which operates to toll any statute of limitations
as to the Borrowers shall operate to toll the statute of limitations as to each Guarantor. 

2

 

    5.  Each Guarantor hereby waives (to the fullest extent permitted by applicable law) notice of acceptance of this Guaranty and notice of any liability to which it may
apply, and waives promptness, diligence, presentment, demand of payment, protest, notice of dishonor or nonpayment of any such liabilities, suit
or taking of other action by the Agents or any other Creditor against, and any other notice to, any party liable thereon (including such Guarantor or any other guarantor of the Borrowers). 

    6.  Any
Creditor may at any time and from time to time without the consent of, or notice to, any Guarantor, without incurring responsibility to such Guarantor, without
impairing or releasing the obligations of such Guarantor hereunder, upon or without any terms or conditions and in whole or in part: 

    (i)  change
the manner, place or terms of payment of, and/or change or extend the time of payment of, renew or alter, any of the Guaranteed Obligations, (including any
increase or decrease in the rate of interest thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the guaranty herein made shall apply to the
Guaranteed Obligations as so changed, extended, renewed or altered; 

    (ii) take
and hold security for the payment of the Guaranteed Obligations and/or sell, exchange, release, surrender, realize upon or otherwise deal with in any manner
and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and/or any offset thereagainst; 

    (iii) exercise
or refrain from exercising any rights against each of the Borrowers, any Guarantor, any other guarantor of the Borrowers or others or otherwise act or
refrain from acting; 

    (iii) settle
or compromise any of the Guaranteed Obligations, or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or
hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrowers to creditors of the Borrowers; 

    (iv) apply
any sums by whomsoever paid or howsoever realized to any liability or liabilities of each of the Borrowers to the Creditors regardless of what liabilities of
the Borrowers remain unpaid; 

    (v) release
or substitute any one or more endorsers, guarantors, Guarantors, the Borrowers or other obligors; 

    (vi) consent
to or waive any breach of, or any act, omission or default under, the Hedging Agreements, the Credit Documents or any of the instruments or agreements
referred to therein, or otherwise amend, modify or supplement any of the Hedging Agreements, the Credit Documents or any of such other instruments or agreements; and/or 

    (vii) act
or fail to act in any manner referred to in this Guaranty which may deprive such Guarantor of its right to subrogation against the Borrowers to recover full
indemnity for any payments made pursuant to this Guaranty. 

    7.  No
invalidity, irregularity or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor shall affect, impair or be a defense to
this Guaranty, and this Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or
equitable discharge of a surety or guarantor except payment in full of the Guaranteed Obligations. 

    8.  This
Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in
reliance hereon. No failure or delay on the part of any Creditor in exercising any right, power or privilege hereunder shall operate as 

3

 

a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which any Creditor would otherwise have. No notice to or demand on any
Guarantor in any case shall entitle such Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Creditor to any other or further
action in any circumstances without notice or demand. It is not necessary for any Creditor to inquire into the capacity or powers of the Borrowers or any of their Subsidiaries or the officers,
directors, partners or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 

    9.  Any
indebtedness of the Borrowers now or hereafter held by any Guarantor is hereby subordinated to the indebtedness of the Borrowers to the Creditors; and such
indebtedness of the Borrowers to any Guarantor, if the Administrative Agent, after an Event of Default has occurred and is continuing, so requests, shall be collected, enforced and received by such
Guarantor as trustee for the Creditors and be paid over to the Creditors on account of the indebtedness of the Borrowers to the Creditors, but without affecting or impairing in any manner the
liability of such Guarantor under the other provisions of this Guaranty. Prior to the transfer by any Guarantor of any note or negotiable instrument evidencing any indebtedness of the Borrowers to
such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each
Guarantor hereby agrees with the Creditors that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under
Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been irrevocably paid in full in cash. 

    10. (a)
Each Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require the Creditors to: (i) proceed against
the Borrowers, any other Guarantor, any other guarantor of the Borrowers or any other party; (ii) proceed against or exhaust any security held from the Borrowers or (iii) pursue any
other remedy in the Creditors' power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of the Borrowers, any other Guarantor, any other guarantor of the Borrowers or
any other party other than payment in full of the Guaranteed Obligations, including, without limitation, any defense based on or arising out of the disability of the Borrowers, any other Guarantor,
any other guarantor of the Borrowers or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of
the Borrowers other than payment in full of the Guaranteed Obligations. The Creditors may, at their election, foreclose on any security held by the Agents or the other Creditors by one or more
judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy
the Creditors may have against the Borrowers or any other party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have
been paid in full. Each Guarantor waives any defense arising out of any such election by the Creditors, even though such election operates to impair or extinguish any right of reimbursement or
subrogation or other right or remedy of such Guarantor against the Borrowers or any other party or any security. 

    (b) Each
Guarantor waives all presentments, demands for performance, protests and notices, including, without limitation, notices of nonperformance, notices of protest,
notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional indebtedness. Each Guarantor assumes all responsibility for being
and keeping itself informed of the Borrowers' financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and
extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that the Creditors shall 

4

 

have no duty to advise any Guarantor of information known to them regarding such circumstances or risks. 

    11. The
Creditors agree that this Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Lenders (or,
after the date on which all Credit Document Obligations have been paid in full, the holders of at least a majority of the outstanding Other Obligations) and that no other Creditor shall have any right
individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent or the holders of at least a
majority of the outstanding Other Obligations, as the case may be, for the benefit of the Creditors upon the terms of this Guaranty. The Creditors further agree that this Guaranty may not be enforced
against any director, officer, employee, or stockholder of any Guarantor (except to the extent such stockholder is also a Guarantor hereunder). 

    12. In
order to induce the Lenders to make Loans pursuant to the Credit Agreement, and in order to induce the Other Creditors to execute, deliver and perform the
Hedging Agreements, each Guarantor represents, warrants and covenants that: 

    (a) Such
Guarantor (i) is a duly organized and validly existing corporation, limited liability company, limited partnership or general partnership and is in good
standing under the laws of the jurisdiction of its organization, and has the corporate, limited liability company, limited partnership or general partnership power and authority to own its property
and assets and to transact the business in which it is engaged and presently proposes to engage and (ii) is duly qualified and is authorized to do business and is in good standing in all
jurisdictions where it is required to be so qualified except where the failure to be so qualified could reasonably be expected to have a material adverse effect on the business, operations, property,
assets, nature of assets, liabilities, condition (financial or otherwise) or prospects of such Guarantor or of such Guarantor and its Subsidiaries taken as a whole. 

    (b) Such
Guarantor has the corporate, limited liability company, limited partnership or general partnership power and authority to execute, deliver and carry out the
terms and provisions of this Guaranty and each other Document to which it is a party and has taken all necessary corporate or limited liability company action to authorize the execution, delivery and
performance by it of this Guaranty and each such other Document. Such Guarantor has duly executed and delivered this Guaranty and each other Document to which it is a party, and this Guaranty and each
such other Document constitutes the legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms, except to the extent that the enforceability hereof or thereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally and equitable principles (regardless of whether such
enforceability is sought in equity or at law). 

    (c) Neither
the execution, delivery or performance by such Guarantor of this Guaranty or any other Credit Document to which it is a party, nor compliance by it with the
terms and provisions hereof and thereof: (i) will contravene any applicable provision of any law, statute, rule or regulation, or any order, writ, injunction or decree of any court or
governmental instrumentality, (ii) will conflict or be inconsistent with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a default under, or
result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Guarantor or any of its Subsidiaries pursuant to the terms of any
indenture, mortgage, deed of trust, credit agreement, loan agreement or any other agreement or other instrument to which such Guarantor or any of its Subsidiaries is a party or by which it or any of
its property or assets is bound or to which it may be subject or (iii) will violate any provision of the certificate of incorporation or by-laws (or equivalent organizational
documents) of such Guarantor or any of its Subsidiaries. 

5

 

    (d) No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by, any foreign or domestic
governmental or public body or authority,
or any subdivision thereof, is required to authorize, or is required in connection with, (i) the execution, delivery and performance of this Guaranty or any other Credit Document to which such
Guarantor is a party, or (ii) the legality, validity, binding effect or enforceability of this Guaranty or any other Credit Document to which such Guarantor is a party. 

    (e) There
are no actions, suits or proceedings pending or threatened (i) with respect to this Guaranty or any other Credit Document to which such Guarantor is a
party, (ii) with respect to any Indebtedness of such Guarantor or any of its Subsidiaries, (iii) that could reasonably be expected to have a material adverse effect on the performance,
business, operations, property, assets, nature of assets, liabilities, condition (financial or otherwise) or prospects of such Guarantor or of such Guarantor and its Subsidiaries taken as a whole or
(iv) that could reasonably be expected to have a material adverse effect on the rights or remedies of the Creditors or on the ability of such Guarantor to perform its respective obligations to
the Creditors hereunder and under the other Credit Documents to which it is a party. 

    13. Each
Guarantor covenants and agrees that on and after the date hereof and until the termination of all the Commitments of all of the Lenders and all Hedging
Agreements and when no promissory note or Letter of Credit remains outstanding and all other Guaranteed Obligations have been paid in full (other than indemnities described in Section 10.03 of
the Credit Agreement which are not then due and payable), such Guarantor shall take, or will refrain from taking, as the case may be, all actions that are necessary to be taken or not taken so that no
violation of any provision, covenant or agreement contained in Article 5 or 6 of the Credit Agreement, and so that no Default or Event of Default, is caused by the actions of such Guarantor or
any of its Subsidiaries. 

    14. The
Guarantors hereby jointly and severally agree to pay all out-of-pocket costs and expenses of each Creditor in connection with the
enforcement of this Guaranty and the protection of such Creditor's rights hereunder, and in connection with any amendment, waiver or consent relating hereto (including, without limitation, the fees
and disbursements of counsel employed by the Agents or any of the Creditors). 

    15. This
Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the Creditors and their successors and assigns. 

    16. Neither
this Guaranty nor any provision hereof may be changed, waived, discharged or terminated in any manner whatsoever unless in writing duly signed by the
Administrative Agent (with the consent of (x) the Required Lenders or, to the extent required by Section 10.02 of the Credit Agreement, all of the Lenders, at all times prior to the time
at which all Credit Agreement Obligations have been paid in full, or (y) the holders of at least a majority of the outstanding Other Obligations at all times after the time at which all Credit
Agreement Obligations have been paid in full) and each Guarantor directly affected thereby (it being understood that the addition or release of any Guarantor hereunder shall not constitute a change,
waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released); provided, that any change, waiver, modification
or variance adversely affecting the rights and benefits of a single class (as defined below) of Creditors (and not all Creditors in a like or similar manner) shall require the written consent of the
Requisite Creditors (as defined below) of such Class. For the purpose of this Guaranty, the term "Class" shall mean each class of Creditors,  i.e.,
whether (i) the Lender Creditors as holders of the Credit Agreement Obligations or (ii) the Other Creditors as holders of the Other Obligations. For the purpose of this Guaranty, the
term "Requisite Creditors" of any Class shall mean each of (i) with respect to the Credit Agreement Obligations, the Required Lenders and (ii) with respect to the Other Obligations, the
holders of at least a majority of all obligations outstanding from time to time under the Hedging Agreements. 

6

 

    17. Each Guarantor acknowledges that an executed (or conformed) copy of each of the Credit Documents and the Hedging Agreements has been made available to its principal
executive officers and such officers are familiar with the contents thereof. 

    18. In
addition to any rights now or hereafter granted under applicable law (including, without limitation, Section 151 of the New York Debtor and Creditor Law)
and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default (such term to mean and include any "Event of Default" as defined in the Credit
Agreement or any payment default under any Hedging Agreement and shall in any event, include, without limitation, any payment default on any of the Guaranteed Obligations continuing after any
applicable grace period), each Creditor is hereby authorized at any time or from time to time, without notice to any Guarantor or to any other Person, any such notice being expressly waived, to set
off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Creditor to or for the credit or the account of such Guarantor,
against and on account of the obligations and liabilities of such Guarantor to such Creditor under this Guaranty, irrespective of whether or not such Creditor shall have made any demand hereunder and
although said obligations, liabilities, deposits or claims, or any of them, shall be contingent or unmatured. Each Creditor acknowledges and agrees that the provisions of this Section 18 are
subject to the sharing provisions set forth in Section 10.13(b) of the Credit Agreement. 

    19. All
notices, requests, demands or other communications pursuant hereto shall be deemed to have been duly given or made when delivered to the Person to which such
notice, request, demand or other communication is required or permitted to be given or made under this Guaranty, addressed to such party at (i) in the case of any Lender Creditor, as provided
in the Credit Agreement, (ii) in the case of any Guarantor, at its address set forth opposite its signature below and (iii) in the case of any Other Creditor, at such address as such
Other Creditor shall have specified in writing to the Guarantor; or in any case at such other address as any of the Persons listed above may hereafter notify the others in writing. 

    20. If
claim is ever made upon any Creditor for repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations
and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any
of its property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including either Borrower), then and in such event each Guarantor agrees
that any such judgment, decree, order,
settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or the cancellation of any promissory note or any Hedging Agreement or other instrument evidencing
any liability of the Borrowers, and such Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never
originally been received by any such payee. 

    21. (A)
THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE CREDITORS AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF
THE STATE OF NEW YORK. 

    (B) ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT TO WHICH ANY GUARANTOR IS A PARTY MAY BE BROUGHT IN THE COURTS OF THE
STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY, EACH GUARANTOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS WITH RESPECT TO SUCH ACTIONS OR PROCEEDINGS. EACH GUARANTOR FURTHER IRREVOCABLY 

7

 

CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO EACH
GUARANTOR AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH GUARANTOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF
PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT TO WHICH SUCH GUARANTOR IS A PARTY THAT
SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY OF THE CREDITORS TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST EACH GUARANTOR IN ANY OTHER JURISDICTION. 

    (C) EACH
GUARANTOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS
ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (B) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO
PLEAD OR CLAIM IN ANY SUCH COURT THAT SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

    (D) EACH
GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE
OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

    (E) EACH
GUARANTOR WARRANTS AND AGREES THAT EACH OF THE WAIVERS SET FORTH ABOVE IS MADE WITH FULL KNOWLEDGE OF ITS SIGNIFICANCE AND CONSEQUENCES AND THAT IF ANY OF SUCH
WAIVERS ARE DETERMINED TO BE CONTRARY TO ANY APPLICABLE LAW OR PUBLIC POLICY, SUCH WAIVERS SHALL BE EFFECTIVE ONLY TO THE MAXIMUM EXTENT PERMITTED BY LAW. 

    22. In
the event that all of the capital stock of one or more Guarantors is sold or otherwise disposed of or liquidated in compliance with the requirements of
Section 6.03 of the Credit Agreement (or such sale or other disposition has been approved in writing by the Required Lenders (or all Lenders if required by Section 10.02 of the Credit
Agreement)) and the proceeds of such sale, disposition or liquidation are applied in accordance with the provisions of the Credit Agreement, to the extent applicable, such Guarantor shall be released
from this Guaranty and this Guaranty shall, as to each such Guarantor or Guarantors, terminate, and have no further force or effect (it being understood and agreed that the sale of one or more Persons
that own, directly or indirectly, all of the capital stock of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of this Section 22). 

    23. All
payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense. 

    24. This
Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with the United States
Borrower and the Administrative Agent. 

    25. It
is understood and agreed that any Subsidiary of the United States Borrower that is required to execute a counterpart of this Guaranty pursuant to the Credit
Agreement after the date hereof shall 

8

 

automatically become a Guarantor hereunder by executing a counterpart hereof and delivering the same to the Administrative Agent. 

    26. It
is the desire and intent of each Guarantor and the Creditors that this Guaranty shall be enforced against each Guarantor to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement is sought. If, however, and to the extent that, the obligations of each Guarantor under this Guaranty shall be
adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers), then the
amount of the Guaranteed Obligations of such Guarantor shall be deemed to be reduced and such Guarantor shall pay the maximum amount of the Guaranteed Obligations which would be permissible under
applicable law. 

*
* * 

9

 
    IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as of the date first above written. 

Address:

	 	 	UNIVISION OF PUERTO RICO INC.
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

PTI HOLDINGS, INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION TELEVISION GROUP, INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

THE UNIVISION NETWORK LIMITED PARTNERSHIP, as an Guarantor
	

 	
 	

 	

 
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION COMMUNICATIONS INC., its General Partner
	

 	
 	

By:	

 Name:

Title:

12

 

	

 	
 	

GALAVISION, INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

SUNSHINE ACQUISITION L.P., as an Guarantor
	

 	
 	

 	

 
	

Attention:

Telephone:

Facsimile:	
 	

By: SUNSHINE ACQUISITION CORP., its General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

SUNSHINE ACQUISITION CORP., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

Attention:

Telephone:

Facsimile:	
 	

UNIVISION ACQUISITION CORP., as an Guarantor
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION ONLINE, INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:

13

 

	

 	
 	

UNIVISION—EV HOLDINGS, LLC, as an Guarantor
	

 	
 	

 	

 
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION COMMUNICATIONS INC., its sole Member
	 	 	By:	
 Name:

Title:
	

 	
 	

UNIVISION MUSIC, INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION OF DALLAS INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION OF HOLLYWOOD, FLORIDA INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION OF ATLANTA INC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By:	

 Name:

Title:

14

 

	

 	
 	

UNIVISION PARTNERSHIP OF DALLAS, as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION DALLAS LLC, its General Partner
	

 	
 	

By: UNIVISION OF DALLAS INC., its Sole Member
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION PARTNERSHIP OF ATLANTA, as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: Atlanta Station LLC, its General Partner
	

 	
 	

By: Univision of Atlanta Inc., its sole Member
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

UNIVISION PARTNERSHIP OF HOLLYWOOD, FLORIDA as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: HOLLYWOOD, FLORIDA STATION LLC, its General Partner
	

 	
 	

By: UNIVISION OF HOLLYWOOD, FLORIDA INC., its sole Member
	

 	
 	

By:	

 Name:

Title:

15

 

	

 	
 	

STATION WORKS, LLC., as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION ACQUISITION CORP., its sole Member
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KWEX LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KUVN LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KMEX LICENSE PARTNERSHIP, G.P. as an Guarantor

16

 

	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KDTV LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KFTV LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KTVW LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:

17

 

	

 	
 	

KXLN LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	 	 	By:	
 Name:

Title:
	

 	
 	

WGBO LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	 	 	By:	
 Name:

Title:
	

 	
 	

WXTV LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

WLTV LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:

18

 

	

 	
 	

KUVS LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:
	

 	
 	

KUVI LICENSE PARTNERSHIP, G.P. as an Guarantor
	

Attention:

Telephone:

Facsimile:	
 	

By: UNIVISION TELEVISION GROUP, INC., its Controlling General Partner
	

 	
 	

By:	

 Name:

Title:

Accepted
and Agreed to: 

THE
CHASE MANHATTAN BANK,

as Administrative Agents for the Lenders 

	

By:	
 	

 Name:

Title:	
 	

 	
 	

 

19

 
 

EXHIBIT D    
  

 
 

FORM OF INCREMENTAL TERM LOAN COMMITMENT AGREEMENT    
  

                  ,        

Univision
Communications Inc.

c/o Chartwell Partners

1999 Avenue of the Stars

Suite 3050

Los Angeles, California 90067 

re  Incremental Term Loan Commitment

Ladies
and Gentlemen: 

    Reference
is hereby made to the Credit Agreement, dated as of July 18, 2001 (as amended, modified or supplemented from time to time, the "Credit
Agreement"), among Univision Communications Inc. (the "United States Borrower"), Univision of Puerto Rico Inc.,
the lenders from time to time party thereto (the "Lenders"), The Chase Manhattan Bank, as Administrative Agent (the
"Administrative Agent") and BNP Paribas, as Documentation Agent (the "Documentation Agent"). Unless
otherwise defined herein, capitalized terms used herein shall have the respective meanings set forth in the Credit Agreement. 

    Each
Lender (each an "Incremental Term Loan Lender") party to this letter agreement (this
"Agreement") hereby severally agrees to provide the Incremental Term Loan Commitment(s) set forth opposite its name on Annex I attached hereto (for each
such Incremental Term Loan Lender, its "Incremental Term Loan Commitment"). Each Incremental Term Loan Commitment provided pursuant to this Agreement shall be subject to the terms and conditions set
forth in the Credit Agreement, including Section 2.04 thereof. 

    Each
Incremental Term Loan Lender acknowledges and agrees that the Incremental Term Loan Commitments provided pursuant to this Agreement, in the aggregate amount for the Class of
Incremental Term Loan Commitments as set forth on Annex I hereto ("Class"), shall constitute Incremental Term Loan Commitments of such Class (as
specified in said Annex I) under, and as defined in, the Credit Agreement. Each Incremental Term Loan Lender agrees that, with respect to the Incremental Term Loan Commitments of the Class
provided by it pursuant to this Agreement, the Applicable Rate, Maturity Date or Dates, additional limitations on prepayments, if any, additional conditions precedent and fees for Incremental Term
Loans of the Class shall be as set forth on Annex I hereto. 

    Each
Incremental Term Loan Lender party to this Agreement (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together with copies
of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to
become an Incremental Term Loan Lender under the Credit Agreement, (ii) agrees that it will, independently and without reliance upon the Administrative Agent, Documentation Agent or any other
Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement,
(iii) appoints and authorizes the Administrative Agent and the Documentation Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the
other Credit Documents as are delegated to the Administrative Agent and the Documentation Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental
thereto, (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as an Incremental
Term Loan Lender, and (v) in the case of each lending institution organized under the laws of a jurisdiction outside the United States, attaches the forms prescribed by the Internal Revenue
Service of the United States, certifying as to its 

entitlement to a complete exemption from United States withholding taxes with respect to all payments to be made under the Credit Agreement and the other Credit Documents. Upon the execution of a
counterpart of this Agreement by the Administrative Agent, the Documentation Agent and the United States Borrower, the delivery to the Administrative Agent of a fully executed copy (including by way
of counterparts and by fax) hereof and the payment of any fees (including, without limitation, fees payable pursuant to the immediately preceding paragraph) required in connection herewith and which
are then due and payable, each Incremental Term Loan Lender party hereto shall become an Incremental Term Loan Lender pursuant to the Credit Agreement and, to the extent provided in this Agreement,
shall have the rights and obligations of a Lender thereunder and under the other Credit Documents. 

    You
may accept this Agreement by signing the enclosed copies in the space provided below, and returning one copy of same to us before the close of business on            ,
      . If you do not so accept this Agreement by such time, your Incremental Term Loan Commitments set forth in this Agreement shall be deemed cancelled. 

    After
the execution and delivery to the Administrative Agent of a fully executed copy of this Agreement (including by way of counterparts and by fax) by the parties hereto, this
Agreement may only be changed, modified or varied by written instrument in accordance with the requirements for the modification of Credit Documents pursuant to Section 10.02 of the Credit
Agreement. 

    THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

	 	 	Very truly yours,

[NAME OF LENDER]
	

 	
 	

By:	

 Name:

Title:

Agreed
and Accepted

this  day of            ,      : 

	

UNIVISION COMMUNICATIONS INC.	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 
	

UNIVISION OF PUERTO RICO INC.	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 
	

THE CHASE MANHATTAN BANK as Administrative Agent	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 

	

BNP PARIBAS, as Documentation Agent	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 

    Each
of the undersigned Subsidiary Guarantors hereby acknowledge and agree that the Incremental Term Loan incurred as contemplated by this Agreement constitutes "Guaranteed
Obligations" under the Subsidiary Guaranty and that the Subsidiary Guaranty, and its obligations thereunder remain in full force and effect.1 

	 	 	[NAME OF SUBSIDIARY GUARANTOR]
	

 	
 	

By:	

 Name:

Title:

	1
	Not
required if Guarantee Release conditions are satisfied. 

 
 

ANNEX I TO EXHIBIT D    
  

 
 

ANNEX FOR INCREMENTAL TERM LOAN COMMITMENT AGREEMENT
  CLASS [      ] ("the "CLASS")    

	1.
	Name
and Date of Credit Agreement 

Credit
Agreement, dated as of July 18, 2001, among Univision Communications, Inc., as United States Borrower, Univision of Puerto Rico Inc., as Puerto Rico Borrower, the lenders
from time to time party thereto, The Chase Manhattan Bank, as Administrative Agent, and BNP Paribas, as Documentation Agent, including any amendments, modifications, extensions, renewals,
replacements, restatements or supplements thereto. 

	2.
	Date
of Borrowing ("Incremental Term Loan Effective Date")

	3.
	Amounts
(as of date of item #2 above): 

	 
	 	 

	Lender	 	Commitment Under Relevant Class
	

Name(s) of Incremental Term Loan Lender(s)	
 	

 
	

Total	
 	

$

	4.
	Maturity
Dates for Incremental Term Loan of Class:

	5.
	Applicable
Rate of Class:

	6.
	Fees

	7.
	Limitations
on Prepayments of Incremental Term Loan of the Class:

	8.
	Additional
Conditions Precedent to the Incremental Term Loan Effective Date of the Class:

	9.
	Additional
Conditions Precedent to the Incurrence of Incremental Term Loans of the Class:

	10.
	Notice: 

INCREMENTAL
TERM LOAN LENDER

Attention:

Telephone:

Telecopier: 

 
 

EXHIBIT E    
  

 
 

FORM OF SECTION 2.16(e) CERTIFICATE    
  

    Reference is hereby made to the Credit Agreement, dated as of July 18, 2001, among UNIVISION COMMUNICATIONS INC., UNIVISION OF PUERTO
RICO INC., the lenders from time to time party thereto, THE CHASE MANHATTAN BANK, as Administrative Agent, and BNP PARIBAS, as Documentation Agent (as amended from time to time, the "Credit
Agreement"). Pursuant to the provisions of Section 2.16(e) of the Credit Agreement, the undersigned hereby certifies that it is not a "bank" or other person described in
Section 881(c)(3) of the Internal Revenue Code of 1986, as amended. 

    The
undersigned shall promptly notify the Borrowers and the Administrative Agent if any of the representations and warranties made herein are no longer true and correct. 

	 	 	[NAME OF LENDER]
	

 	
 	

By	

 Name:

Title:

Date:            ,    

 
 

EXHIBIT F    
  

 
 

FORM OF ADDITIONAL COMMITMENT AGREEMENT    
  

            ,    

Univision
Communications Inc.

c/o Chartwell Partners

1999 Avenue of the Stars

Suite 3050

Los Angeles, California 90067 

re
Additional Commitment

Ladies
and Gentlemen: 

    Reference
is hereby made to the Credit Agreement, dated as of July 18, 2001 (as amended, modified or supplemented from time to time, the "Credit
Agreement"), among Univision Communications Inc. (the "United States Borrower"), Univision of Puerto Rico Inc.,
the lenders from time to time party thereto (the "Lenders"), The Chase Manhattan Bank, as Administrative Agent (the
"Administrative Agent") and BNP Paribas, as Documentation Agent (the "Documentation Agent"). Unless
otherwise defined herein, capitalized terms used herein shall have the respective meanings set forth in the Credit Agreement. 

    Each
Lender (each an "Additional Lender") party to this letter agreement (this
"Agreement") hereby severally agrees to provide the Additional Commitment set forth opposite its name on Annex I attached hereto (for each such
Additional Lender, its "Additional Commitments"). Each Additional
Commitment provided pursuant to this Agreement shall be subject to the terms and conditions set forth in the Credit Agreement, including Section 2.19 thereof. 

    Each
Additional Lender acknowledges and agrees that the Additional Commitments provided pursuant to this Agreement, in the aggregate amount for the Additional United States Term
Commitments and Additional Revolving Commitments as set forth on Annex I hereto, shall constitute Additional United States Term Commitments and Additional Revolving Commitments (as specified in said
Annex I) under, and as defined in, the Credit Agreement. Each Additional Lender agrees that, with respect to the Additional Commitments provided by it pursuant to this Agreement, such
Additional Lender shall receive the fees equal to that amount set forth opposite its name on Annex I hereto. 

    Each
Additional Lender party to this Agreement (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together with copies of the
financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to become
an Additional Lender under the Credit Agreement, (ii) agrees that it will, independently and without reliance upon the Administrative Agent, Documentation Agent or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, (iii) appoints and
authorizes the Administrative Agent and the Documentation Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are
delegated to the Administrative Agent and the Documentation Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto, (iv) agrees that it
will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as an Additional Lender, and (v) in the case of
each lending institution organized under the laws of a jurisdiction outside the United States, attaches the forms prescribed by the Internal Revenue Service of the United States, certifying as to its
entitlement to a complete exemption from United States withholding taxes with respect to all payments to be made under the Credit Agreement and the other Credit Documents. Upon the execution of a
counterpart of this 

Agreement by the Administrative Agent, the Documentation Agent and the United States Borrower, the delivery to the Administrative Agent of a fully executed copy (including by way of counterparts and
by fax) hereof and the payment of any fees (including, without limitation, fees payable pursuant to the immediately preceding paragraph) required in connection herewith and which are then due and
payable, each Additional Lender party hereto shall become an Additional Lender pursuant to the Credit Agreement and, to the extent provided in this Agreement, shall have the rights and obligations of
a Lender thereunder and under the other Credit Documents. 

    You
may accept this Agreement by signing the enclosed copies in the space provided below, and returning one copy of same to us before the close of business on            ,
      . If you do not so accept this Agreement by such time, your Additional Commitments set forth in this Agreement shall be deemed cancelled. 

    After
the execution and delivery to the Administrative Agent of a fully executed copy of this Agreement (including by way of counterparts and by fax) by the parties hereto, this
Agreement may only be changed, modified or varied by written instrument in accordance with the requirements for the modification of Credit Documents pursuant to Section 10.02 of the Credit
Agreement. 

    THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

	 	 	Very truly yours,
	

 	
 	

[NAME OF LENDER]
	

 	
 	

By	

 Name:

Title:

Agreed
and Accepted

this  day of            ,      : 

	

UNIVISION COMMUNICATIONS INC.	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 
	

THE CHASE MANHATTAN BANK as Administrative Agent	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 
	

BNP PARIBAS, as Documentation Agent	
 	

 

	

By:	
 	

 Name:

Title:	
 	

 	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 	
 	

 

 
 

ANNEX I TO EXHIBIT F    
  

	1.
	

	Name of Lender
 
	 	Amount of Additional United

States Term Commitment
	 	Amount of Additional

Revolving Commitment

	Total	 	$	 	 	$	 

	2.
	Fees

QuickLinks

EXHIBIT 10.12.8

CREDIT AGREEMENT

TABLE OF CONTENTS

ARTICLE I DEFINITIONS

ARTICLE II THE CREDITS

ARTICLE III REPRESENTATIONS AND WARRANTIES

ARTICLE IV CONDITIONS PRECEDENT

ARTICLE V AFFIRMATIVE COVENANTS

ARTICLE VI NEGATIVE COVENANTS

ARTICLE VII EVENTS OF DEFAULT

ARTICLE VIII THE ADMINISTRATIVE AGENT

ARTICLE IX UNITED STATES BORROWER GUARANTY

ARTICLE X MISCELLANEOUS

Schedule 1.01 USA Acquired Subsidiaries

Schedule 2.01

Commitments

Schedule 3.06 Disclosed Matters

SCHEDULE 3.12

Schedule 3.15 Stations

Schedule 3.16 Permits

Schedule 4.01(j) Existing Indebtedness

Schedule 6.02 Existing Liens

Schedule 6.07 Existing Restrictions

EXHIBIT A

ASSIGNMENT AND ASSUMPTION AGREEMENT

ANNEX I

ANNEX FOR LENDER ASSIGNMENT AND ASSUMPTION AGREEMENT

EXHIBIT B-1

EXHIBIT B-2

Attachment 1

EXHIBIT C

SUBSIDIARY GUARANTY

W I T N E S S E T H

EXHIBIT D

FORM OF INCREMENTAL TERM LOAN COMMITMENT AGREEMENT

ANNEX I TO EXHIBIT D

ANNEX FOR INCREMENTAL TERM LOAN COMMITMENT AGREEMENT CLASS [ ] ("the " CLASS ")

EXHIBIT E

FORM OF SECTION 2.16(e) CERTIFICATE

EXHIBIT F

FORM OF ADDITIONAL COMMITMENT AGREEMENT

ANNEX I TO EXHIBIT F

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